KRS 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 t rust fund are to encourage research

activities at the University of Kentucky and at the University of Louisville.

(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 projec ts, 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 fun ds 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 res ources

to the research challenge trust fund.