It is awarded annually to "an individual or collaborative team making a significant contemporary contribution to the theoretical foundations of human cognition".
[1] The annual award is presented at the Cognitive Science Society meeting, where the recipient gives a lecture and receives a check for $100,000.
At the conclusion of the ceremony, the next year's award winner is announced.
The award is funded by the Robert J. Glushko and Pamela Samuelson Foundation.
The Rumelhart Prize committee is independent of the Cognitive Science Society.