These annual reports to the National Science Board includes data on proposals and awards and other pertinent information, as well as descriptions of special activities that NSF has undertaken in support of the merit review process. Longitudinal data are given to provide a long-term perspective. The current funding rate is a significant decrease from the FY 2000 funding rate of 33 percent, but the current rate has been approximately unchanged over the last five years.
The Foundation continues to exceed its "time to decision" goal of informing at least 70 percent of Principal Investigators (PIs) of funding decisions within six months of receipt of the proposal. The National Science Board conducted a review of the NSF merit review process and concluded that the NSF merit review process is fair and effective. It "remains an international 'gold standard' for review of science and engineering research proposals."
The latest publication of the report is the Merit Review FY 2015.