The "Chicago" actress was handed the Prince Rainier III Award, named after the husband of late actress and Princess of Monaco Grace Kelly, for giving back to the arts community.
She was chosen for the honour by the executives of the Princess Grace Foundation-USA, which awards grants and scholarships to emerging talents in theatre, dance and film, reported Contactmusic.
Upon accepting the award, she thanked her art teacher mother, saying, "I watched her develop their self-esteem, experience and their zest for life. Just the idea, that if they dream big they can go for it, was something they learned in her art class."
"She has demonstrated a devotion to helping others throughout her illustrious career as an award-winning actress, musician, and producer," he said in a statement.
"Her deep commitment to AIDS and cancer research and to programs that help the hungry, youth, women and LGBTQ community have made a difference in the lives of so many."
The actress, who receives a grant of USD 25,000 to be given to an organisation of her choice, follows in the footsteps of Julie Andrews, DICk Van Dyke, Denzel Washington, Glenn Close, and George Lucas, among others.
The Foundation was founded in 1982 by Prince Rainier III after the death of Grace Kelly earlier that year at the age of 52.
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