The Institut de France is a French learned society, grouping five académies, including the Académie Française. It was established in 1795 at the direction of the National Convention. Located on the Quai de Conti in the 6th arrondissement of Paris, the institute manages approximately 1,000 foundations, as well as museums and châteaux open for visit. It also awards prizes and subsidies, which amounted to a total of over €27 million per year in 2017. Most of these prizes are awarded by the institute on the recommendation of the académies.