Toronto – March 27, 2019 – The Ontario Arts Foundation announced today $ 3.36 million in endowment income payments have been made to 260 arts organizations in over 60 communities across the Province of Ontario. The annual payout represents income earned on endowments created by arts organizations and funded jointly by the private sector and the government through two matching programs: the Arts Endowment Fund, and the Canada Cultural Investment Fund, Endowment Incentives Component.
“Despite recent market volatility, the Ontario Arts Foundation continues to deliver a stable source of annual income that arts organizations can count on,” says Anthony Graham, Board Chair, Ontario Arts Foundation. “Rooted in a long-term perspective, our investment strategy remains focused on a portfolio of assets well positioned to grow over time and able to weather the ever-shifting economic and political climate.”
Arts Endowment Fund (AEF)
The Arts Endowment Fund (AEF) is a program of the Government of Ontario through the Ministry of Tourism, Culture and Sport and administered by the Ontario Arts Foundation. Under the AEF Program, money raised for endowment was matched, dollar for dollar, up to a predetermined maximum. Each year organizations receive income to be used for their ongoing operations. The Province of Ontario committed $60 million in matching funds between 1998 and 2008. Since inception, over $81 million in income has been paid from the endowment funds to Ontario arts organizations. Endowments established under the AEF Program now total over $154 million.
Canada Cultural Investment Fund – Endowment Incentives
The Canada Cultural Investment Fund – Endowment Incentives Component is a program of the Department of Canadian Heritage that provides matching funds of up to one dollar for every dollar raised privately for endowment. Since its inception in 2001-2002, the Endowment Incentives Component has provided a total of $250 million in matching grants, leveraging private sector donations of $327 million, for a total of $577 million invested in public charitable foundations and benefitting the long-term financial health of 233 arts organizations across Canada.
For further information, please contact:
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Alan Walker |
Established in 1991, the Ontario Arts Foundation (OAF) is passionately committed to building long-term support for the arts in Ontario. In 2017-2018, the OAF paid over $3.35 million in endowment income and $260,000 in awards and scholarships.
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