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The University of Edinburgh is ranked 18th in the world by the 2019 QS World University Rankings.It is ranked as the 6th best university in Europe by the US News’ Best Global Universities Ranking, and 7th best in Europe by the Times Higher Education Ranking. The Research Excellence Framework, a research ranking used by the UK government to determine future research funding, ranked Edinburgh 4th in the UK for research power, and 11th overall. It is ranked the 78th most employable university in the world by the 2017 Global Employability University Ranking.[ It is a member of both the Russell Group, and the League of European Research Universities, a consortium of 21 research universities in Europe.[ It has the third largest endowment of any university in the United Kingdom, after the universities of Cambridge and Oxford. The annual income of the institution for 2017–18 was £949.0 million of which £279.7 million was from research grants and contracts, with an expenditure of £931.3 milli on.