Faulkner received the 1949 Nobel Prize for Literature for "his powerful and artistically unique contribution to the modern American novel." He donated a portion of his Nobel winnings "to establish a fund to support and encourage new fiction writers," eventually resulting in the PEN/Faulkner Award for Fiction. He donated another portion to a local Oxford bank to establish an account to provide scholarship funds to help educate African-American education majors at nearby Rust College in Holly Springs, Mississippi.