The shocking title/conclusion of this NSF report … Universities Report Stalled Growth in Federal R&D Funding in FY 2006
“Federally funded academic R&D expenditures rose 2.9% in FY 2006 to $30.0 billion. When adjusted for inflation, this represents a 0.1% decline from FY 2005. … The most significant gain occurred in funding originating from institutions, which increased 9.7% in FY 2006 to $9.1 billion.”
And what happens when Universities spend their entire rainy day fund?
If you want to check on your home institution, the most recent profiles available are for FY04.