A new study commissioned by major research university groups finds that universities shoulder sizable unreimbursed indirect costs—facilities, compliance, and administrative overhead—totaling billions annually. Compared with industry and federally funded labs, universities receive different reimbursement treatments, leaving many institutions to pre‑finance research operations and absorb shortfalls. University associations argue that proposed administrative caps on indirect costs would further strain research capacity and threaten federally sponsored discovery. Academic leaders are urging policymakers to consider how reimbursement rules affect research infrastructure, talent retention, and the nation’s innovation pipeline.