Russian Science Foundation was established on the initiative of the President of the Russian Federation to support basic research and development of leading research teams in different fields of science. Legal status, powers, functions, proprietary rights and governance of the Foundation are determined by the Federal Law "On the Russian Science Foundation and Amendments to Certain Legislative Acts of the Russian Federation."
To achieve its goals, the Foundation selects science and technology programs and projects that fall under certain propriety categories, and does so on a competitive basis. Among these priorities are basic research initiatives by research groups or individual scientists, or members of the higher education teaching staff; development of scientific organizations and institutions of higher education, creation of world-class departments and laboratories in scientific organizations and educational institutions, development of experimental facilities for scientific research.
The governance structure of the Foundation is set up by the Federal Law: Supervisory Board, Management board and Director General. The Federal Law sets out a procedure for formation of these bodies as well as defines their authority. In order to provide the Foundation with the necessary expertise, the Federal law provides for creation of Review Panels acting as advisory bodies of the Foundation. Control over financial and economic activities of the Foundation is exercised by the Audit Committee of the Foundation. In accordance with the Federal Law, Russian Science Foundation submits the annual report for consideration of the President of the Russian Federation and the Government of the Russian Federation.