For the first time in the University of Kentucky's storied history, the institution's annual research awards have broken the $300 million mark. Grants and contracts received through the UK Research Foundation for fiscal year 2010 (July 1, 2009 through June 30, 2010) totaled $337,623,982, representing a whopping 31.5 percent increase over last year's $256,740,712.
UK's biggest gains came in the federal funding arena. UK faculty and staff successfully competed for more than $227 million in federal grants and contracts. Stimulus dollars, from the American Recovery and Reinvestment Act of 2009 (ARRA), made up $64.5 million of the federal funding total during the past fiscal year. Overall, UK researchers have brought in nearly $90 million in ARRA grants.
Sometimes such large figures can be difficult to wrap your mind around, so I like to place such figures in a different context. If UK Research was a publicly held company, it would be the 16th largest company in the Commonwealth of Kentucky. (This is UK Research alone and would not include any other revenue generated by UK).
I applaud all of our faculty and staff involved in setting this impressive record. We've been attracting and retaining some of the nation's leading research talent for several years, and this research record shows that those efforts are paying off for Kentucky.
As excited as I am about the data, I am more excited about what this funding means to Kentucky's economy. Most of those dollars come from out-of-state sources, providing a major boost to the Commonwealth's economy. And with the university working harder than ever to commercialize our discoveries and innovations, the impact will be felt across the state for years to come.