RIC Funding

The Royal Institution of Cornwall is funded in three main ways.

Firstly, through the generosity of donors over the years since our foundation, we have an endowment fund, which generates interest.  Some elements of this endowment are restricted for particular purposes such as acquisitions or prizes, and others are unrestricted and can go towards general costs.

Secondly, the RIC receives two main grants.  The first annual grant is from Cornwall County Council, and recognises our role as the County Museum for Cornwall.  In return we are expected to provide practical support for other museums in Cornwall and advice to the general public, as well as running an accredited museum's service.  We are also the official depository for all archaeological items excavated in Cornwall.  The second grant is from the government scheme Renaissance in the Regions, which finances a programme of investment in non-National museums via a series of Hub museums.  Both grants come with a service level agreement which sets internal and external targets.  Renaissance in the Regions, in particular, sets targets to ensure that as many people as possible can benefit from the scheme, and also requires that best practice and practical assistance can be shared between all the museums in the region.

Finally, the RIC earns income through its trading arm, RIC Ltd and through leasing the restaurant.

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RIC Funding Renaissance South West Cornwall County Council