 In 1995, it was endowed by a gift from the Drue Heinz Trust, and it was renamed to honor James Laughlin, who founded the publishing house New Directions in 1936.At present, winners receive a cash prize of $5,000, an all-expenses-paid weeklong residency at The Betsy Hotel in Miami Beach, Florida, and the Academy of American Poets purchases one thousand copies of the winning book for distribution to its membership; the purchase and distribution essentially guarantee that the book becomes "a bestseller in the tiny poetry market.