TORONTO, ONTARIO--(Marketwire - March 18, 2013) - The Ontario Arts Foundation announced today $ 2.2 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.
"The annual income received from the Arts Endowment Fund contributes to the exhibitions and education programs we present," says Alexandra Montgomery, Executive Director, Gardiner Museum. "The AEF Program makes a meaningful contribution to our ongoing operations for which we are truly grateful."
"The 'multiplier effect' that has been possible through matching gifts programs has been instrumental in the growth and development of our own planned giving program," adds Jennifer McGillivray, Executive Director, Festival of the Sound. "Having access to these funds means that we are able to show donors tangible growth results - using their gifts to grow and expand our programs."
The Arts Endowment Fund (AEF) is a program of the Government of Ontario administered by the Ontario Arts Foundation. Funds privately raised by arts organizations for endowment were matched. 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 $40 million in income has been paid from the endowment funds to Ontario arts organizations.
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. In 2012, 18 million in matching grants were made for the benefit of 163 arts organizations across Canada.
"Strong investment results in 2012 supported an increase in income payments," reported Alan Walker, Executive Director, Ontario Arts Foundation. "These payments can be used however arts organizations see fit, and provide a much needed additional source of revenue in these challenging economic times."
The Ontario Arts Foundation was established in 1991 as a public foundation to encourage and facilitate private giving to the arts in Ontario. The Foundation works with arts patrons to build long term support for the arts in Ontario.