At JREF, we offer a one-million-dollar prize to anyone who can show, under proper observing conditions, evidence of any paranormal, supernatural, or occult power or event. The prize is in the form of negotiable bonds held in a special investment account.
The JREF does not involve itself in the testing procedure, other than helping to design the protocol and approving the conditions under which a test will take place. All tests are designed with the participation and approval of the applicant. In most cases, the applicant will be asked to perform a relatively simple preliminary test of the claim, which if successful, will be followed by the formal test.
Preliminary tests are usually conducted by associates of the JREF at the site where the applicant lives. Upon success in the preliminary testing process, the "applicant" becomes a "claimant."
At the formal test, in advance, an independent person will be placed in charge of a personal check from James Randi for US$10,000.
In the event that the claimant is successful under the agreed terms and conditions, that check shall be immediately surrendered to the claimant, and within ten days the James Randi Educational Foundation will pay to the claimant the remainder of the reward, for a total of US$1,000,000.
One million dollars in negotiable bonds is held by an investment firm in New York, in the "James Randi Educational Foundation Prize count," as surety for the prize funds.
Validation of this account and its current status may be obtained by contacting the Foundation by telephone, fax, or e-mail.
Please be advised that several claimants have suffered great personal embarrassment after failing these tests. I strongly advise you to conduct proper double-blind tests of any ability you believe you can demonstrate, before attempting to undergo a testing for this prize. This has saved me and many claimants much time and work, by showing that the powers were quite imaginary on the part of the would-be claimant. Please do this, and do not choose to ignore the need for such a precaution.
Here is the actual application:
http://www.randi.org/research/challenge.html