The Nisichawayasihk Trust was created in March 1996 as part of Nelson House First Nation NFA Implementation Agreement between Nisichawayasihk Cree Nation, Government of Canada, the Province of Manitoba and Manitoba Hydro.

As part of 1996 NFA agreement, NCN received about $64.9 million in compensation for damages caused by Churchill River Diversion (a project of Manitoba Hydro). From profits earned, Nisichawayasihk Trust allocates funds to support a variety of community projects and programs annually. Each year proposals are received from variety of NCN entities and individuals who are primarily responsible to provide services to NCN members. Funding applications for Nisichawayasihk Trust involve a process called “Community Approval Process” abbreviated as CAP are reviewed and discussed at a series of meetings in which Trustees evaluate each proposal based on established criteria for allocation of Trust moneys.

Consideration is given to projects that create, sustain and improve community infrastructure and/or address community’s social, cultural, educational, economical and physical needs. Projects must have an impact on job creation within the community.