Canadian Heritage’s Canada Cultural Investment Fund has granted the Symphony $193,725.00 through its Endowment Incentives Component.
Symphony New Brunswick Foundation Inc. has announced a significant matching funds grant from Canadian Heritage’s Canada Cultural Investment Fund – Endowment Incentives Component.
“Growth in the assets held by Symphony New Brunswick Foundation is one of the most important factors in sustaining the Symphony in our province and keeping its artistic standard at a very high level,” said Reid Parker, president of Symphony New Brunswick. “We are very grateful for the support provided by the Government of Canada through the Canada Cultural Investment Fund. This program provides a powerful incentive for private sector donors to give to our Foundation.”
The Endowment Incentives program is available annually to eligible foundations, matched against private sector donations received during the previous year. Both the private donations and the government grant are held in the Foundation’s permanent endowment fund with income earned on these funds available to distribute to Symphony New Brunswick’s operations.
“The emotion that emanates from a musical piece presented live on stage by a high-calibre orchestra such as Symphony New Brunswick is invaluable,” said Pablo Rodriguez, Minister of Canadian Heritage. “The Government of Canada is proud to contribute to the sustainability of professional arts organizations, which have been particularly hard hit by the COVID-19 pandemic, by matching private sector donations. Since 2007, we have invested $2.4 million in the Symphony New Brunswick Foundation endowment fund through the Endowment Incentives component of the Canada Cultural Investment Fund. This fund strengthens the ability of professional organizations to achieve their goals of artistic expression and ensures their long-term sustainability, which is very good news for the arts sector across Canada and the jobs that depend on it.”
The income earned from the endowment fund now represents approximately 30% of the funds needed annually to sustain the Symphony’s operations.