Licensee Reporting Center
To our licensees:
Thank you for your partnership and your efforts to increase the reach and impact of Illinois technology. The following information about reporting requirements applies to most OTM licenses, but please refer to your license for terms specific to your agreement.
Annual Reports
Annual reports are normally due by February 15th of each year. Reports typically include a short 12-month business plan and budget, description of business development and growth over the preceding year, sales forecasts, fundraises, and milestones such as product sales (see your license for specific requirements). You are welcome to submit reports adapted from slides used for your board, prospective investors, or internal purposes.
Royalty Reports and Payments
Nearly all OTM licenses require licensees to report license income and remit payment twice per year, with January-June reporting and payment due by August 15th and July-December reporting and payment due by February 15th.
- If you have no income for a given period, please submit a report to that effect (a one-sentence email will suffice in most cases).
- OTM does not regularly invoice for royalties or annual minimums. If you would like to request an OTM invoice prior to remitting payment, please provide your report and request at least one week in advance of the royalty due date.
- Amounts owed under a license can be remitted by mail, ACH, or wire transfer. If EFT transfer information is needed please contact our Finance department at otmurbanafinance@illinois.edu.
Annual reports and royalty reports should be sent to our Compliance department at urbanaotmcompliance@illinois.edu.
Utilization Reports
The University, under the Bayh-Dole Act, is required to report on the utilization of inventions developed with federal funding. To enable the University’s compliance, licensees whose licensed technologies were developed using federal funding, are required to submit information annually, covering November 1 – October 31 of the year being reported.