The University of Southern California “will not proceed” with Harvey Weinstein’s pledge to fund a $5 million endowment for female filmmakers amid allegations of sexual misconduct.

“The USC School of Cinematic Arts will not proceed with Mr. Weinstein’s pledge to fund a $5M endowment for women filmmakers,” the USC School of Cinematic Arts said in a statement to TheWrap on Tuesday.

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Following the New York Times’ report of his history of sexual misconduct, Weinstein released a statement in which he mentioned his plans to create the endowment fund. USC confirmed to TheWrap on Thursday that the money had been pledged by Weinstein, but that no further plans had been made to establish the endowment fund.

“While this might seem coincidental, it has been in the works for a year,” Weinstein said in his statement about the endowment fund. “It will be named after my mom, and I won’t disappoint her.”

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But now, USC is distancing itself from Weinstein after additional women came forward on Tuesday accusing the producer of sexual harassment and assault, including actresses Gwyneth Paltrow and Angelina Jolie. In a report for The New Yorker, actress Asia Argento said that Weinstein assaulted her 20 years ago and that she remained silent until now out of fear that Weinstein would “crush” her. Argento was one of 13 women who told The New Yorker that Weinstein had sexually assaulted or harassed them.

“I know he has crushed a lot of people before,” Argento said. “That’s why this story–in my case, it’s twenty years old; some of them are older–has never come out.”

Weinstein’s representatives did not return TheWrap’s request for comment.