BEVERLY HILLS, Calif., Nov. 22 (UPI) -- The Academy of Motion Picture Arts and Sciences will donate $5 million to the Motion Picture and Television Fund, the academy announced Monday.
In a news release, the academy said it was pledging the funds to develop and implement programs to help care for retired entertainment industry professionals in their own homes for as long as possible.
Academy President Frank Pierson presented a check for $500,000 -- the first of 10 annual payments -- to MPTF Foundation Chairman Jeffrey Katzenberg, Foundation Board Member Annette Bening and Frank Mancuso, chairman of the MPTF Corporate Board.
The gift is the largest contribution the academy has ever made. In 2001, academy officials voted to contribute $1 million to help victims of the Sept. 11 terrorist attacks.
Mancuso said that, with seniors living longer, the demand for MPTF services will continue to grow.
"We know that within the next five or six years, over 77 million baby boomers will begin to retire," Mancuso said. "Their life expectancy will be at least an additional 10 to 15 years."
