2018/19 Endowment Report | The National Ballet of Canada, Endowment Foundation

The National Ballet of Canada, Endowment Foundation

2018/19 Endowment Report

The National Ballet of Canada, Endowment Foundation

Contents Message from David Macdonald, Chair

3

Financial Highlights

4

Endowment Foundation Funds

6

Endowment Fund Donations

7

Spend-Down Funds

8

Expendable Funds

9

General Funds

10

Karen Kain Resiliency Fund

10

Investment Governance & Performance

10

Disbursement Policy & Payments

12

Disbursement Resilience

13

Preserving Purchasing Power

14

Named Funds

17

Tribute Gifts and Bequests

18

Celia Franca Society

19

Board of Directors

20

Jeannine Haller and Siphesihle November in La Sylphide in The International Competition for the Erik Bruhn Prize. Photo by Karolina Kuras.

2

18/19 Endowment Report

Message from David Macdonald, Chair The National Ballet of Canada, Endowment Foundation The Endowment Foundation enjoyed another strong year in 2018/19, with solid asset growth, good investment returns and a new record disbursement to The National Ballet of Canada. Total fund balances grew by $4.4 million or 5.9% to a new all-time record of $79.0 million at June 30, 2019.

Growth in fund balances reflected a mix of new gifts of $3.9 million and solid net investment income of $3.7 million for a 5.0% overall net return, while administrative costs remained low at 0.3% of assets. Donations comprised lifetime and estate gifts from individuals of $1.3 million, corporate gifts of $0.9 million, foundation gifts of $1.1 million and a matching grant of $0.6 million under the Endowment Incentives Component of the Canadian Cultural Investment Fund.

In 2019, the Board approved a new record (the tenth consecutive) endowment fund disbursement of $2.7 million to the National Ballet in 2018/19. This represents a modest increase of $0.1 million or about 3.6% over last year.

The Endowment Foundation also made a distribution of $0.5 million from the Walter Carsen New Creations Fund,

a spend-down fund, to support the development of new productions. Together, these distributions totaled $3.2 million (consistent with the prior year) and represented about 8.8% of the National Ballet’s operating budget.

With continued growth in the endowment fund balance, we expect the disbursement from endowment funds to increase again in 2019/20. There is also a scheduled payment from the Walter Carsen New Creations Fund next year of $1.0 million to support the new commission of Swan Lake in celebration of Karen Kain’s 50th anniversary with the company.

As in the past few years, we caution that after a decade of substantial gains, and with all major asset classes now trading at full valuations, we expect investment returns will be comparatively modest over the next several years. Our strong distributable reserves should hold us in good stead in all but the most challenging market environments.

Under Karen’s inspired leadership over the past thirteen years, the National Ballet has successfully staked its claim as one of the world’s leading dance companies. Today, the company is a first-choice destination for talented dancers, artistic collaborations and touring opportunities.

This commitment to excellence has required significant risk capital in the near term and a commitment to building a strong, permanent endowment for the long term. With the completion of the $100 million dollar Soaring Campaign this fall, the Company’s future has never looked stronger.

On behalf of the Board of Directors of The National Ballet of Canada, Endowment Foundation, I extend my warmest thanks and deepest gratitude to everyone who supported the Company over the past year and throughout the campaign. We celebrate your vision and your generosity.

To my fellow members of the Endowment Foundation Board, I thank you for sharing your time, your expertise and your passion for the company. Your commitment to growing the Endowment Foundation and to stewarding it with wisdom, foresight and discipline has produced results that we can all be greatly proud of.

David Macdonald, Chair, The National Ballet of Canada, Endowment Foundation. Photo by Sian Richards.

3

The National Ballet of Canada, Endowment Foundation

Financial Highlights Fiscal Year Ending June 30 Foundation Fund Balances at Market Value

2014

2015

2016

2017

2018

2019

Endowment Fund Expendable Fund Spend-Down Fund Financial Resilience Fund General Fund

$54.1 2.4

$40.8 18.0 2.5

$42.6 18.9 2.5

$43.3 20.6 2.4 2.5

$46.7 23.2 2.2 2.5

$49.6 24.1 1.9 0.3 3.1

Total Funds

$56.5

$61.3

$63.9

$68.8

$74.6

$79.0

Starting Market Value Donations Net Investment Income Administrative Expenses Disbursement to the National Ballet

$47.0 3.3 7.7 (1.5)

$56.5 1.3 5.4 (1.8)

$61.3 1.8 2.9 (2.0)

$63.9 3.7 4.6 (3.4)

$68.8 3.7 5.4 (3.2)

