Need help with the following formula. Tyring to create permanent background bucketed field to use for reporting. I've received the Error: Incorrect number of parameters for function 'IF()'. Expected 3, received 2. It has a null in the end so I'm not sure what the error is regarding. Please help!

IF(ISPICKVAL(Funding_Type__c, "Sponsored"), "Sponsored Research", IF(ISPICKVAL(Funding_Type__c, "Gift"), IF(ISPICKVAL(Program_Type__c, "Academic Department / Center"), "Academic/Other", IF(ISPICKVAL(Program_Type__c, "Athletics"), "Academic/Other", IF(ISPICKVAL(Program_Type__c, "Auxiliary Services"), "Academic/Other", IF(ISPICKVAL(Program_Type__c, "Career Services"), "Academic/Other", IF(ISPICKVAL(Program_Type__c, "Other"), "Academic/Other", IF(ISPICKVAL(Program_Type__c, "Education / Outreach"), "K-12 Outreach", IF(ISPICKVAL(Program_Type__c, "Scholarships / Fellowships"), "Scholarships", IF(ISPICKVAL(Program_Type__c, "Senior Design / Enterprise"), "Student Projects", NULL))))))))))

Need help with the following formula. Tyring to create permanent background bucketed field to use for reporting. I've received the Error: Incorrect number of parameters for function 'IF()'. Expected 3, received 2. It has a null in the end so I'm not sure what the error is regarding. Please help!

IF(ISPICKVAL(Funding_Type__c, "Sponsored"), "Sponsored Research", IF(ISPICKVAL(Funding_Type__c, "Gift"), IF(ISPICKVAL(Program_Type__c, "Academic Department / Center"), "Academic/Other", IF(ISPICKVAL(Program_Type__c, "Athletics"), "Academic/Other", IF(ISPICKVAL(Program_Type__c, "Auxiliary Services"), "Academic/Other", IF(ISPICKVAL(Program_Type__c, "Career Services"), "Academic/Other", IF(ISPICKVAL(Program_Type__c, "Other"), "Academic/Other", IF(ISPICKVAL(Program_Type__c, "Education / Outreach"), "K-12 Outreach", IF(ISPICKVAL(Program_Type__c, "Scholarships / Fellowships"), "Scholarships", IF(ISPICKVAL(Program_Type__c, "Senior Design / Enterprise"), "Student Projects", NULL))))))))))