Aiming to get a head start on Hollywood’s soon-to-retire baby boomers, the Academy of Motion Picture Arts & Sciences has made its single largest charitable donation ever, pledging $5 million to the Motion Picture and Television Fund.
Gift comes as a major boon to the nonprofit org, which will develop programs to keep retirees financially independent, offer counseling and support to family members and caregivers, and create a body of service volunteers.
Acad prexy Frank Pierson has already paid the first of 10 annual $500,000 installments to MPTF Foundation chairman Jeffrey Katzenberg, foundation board member Annette Bening and corporate board chairman Frank Mancuso.
Org’s largest gift before this ($1 million) was made in 2001, to help victims of the Sept. 11 terrorist attacks. Acad annually contributes $1 million to film festivals and university programs.