The R. Gene Richter Scholarship Program was established and named in memory of R. Gene Richter, who was a galvanizing force in the field of procurement. The program was initially established by the R. Gene and Nancy D. Richter Foundation in 2004. In 2005, the R. Gene and Nancy D. Richter Foundation partnered with the Institute for Supply Management® (ISM®) to expand the Foundation's scholarship program into the largest national scholarship program in the field of supply management. It was a goal of the Foundation and the Institute for Supply Management® to establish the ability to provide for the funding of scholarships on an ongoing basis. As a result, in 2008, with funding from the Institute for Supply Management and the R. Gene and Nancy D. Richter Foundation, the ISM® R. Gene Richter Scholarship Program Fund was established. The fund at ISM® has a goal to grow the principle to $2 million. The proceeds from this fund will provide a portion of the scholarships for future Richter Scholars.