Legislation in 1997 created the Commonwealth Health Research Fund (CHRF) to provide financial support for research projects that have the potential of maximizing health benefits for the citizens of the Commonwealth. This initiative of the General Assembly and the Governor used the proceeds from the sale of Trigon stock to create the framework and fiscal resources for a research grant program. The funds result from the stock and cash distributed to the Commonwealth of Virginia pursuant to the conversion of Trigon Blue Cross and Blue Shield from a mutual insurance company to a stock corporation. Income from the funds is used to make grant awards.

Virginia Code § 51.1-124.36 delegates the authority to invest and manage the assets of the CHRF to the Virginia Retirement System (VRS). The estimated value of the Fund as of June 30, 2024 was approximately $50 million.

The Commonwealth Health Research Board's primary responsibility is to make grants for human health research, especially for those efforts that have the potential of maximizing human health benefits for citizens of the Commonwealth. Research efforts eligible for support by the Board 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.

The criteria for the awards are determined by the Board and include principles articulated in statute. Grants can be made to agencies of the Commonwealth of Virginia, public institutions of higher education in Virginia and non-profit organizations exempt from income taxation pursuant to § 501 c (3) of the Internal Revenue Code located in the Commonwealth of Virginia.

Since its inception, the CHRB has made 306 grant awards totaling $26.6 million in grant funding to institutions of higher education and other Virginia nonprofit organizations that conduct health, or health-related research in Virginia. When the required 33% matching funds are added to the CHRB funded amount, the cumulative funding for research supported by the Commonwealth Health Research Board totals $38.4 million for health research in Virginia.

CHRB grant recipients - for grant awards life-to-date - have leveraged over $78 million in additional private and federal grant funds to further their research studies.