Toronto – March 15, 2016 – The Ontario Arts Foundation announced today $ 3.0 million in endowment income payments were made to 260 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.
“Endowment fund income is an important source of unrestricted revenue that can help support and sustain an arts organization’s programs and operations,” says Anthony Graham, Board Chair, Ontario Arts Foundation. “Endowment income also functions as an increasingly important cushion against risk, and is one way that arts organizations are helping to secure their financial stability for the long-term.”