To sustain the development of the Elder Academy Scheme, the Government funded the establishment of the Elder Academy Development Foundation (the Foundation) in 2009 and the Committee on the Elder Academy Development Foundation (the Foundation Committee) was formed under the Elderly Commission to devise strategies and measures for the establishment, curriculum design, extra-curricular activities and development of elder academies, and to consider and assess funding applications received by the Foundation.

The Foundation will mainly provide funding support for the following three categories of applications:

(1) Setting up elder academies in primary and secondary schools;
(2) Setting up elder academies in post-secondary institutions; and
(3) Organising activities conducive to elderly learning and inter-generational harmony (Other Categories).

The Foundation Committee accepts funding applications for setting up elder academies all year round, and will conduct vetting of applications twice a year (in the middle and end of each year). The application deadlines for this year are 31 May and 31 October respectively.