Ontario Arts Foundation Disburses over $4.0 million to Arts Organizations Across Ontario
Toronto - March 22, 2021 - The Ontario Arts Foundation announced today that over $4.0 million in endowment income was paid to 259 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.
“This past year has been incredibly challenging for arts organizations as they have had to find new and innovative ways to deliver arts programming and generate operating revenue under unprecedented circumstances, “ says Anthony Graham, Board Chair, Ontario Arts Foundation. “We are pleased to be able to increase this year’s annual payout distribution, which along with the additional $1.0 million special distribution made last May, demonstrates the valuable role endowments play in an organization’s ability to draw from diversified revenue streams.”
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 $101 million in income has been paid from the endowment funds to Ontario arts organizations, and the market value of all endowments now exceeds $150 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 $8.6 million in matching grants under this program, which together with $11.7 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 $307 million in matching grants, leveraging private sector donations of $416 million, for a total of $723 million invested in 101 public charitable foundations and benefitting the long-term financial health of 276 arts organizations across Canada.
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Established in 1991, the Ontario Arts Foundation (OAF) is passionately committed to building long-term support for the arts in Ontario. In 2019-2020, the OAF paid over $4.25 million in endowment income and $270,000 in awards and scholarships.
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