The FRCT is an administratively and financially independent public institute in the sphere of the Regional Secretariat for the Sea, Science and Technology (SRMCT), of the Regional Government of the Azores, in Portugal. It has legal powers to manage the regional funds available for science, technological development and innovation, funding regionally relevant research projects and providing research grants. It is also the privileged channel for the Regional Government participation in research projects and collaborative activities with external entities. It is run by a board of three members, with administrative support from SRMCT.

FRCT in its role of regional science funding entity, manages presently about 70 research grants,  of which 13 are PhD grants and 48 are post-doctoral grants. 

FRCT coordinates and manage the financial resources available for scientific research and technological development from Regional, European and International programs.