The coronavirus has taken its toll on the philanthropy of Hollywood’s premier nonprofit, the Academy of Motion Picture Arts and Sciences.
According to a person briefed on the matter, the Academy will begin issuing a notice this week saying that its FilmWatch and FilmCraft grant programs have been suspended for the remainder of this fiscal year, which ends June 30. a sharp decline in operating earnings over the past fiscal year, largely due to a sharp decline in investment income, and braces for any further impact from a virus-induced delay in the Academy Awards until the end of April.
The Academy confirmed the suspension, but a spokesperson did not specify. Last summer, before the long-term nature of the pandemic was clear, the Academy provided about $ 2.5 million in grants under the programs. So far, the group has avoided deep budget cuts and has largely maintained its staff.
In the last fiscal year, the increase in the Academy’s net assets halved to $ 33.8 million, from $ 67.8 million the year before. The group plans to resume its grant programs when the full impact of the pandemic has passed, the person briefed on the matter said.