The Arctic Inspiration Prize Charitable Trust was settled in December 2015 to establish northern ownership of the AIP. It is led by a majority of northern Trustees who govern and ensure the long-term sustainability of the AIP.

Through the Trust, with an endowment of approximately $50 million, the AIP is led and owned by its northern Indigenous Co-Owners and is entirely for the people of the North, from Yukon to Nunatsiavut. The Trust has representatives from Yukon, the Northwest Territories, the Inuvialuit Settlement Region, Nunavut, Nunavik, and Nunatsiavut, as well as past Laureates, science, industry, philanthropy and the founders.