The President or his designee shall report to the Board on University patent activities, including but not limited to any changes in the procedures and a list of patents and inventions in which the University has claimed an interest, at the November meeting of the Board each year beginning in 1986. V. Definitions Administrative Unit means college, institute, school, department, center or other similar sub-division of the University. Board means the Board of Visitors of George Mason University. Faculty has the same meaning as in the current George Mason University Faculty Handbook. Invention means any patentable invention, discovery, or new plant variety.
Inventor means sole or joint inventors, discoverers, or plant breeders.
Patent means a United States or foreign national patent grant, or United States certificate of invention or certificate of protection under the Plant Variety Protection Act. President means the President of George Mason University. Proceeds means the net remaining after deduction of unreimbursed development costs incurred and the expenses of marketing, including cost of advertising, sales, distribution, and related overhead costs. Reimbursable Expenses includes all direct assignable expenses incurred in connection with the development of a patent or invention. Sponsor means any agency outside the University which supplies funds or facilities for research conducted under agreement with the University.