 Established in 1995, the award seeks to recognize American translators for "outstanding translations into English of modern Italian poetry" that have been published through non-self-publication means.The prize alternates annually between a straight $10,000 book price and a fellowship at the American Academy in Rome and $20,000 for use in advancing a "significant work-in-progress", such as through travel or study.The award is administered for the New York Community Trust and funded by a bequest from Sonia Raiziss Giop.