"Let me congratulate the Foundation for Medical Research for the excellent example which has been set by them for conducting relevant and sustainable research with the least amount of investment...the dedication, the zeal, the enthusiasm and the willingness to provide translational research was evident in all the presentations”
The Foundation continues to undertake research into its three traditional areas: Leprosy, Tuberculosis and Modernization of traditional medicine.
FMR has to date completed over 60 research projects with nearly 300 results in publications worldwide. Your funding will help FMR research further and solve more...
The Foundation is registered since 1975 as a Public Trust with the Office of the Charity Commissioner, Mumbai (Regd. No. E5963, Bom.). Donations to the Foundation are exempt from income tax u/s 35(i)(ii) of the Income Tax Act. Receipt of funds from abroad either in the form of donations or project grants are permitted through the operation of a foreign currency regulation account (FCRA number 083780416) which is audited on an annual basis by external auditors and a Report submitted to the Ministry of Home Affairs, New Delhi. The Foundation is recognized as a national scientific and industrial research organization (SIRO) by the Department of Scientific and Industrial Research of the Government of India. The recognition is scrutinized and renewed on a three yearly basis.
The Foundation has undertaken since its inception a total of 54 Research projects from national and international agencies with a total funding of INR 130 Million. In 2007, the Foundation secured a corpus grant of INR 60 million from the Jamsetji Tata Trust, Mumbai of the industrial house of Tatas.
“The prime and only aim of the Foundation is to undertake both basic and applied research into health and medical problems that affect largely the marginalized and vulnerable people of India. The Foundation uses biological, epidemiological and social sciences and tools to understand and translate findings that bear on issues of public health. The Foundation pledges to work always for the benefit and betterment of health of the Indian people above all other considerations.”
This is a dedicated department comprising of three fulltime accounting professionals supervised by a part-time chartered accountant as well as the in house financial controller. The accounts are computerized since the last seven years and maintained through the accounting package Tally, version 9.2. External audits are conducted twice a year by a reputed firm of auditors Ms. Kalyaniwala and Mistry (M. No. 42454) and a balance sheet prepared for the financial year spanning 1stApril -31st March of each financial year. Concurrently a separate audit of the FCRA account is also undertaken by the same auditors for the overseas funding. Tax returns are filed with the IT department by the 30thSeptember in each financial year. A copy of the balance sheet is submitted to the Charity Commissioner, Income Tax authorities in Mumbai and New Delhi, Dept of Scientific and Industrial Research, New Delhi on an annual basis. An annual budget prepared by the financial controller is submitted to the Charity Commissioner of Mumbai before the start of each financial year.
The Accounts department is also responsible for the preparation of Project utilization certificates, preparing trial balances, maintenance of fixed assets registers, keeping track of investments, deductions of mandatory dues like TDS, professional tax and provident fund contributions and keeping viable the various insurance policies.
Project and Core and Corpus funds of the Foundation are maintained in separate accounts of nationalized scheduled banks. Investments of any funds of the Foundation are made only in approved securities, bonds, fixed deposits etc. after the approval of the Board of Trustees and investment advisors.
While no internal audits are currently conducted, the Foundation applies a series of internal checks described below
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