Ark. Code Ann. § 15-3-202: Creation

(a) There is created the Arkansas Research Matching Fund.

(b) The fund shall be administered by the Arkansas Economic Development Commission and shall be for the benefit of colleges and universities located within the State of Arkansas.

(c) In order to qualify for the research moneys to be made available through this fund, schools must be a two-year or four-year accredited institution of post-secondary education. Consortiums of eligible institutions are eligible and encouraged to apply for these funds. The fund shall be focused on basic and strategic research.