Who We Are
Programs
Arts Endowment Fund Program
A special incentive for donors to make a lasting contribution to the arts was offered through the Arts Endowment Fund Program (AEF), a matching program the Ontario Ministry of Culture administered by the Ontario Arts Foundation. During the program, arts organizations across Ontario established endowment funds, attracting $60 million in matching funds. Over the last 25 years, $120 million in income has been paid out in support of arts organizations in Ontario.
Canada Cultural Investment Fund, Endowment Incentives Component
The Ontario Arts Foundation invests matching funds received on behalf of arts organizations who contributed to their endowments under a program offered by the Department of Canadian Heritage. Arts organizations jointly apply for matching funds from the Federal government. Since the program began in 2002, the Ontario Arts Foundation has received matching grants totaling $9.9 million. We encourage donors and arts organizations to identify opportunities where long-term gifts can leverage this ongoing matching opportunity.
Private Funds, Awards, Scholarships
Special awards, prizes and scholarships recognize excellence in the arts while reflecting the interests of arts patrons and their creative approaches to supporting the arts. Since 1991, over 70 private funds, awards and granting programs have been established, from which $15 million in income, awards, scholarships and grants have been paid out.
Investing in the Arts
Combining extensive knowledge of the arts in Ontario with efficient administration and a flexible approach, we work with arts patrons to help them develop strategies that reflect their philanthropic goals while providing continuing support over the long term.
The Ontario Arts Foundation manages 375 funds with a market value of $95.5 million. In 2022/2023, the Ontario Arts Foundation paid out $4.5 million in support of the arts in Ontario. While each fund is dedicated to a specific purpose, funds are pooled for investment purposes. The Board of Directors has established an investment Policy Statement to govern the investing of foundation assets, which are managed by three investment management firms.
A strong working relationship with our sister organization, the Ontario Arts Council (OAC), brings additional value to our administration of awards and scholarships. For some awards, we work closely with OAC staff and use their peer assessment principle in developing criteria and in administering the selection process.
The Ontario Arts Foundation operates with a small staff and a 15-member volunteer board. For more information about the Ontario Arts Foundation and its proven track record in managing endowments, please contact Bruce Bennett, Executive Director, or refer to our website
Audited Financial Statements FY 2023 (PDF)
Geographical Diversity of Arts Endowment Fund Organizations
Mandate of the Ontario Arts Foundation
The Ontario Arts Foundation was incorporated in 1991 as a not for profit corporation in Ontario and is a registered charity (89085 6370 RR0001).
The foundation has three areas of interest for funding the arts in Ontario:
- To establish and maintain capital funds, principally as endowments and pay income (and/or capital) to charitable organizations which are registered charities under the Income Tax Act. Our focus is on arts organizations in the Province of Ontario
- To provide grants and scholarships to individuals in Ontario for study or research in the arts in Ontario or elsewhere or to individuals in other provinces or territories of Canada or any other country for study or research in the arts in Ontario
- To make awards to individuals in Ontario for outstanding accomplishments in the arts
- To establish and maintain capital funds, principally as endowments and pay income (and/or capital) to charitable organizations which are registered charities under the Income Tax Act. Our focus is on arts organizations in the Province of Ontario
Board of Directors
The Ontario Arts Foundation is governed by a Board comprised of 15 independent directors. Directors are appointed annually, for a three year period, with the potential for extension for a second three year period. The Board meets four times a year and is responsible for the foundation’s strategic plans, programs, budgets, policies and investment management of all endowment funds.
Risk Management
The Board identifies business risk issues associated with the Foundation’s mandate, activities and external environment. Appropriate policies and processes to mitigate all risk issues are in place and are reviewed by the Board at least annually. Members of the Board of Directors are required to disclose any conflicts of interest on an ongoing basis. The foundation financial results are audited by external auditors. Our fiscal year end is March 31st. See audited financial statements here >>
Investment Management
The Board of Directors as a whole acts as the Investment Committee, which is responsible for:
- Formulation of investment philosophy and asset mix strategy as documented through an Investment Policy Statement
- Appointment and monitoring the performance of agents and advisors, including establishing investment manager mandates
- Review at least annually, the Investment Policy Statement
- Formulation of investment philosophy and asset mix strategy as documented through an Investment Policy Statement