$74.6 3.9 3.7 (3.2)

Ending Market Value

$56.5

$61.3

$63.9

$68.8

$74.6

$79.0

Distributable Reserves % of Total Endowment + Expendable

$15.2 28.1%

$18.0 30.6%

$18.9 30.7%

$20.6 32.2%

$23.2 33.2%

$24.1 32.7%

Inflation Protection Cushion % of Original Gift Value

$10.4 19.1%

$12.3 30.2%

$12.2 28.7%

$10.9 25.2%

$14.2 30.4%

$14.0 28.3%

3.1%

3.3%

3.2%

5.3%

4.6%

4.3%

17.2%

9.9%

4.9%

7.4%

8.1%

5.4%

5.1%

5.8%

5.7%

9.6%

9.0%

8.8%

Total Fund Continuity

Key Metrics

Disbursement as % of Starting Fair Market Value Endowment Fund Net Investment Return Disbursement as % of Annual National Ballet Operating Costs

Skylar Campbell with Artists of the Ballet in Night. Photo by Karolina Kuras.

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18/19 Endowment Report

Total Fund Balances 80.0 70.0

C$ Millions

60.0 50.0 40.0 30.0 20.0 10.0 0.0 2007

2008

2009

2010

Endowment

2011

2012

Expendable

2013

Spend-Down

2014

2015

General

2016

2017

2018

2019

Financial Resilience Fund

C$ Millions

Net Asset Growth 12.0 10.0 8.0 6.0 4.0 2.0 0.0 -2.0 -4.0 -6.0 2007

2008

Donations

2009

2010

2011

2012

Net Investment Income

2013

2014

2015

2016

2017

Disbursements and Admin Expenses

2018

2019

Net Asset Growth

Total Distributable Reserves 30.0

40%

27.0

35%

24.0 30%

25%

18.0

20%

15.0 12.0

15%

Perecentage

C$ Millions

21.0

9.0 10% 6.0 5%

3.0

0%

2007

2008

2009

2010

2011

2012

Endowment Distributable Reserves

2013

2014

General Fund

2015

2016

2017

2018

2019

Percent of Market Value 5

The National Ballet of Canada, Endowment Foundation

Endowment Foundation Funds The National Ballet of Canada, Endowment Foundation consists of endowment funds (62.8%), expendable funds (30.6%), general funds (3.9%), spend-down funds (2.4%) and a new fund category entitled financial resiliency funds (0.4%). Endowment funds represent donor gifts which, by their terms, provide permanent or long-lived capital, from which only the income can be used to provide ongoing financial support to The National Ballet of Canada.

Depending on the gift terms, the income from endowment funds may provide unrestricted support to The National Ballet of Canada or may be restricted to a specific purpose chosen by the donor. An overview of the main endowment funds within the Endowment Foundation, which are closely aligned with the National Ballet’s strategic priorities, is set out below.

Endowment and Expendable Fund Balances 70.0 60.0

C$ Millions

50.0 40.0 30.0 20.0 10.0 0.0 2007

General

2008

2009

2010

Arts Endowment Fund

2011

2012

2013

2014

Canadian Arts & Heritage

2015

Dancer

2016

2017

Touring

2018

2019

New Creations

Other

General Endowment Fund

Education and Community Engagement Endowment Fund

The purpose of the General Endowment Fund is to provide unrestricted support to the National Ballet. Grants from the Fund may support new productions, dancer training, education programmes, touring and any activity by the National Ballet in the course of its day-to-day operations.

Income from the Education and Community Engagement Fund helps the National Ballet to design and deliver meaningful public education programmes which introduce young people to the performing arts and help develop new audiences for ballet.

Dancer Endowment Fund

Orchestra Endowment Fund

Income from the Dancer Fund supports the Dancer Wellness Programme, the Apprentice Programme and the professional development of all the dancers in the company in the form of guest coaches, teachers and workshops.

The National Ballet of Canada is unique in this country for its support of a full symphony orchestra. Established as a core value over 66 years ago, live music is fundamental to the art of ballet and that commitment has endured. Today, with the support of the endowment, The National Ballet Orchestra is a world-class ensemble that performs an array of classical and contemporary scores.

New Creations Endowment Fund

Income from the New Creations Fund ensures that the National Ballet remains a creative force on the international stage by supporting the commissioning of new works or acquisitions of existing productions.

Touring Endowment Fund

Income from the Touring Fund enables the National Ballet to maintain and expand its Canadian and international tours.

Gifts directed to this Fund help the National Ballet tour new creations and classic works that create a worldwide profile for Canadian dance and dancers.

