The intent of this report for the SEG Research Committee is to familiarize the membership with the existence of two nongovernmental organizations which support basic research in geophysics. These organizations are the American Petroleum Institute (API), and the Petroleum Research Fund (PRF) which is administered by the American Chemical Society (ACS). To a very large extent the funds made available by these two organizations are given as grant-in-aid (GIA) support for graduate student research under the supervision of qualified academic researchers. Therefore both funds perform two fundamental services for the geophysical industry. These are: (1) to support basic research in geophysics, and (2) to provide a supply of competent research geophysicists.