The Richmond Music School Society is a registered charity, registered with the provincial government in 1980. A volunteer Board of Directors oversees the operation of the school and is responsible for its policies and directions. Approximately 80% of the annual budget is earned by the tuition fees. The remainder is from the Provincial government, the City of Richmond and by donations from local businesses and individuals. In 2009, the Richmond Music School Endowment Fund was established to give the school a solid base for its future.