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
Board of Directors
The Ontario Arts Foundation is governed by a Board comprised of 12 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. Audited Financial Statement (PDF)
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 Foundation 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