In 1979 the Hall and Museum was incorporated under the laws of the State of California as an independent entity, authorized by S.A.M. It is a non-profit, tax-exempt educational institution dedicated to preserving magic's history. It is financed entirely through donations from individuals and grants from the S.A.M. National Council and Magic Endowment Fund.

The Hall of Fame features photographs and hand-drawn portraits of the magicians elected into the Hall of Fame by the National Council upon the recommendations of the National Historians Committee. Magicians elected to the Hall date from Dedi of Ancient Egypt to contemporary stars of magic.