RD239 - Commonwealth Health Research Board (CHRB) 2014/2015 Annual Report


Executive Summary:
Goals, Purposes and Accomplishments of the Commonwealth Health Research Board [CHRB]

The Commonwealth Health Research Board [CHRB or Board] was created by Virginia Code § 23-278 to provide financial support — in the form of grants, donations, or other assistance — for research efforts having the potential of maximizing human health benefits for the citizens of the Commonwealth. Research efforts eligible for support by the Board may include traditional medical and biomedical research relating to the causes and cures of diseases, as well as research related to health services and the delivery of health care.

In accordance with Virginia Code § 23-279, the Board encourages collaborative research efforts among two or more institutions or organizations, gives priority to those research efforts where Board support can be leveraged to foster contributions from federal agencies or other entities, and supports both new research efforts and the expansion or continuation of existing research efforts. CHRB grant recipients — for grant awards made in 1999 through 2009 — have leveraged approximately $20.5 million in additional private and federal grant funds to further their research studies. Additionally, numerous publications in peer-reviewed scientific journals and periodicals as well as presentations of the data at regional and national scientific meetings have resulted from CHRB grant funded research projects.

Commonwealth Health Research Fund [CHRF]

The authority to invest and manage the assets of the Commonwealth Health Research Fund [CHRF] and maintain a separate accounting for the CHRF assets are provided to the Virginia Retirement System [VRS] in Virginia Code § 51.1-124.36. Assets of the [CHRF] are pooled with the VRS investment fund which had a total fund value of $68.1 billion at June 30, 2015. The estimated value of the CHRF as of June 30, 2015 was $35.8 million. The current asset allocation for the VRS investment fund reflects 43% public equity, 18% fixed income, 18% credit strategies, 11% real assets, 7% private equity, 1% strategic opportunities, and 1% cash.

Grant funding is calculated by an amount not to exceed six percent of the moving average of the market value of the CHRF calculated over the previous five years or since inception, whichever is shorter, on a one-year delayed basis, net of any administrative fee assessed pursuant to subsection E of § 51.1-124.36. The amount may be expended in a calendar year for any purpose permitted by the CHRB/CHRF’s governing statutes.