A small, independent research institute that has been part of the fabric of the Boston-area biomedical research scene for nearly half a century will be shut down if members of its corporation vote Thursday to follow its trustees’ recommendation.

The dramatic vote is a sign of the times, as competition for federal funding has intensified and more budget cuts loom in January, threatening scientific research programs at many institutions. The board of Watertown-based Boston Biomedical Research Institute recommended in September that the financially unsustainable institute begin the monthslong process of closing.