This study utilizes a correlational research design to identify the relationship, if any, between institutional and external support of research and development (R&D) at an R1 University Carnegie Classification of Institutions of Higher Education R1: Very High Research Activity Doctoral University in the southeastern United States of America. Initial analyses of institutional and external R&D expenditures as reported in the National Science Foundation (NSF) Higher Education Research and Development (HERD) Survey from 2015 through 2020 did not identify any relationships between institutionally and externally funded R&D expenditures. Additionally, initial regressions were directionally split with positive correlations in 14 fields and subfields and negative correlations in 16 fields and subfields. As initial regressions were inconclusive, additional simple linear regressions of institutionally funded R&D expenditures from 2014 through 2019 and externally funded R&D expenditures for the following fiscal years of 2015 through 2020 were performed. Secondary data analyses utilizing a one fiscal year lag reveal relationships in two fields and four subfields as reported in the NSF HERD Survey. A majority of the secondary regressions (23 or 77%) were positive, with externally funded R&D expenditures increasing as institutionally funded R&D expenditures increased. Only seven fields and subfields, or 23%, were negatively correlated with externally funded R&D expenditures decreasing as institutionally funded R&D expenditures increased. The study of return on investment relationships between institutional and external support of R&D was undertaken in response to a marked decline in federal support of R&D within higher education as well as limited funding provided by other external entities including state and local governments, businesses, and non-profit entities. Regular analysis of the relationships between institutionally and externally funded R&D provides an opportunity for leaders of institutions of higher learning to maximize their return on the investment of institutional resources in support of R&D. [The dissertation citations contained here are published with the permission of ProQuest LLC. Further reproduction is prohibited without permission. Copies of dissertations may be obtained by Telephone (800) 1-800-521-0600. Web page: http://bibliotheek.ehb.be:2222/en-US/products/dissertations/individuals.shtml.]