Vacuolar SNX-BAR protein, regulates TORC1 signaling during autophagy induction; binds phosphatidylinositol-3-phosphate; vacuolar localization of Vps501p is dependent upon direct interaction with Iml1p and a unique lipid binding specificity that is also required for its function; VPS501 has paralog VPS5 that arose from the whole genome duplication