The 2001 Palm Springs International Festival Of Short Films, which takes place Aug 7-13, has created a $15,000 prize for future filmmakers. All filmmakers whose films are entered in competition are eligible for the prize, dubbed the Palm Springs International Future Filmmaker Award.

The festival has also announced that it will double the prize money offered in each of its nine first place award categories, increasing the total award monies presented at this year's festival to $43,000. All first place winners will received a cash award of $2,000 and will be eligible to be entered for an Academy Award nomination; second place winners will receive a cash award of $500. The festival is sanctioned by the Academy Of Motion Picture Arts & Sciences.

The ten award categories this year are: future filmmaker, best animation, best live action (15 minutes and under), best live action (over 15 minutes), best documentary, best student animation, best student live action (15 minutes and under), best student live action (over 15 minutes), best student documentary and best of the festival award.