The hall's Class of 2019 also includes actress Jane Fonda, attorney Gloria Allred and fashion designer Diane von Furstenberg.
Timothy Greenfield-Sanders spoke to HuffPost in June about his film that pays homage to the prolific author, "Toni Morrison: Pieces I Am."
"Our relationship was grounded in that editing relationship, which became a friendship as well," the civil rights icon said about the late novelist in June.
The civil rights icon helped organize a rally to support the congresswoman on Capitol Hill on Tuesday.
The institute sparked outrage after it rescinded an award to the longtime civil rights activist, with speculation it was due to her activism for Palestinian rights.
"I’m going to see her free... because she’s a Black woman and she wants freedom for Black people," Franklin said of the civil rights leader.
"Being a woman of color, we need to understand that we're dope," said a creator of the festival.
The actress has long admired the notable black activist.
The actor's involvement with the film adds to his list of production credits.