The University of the Faroe Islands is a state-run university located in Tórshavn, the capital of the Faroe Islands. It consists of three faculties: Faroese Language and Literature, Science and Technology, and History and Social Sciences. The university offers bachelor's, master's, and Ph.D.'s in all three faculties. The student body is small, with 142 students total. The university organizes an annual dissertation competition open to all students. The educational language of the university is Faroese, making it the only university in the world to conduct classes officially in that language. The university has an annual operating budget of DKK 19 million and works closely with the University of Copenhagen and the University of Iceland for research projects. The University of the Faroe Islands was founded in 1965 by members of the Faroese Scientific Society, founded in 1952. Among their activities, the Society published a scientific periodical and carried out comprehensive work on the compilation of Faroese vocabulary. The university began with one professor, Christian Matras, and a registrar, Maud Heinesen.