2014 Federal Government Economic Action Plan Continues Support for Endowment Matching Program
Toronto, February 19, 2014 - The 2014 federal budget announced the continuation of a number of funding programs supporting the arts. Beginning in 2015-16, the budget proposes to provide ongoing funding of $105 million per year in support of core cultural programs.
Canada Cultural Investment Fund – Endowment Incentives Component
The Canada Cultural Investment Fund is one of the programs to receive ongoing funding in the amount of $30.1 million per year. This includes the Endowment Incentives Component, a matching program which was set to expire in 2015. The proposed budget allocation not only renews this program funding, but it becomes continuous, unlike funding which sunsets every five years.
Eligible arts organizations that raise private donations and contribute them to an endowment fund can apply for matching funds from Canadian Heritage. Since the program’s launch in 2001, the federal government has invested $140 million in matching endowment grants to arts organizations across Canada, leveraging close to $200 million in donations from the private sector. Over $300 million is invested, creating a permanent stream of income to support the arts.
For more information, please contact:
Alan Walker, Executive Director, Ontario Arts FoundationCouncil
416-969-7413 | email@example.com
The Ontario Arts Foundation (OAF) works with arts patrons to build long-term support for the arts in Ontario.