The Veterans Medical Research Foundation (VMRF) is a California Nonprofit Benefit corporation with exemption from federal taxes as a 501(c)(3). All checks must be made out to the VETERANS MEDICAL RESEARCH FOUNDATION. The federal tax identification number is #33-0189397. Unless otherwise negotiated, all VMRF projects for 2003 are assessed indirect cost at: basic research 40%; clinical projects 19%; donations 4% for any amount over $10,000.

Correspondence must accompany all checks for deposit. A gift-donation must be accompanied by a letter from the donor indicating that the check represents a gift to be used by the investigator in support of his/her various research programs. Further, the letter should indicate that the gift is irrevocable and does not impose contractual requirements on the corporation beyond the reporting of research results. VMRF will provide acknowledgment of receipt of the gift by letter to the donor.

All checks accepted for deposit represent corporate income and are not to be used for personal benefit of any investigator. All interest earned remains with the corporation. Expenditures must be for research related activities in support of VA R&D approved programs.

The Principal Investigator is the individual with responsibility for the technical, administrative, and fiscal management of a project. The investigator should review the account ledgers to certify that all costs charged to a contract or grant specifically benefit the project being charged. Without corporation approval, in the event of overdraft, the investigator must identify unrestricted funds to cover the overdraft or provide a personal check payable to the corporation.

All equipment purchased with VMRF funds is the property of the corporation. Any equipment to be removed from VMRF authorized space must be approved, in writing, in advance by the Board of Directors.

If an investigator does not qualify as a VMRF investigator, or resigns from VMRF, all unrestricted funds remaining after all outstanding obligations have been met will revert to the corporation unless the funds are approved for transfer to another qualified 501(c)(3) organization. Restricted funds (e.g. ongoing projects) are bound by contractual regulations with the sponsor which will determine transferability. The investigator must provide documentation from the new organization verifying their tax exempt status, and the investigators affiliation.