The award recognizes U.S. libraries and librarians who create lasting innovative community service programs that successfully inspire and connect with new readers. The award consists of a $10,000 cash prize. The award is open to public, school, and academic libraries. The $10,000 cash prize given to a library is sponsored by the Penguin Random House Foundation. In addition, four runner-up awards consisting of $1,000 in Penguin Random House books will be awarded to eligible libraries.