In 1992, the original project at North Cape was transformed into an independent, non-government and non-profit foundation (The Children of the Earth Foundation), approved by the national Foundation registry . All records and accounts are fully audited and public.
The foundation has no administrative expenses. The costs in connection with the award ceremonies are covered through contributions from Nordkaps Vel, which has income from the tourist traffic at North Cape.
The foundation's basic fund currently stands at about 1 million Norwegian kroner (about 103.000 euros or 127.000 US dollars) in the form of bank deposits. The annual yield, in combination with contributions from Nordkaps Vel, has so far constituted the annual prize of 100.000 Norwegian kroner, from 2010 increased to 150.000 kroner (about 15.500 euros or 19.000 US dollars). One of the aims of the foundation is to increase the basic fund, so that the prize amount may increase even further, and to a larger extent be made up by the annual yield of the fund.