PEN/Faulkner Award for Fiction by PEN/Faulkner
The PEN/Faulkner Award for Fiction is awarded annually by the PEN/Faulkner Foundation to the author of the best American work of fiction that year. The winner receives US $15,000 and each of four runners-up receives US $5000. The foundation brings the winner and runners-up to Washington, D.C. to read from their works at the Great Hall of the Folger Shakespeare Library. The PEN/Faulkner Foundation is an outgrowth of William Faulkner's generosity in donating his 1949 Nobel Prize winnings, "to establish a fund to support and encourage new fiction writers." Mary Lee Settle was also one of the founders after controversy at the 1979 National Book Award. It is affiliated with the writers' organization International PEN. The award was first given in 1980.