Applications Now Available for Endowment Incentives Component
Toronto, September 2, 2014 - Applications are now available for the Canadian Heritage Endowment Incentives Component of the Canada Cultural Investment Fund.
In the 2014 federal budget, the government announced the continuation of a number of funding programs supporting the arts, including the Canada Cultural Investment Fund – Endowment Incentives Component.
Under the program, eligible arts organizations can apply for matching funds of up to one dollar for every dollar raised from private donors, to create endowment funds or to increase existing ones. 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.
The 2014 federal budget allocation not only renews this program funding, but it becomes continuous, unlike funding which sunsets every five years.
Unrestricted Gifts or Operating Surplus:
If an eligible arts organization has received unrestricted gifts this year, or have an operating surplus that it doesn’t know what to do with - a board of directors may consider whether their organization would benefit more from adding this to an endowment fund and thereby increasing the income stream an organization can count on every year. Many organizations who have contributed regularly to their endowments are now seeing a valuable increase in annual cash flow from their endowments – income that is stable and enduring.
Why Should An Organization Apply for a Matching Grant?
To recap, the Endowment Incentives Component of 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 from private donors to create an endowment or to add to an existing one.
- A donation or bequest from donors can be nearly doubled (based on the 2013 matching rate of 88 cents).
- Income is long term and unrestricted, allowing an organization to determine how it best serves their operating needs.
- The matching model provides all donors, including those of modest means, the satisfaction of knowing their gifts are being leveraged for the long term benefit of arts organizations important to them.
Application deadline is December 1, 2014, but we ask that arts organizations send us all application material by November 21, 2014 in order to allow time to process the material.
We encourage organizations to share this information with key donors and identify an opportunity now for a special gift that will attract matching funds and grow long-term capital and income.
For more information:
Alan Walker, Executive Director
Ann Boyd, Associate Director
Program and Application Details:
Program and Application Details: Canada Cultural Investment Fund, Endowment Incentives
Frequently Asked Questions:
Frequently Asked Questions: Canada Cultural Investment Fund, Endowment Incentives