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Karen Kain Artistic Innovation Fund

The Karen Kain Artistic Innovation Fund was created in 2019 in recognition of Karen Kain’s 50th anniversary with The National Ballet of Canada and of her legacy as Artistic Director. The purpose of the fund is to ensure future Artistic Directors have the resources to explore visionary ideas.

18/19 Endowment Report

Endowment Fund Donations Individuals—Legacy Gifts

Bequests have been critical to our growth over the past decade. Legacy gifts from individuals who have had a longstanding relationship with the National Ballet began to make a significant impact starting in 2009, with a gift from the Estate of Mona Campbell. With a significant increase in membership in the Celia Franca Society over the past ten years, legacy gifts will continue to grow in importance.

Matching Grants

The Endowment Fund has grown significantly over the past decade through the generosity of our donors and federal and provincial matching grant programmes.

Canadian Cultural Investment Fund and Ontario Arts Endowment matching grants have provided a powerful incentive for individuals to make gifts to the Endowment Foundation. These programmes account directly for just over 40.5% of all gifts to the Foundation.

Individuals—Lifetime Gifts

Other

Gifts from individuals during their lifetime have been the backbone of our Endowment Fund growth from the very beginning. We have seen a steady increase in the establishment of named funds, which allow donors to see the impact their funds can have on the company’s development during their lifetime.

We have started to receive significant gifts and pledges from other foundations and corporations as a result of our Soaring Campaign.

Donation History 8.0 7.0

C$ Millions

6.0 5.0 4.0 3.0 2.0 1.0 0 2007

2008

Arts Endowment Match

2009

2010

2011

Heritage Canada Match

2012

2013

Corporations

2014

Foundations

2015

2016

2017

Individuals – Lifetime

2018

2019

Individuals – Legacy

Jordana Daumec in Paquita. Photo by Karolina Kuras.

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The National Ballet of Canada, Endowment Foundation

Spend-Down Funds In 2016/17, we established a new fund category entitled spend-down funds to meet the objectives of a large gift from the estate of Walter Carsen, which he wanted dedicated to supporting new creations on a significant scale (the Walter Carsen New Creations Fund). In contrast to endowment funds, where capital is invested in perpetuity and only the accumulated net investment income is available for disbursement to The National Ballet of Canada, spend-down funds are donations which by their terms stipulate that both the capital and the net investment income must be disbursed in full over a defined period of time, where-after the fund ceases to exist. Like endowment funds, spend-down funds may provide unrestricted support to the National Ballet or may be restricted to a specific purpose chosen by the donor.

accelerate the impact of their giving in the near to mediumterm. The Gates Foundation is the most celebrated example.

For the National Ballet, new spend-down funds will drive strategic growth by providing more resources, sooner, for investment in critical priorities like new productions.

To date, the Walter Carsen New Creations Fund has provided support of $1.0 million for Pinocchio, $0.6 million for Frame

by Frame, and in 2019, $0.6 million for Anna Karenina. The spend-down fund balance at June 30, 2019 of $1.9 million is expected to be disbursed in full over the next two years as follows: $1.0 million for Swan Lake in 2020; $0.9 million in 2021 for new works to be announced. These disbursements will provide cornerstone funding for these important new works.

Spend-down funds are becoming a popular vehicle in many charitable sectors for donors who want to strengthen and

Heather Ogden, Jeannine Haller, Miyoko Koyasu and Brendan Saye in Apollo. Photo by Karolina Kuras.

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18/19 Endowment Report

Expendable Funds In the 2014/15 fiscal year, the Board of Directors separated each endowment fund into two related funds — an endowment fund that holds the historic dollar value of gift contributions and an expendable fund which holds the accumulated undistributed net investment income. Previously, each endowment fund was comprised of both elements.

The separation of original gift capital and accumulated undistributed net investment income into distinct endowment and expendable funds provides a number of benefits.

At its simplest, it provides added clarity on the Endowment Foundation’s financial position, performance and the funds potentially available for distribution to the National Ballet.

Importantly, the creation of separate expendable funds provides greater disbursement resilience by strengthening the Foundation’s ability to maintain stable, predictable and sustainable operating support to The National Ballet of Canada in all market environments.

Because the expendable fund is comprised of undistributed net investment income that is wholly available for disbursement (subject to compliance with the Disbursement Policy and donor purpose restrictions), disbursements to the National Ballet can be sustained for much longer in difficult market environments where disbursements would have had to be suspended under the previous structure. Whereas investment losses were fully absorbed by distributable reserves under the previous structure, under the new structure, losses are shared pro rata between the related funds. This provides resilience to maintain disbursements

should investment losses reduce the market value of endowment and expendable funds below the original gift capital whereas under the previous structure, disbursements would have had to be terminated until market values recovered.

