It has been presented annually since 2002 on behalf of Virginia Commonwealth University's MFA in Creative Writing Program.
The prize includes $5000 cash and participation in an on-campus event in Richmond, Va. at VCU that focuses on the creation, publication, and promotion processes involved with a first novel.
In addition, Richmond writer and VCU alumnus David Baldacci funded and supported the fledgling award in its early years.
When the James Branch Cabell Library Associates began contributing generous financial support, the award was named for James Branch Cabell (1879-1958), a Richmond writer who gained a national reputation and is best known today as a pioneer in fantasy fiction.
During this event, VCU brings together the newly published author and his or her agent and editor for a reading and a panel that focuses on the creation, publication, and marketing processes involved with a first novel.