Overview:
The Secretary of Education has discretion to award grants to states that make significant progress in achieving equity in teacher distribution, improving collection and use of data, enhancing the quality of academic standards and assessments and supporting struggling schools. The Department will use at least $4.35 billion to make competitive grants under the "Race to the Top" fund. States that receive Incentive Grants must give at least 50 percent of the grants to local educational agencies in subgrants based on the local agencies' relative shares of funding under Title I, Part A.
Timeline:
The U.S. Department of Education has indicated that funding will be available in 2 rounds: fall of 2009 and spring of 2010. (See the latest update below.)
Latest Updates from the U.S. Department of Education:
Race To The Top Applications for 40 States
Kansas "Race to the Top" Application 
(PDF Document)
Kansas "Race to the Top" Appendix (PDF Document)
Kansas RTTT District MOU Summary (posted 2/10/2010) (Revised)
Race To The Top Fund News Release (posted 1/21/2009) (New)
Race To The Top Fund News Release (posted 11/30/2009)
Latest Guidance from the US Dept. of Education on Race to the Top Grant (posted 11/16/2009)
Kansas State Department of Education’s Leadership in the Race to the Top Fund 
(posted 8/17/2009)
Duncan Offers Stimulus Funds for States to Develop Rigorous Assessments Linked to Common Standards (posted 6/13/2009)