Under the new structure, allocations of investment income from the endowment fund to the expendable fund are terminated until rising market values restore the original gift book value, but disbursements from the expendable fund to the National Ballet continue so long as expendable funds remain. Since extreme market movements tend to reverse over time, the fund separation has the effect of smoothing and maintaining disbursements over the medium term, while leaving effectively unchanged the total amount disbursed over the long-term.

What has not changed is the Endowment Foundation’s commitment to preserving the historic book value and real purchasing power of endowment fund gifts over the longterm, as well as the long-term horizon for endowment fund investment and the discipline of our well-established formula for calculating the annual disbursement to the National Ballet. In short, the Board has retained the best features of the long-standing Investment and Disbursement Policies, while securing added flexibility to meet donors’ over-riding objective of providing stable, predictable and sustainable support to the National Ballet through bad market cycles as well as good.

Artists of the Ballet in The Vertiginous Thrill of Exactitude. Photo by Karolina Kuras.

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The National Ballet of Canada, Endowment Foundation

General Funds General funds include all funds that are not required to be maintained by the Endowment Foundation in perpetuity or to be disbursed at times prescribed by the donor. General funds can be distributed to the National Ballet on a current basis.

They include a mix of bequests and lifetime unrestricted gifts.

General funds provide much needed financial resilience to the Endowment Foundation. For example, during 20082010, when investment losses prevented or restricted disbursements from permanent endowment funds, the Endowment Foundation was able to disburse a portion of its

general funds to the company, partially cushioning the loss of endowment fund support.

In 2018/19, The National Ballet of Canada received unsolicited estate and tribute gifts, which were designated as contributions by The National Ballet of Canada to the General Fund. The Board of Directors is exploring ways to continue to increase the size of the General Fund as part of our strategy to build additional disbursement resilience (see “Disbursement Resilience”).

General Fund Balances 4.0 3.5

C$ Millions

3.0 2.5 2.0 1.5 1.0 0.5 0.0 2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Karen Kain Financial Resiliency Fund The Karen Kain Financial Resiliency Fund was created in 2019 in recognition of Karen Kain’s 50th anniversary with The National Ballet of Canada and her legacy as artistic director. This fund is internally restricted to provide added

financial strength by providing special support during times of temporary or cyclical revenue reductions or other extenuating financial circumstances.

Investment Governance & Performance The endowment fund assets of the Endowment Foundation are invested in accordance with an Investment Policy approved by the Board of Directors. The Investment Policy sets out guidelines on investment objectives, investment philosophy, target portfolio composition and asset mix, eligible investments and portfolio constraints, investment manager functions, performance targets, conflicts of interest and other 10

related matters. The Investment Committee of The National Ballet of Canada, Endowment Foundation supervises and monitors the performance of the endowment fund investment managers. Given their perpetual life, endowment funds are invested with a long-term horizon, which includes a heavy weighting towards equities.

18/19 Endowment Report

Since 2002, Burgundy Asset Management Ltd. has managed Foundation endowment fund assets. In 2016/17, the Board approved the transfer of about 22.0% of the endowment fund balance to Turtle Creek Asset Management Inc.

Investment Performance

The endowment funds within the Endowment Foundation enjoyed another year of solid performance in the year ending June 30, 2019. Net investment income was $3.7 million.

This reflects a higher starting investment fund balance and a

Spend-down fund assets are also invested in accordance with an Investment Policy approved by the Board of Directors, which covers substantially the same matters as the main endowment fund Investment Policy. In contrast to endowment funds, which have a perpetual life, spend-down funds generally have a short life, so the disbursement rate (of both capital and income) is much higher, requiring safe, low volatility investments. This favours a high weighting to investments like high quality bonds, cash equivalents and cash to ensure that budgeted funds are available when needed to meet programme commitments.

solid annual investment return of 5.9% on endowment funds before management fees.

Compared with a return of 6.1% on the balanced fund benchmark we track, this represents underperformance of 0.2%.

On a five-year basis, endowment fund returns are on the benchmark (7.4% vs 7.4%), while on a ten-year basis, endowment fund returns have exceeded our benchmark (9.9% vs. 8.9%). Our cumulative outperformance remains healthy at about 12.2%.

General funds are invested in redeemable short-term deposits with a chartered bank.

