The Ontario Arts Foundation announced today $ 3.36 million in endowment income payments have been made to 260 arts organizations in over 60 communities across the Province of Ontario. The annual payout 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.
“Despite recent market volatility, the Ontario Arts Foundation continues to deliver a stable source of annual income that arts organizations can count on,” says Anthony Graham, Board Chair, Ontario Arts Foundation. “Rooted in a long-term perspective, our investment strategy remains focused on a portfolio of assets well positioned to grow over time and able to weather the ever-shifting economic and political climate.”
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 million in matching funds between 1998 and 2008. Since inception, over $81 million in income has been paid from the endowment funds to Ontario arts organizations. Endowments established under the AEF Program now total over $154 million.