Financial Facts

VMRF has enjoyed significant growth over the past 15 years.  During our initial development phase (1992 - 1999), the annual growth rate averaged 76%.  Since then, VMRF’s annual growth has stabilized to an average rate of 6%.  The chart below shows revenue and expense totals as listed in VMRF’s audited financial statements.  Several major events have impacted VMRF’s year end results:

• In fiscal year 1998, the UCSD and VMRF entered into an agreement defining VMRF’s administration of federal grants.  This agreement pertains to research conducted predominately in VASDHS laboratories by faculty with both VASDHS and UCSD appointments and has led to significant increases in administered grant funding.
• VMRF began construction on the $5.69 million VMRF Research Building in fiscal year 2002. The majority of the VMRF building expenses are being depreciated over eight years, leading to high building depreciation expenses.

Financial Reports

Copies of the most recent A-133 Audited Financial Statements, Form 990 Return of Organization Exempt from Income Tax, and/or Form 1023 can be obtained by sending a written request to : 

CFO Veterans Medical Research Foundation
3350 La Jolla Village Drive
Building 13, MC 151A
San Diego, CA 92161  

OR: CFO@vmrf.org