Consolidated Asset Allocation as of June 30 100 90

Percentage

80

Cash

70 60

Bonds

50 40

Domestic Equity

30 20

US Equity

10

International Equity

0

Restricted

General

Cumulative Relative Performance 10.0

15%

8.0

12% 9% 6%

4.0 3% 2.0

Perecentage

C$ Millions

6.0

0%

0.0

-3%

-2.0

-6% 2007

2008

2009

2010

2011

2012

2013

Investment Income

2014

2015

2016

2017

2018

2019

Cumulative Value-Add 11

The National Ballet of Canada, Endowment Foundation

Disbursement Policy and Payments The disbursement of investment income from expendable funds to The National Ballet of Canada is determined annually in accordance with the Endowment Foundation’s Disbursement Policy. The Disbursement Policy is designed to meet twin objectives of achieving stable and predictable funding for the National Ballet over the short to medium term and the preservation of endowment fund purchasing power over the long term.

The Endowment Foundation must also comply each year with the disbursement quota rules under the Canadian Income Tax Act in order to maintain its charitable status. In general, the minimum disbursement is 3.5% of Endowment Foundation assets. Since March 4, 2010, the capital portion of endowment funds may be accessed to satisfy this requirement where donor gift agreements so allow.

Disbursement and Outlook

Asset growth, reasonable investment returns and the increase in the payout Target Rate in the 2016/17 fiscal year to 4.5% of Adjusted Book Value, from 4.0%, allowed the Endowment Foundation to increase its disbursement from endowment funds to The National Ballet of Canada for the tenth consecutive year to a record $2.7 million. This represents an increase of about $0.1 million, or 3.6%, from last year’s level.

The Disbursement Policy in effect for the 2018/19 fiscal year provides for an annual disbursement equal to 4.5% (the “Target Rate”) of the Adjusted Book Value of each fund (treating each endowment fund and its related expendable fund as one fund) at the start of the fiscal year, subject to a minimum of 3.0% and a maximum of 5.0% of the fair market value of each fund at the start of the fiscal year. Adjusted Book Value means the original book value of all gifts in the fund, inflated by the Consumer Price Index plus 1% from the year of donation of each gift to the year of calculation.

The Endowment Foundation also made a spend-down fund distribution from the Walter Carsen New Creations Fund of $0.5 million.

Having a fixed Target Rate provides much needed predictability for the National Ballet as it plans its future operating budgets, while the 3.0 to 5.0% fair market value corridor helps both protect the long term purchasing power of endowment assets from erosion and prevent an excessive build-up of undisbursed reserves.

With continued growth in Endowment fund balances and a healthy level of distributable reserves, the Endowment Foundation expects to continue increasing its annual support to the National Ballet. Disbursements from spend-down funds are expected to remain significant at $1.0 million, and $0.9 million in each of the next two fiscal years.

Disbursements to National Ballet 3.5

10%

3.0 8%

2.0

6%

1.5 4% 1.0 2%

0.5

0%

2007

2008

2009

2010

2011

From General Fund

2012

2013

2014

2015

From Spend-Down Funds

2016

2017

2019

From Expendable Funds

Distributions as Percent of National Ballet Expenses 12

2018

Perecentage

C$ Millions

2.5

18/19 Endowment Report

Disbursement Resilience The National Ballet of Canada requires stable and predictable funding from the Endowment Foundation. Since investment returns can be highly variable over the short term and many donor agreements (including many older donor agreements and all government matching grant agreements) contain restrictions against encroaching on original capital, the Endowment Foundation has sought to build a cushion of distributable reserves to maintain support should the investment climate become extremely challenging once again.

confirm that net income, for the purposes of determining annual disbursements, includes interest, dividends, realized capital gains, unrealized capital gains and other similar investment returns. Fifth, we created expendable funds to hold the accumulated undistributed net investment income associated with each endowment fund, providing yet further flexibility to smooth and maintain disbursements over the medium term. Finally, we are taking steps to grow our long term funds that support financial resiliency – funds that are invested for the long term, yet which are available to meet urgent needs if required. As the chart below attests, we have made substantial progress in strengthening the Endowment Foundation’s disbursement resilience.

We have done this in several ways. First, we have taken advantage of strong investment returns in recent years to build up undistributed investment income that can fund disbursements in future years when markets are weak.

Second, we updated our donor agreement options to take advantage of March 2010 tax changes that permit original capital to be used to meet the minimum disbursement requirement under the Income Tax Act (generally 3.5%).

