The National Foundation for Medical Research and Innovation is a not-for-profit organisation that is entirely independent. It is not affiliated with any university, hospital, government or state body. The Foundation provides financial support to research projects whilst conserving and building its capital base.
The Sydney Foundation for Medical Research was originally titled The Sydney Hospital Foundation for Medical Research. In January 2014, the Foundation updated its mission and changed its name to the National Foundation for Medical Research and Innovation following a strategic review of its activities and funding in the Australian medical research sector. This review had identified opportunities for the Foundation to increase impact by refocussing and supporting research to advance medical innovations and to enable collaborations nationally.
The Foundation was established on 3 November 1977 on the initiative of the late Dr Frank Ritchie, who had a number of patients wishing to donate to medical research and for the capital to be preserved intact. Fundraising activities were conducted under the auspices of the initial Chairman of the Board of the Foundation, Sir Peter Abeles, and Lady Sonia McMahon.
A patient of Dr Frank Ritchie bequeathed a substantial sum, the Stern Estate, to be divided equally between Sydney Hospital and the Foundation.
The Foundation was to maintain the capital and use income to fund and facilitate ongoing medical research in perpetuity. Over the years, by way of further bequests and donations, the Foundation has built up significant capital reserves to provide income to facilitate continuing medical research of importance.
The funds of the Foundation and the management of those funds have always been totally independent of the hospital, as has been its management structure.
“To advance innovations in medical research related to the nature, prevention, diagnosis, treatment and incidence of disease and other health problems that have a significant impact on the health of humans”
The Foundation has Deductible Gift Recipient (DGR item 1) and Tax Concession Charity (TCC) status, and is recognised by the ACNC as a health promotion charity. The Foundation is looking to increase its impact by partnering with other trusts and foundations, Private Ancillary Funds (PAFs), corporate donors and individuals. We are also always happy to receive donations and gifts-in-will.
Through our activities and by utilising our expertise and experience in research and innovation, the Foundation is looking to become the partner of choice and a national ambassador for medical research and innovation.
With best practice governance systems and continual improvement processes in place, supported by an enthusiastic and highly qualified Board, Research Advisory Committee and management, the Foundation is well positioned to stay at the forefront of impact giving.