The Generations Fund of Khanty-Mansiysk was established basing on the nominal law which was enacted by the Duma of the region in 1994 December.
In March 1995 the board of trustees of the Generations Fund was formed of representatives of the Duma and autonomous district Administration. By the enactment of the autonomous district Administration of 29th March 1995 the Executive Board of Khanty-Mansiysk State Generations Fund was formed. Later it was transformed from the state institution into the state-run enterprise (by the law of Khanty-Mansiysk of 13 February 2002 number 11 named «About the Khanty-Mansiysk Generations Fund»).
In accordance with legislation the aims of the Generations Fund are: creating asset base that will eventually eliminate the monopoly dependence of Khanty-Mansiysk development on oil and gas sources; creating safeguards of ensuring living standard and employment of Khanty-Mansiysk; creating extra safeguards for children, young people and older generation of Khanty-Mansiysk.
To achieve the goals mentioned above the Generations Fund implements the following programs:
- The infrastructure programs aimed at creating asset base which in prospect should significantly reduce the dependence of Khanty-Mansiysk development on non-renewable oil and gas sources, thereby creating safeguards of ensuring employment and standard of living of Khanty-Mansiysk;
- The investment programs aimed at ensuring of payments of social programs and current expenses of the Generations Fund;
- Social programs aimed at creating extra safeguards for children, yuong people and older generation of Khanty-Mansiysk. The program is implemented through annual payments of:
- Educational grants since 2000;
- Allowances to Veterans of Labor since 2000;
- Child allowances since 2018.
Programs and projects are approved by the Board of Trustees of the Generations Fund, devised and carried out by the Executive Board. The government and Duma implement control over efficiency of expenditure of money resources. In addition the Generations Fund is annually checked by Ministry of Finance of the Russian Federation. On the basis of actual socio-economic conditions the Generations Fund works as an investment fund and a fund of the regional development simultaneously.
Because of the goals and objectives, distinctive features of the region’s infrastructure and federal markets, the Generations Fund has established following foreground activities:
- Development of timber and woodworking industry;
- Investments in enterprises of agricultural sector;
- Investments in commercial real estate;
- Investments in liquid assets;
- Development of social and tourist infrastructure of Khanty-Mansiysk.