Third, we have obtained clarification from Canadian Heritage that unmatched private donations are not subject to restrictions against encroaching on capital to meet the minimum disbursement where donor agreements so permit. Fourth, we have obtained amendments to our federal and provincial matching grant agreements to

Today, the Endowment Foundation has distributable reserves, defined as expendable fund balances plus undistributed net investment income within endowment funds, of $24.1 million, or about 32.7% of the market value of endowment and expendable funds taken together. There is a further $3.1 million of general funds, equal to another 4.2% of the market value of endowment and expendable funds. Together, the distributable reserves and general fund put the Endowment Foundation in a strong position to maintain its support to the National Ballet.

Total Distributable Reserves 30.0

40%

27.0

35%

24.0 30%

25%

18.0

20%

15.0 12.0

15%

Perecentage

C$ Millions

21.0

9.0 10% 6.0 5%

3.0

0%

2007

2008

2009

2010

2011

2012

Endowment Distributable Reserves

2013

2014

General Fund

2015

2016

2017

2018

2019

Percent of Market Value 13

The National Ballet of Canada, Endowment Foundation

Preserving Purchasing Power In 2008, the Board updated the Endowment Foundation’s

The charts overleaf compare the market value of the

Disbursement Policy and Statement of Investment Policies

endowment fund assets with the inflation adjusted original

and Objectives. In these policies, the Endowment Foundation

book value of endowment fund assets. The charts

recognized, for the first time, the preservation of the

show how this policy helped restore endowment asset

long-term purchasing power of endowment funds as a core

purchasing power and then built a substantial inflation

objective. This policy means that the real value of endowment

protection cushion.

assets, the income these assets generate and the disbursements they support should match inflation over time.

The Endowment Foundation’s Disbursement Policy

This commitment helps meet donor expectations, preserves

will automatically increase operating support for the

inter-generational equity and maintains the real value of the

National Ballet if returns remain strong, preventing an undue

operating support that the National Ballet can rely on. While

build-up of the inflation cushion. Equally, persistent weakness

purchasing power will fluctuate year to year as nominal

in investment returns would be met with reduced (or slower

investment returns and inflation rates vary, our Disbursement

growth in) operating support, helping maintain and restore the

Policy should ensure that the fund’s real value will converge

level of inflation protection.

with real purchasing parity over time.

Piotr Stanczyk with Artists of the Ballet in Anna Karenina. Photo by Kiran West.

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18/19 Endowment Report

Endowment Fund Assets vs. Inflation Protection Target 80.0 70.0

C$ Millions

60.0 50.0 40.0 30.0 20.0 10.0 0.0 2007

2008

2009

2010

2011

Endowment Funds at Book Value

2012

2013

2014

Inflation Adjustment

2015

2016

2017

2018

2019

Endowment + Restricted Assets at Market Value

Cumulative Inflation Protection Cushion 25 20

Percentage

15 10 5 0 -5 -10 -15 2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

Chelsy Meiss in Alice’s Adventures in Wonderland. Photo by Karolina Kuras.

15

The National Ballet of Canada, Endowment Foundation

The National Ballet of Canada, Endowment Foundation We acknowledge the generosity of the following donors who have graciously supported the future of the National Ballet through gifts to the Endowment Foundation during the 2018/19 fiscal year.

BMO Financial Group Adelle and Paul Deacon Nanton Fund at the Toronto Foundation Ms. Laura Dinner & Mr. Richard Rooney Susan Gerhard Ronald M. Haynes Anna McCowan Johnson and Donald K. Johnson, O.C. Julie & Ted Medland Sandra Pitblado & Jim Pitblado, C.M. TD Bank Group Marje Virro Ms. Vivien Wu The Volunteer Committee, The National Ballet of Canada Two Anonymous Donors

Tanya Howard and Guillaume CĂ´tĂŠ in Being and Nothingness. Photo by Aleksandar Antonijevic.

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18/19 Endowment Report

Named Funds The National Ballet of Canada, Endowment Foundation provides financial strength and stability, helping to ensure the vitality and excellence of the National Ballet today and for generations to come. The National Ballet is grateful for the commitment and dedication of those who have established a Named Fund within the Endowment Foundation.

