How cool is this? Alec Baldwin has donated $1 million to New York University to establish a drama scholarship at the Tisch School of the Arts.

Beginning in September, the scholarship will recognize students at the school who demonstrate “an unwavering work ethic, development of leadership skills, willingness to collaborate, the ability to tolerate risk and the capacity to work with constructive criticism,” according to a statement released by the university. Mr. Baldwin, 51, graduated from the school in 1994.

Alec is scheduled to co-host the Academy Awards on March 7, 2010.

Source: pynkcelebrity.com