The Fund was established in 1991 by Maclean Hunter Limited with capital endowments of $29.2 million and has since become independent of any parent company. The annual revenues generated by the endowment and recoupment on investments constitute the funds at the Board's disposal each year. The Fund is "certified" by the CRTC as an independent production fund, eligible to receive BDU (Broadcast Distribution Undertaking) contributions. The IPF receives annual contributions from Mountain Cablevision Ltd.

The Foundation is incorporated federally as a corporation without share capital and has been granted charitable status. The Board of Directors which represents the industry makes all funding decisions. The operations of the Fund are administered by offices in Toronto and Montreal.