Toronto – April 5, 2022 – The Ontario Arts Foundation announced today that over $4.4 million in endowment income was paid to 258 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.
“In this challenging year, the Ontario Arts Foundation reinforced its commitment to arts organizations and deployed their endowments exactly as designed: to provide ongoing, predictable, and increased support for their operational needs and missions,” says Anthony Graham, Board Chair, Ontario Arts Foundation. “With solid financial management, endowments can consistently support the arts sector with revenue each year and offer organizations and their donors a valuable tool in the immediate and long-term health of the organization.”
Arts Endowment Fund (AEF)
The Arts Endowment Fund (AEF) is a program of the Government of Ontario through the Ministry of Heritage, Sport, Tourism and Culture Industries 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 $108 million in income has been paid from the endowment funds to Ontario arts organizations, and the market value of all endowments now exceeds $160 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 $9.4 million in matching grants under this program to benefit the endowment funds of 40 professional arts organizations, which together with $13.2 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 $327 million in matching grants, leveraging private sector donations of $453 million, for a total of $780 million invested in 104 public charitable foundations and benefitting the long-term financial health of 290 professional arts organizations across Canada.
For further information, please contact:
| Bruce Bennett Executive Director Ontario Arts Foundation T. 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 2020-2021, the OAF paid over $5.2 million in endowment income and $220,000 in awards and scholarships.
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