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 acquiring research capabilities, supporting projects that attract donor matching funds, and addressing requests from Wyoming businesses. Additionally, the bill provides for research stipends for graduate students involved in these projects, with a maximum stipend of $1,500 per month, which does not require matching funds. However, other appropriated funds must be matched with nonstate funds at a one-to-one ratio.

The bill appropriates $50 million from the general fund to the newly created account and an additional $1.2 million specifically for graduate student stipends. It mandates that the University of Wyoming report annually on the funded research projects and stipends. The appropriations are not to be included in the university's standard budget for the next fiscal biennium, although they can be requested as exceptions. Furthermore, the bill clarifies that funds from the state aid program cannot be used to match these appropriated funds but can be utilized for fundraising efforts to secure the necessary matching contributions.