(As of June 30, 2019)

The Isobel Allen New Creations Fund The American Friends of Canada Dancer Fund The Appel Family Fund in Honour of Bram & Bluma Appel The John & Margaret Bahen Fund supports the company’s Canadian tours The John & Claudine Bailey Fund The Marion G. Bassett Fund The David & Kim Beatty Fund The BMO Financial Group Fund The Mona Campbell Fund The Walter Carsen New Creations Fund The Judith & Marshall Cohen Fund The Horst Dantz & Don Quick Dancer Wellness Fund The Elizabeth & Ted Davidson Fund for Emerging Choreographers The Paul & Adelle Deacon Fund The Celia Franca Memorial Fund The Kevin & Roger Garland Fund The Ira Gluskin & Maxine Granovsky Gluskin Fund The Peter A. Goulding & Frank Barry White Fund The Sara Sylvia Holton Fund The Gail Hutchison Fund The Beryl & Richard Ivey Fund The Hal Jackman Foundation Fund The Anna & Don Johnson Fund

The James Kudelka Fund The Sonia & Arthur Labatt Fund The Joyce Lee Memorial Fund The Joan & Jerry Lozinski Fund The Sarah & David Macdonald Fund The Anna McCowan Johnson Dance Accessibility Fund The Sylvia M. McPhee Dancer Fund The Sylvia M. McPhee Orchestra Fund The Julie & Ted Medland Fund The Nancy Pencer Fund The Sandra & Jim Pitblado Fund The Penelope Reed Doob Fund for New Creations The Richard Rooney & Laura Dinner Fund The J.M. Doc Savage Fund for the RBC Apprentice Programme The Ada Slaight Fund The Astrid Stec Fund for Apprentices The TD Bank Group Orchestra Fund The Fran Taubkin Dancer Fund The John Theo Fund for Dancers The David Tory Memorial Fund The Anne Twigge-Molecey Fund for Apprentices The Andres Alexander Virro Memorial Fund The Volunteer Committee Build-a-Ballet Fund

Xiao Nan Yu’s final curtain call at The Merry Widow. Photo by Karolina Kuras.

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The National Ballet of Canada, Endowment Foundation

Gifts from Estates The National Ballet of Canada recognizes with gratitude those individuals whose commitment to the company extends beyond their lifetimes: (July 1, 2018 – June 30, 2019) The Estate of Gail Hutchison

The Estate of Lawrence Schafer

The Estate of Emily H. Malnerich

The Estate of James D. Stewart

The Estate of Joan Moes

The Estate of John Theo

The Estate of Rita Anne Piquet

The Estate of John H. Williams

The Estate of Alfred Lewis Preston

The Estate of Helen Allen Stacey

The Estate of Irving Rother

The Estate of Mitchell Wywiorski

Tribute Gifts The National Ballet of Canada gratefully acknowledges gifts made in honour or in memory of the following individuals: (July 1, 2018 – June 30, 2019)

In Memory

Katharine Margaret Anderson

Tracey Higgins

Walter Bowen

Sara Sylvia Holton

Lisa Samuel Crawley

Dr. Jeffrey Innis

Deanna DiClemente

Peter Irwin

Karen DiClemente

Mary McDonald

Norman Edmundson

Joan Moes

Margaret Fleck

Marcia Annabel Smith

Sandra Faire

Doris Sonnemann

Judith Ghan

John Williams

Brigita Gulens

Paddy Woodnott

In Honour

Greg Aziz

Lauren, Lina, Sophia,

Lisa Bowen

and Cecilia Kuroski de Bold

Eric and Judy Bresler

Barbara Levy

Skylar Campbell

Margaret Ann Lougheed

Judi Conacher

Anna McCowan Johnson

Sherry Taylor Drew

Julie Medland

Shelly Fisher

Cora Marie Mickler Dusk

Ann Hogarth

Nina & Michael Overbury

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18/19 Endowment Report

Celia Franca Society The Celia Franca Society of The National Ballet of Canada recognizes and thanks our thoughtful donors who have arranged future gifts that will support a legacy of great dance for generations to come. (As of June 30, 2019) Elaine J. Adair Margaret Agar Vanessa Alexander Reid Anderson* & Dieter Graefe John Bailey* & Claudine Bailey Lynly & Trevor Bailie Ms. Katherine Barber Mr. & Mrs. E.R. Barnsley Gillian & Kenneth Bartlett Florence Sharpe Barwell John R. Birkett Ms. Katherine Bischoping Mrs. Gail Boire Marnie Bracht Douglas Bradley, Esq. Freda & Allan Brender Jennifer Burton* Patricia Campbell Virginia Campbell Dr. Ann E. Camps Olga Cerge Professor Alfred L. Chan & Mr. Michael Farewell Peng Chiang Marilyn Creighton Jane Darville & Dr. Skip Bassford Elizabeth and Ted Davidson Jeanie A. Davis* Amanda Demers & Brian Collins Sherry Taylor Drew* Maureen & James Dunn Ardith Ekdahl & Elliott Whitby Dena Feng Gael Ferris Lois J. Field Beverley Flint Lorne Fox Kevin J. Garland* Ann (Kadrnka) Garnet Susan Gerhard Maxine Goldberg Peter A. Goulding & Frank Barry White Mr. Donald D. Grant Carol Guppy G. Michael Hale & C.N. Jacobsen Dr. Ronald M. Haynes W.R. Herridge* Lewis Hertzman Mr. James Hewson Christopher E. Horne, Esq.

