American Film Institute Act

American Film Institute Act - Authorizes the establishment, under the provisions of the National Foundation on the Arts and the Humanities Act of 1965, of a nonprofit corporation to be known as the American Film Institute.

Provides for the administration of the Institute by a twenty-three member Board of Trustees, to include the Librarian of Congress, the Archivist of the United States, and the Secretary of the Interior.

Provides that, in administering the Institute, the Board shall have all necessary and proper powers, including the power to: (1) provide for the publication of historical records and of commentaries on the art of film, and disseminate such materials; (2) undertake and coordinate the preservation of films and film artifacts of artistic and historical value; (3) maintain and operate a conservatory for advanced studies in the cinematic arts; (4) provide programming assistance to exhibitors throughout the Nation in order to increase the accessibility of such films to the American public; (5) advise and assist educational institutions and other organizations as to methods of teaching and research relating to the art of motion pictures and television; and (6) obtain grants from, and make contracts with, State, Federal, local, and private agencies, organizations, institutions, and individuals.

Provides that the Institute shall submit an annual report to the President, to include a comprehensive report of the Institute's operations, financial condition, and accomplishments under this Act.

Provides that the Federal Government shall contribute two-thirds of the budget to operate Institute programs.