This bill establishes a new account, the University Faculty Research Project Account, to fund and incentivize faculty research projects at the University of Wyoming. It allows for the continuous appropriation of funds, which will not lapse or revert, and specifies that these funds can be used for various research-related expenses, including acquiring enhanced research capabilities and providing stipends for graduate students. The bill also mandates that funds appropriated from this account can only be used as matching funds for research projects if nonstate matching funds are secured at a one-to-one ratio, with the exception of stipends for graduate students.

Additionally, the bill outlines the distribution of profits from research conducted with these funds, allocating 50% to the University of Wyoming and 50% to the faculty researcher unless a different profit distribution model is negotiated. The University is required to report annually on the funded research projects and stipends provided. An appropriation of $51.2 million from the general fund is designated for this account, which cannot be transferred or used for other purposes, and it is intended to be included in the university's standard budget for the next fiscal biennium.