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The phrase "are proceeds" is correct and usable in written English
It can be used in contexts discussing financial gains or earnings from a specific activity, such as sales or fundraising. Example: "The proceeds from the charity event are proceeds that will be donated to local shelters."
Dictionary
Exact(2)
If the person knows that funds are proceeds of a crime and, thereafter, he attempts to disguise or conceal the true source of the funds, he has committed the criminal offense of money laundering.
Donations of cash and nonperishable food are collected for NCEON, as are proceeds from all raffles.
Similar(56)
Spending cuts are proceeding.
Civil actions are proceeding, however.
So advertisers are proceeding with caution.
"We are proceeding on that 'almost'".
ReprintsNonetheless, politicians are proceeding with caution.
But they are proceeding with caution.
Four cases against Mrs Zia are proceeding.
"We are proceeding with this project.
But other studios are proceeding more cautiously.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com