The Richmond High School Alumni Association established guidelines for the RCIP:
- The RHSAA will be responsible for the Richmond College Incentive Plan by soliciting any living RHS alumni. The Richmond College Incentive Plan will not solicit Wayne County business and industry for support of the RHSAA.
- Donations may be in the form of a bequest, life estate gift, charitable gift annuity, trust, charitable remainder trust, charitable lead trust, life insurance or property gifts. If the gift is in excess of $5,000, it will be used to establish a name-endowed scholarship.
The Wayne County Foundation provides an annual update to the RHSAA on the amount available for scholarships. This amount includes the funds from the RCIP generated from earnings as well as the portion of the Wayne County College Fund (WCCF) sent to the RHSAA for that coming year. This arrangement began in August of 1997 when funds were placed at the Foundation.
Because the goals of the WCCR and the RCIP are similar, in the year 2000 income from the WCCF from the Wayne County Foundation was made available to support the objectives of the RCIP if the funds were needed.
Since that time, scholarships have been awarded as a “last dollar” amount to the graduating seniors who attend local institutions. In 2006, this was expanded to allow scholarships for alumni of the community attending the local institutions, if funds remained after the selections from the senior class. Priority is given to those we helped in the past, then the graduating class, then alumni seeking an undergraduate degree, and, finally, further education if funds remain. The RHSAA recognizes a GED from RCS the same as a diploma.