The Academy Foundation was established with the purpose of organizing and overseeing the educational and cultural activities of the motion picture industry, including the preservation of its history and the promotion of its future.

The concept of the Academy Foundation was first discussed at a meeting in September, 1942, by Charles Coburn, George Stevens, Farciot Edouart, Walter Wanger and Darryl Zanuck. However, it was not until January 31, 1944, that articles of incorporation were filed. The Foundation's first trustees, under the leadership of Walter Wanger, included Jean Hersholt, Mary C. McCall Jr., Howard Hawks and Cary Grant.

One of the first projects of the Academy Foundation was the sponsorship of the Paper Print Project. Between 1896 and 1912 more than 3,000 films in the form of paper prints were deposited with the Library of Congress for copyright purposes. In 1953, at the request of the Library, the Academy Foundation undertook the funding of the transfer of these prints to safety film, and thus ensured that the earliest work of the motion picture industry was available for study by students and scholars.

More recent years have seen the extraordinary growth of the Center for Motion Picture Study, home of the Academy's Margaret Herrick Library and the Academy Film Archive, as well as a broad expansion of the Foundation's public film programs and the Academy Foundation Lecture Series.

As the cultural and preservational arm of the Academy of Motion Picture Arts and Sciences, the Foundation is partially supported by its parent institution. It is a Nonprivate Foundation, designated by the I.R.S. as a Public Charity under section 170(b)(1)(A)(vi) of the I.R.S. Code.

Most of the personal papers, films, scripts, documents and other film industry artifacts in the Foundation's collections have been donated by individuals and institutions concerned about the preservation of motion picture history. Monetary and other gifts are normally deductible by the donor for tax purposes.