At the December 11, 2007 Board meeting, the Trustees established an authorization of $400,000 to honor Ralph Gomory and authorize Ralph to develop a plan on how the authorization would be used. A plan was to be developed by Ralph Gomory. This grant to the Business History Conference will establish a prize to honor Ralph Gomory. The Ralph Gomory Prize will recognize historical work focused on the effects that business enterprises have on the economic conditions of a country in which they operate. Beginning in 2011, two prizes of $5,000 each will be awarded annually, one for a book and the second for an article, and may be for work published in the two years prior to the year of the award. The grant will be separated into an endowment and an advertising fund intended to be used up in the early years of the award to enhance its visibility and to generate nominations. The endowment portion of the gift shall comprise at least 85% of the principal and be invested such that the prize can exist in perpetuity. In any given year, expenditures from this endowment can exceed no more than five (5) percent of the value of the endowment at the end of the previous year.