Enacts GS 116-29.6, establishing the University Research Status Enhancement Fund (Fund) as a nonreverting special fund to be administered by the UNC Board of Governors (BOG). Directs the BOG to allocate Fund moneys at their discretion to assist high research activity institutions in diversifying their degree-awarding programs and attracting additional research faculty. Further details the purpose of the Fund, including upgrading "high research activity institutions" into "very high research activity institutions," defined by classification as R2 or R1, respectively, by the most recent report of the Carnegie Classification of Institutions of Higher Education. 

Appropriates $40 million in nonrecurring funds from the General Fund to the Fund for 2023-24 to be used for the limited purposes described in GS 116-29.6, as enacted.