The institutions of public government which make up the Nunavut Marine Council (NWMB, NPC, NIRB, and NWB) first began receiving a small amount of dedicated annual funding in the 2015-16 fiscal year for activities undertaken in support of implementing NMC activities. This NMC funding is provided by the Government of Canada through the implementation of the Nunavut Land Claims Agreement, and is disbursed in equal amounts to each NWMB, NPC, NIRB and NWB through annual contribution agreements. Currently this funding level is set at $25,000 each, indexed for inflation.

Each NMC member is subject to independent financial audits annually and reports on expenditures in accordance with their respective contribution agreements.

The NMC is actively seeking opportunities to access funding which will support undertaking additional initiatives.