The Royal and McPherson Theatre Society (RMTS) is a not-for-profit organization founded in 1977 that manages all operational aspects of the Royal Theatre and the McPherson Playhouse.

Funding for the Royal Theatre comes from levies from the local service areas of Victoria, Oak Bay and Saanich in the form of property value tax, and fees and charges.

The City of Victoria participates in the McPherson Playhouse service with funding from a property value tax and fees and charges.

The CRD contracts with the Royal and McPherson Theatre Society to administer the theatres on the Board's behalf. The CRD appoints between 6 and 8 directors to the Society's Board, which must include three municipal councillors.