Membership is by annual subscription, although current students and staff of Exeter University may use it free of charge.
[3] The idea for an institution combining a library, reading room, county museum and venue for public lectures was conceived by William Elford Leach, a young naturalist from Plymouth.
Leach approached the Mayor of Exeter with his proposal in June 1812, and fundraising began shortly after.
[6] The building in which the Institution is housed at 7, Cathedral Close, was purchased from the Dean and Chapter of Exeter Cathedral and was formerly the Exeter townhouse of the Civil War Roundhead General Sir William Waller (c.1597–1668) of Forde, Wolborough, Devon.
The Courtenay Latin motto is shown underneath: Ubi lapsus quid feci ("Where did I slip what have I done").