The NIB Trust Fund was established as a trust in 1975 and in the same year obtained charitable status.

The NIB Trust Fund’s objectives are to:

1. To study in conjunction with First Nation representatives from the various parts of Canada the problems confronting First Nations in today’s society;
2. To do research into the economic, social, and scientific problems of First Nation communities with a view to proposing solutions to these problems;
3. To do research into the historical and cultural aspects of First Nation communities with a view to assisting in retaining First Nation culture and values;
4. In order to further carry out the foregoing objects, to obtain and disseminate information to First Nation groups and others concerned with the quality of First Nations life;
5. To provide educational programs and related services and initiatives that provide assistance to First Nations peoples including the provision of financial assistance to attend educational institutions at all levels; and
6. To provide healing and reconciliation programs, services and initiatives for First Nations peoples as required as a result of the intergenerational impacts of the Indian Residential School system.

Today the NIB Trust Fund supports education programs aimed at healing, reconciliation and knowledge building. Funds are available to First Nation and Métis individuals and organizations through a competitive application process. The goal of the NIB Trust Fund to help First Nations and Métis people, organizations and communities address the long-lasting impacts of the Indian residential school's system, and to support education programs aimed at healing and reconciliation over many years. All NIB Trust funding is accessed through a competitive application process.

To date, the NIB Trust Fund has funded over 440 Group Projects including language and cultural revitalization programs, back to the land programs, teaching circles, youth camps, traditional kinship connections, student support, certified training and scholarship programs. In addition, it has approved funding for 2,200 First Nation and Métis individuals engaged in Post-secondary, cultural learning, or training and certification.

The NIB Trust Fund is a new opportunity separate from previous compensation packages offered to former students of Indian Residential Schools.