The award is presented every 2 years for "conspicuous contribution to the advancement of the objectives, purposes, and activities of the society (ECS)".

[1] Recipients of the award receive a gold medal, wall plaque, and cash prize, ECS Life membership, and a complimentary meeting registration.

Originally, recipients were presented with a prize of $1,000, a gold medal, and a bronze replica, with the intention that the gold medal would "find its way to the safe deposit box," while the replica was reserved for "everyday use".

The Acheson family later agreed to have the medal be electroplated gold in order to keep the award fund in balance.

Thanks to continuous donations from the Acheson family between 1942 and 1991, the endowment fund has allowed the monetary prize to be increased 3 times since its establishment.