164.7917 Research challenge trust fund. - Kentucky Statutes

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164.7917 Research challenge trust fund. (1) (a) The research challenge trust fund created by KRS 164.7911 may include separate, subsidiary programs and related accounts, such as an Endowed
Professorship Matching Program, an Endowed Chairs Matching Program, an
External Research Grant Matching Program, a Graduate Assistant Program, a
Junior Faculty Research Encouragement Program, or other programs and
related accounts as determined through the biennial budget process for the
Council on Postsecondary Education. (b) Appropriations to the research challenge trust fund are to encourage research activities at the University of Kentucky and at the University of Louisville so
that these institutions may achieve the goals established in KRS 164.003(2). (c) Funds appropriated to the research challenge trust fund shall be apportioned two-thirds (2/3) to the University of Kentucky and one-third (1/3) to the
University of Louisville. (2) The Council on Postsecondary Education shall develop the criteria and process for submission of an application under this section. The evaluation of all applications
for support of specific faculty research projects, if such projects are included in the
university's plan for use of research trust funds, shall be subject to review and
ranking by an external panel of experts appointed according to guidelines and
procedures approved by the council in consultation with the University of Kentucky
and the University of Louisville. The University of Kentucky and the University of
Louisville may apply to the council for financial assistance from the research
challenge trust fund. The council shall determine the matching funds or internal
reallocation requirements from the applicants to qualify for funding. Financial
assistance that may be awarded by the council shall be consistent with the adopted
strategic agenda, the biennial budget process, and the availability of any resources
to the research challenge trust fund. Effective: May 30, 1997
History: Created 1997 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 10, effective May 30, 1997.