Running at a loss represents the subvention of public goods.
The publisher should provide evidence that the subvention will reduce the selling price of the book by giving the selling price with and without the subvention.
Where the costs are less than estimated, the Committee may reduce the amount of the subvention proportionately.
Repayment of the subvention from royalties is required, except for an author's first published book-length study or monograph.
In the case of an author's first published monograph or book-length study, the subvention shall be regarded as an outright grant.
When and if the entire amount of the subvention has been returned, the publisher has no further responsibility to the committee.
The publisher must generally agree that it will pay the Hull Fund any royalties (normally 10%) of the book's retail price until the subvention is fully repaid, and the author may receive no royalties from the book until the subvention has been repaid in full.
Payment of the subvention will be made on completion of the publication, submission of final production documentation (as described below), and receipt of one copy of the published work, to be sent to the Chairman of the Hull Memorial Publication Fund Committee, c/o the Dean's Office, College of Arts & Sciences, 147 Goldwin Smith Hall, Cornell University, Ithaca, New York.
Ordinarily (but see exception below), the subvention shall be regarded as an interest-free loan to be repaid to the Hull Fund in the form, firstly, of a royalty of 10% of the published price on all copies sold, or 5% of the cash received in cases where the discount is 50% or more, after such combined sales have totaled 500 copies; and secondly, as a 25% share of all subsidiary rights income.
The total welfare increases of (left (frac {3}{4}+frac {d^{2}}{36}right)gamma s) with the subvention.
