Since 1946, the Academy of American Poets has regularly awarded Academy Fellowships to American poets for distinguished poetic achievement. Given in memory of James Ingram Merrill, the Academy Fellowship was the first award of its kind in the United States and remains one of the most distinguished. Fellows are elected each summer by majority vote of the Academy's Board of Chancellors. No applications are accepted. The Fellowship is now awarded to one poet each year, and carries with it a stipend of $25,000.