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Ontario Arts Foundation Annual Report 2019–2020

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Ontario Arts Foundation Annual Report 2019–2020 BUILDING A FOUNDATION FOR THE ARTS Ontario Arts Foundation Annual Report 2019–2020 2019–2020 From the Executive Director At the end of 2019, we felt strong. $3.3 million in The spring of 2020 also saw a heightened focus on contributions to new and existing funds had been social issues, with mass protests across the globe calling received. The Foundation assets grew to a record high for an end to systemic anti-Black racism that has created $87.8 million. One-year investment returns were a barriers and held people back from fully participating in strong 15%. Arts awards recognized some of Canada’s all parts of society. The Ontario Arts Foundation values finest artists and organizations benefited from the the contributions that Black, Indigenous and People of philanthropy of individual donors. What could go Colour make to the arts in Ontario. We are seeing more wrong? Little did we know that the world was about artists in leadership roles from diverse backgrounds in to change so dramatically with the advent of the many of Ontario’s arts organizations. We are grateful for COVID-19 pandemic. their perspective and new direction. Arts organizations have been particularly impacted, In all that has challenged the world in the last several with most having to cancel all programming for 2020, months, it is heartening to see that philanthropy is and the path is still unclear for 2021. Yet imagination still a core value of many Ontarians. We have seen and creativity are key to adapting to a new normal. the establishment of new funds that recognize the Artistic Directors are using these skills as they react contributions of past artistic leaders and look to create to the pandemic impact on arts programming and new opportunities for more diversified revenue streams. craft plans for long term survival. We see many organizations embracing virtual performances or The Ontario Arts Foundation will be turning 30 years old performing at a smaller scale, keeping their supporters next year and it is hard to say what the future will hold. engaged as they re-invent themselves for a physically Thanks to the continued support of committed donors distanced future. We are grateful that early steps by to the arts, the presence of public/private partnerships the Federal government have created breathing room such as government matching programs and wise to arts managers to keep offices open, pay artists stewardship of investment assets, the Foundation and plan for the near and long-term. will proudly continue supporting artists and arts organizations in Ontario for many years to come. Alan Walker Executive Director 1 OAF ANNUAL REPORT 2020 OAF 2019–2020 at a Glance established in 1991 356 funds The Ontario Arts Foundation was established We are a non-governmental foundation and a in 1991 as a public foundation to encourage and registered charity. We focus on long-term investing facilitate private giving to the arts in Ontario to support the arts in Ontario. $ 72.2 MILLION $ 4.25 MILLION $ 270,000 in in Endowment awards and assets Income disbursed grants paid out INVESTEDINVESTED INCOME PAID INCOME PAID $3.3 MILLION IN NEW CONTRIBUTIONS AND MATCHING GRANTS About the Ontario Arts Foundation The Ontario Arts Foundation was established in 1991 as a public foundation to encourage and facilitate private giving to the arts in Ontario. We are a non- governmental foundation and a registered charity (charitable registration number: 89085 6370 RR0001). We focus on investments to support the arts in Ontario or elsewhere over the long-term. The work of the Ontario Arts Foundation To receive and manage long-term funds in support of the arts in Ontario or elsewhere. To make awards, grants or scholarships for outstanding accomplishments in the arts in Ontario or elsewhere. 2 OAF ANNUAL REPORT 2020 Ontario Arts Foundation Endowment Funds Show Resilience During Troubled Times The impact of the pandemic was noticeably felt Interest in the Canadian Heritage Endowment financially at the Foundation’s March 31st year-end. Incentives Matching Program remains high and Total assets under management declined by a little $678,000 in matching grants were received by 14 over $10 million, largely due to the impact of the organizations. This continues to be a very attractive pandemic on markets in March 2020. However, resource for arts organizations to secure long-term markets rebounded in the first quarter, and total asset gifts and legacy donations to grow endowments. value returned to 98% of the previous year-end’s $270,000 in awards and grants were made to artists total. Investment markets will continue to be volatile and arts organizations across the province funded and the post-pandemic world remains uncertain. through privately established funds. These funds However, the role of an endowment becomes even Ontariocontinue to Artsgrow and Foundation show great momentum Endowment as Funds Show Resilience stronger in this environment. Ontario Arts Foundation Endowment Funds Show Resilience DuringdonorsDuring are Troubled choosing Troubled to invest Times Times in the health and In March 2020, the Ontario Arts Foundation paid vitality of the arts in the province. out income at 4.4% with $4.3 million in endowment income disbursed to over 260 arts organizations. In response to the impact of the pandemic on the cash 85 85 flow of so many arts organizations, the Board of 350 80 80 350 Directors approved an additional special distribution of $1.0 million in May, 2020 (after the fiscal year-end). 