The university is classified as a Research University with Very High Research by the Carnegie Foundation for the Advancement of Teaching. The university comprises 16 separate colleges and more than 110 centers, facilities, labs and institutes that offer more than 360 programs of study, including professional school programs. The university has an annual budget of over $1. 7 billion and an annual economic impact of over $10 billion. Florida State is home to Florida's only national laboratory, the National High Magnetic Field Laboratory, and is the birthplace of the commercially viable anti-cancer drug Taxol. Florida State University also operates the John & Mable Ringling Museum of Art, the State Art Museum of Florida and one of the largest museum/university complexes in the nation. The university is accredited by the Southern Association of Colleges and Schools (SACS).
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