Tim Mulcahy gave his final bow to the University of Minnesota Board of Regents on Thursday, when he presented the 2012 report on research.

The vice president for research is leaving on a good note — startups, technology commercialization revenue and research expenditures all increased.

Fiscal year 2011 research and development expenditures, the most current numbers available, increased roughly $60 million over 2010’s and are the University’s highest ever.

Colleges within the University brought in $750 million in grants in fiscal year 2012, with the Medical School taking in the most, at $200 million.

Brian Herman will replace Mulcahy, effective New Year’s Day.

At their last meeting of the year, regents also heard a report on graduation and retention rates, which are at an all-time high.  Of students who entered in 2008, 58.1 percent graduated in four years. Of the 1992 freshman class, only 15.2 percent graduated.

The board approved the University’s 2013 capital budget request, which asks the state for about $127 million, mostly for general campus upkeep.