The foundation programs included the William Faulkner Foundation Award for notable first novel; the Ibero-American Award; a scholarship for first-year University of Virginia undergraduates showing talent in creative writing; scholarships for African-Americans from Mississippi seeking higher education; and monetary gifts to a Boy Scouts of America "Negro summer camp" in Mississippi.

[2] Faulkner also donated to the foundation, over several stages, all of the manuscripts that he had placed on deposit for safekeeping at the University of Virginia library.

[4] Faulkner realized on the trip how many excellent novels by young Latin American writers were not translated into English and wanted the award to ameliorate the situation.

The award was originally intended to support young writers, but the eligibility age was abolished soon after the project was undertaken; the only requirement was that the novel had to have been published after World War II.

It was judged by individuals from across Latin America, and the winning novel was to be translated into English at Foundation expense.