The Richmond Music School is operated by the Richmond Music School Society, a non-profit society, 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 Provincial government and City of Richmond grants and by donations from local businesses and individuals. In 2009, the Richmond Music School Endowment Fund was initiated, to give the school a solid base for its future.
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