Toronto, March 19, 2024 – The Ontario Arts Foundation announced today that $ 4.3 million in endowment income was paid to 257 arts organizations across the Province of Ontario. This 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 were strong in 2023, permitting the Foundation to continue to increase payouts which have become a vital source of operating revenue for arts organizations.” says Anthony Graham, Board Chair, Ontario Arts Foundation. “With an environment which continues to be challenging for the arts sector the Foundation is particularly aware of the impact of these endowments. 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.”
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 that is unrestricted for programs and operations. The Province of Ontario committed $60 million in matching funds between 1998 and 2008. Since inception, over $119 million in income has been paid from the endowment funds to Ontario arts organizations, and the market value of all endowments now exceeds $158 million.
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 $10.2 million in matching grants under this program to benefit the endowment funds of 43 professional arts organizations, which together with $14.5 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 $367 million in matching grants, leveraging private sector donations of $516 million, for a total of $883 million invested in 107 public charitable foundations and benefitting the long-term financial health of 307 professional arts organizations across Canada.
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For information, please contact:
Bruce Bennett, Executive Director, Ontario Arts Foundation
Tel: (416) 969-7413 bbennett@oafdn.ca
Established in 1991, the Ontario Arts Foundation (OAF) is passionately committed to building long-term support for the arts in Ontario. In 2022-2023, the OAF paid $4 million in endowment income and $450,000 in awards and scholarships.
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