Toronto – March 15, 2016 – The Ontario Arts Foundation announced today $ 3.0 million in endowment income payments were made to 260 arts organizations across the Province of Ontario. The disbursements represent 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.
“Endowment fund income is an important source of unrestricted revenue that can help support and sustain an arts organization’s programs and operations,” says Anthony Graham, Board Chair, Ontario Arts Foundation. “Endowment income also functions as an increasingly important cushion against risk, and is one way that arts organizations are helping to secure their financial stability for the long-term.”
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 $60 million in income has been paid from the endowment funds to Ontario arts organizations. Endowments established under the AEF Program now total over $145 million.
Canada Cultural Investment Fund – Endowment Incentives
The Canada Cultural Investment Fund 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 $194 million in matching grants, leveraging private sector donations of $258 million, for a total of $452 million invested in public charitable foundations and benefitting the long-term financial health of 189 arts organizations across Canada.
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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 2014-2015, the OAF paid over $2.8 million in endowment income and $275,000 in awards and scholarships.
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