Schedule O-3 was part of the Indian Residential School Settlement Agreement (2006) forged between the Government of Canada, Survivors' lawyers, the Assembly of First Nations, Inuit representatives, other Indigenous organizations, and representatives from the Catholic, United, Anglican, and Presbyterian Churches. As part of the settlement, Canada signed separate agreements with each of the churches. The Catholic Church lacks the centralized structure of its Protestant counterparts. The Catholic entities that were responsible for administering residential schools were thus represented by a body constituted specifically for the purpose: the Corporation of Catholic Entities Party to the Indian Residential School Settlement (CCEPIRSS).

This schedule outlines the obligations of the Catholic entities under the Settlement Agreement, namely, to pay $29-million to the Aboriginal Healing Foundation within five years, to provide $25 million in in-kind services to Survivors over ten years, and to undertake a national fundraising campaign with the goal of raising $25-million for Survivors in the ensuing seven years.