Benefits to Kentucky

According to the Bureau of Labor Statistics, in 2000, as many as 85 percent of today's jobs require education beyond high school; by 2020, 15 million new jobs will require some postsecondary education. However, only 40 percent of the 110.5 million U.S. adults currently in the workforce (age 25-65) have at least a two-year postsecondary degree, and only 3 million new adults will enter the workforce with such credentials.

In Kentucky, 40 percent of adults age 16 to 64 function at the two lowest levels of literacy, and one in four adults age 25 and older have not completed high school or a GED. The U.S. Census reports that only 17 percent of Kentuckians hold a bachelor's degree or higher, and Kentucky's per capita income is only 81 percent of the national average. Additionally, the demographics of Kentucky's workforce are shifting rapidly due to greater participation by women, ethnic, cultural minorities, and other individuals not traditionally in the workforce.

Strong research and development capacity is being built and sustained at Kentucky's universities and in the private sector. As ideas generated from university research are commercialized, Kentucky will require a highly motivated, well-educated workforce that can participate and prosper in this knowledge economy.

In order for Kentuckians to fulfill this need, a fluid educational system must be created that provides the training and credentials necessary for career success throughout each citizen's life. This system must increase access to educational opportunities, remove barriers to degree completion, and encourage life-long learning.

The "Bucks for Brains" Endowment Match Program matches public dollars and private donations to encourage research and strengthen key programs at Kentucky universities. All funds, both public and private, must be endowed, which provides a perpetual source of funding for the activities. The Council on Postsecondary Education administers the program and requests must meet the council’s eligibility requirements.

These "Bucks for Brains" strive to develop dynamic, strategic connections between postsecondary education, workforce, welfare, and economic development entities that increase postsecondary access and success; to align postsecondary education with current and emerging needs of business and industry; to understand and respond better to students' needs and expectations as they prepare for employment and business creation; and to nurture an entrepreneurial climate and culture that encourages students to create their own businesses.

The General Assembly appropriated a total of $350 million to this program over the past six years. Of this total, $11.7 million was allocated to Western Kentucky University and matched by donors as soon as the funds were available.