The University of Neuchâtel (UniNE) is a French-speaking university in Neuchâtel, Switzerland. The University has five faculties (schools) and more than a dozen institutes, including arts and human sciences, natural sciences, law, economics and theology. The Faculty of Arts and Human Sciences is the largest school of those that comprise the University of Neuchâtel with 1,500 students. The University of Neuchâtel superseded the Academy, which was created in 1838 by King Frederick William IV of Prussia, Prince of Neuchâtel. It awarded licentiate academic degrees in arts and in sciences. In 1848, the Grand Council decreed the closing of the Academy and in 1866 a new "academy" was established. The university has an annual budget of CHF 120 million and an annual research fund of CHF 40 million. Approximately 4,000 students, including 500 PhD students attend the university, and more than 600 diplomas, licences, doctorates and certificates are awarded each year. The university has more than 1100 employees. The University of Neuchâtel is situated at the heart of the French-speaking region of Switzerland, in Neuchâtel.