The University of South Florida System is a young and agile system that includes three institutions, each separately accredited by the Commission on Colleges of the Southern Association of Colleges and Schools: USF; USF St. Petersburg; and USF Sarasota-Manatee. Serving more than 48,000 students, the USF System has an annual budget of nearly $1.6 billion and is ranked 43rd in the nation for research expenditures among all universities, public or private.