Ontario Arts Foundation disburses $2.8 million to arts organizations across Ontario
Toronto - March 13, 2015 - The Ontario Arts Foundation announced today $ 2.8 million in endowment income payments to 270 arts organizations across the Province of Ontario. The disbursements represent 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.
“At a time when government funding sources are challenged, the stability of endowment income is increasingly valuable to Ontario's arts organizations,” says Anthony Graham, Board Chair, Ontario Arts Foundation.
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 millionin matching funds between 1998 and 2008. Since inception, over $55 millionin income has been paid from the endowment funds to Ontario arts organizations. Endowments established under the AEF Program now total over $140 million.
Canada Cultural Investment Fund - Endowment Incentives
The Canada Cultural Investment Fund 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. Since 2006-2007, the Endowment Incentives Component has provided more than $132 millionin matching grants, leveraging privat sector donations of $185 million, for a total of $317 million invested in public charitable foundations and benefitting the long-term financial health of 181 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 2013-2014, the OAF paid over $2.7 million in endowment income and $200,000 in awards and scholarships.
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