75 75 330 330 Strong investment results over the past 10 years 70 70 afforded the Board of Directors the ability to respond 65 310 with an extra infusion of cash to help organizations 65 310 60 weather their short-term needs. 60 290 55 290 Rooted in a long-term perspective, the Foundation 55 Total funds value ($MM) value funds Total Number of funds Number Total funds value ($MM) value funds Total investment strategy remains focused on a portfolio 50 of funds Number 50 270 270 of assets well positioned to grow over time and 45 successfully weather the ever-shifting economic 45 40 250 and geopolitical climate. 40 2016 2017 2018 2019 2020 250 2016 2017 2018 2019 2020 Privately Established Funds Canadian Heritage Funds Privately Established Funds Canadian Heritage Funds Arts Endowment Funds # Funds Arts Endowment Funds # Funds At March 31, 2020 fiscal year-­‐end At At March March 31st, 2020 31, fiscal 2020 year-end fiscal year-­‐end The impact of the pandemic was noticeably felt financially at the Foundation’s March 31st year-­‐end. The Total impact assets under of the management pandemic declined was by noticeably a little felt over $10 financially million at the Foundation’s March , year over year largely 31st year-­‐end. due to the Total assets under management declined by a little over $10 million , year over year largely due to the 3 OAF ANNUAL REPORT 2020 impact of the pandemic on markets 20 in March 20. However, the market rebound in the subsequent impact quarter of saw the total pandemic asset on value markets 20 in March return to 98% of 20the . previous However, the year-­‐end market ’s total. rebound The in investment the subsequent markets quarter will saw continue total to asset be volatile value -­‐ and the post pandemic return to 98% of the previous world remains year-­‐enduncertain. ’s total. However, The the investment role of an markets will endowment continue to becomes be volatile even stronger -­‐ and the post pandemic in world this remains environment. uncertain. However, the role of an endowment becomes even stronger in this environment. In March 2020, the Ontario Arts Foundation p aid out ncome i at 4.4% with $4.3 million in endowment In income March disbursed 2020, the to Ontario over Arts 260 arts Foundation p aid organizations. In out ncome i response at 4.4% to with the $4of impact .3 the million pandemic in endowment on the cash income flow disbursed of so many to arts over organizations, 260 arts the Board organizations. In response of Directors to the approved an additionalof impact the special pandemic distribu on the tion cash of flow $1.0 of so many million arts in organizations, May, 2020 (after the the Board fiscal -­‐ year end of ). Strong Directors investment approved an additional results special over distribu the tion past 10 years of $1.0 afforded million the in Board May, 2020 (after of the Directors the fiscal ability -­‐ year end to ). Strong respond investment with an results extra infusion over of cash to help the past 10 years afforded organizations the Board weather of their Directors the -­‐ short term ability needs. to respond with an extra infusion of cash to help organizations Interest in weather the Canadian their -­‐ short term Heritage needs. Endowment Incentives Matching s Program remain high and $678,000 in matching grants were received 14 by organizations. This continues to be a very attractive resource for Interest in the Canadian Heritage Endowment Incentives Matching s Program remain high and $678,000 arts organizations to secure -­‐ long term gifts and legacy donations to grow endowments. in matching grants were received 14 by organizations. This continues to be a very attractive resource for arts organizations to secure -­‐ long term gifts and legacy donations to grow endowments. Awards from Private Funds in 2019–2020 Fund Recipient $ Virginia and Myrtle Cooper Award in Costume Design Joanna Yu 20,000 William and Mary Corcoran Craft Awards Candice Boese 750 Leigh Dotey each Priscilla Kar Yee Lo Olivia Mae Sinclair Yuebai Xiao Christopher Dedrick Award for Live Musicians in Music Soundtracks Dillon Baldassero 1,200 Paul deHueck and Norman Walford Career Achievement Award Shelley Niro 30,000 — Art Photography Indigenous Voices Awards Joséphine Bacon 2,000 Francine Cunningham 2,000 Elaine McArthur 2,000 Francine Merasty 2,000 Pierrot Ross-Tremblay 2,000 Tasha Spillett 2,000 Smokii Sumac 2,000 Tanya Tagaq 2,000 Hugh D.
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