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runners-up receive US$5000. The foundation brings the winner and runners-up to Washington, DC 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."
The award was first given in 1981.