Managing Sponsored Project Funds: Innovation Payments

Innovation Payments

 UC San Diego launched the Innovation Zones Program. When certain criteria are met, a company entering a research collaboration is able to secure an upfront license to any intellectual property (IP) created in the course of the research. It also simplifies the IP terms in an effort to streamline and give more transparency to the process.

OPAFS process related to Innovation Payments:

1. Review the agreement to verify if the project is subject to an Innovation Payment; if so, identify the Zone number
2. The Zone number will determine the Innovation Payment amount
3. Innovation Payments are not applied to the Fund/Index managed by OPAFS.  They are applied to an in index managed by the Office of Innovation and Commercialization
4. Prepare/Submit the Innovation Payment invoice to the sponsor
5. Send a request to the Cashiers Team to apply the Innovation Payment to the index provided by General Accounting
6. Keep records of the Innovation Payment amount and the index where it was applied to

Innovation Zone payments are deposited to:

•Index:                               VCRINCTG
•Fund:                                60401A
•Revenue Account:            560401
•Org:                                  666227
•Program:                           661000

 For additional information, please refer to OIC and Innovation Zones