Toronto – March 26, 2020 – The Ontario Arts Foundation is pleased to confirm that $ 3.3 million in endowment income payments have been disbursed to 261 arts organizations across the Province of Ontario earlier this month. 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.
“Investment results in 2019 were strong, allowing the Foundation to continue disbursing this important source of operating revenue that is particularly critical in our current environment,” says Anthony Graham, Board Chair, Ontario Arts Foundation. “As all investors are experiencing, the Foundation’s portfolio of investments is being impacted by the market volatility due to the COVID-19 pandemic. Rooted in a long-term perspective, the Board of Directors’ investment strategy remains focused on a portfolio of high quality assets well positioned to grow over time and able to weather the ever-shifting disruptive economic 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 $91 million in income has been paid from the endowment funds to Ontario arts organizations. Endowments established under the AEF Program now total over $156 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 – both the matching funds and the private donations are to be held in perpetuity. Since its inception in 2001-2002, the Ontario Arts Foundation has received $8.1 million in matching grants under this program, which together with the $11.0 million in contributions from private donors result in a growing source of income that can be used by the beneficiary arts organizations for their operating budgets or special projects. The Endowment Incentives Component has provided a total of $287 million in matching grants, leveraging private sector donations of $386 million, for a total of $673 million invested in public charitable foundations and benefiting the long-term financial health of 266 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 2018-2019, the OAF paid over $4.35 million in endowment income and $315,000 in awards and scholarships.
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