The initial funding will cover operational costs such as office space, staff and travel expenses and should allow the board to operate for at least its first two full terms, approximately six years, Brent Harris, Director of Governance and Global Affairs at Facebook, said in a statement.
The board will submit a yearly budget to the trust for approval and disbursement of funds.
Annual reports from the board and trust will help to document the health and effectiveness of the board, including its stewardship of these resources.
Facebook intends to continue funding the board's operations in the future, and these reports will be used to assess the need for additional, substantive and long-term funding.
Last November, Mark Zuckerberg wrote about his vision for what content governance should look like for Facebook.
Facebook said it has established the independent Oversight Board Trust to ensure the board can safeguard its ability to make independent decisions and recommendations.
"The board will have its own staff, independent from Facebook. To start, we expect this staff to include a director, case managers and dedicated staff members (or contracted services) who can support things such as the board's communications, legal, human resources and research needs," said Harris.
In addition, said Facebook, it will continue to work with outside experts to source and review candidates for board membership, including those who've been recommended through the public portal, which we opened in September.
"We are eager to see the Oversight Board take shape and start hearing cases next year," said Facebook.
( With inputs from IANS )