Commercialization revenue shall be limited to revenue generated through the commercialization of university intellectual property rights in a work authored or an invention conceived or first reduced to practice in the performance of an IGEM grant award. For commercialization revenue generated through the IGEM university research initiative and by IGEM-funded research faculty, the following is the priority of revenue distribution:
(1) The revenue shall first reimburse direct project costs associated with commercialization expenses generated by any of the three (3) universities.
(2) University faculty, staff or students engaged in the performance of an IGEM grant award shall receive a portion of the commercialization revenue, consistent with the university intellectual property policies applicable to such faculty, staff or student.
(3) Remaining funds shall be distributed according to the following priorities: Twenty-five percent (25%) of the total remaining revenues shall reimburse the general fund until IGEM grant funds paid for the IGEM project are reimbursed.
(4) Five percent (5%) of the remaining revenues shall be deposited into the IGEM grant fund as defined in section 67-4725, Idaho Code, to support future IGEM grants.
(5) The remaining funds shall be distributed to Boise state university, the university of Idaho, and Idaho state university, with the moneys distributed based on the participation of the universities in the research project that generated the commercialization revenue.