Margo Howard Richard M. Ivey, C.C.* Joan F. Ivory, C.M.* Elsa Jackson Ishrani Jaikaran Ms. Agnes Jenkinson Greg W. Johns Stephen Johnson Robert D. Johnston* Ron & Nancy Johnston Karen Kain, C.C., LL.D., D.Litt., O.Ont.* & Ross Petty Saleem Kassum James Kerr & J. Linden Best Janet Kim Mr. Elmer Rob Koppel Kathryn Kossow Andrea C. Kovats Lindsay & Bud Kronenberg Peggy Lau Richard Lefebvre* Monique Lemonnier Ann Lenchak Mr. Eric Lipka Mary Jo Little Ms. Chung-Yee Loo Janice Waud Loper & Dr. Warren McKinnon Mr. Doug Lowry Jerry Lozinski* & Joan Lozinski Sarah Macdonald & David Macdonald* Tim MacDonald* & Michelle Morin Polly K. A. MacFarlane Nancy E.A.Main Anne Martin Mrs. Sue Matthews* Janice May Marcia McClung* Mrs. Barbara McKenney Miss Jean McPhee Ms. Sylvia M. McPhee Julie Medland* & Ted Medland Stephanie Meredith Ms. Elizabeth Metcalfe Sigmund & Elaine Mintz Jessica Moes* L.J. Nagel & Stan Solomon Marina Nawrocki* Ms. Janis Neilson* Laurie Nemetz*

Ms. Kiem Lan Njoo Tony Sylvestre & Lisa North Marisa Ortega* Miss Dorothy M. Parr Sandra Pitblado & Jim Pitblado*, C.M. Dr. Linda Rabeneck Dr. John Reeve-Newson Peter Reeve-Newson Diana Reitberger* Mr. Eddy Reitberger Margaret Riggin* Marie Angela Sampson Mrs. Mary E. Sarjeant Paul J. Savard Richard Ira Saxe Christine Scott Rochelle Silverberg Kerry Skinner & David Wistow Robert Smith Larry S. Snyder Karen Sparks* Mrs. Doreen L. Stanton Carolyn & Gordon Ste. Croix Astrid M. Stec Cheryl E. Stephenson Mrs. Frances M. Stretton Ann D. Sutton Ronald Taber & Rowland Galbraith Judith Tait Veronica Tennant*, C.C., LL.D, D. Litt Mr. Nicholas Tomiuk Lennox Toppin* Ms. Diane Torney Robin Vaile Robinson* Marje Koidu Virro Lenore Walters* Ruth Watts-Gransden Diana St. B. Weatherall Karen Wierucki Jill & Geoffrey Williams Ms. Ainslie Wood Ms. Ethel M. Woods Ms. Vivien M. Wu Veronica Zufelt* 48 Anonymous Donors

*Current and Former Artists, Staff and Board Members 19

The National Ballet of Canada, Endowment Foundation Board of Directors David Macdonald Chair Barry Hughson Karen Kain, C.C. President

Vice-President

Amanda Ram

Diana Reitberger, CFRE

Pamela Ouzounian

Treasurer

Director of Development

Secretary

David Banks Ed Esposto Krista Kerr Jerry Lozinski Sue Matthews James Pitblado, C.M. Cornell C.V. Wright

The Walter Carsen Centre for The National Ballet of Canada 470 Queens Quay West Toronto, Ontario Canada M5V 3K4

n a tio n a l . b a l l e t .ca Th e Nat i o n a l Ba l l e t o f C an ada i s a r eg i s t er ed ch ar i t y.

Ch aritab l e Re g i s t r a t i o n N u m ber : 1 1 9 0 5 1 4 4 9 R R 0 0 0 1 Th e Nat i o n a l Ba l l e t o f C an ada, En d ow m e n t F o u n d a t i o n i s a r eg i s t er ed ch ar i t y .

Ch aritab l e Bu s i n e s s N u m ber : 8 8 9 8 9 8 7 2 2 R R 0 0 0 1

Cover: Harrison James and Jillian Vanstone in The Dream.

Photo by Aleksandar Antonijevic.

Back Cover: Svetlana Lunkina in Anna Karenina. Photo by Kiran West.