Coronavirus has battered the philanthropy of Hollywood’s leading nonprofit, the Academy of Motion Picture Arts and Sciences.
According to a person briefed on the matter, the Academy will announce this week that its FilmWatch and FilmCraft funding programs have been suspended for the remainder of fiscal year 2021, which ends June 30th. The move comes with a sharp drop in operating profits over the past fiscal year, largely due to a sharp drop in investment income, and further impact of a virus-induced Oscar awards delay through late April, the group believes.
The academy confirmed the suspension, but a spokesman did not elaborate on it. Last summer, before the long-term nature of the pandemic became clear, the academy awarded approximately $ 2.5 million in grants under the programs. So far, the group has avoided deep budget cuts and retained its employees.
During the last fiscal year, the Academy’s net worth increased by half to $ 33.8 million from $ 67.8 million a year ago. The group expects to resume their grant programs once the effects of the pandemic are fully overcome, the person said.