California Institute for Regenerative Medicine

CIRM was created in 2004 by California voter approval of Prop. 71. Its purpose is to fund human embryonic stem cell research, then limited by the Bush administration. As of December 2009, it has approved $1 billion in grants, most of which have gone to institutions that have representatives on its 29-member board of directors. Its funding comes directly from bonds, also authorized by voters in 2004. Its spending is not limited or controlled by the state legislature or governor Prop. 71, which amended the state constitution.