The Canadian Conference of Catholic Bishops says the $30 million being raised to support reconciliation and healing projects will be overseen by Indigenous directors to ensure the church's accountability.
The directors of the Indigenous Reconciliation Fund will include Chief Wilton Littlechild, a residential school survivor and lawyer who was a commissioner for the Truth and Reconciliation Commission of Canada.
The Canadian bishops made the financial commitment last year after facing pressures to properly compensate survivors under the Indian Residential School Survivor Agreement.
It was reported that less than $5 million had been raised out of a $25 million goal.
The Catholic bishops say they are committed to ensuring this fundraising campaign is transparent and accountable.
The fund will publish annual reports and will be subject to an audit by an independent accounting firm each year.
An estimated 150,000 First Nations, Inuit and Métis children were forced to attend residential schools and more than 60 per cent of the schools were run by the Catholic Church.
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The Canadian Press