AN ACT to establish the UNIVERSITY research status enhancement fund to be administered by the board of governors of the university of north carolina.

The General Assembly of North Carolina enacts:

SECTION 1.  Part 2 of Article 1 of Chapter 116 of the General Statutes is amended by adding a new section to read:

§ 116‑29.6.  University Research Status Enhancement Fund.

(a)        Fund. – There is created the University Research Status Enhancement Fund as an interest‑bearing, nonreverting special fund to be administered by the Board of Governors of The University of North Carolina. The Board of Governors shall allocate moneys from the Fund, in its discretion, to assist high research activity institutions to (i) diversify their degree‑awarding programs and (ii) attract additional research faculty.

(b)        Purpose. – The purpose of the Fund is to upgrade high research activity institutions into very high research activity institutions and improve the national profiles of these institutions with the ultimate goal of boosting the ability of these institutions to attract student and faculty talent, obtain greater research funding, and have a positive impact on their local economies and workforces.

(c)        Definitions. – For purposes of this section, the following definitions apply:

(1)        Fund. – The University Research Status Enhancement Fund.

(2)        High research activity institution. – A constituent institution of The University of North Carolina that is classified as R2 – High Research Activity by the most recent report of the Carnegie Classification of Institutions of Higher Education.

(3)        Very high research activity institution. – A constituent institution of The University of North Carolina that is classified as R1 – Very High Research Activity by the most recent report of the Carnegie Classification of Institutions of Higher Education.

SECTION 2.  There is appropriated from the General Fund to the University Research Status Enhancement Fund the sum of forty million dollars ($40,000,000) in nonrecurring funds for the 2023‑2024 fiscal year to be used as described in G.S. 116‑29.6, as enacted by this act.

SECTION 3.  This act is effective when it becomes law.