The non-profit organisation will focus on women with the stated aim of helping to finance student films and independent projects, supplement film school scholarships and awards, and produce script readings.
Ostroy, who was in Park City this week to announce the initiative and board members, will serve as executive director.
Board members are: Shelly's longtime collaborator Hal Hartley; producer Ted Hope; Keri Russell, who stars in Shelly's Sundance hit Waitress; Capote director Bennett Miller; Rosanna Arquette; and IFP executive director Michelle Byrd.
The list continues with producer Sasha Eden of WET Productions; Annette Insdorf, director of undergraduate film studies at Columbia University; composer Andrew Hollander; entertainment consultant and attorney John Logigian; producer Peter Newman; publicity consultant Reid Rosefelt; actor Paul Rudd; and Orchard Pictures founder Jen Small.
The board will meet in early February to work out how to will field applications, award grants and select scripts.
'I know what Adrienne would want most would be to help women get a chance to pursue their dream,' Ostroy said. 'Through the foundation, we will not only help young women get their start in film, but we'll help others make the transition from acting to directing, as Adrienne had done so successfully.'
Shelly starred in The Unbelievable Truth and Trust for Hartley, as well as Bent Hamer's Factotum. She wrote, directed and acted in Sudden Manhattan, I'll Take You There, and Waitress, which sold to Fox Searchlight this week for $5m.
For more details visit www.adrienneshellyfoundation.org.