Its mandate was to fund television drama series and undertake industry training with the interest generated by the endowment and return on investments.

A five-member board of directors representing different sectors of the production industry governed the Fund's activities.

[7] In 1999 the CRTC approved the IPF as a "Canadian Independent Production Fund"[8] eligible to receive contributions from Broadcast Distribution Undertakings (BDU's).

[11][12][13] It allocates nearly $2M per year from the interest generated by the endowment and recoupment of its funding investments, to original digital drama series.

[15] As of 2017, the IPF has supported 251 television projects, 422 professional development activities and 114 original online series which represents nearly $65M in funding.