Sunday, March 21, 2010

Prizes for Nonprofits Growing in Popularity

The New York Times recently discussed the growth of prizes for work in various nonprofit areas.  The article reports that philanthropists have been drawn to the establishment of prizes to encourage work in particular fields or to reward good work, thereby encouraging others.  The article focuses on the Kravis prize, established five years ago by Henry and Marie-Josee Kravis to recognize leadership among nonprofit groups and share their best practices.  The Kravis Prize awards the recipient $250,000.

The article explains the issues a philanthropist should consider before establishing a prize:  goals for the prize, scope of the prize, cost (publicity and administration of the prize can cost as much as the award), whether the field already has too many prizes, and the need to establish a structure to administer the prize efficiently and fairly.

So how about a prize for nonprofit law professors?


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