It was originally endowed by private benefactor, Dr. Geoffrey Cains, and the original prize money was $12,500. In 2002, Cains said of endowing the award that "I wanted to give back to literature something, it had given me so much; besides, philanthropy in this country is so overlooked and diminished". In 2005, the prize money was increased to $20,000 with the support of Michael Crouch. Belinda Hutchinson, former President of the Library Council of NSW, expressed gratitude for this increase to "an award that celebrates the Australian psyche through distinguished biography writing."