Poetry Foundation: Championing the Art of Poetry in Chicago
The Poetry Foundation is a premier American literary organization dedicated to amplifying the reach of poetry and celebrating the poets who create it. Based in Chicago, Illinois, this 501(c)(3) nonprofit serves as a vital hub for the literary community, fostering inclusive spaces where people can create, experience, and share poetic works.
The foundation is most widely recognized for its publication of Poetry magazine, one of the most influential literary journals in the world. Beyond publishing, the organization supports the arts through substantial grants, prestigious awards, free public programming, and a comprehensive public library.
Key Facts
- Founded: January 1, 2003, as the successor to the Modern Poetry Association.
- Headquarters: A dedicated facility in the Near North Side of Chicago, designed by John Ronan.
- Financial Status: Reported net assets of $312.2 million at the end of 2024.
- Core Mission: To amplify poetry and celebrate poets through grants, awards, and public access.
- Leadership: Led by President and CEO Michelle Boone and Board Chair Gwendolyn Perry Davis (as of 2026).
History and Evolution
The roots of the Poetry Foundation trace back to 1912, when Harriet Monroe established Poetry magazine. By 1941, the Modern Poetry Association was formed to support the magazine's publication. The transition to the modern Poetry Foundation occurred in 2003 following a transformative bequest from philanthropist Ruth Lilly, which eventually grew to approximately $200 million.
The foundation's leadership has evolved over the decades. After an initial period under President John Barr (2003–2013), the organization was led by Robert Polito and later Henry S. Bienen. In June 2020, following criticism regarding the organization's response to protests against racism and police violence, both Bienen and board chair Willard Bunn III resigned. This period sparked a commitment to organizational change, including an equity audit and internal reforms.
In April 2021, Michelle Boone was appointed president. Under her leadership, the foundation underwent a strategic restructuring in 2022, transitioning from a private operating foundation to a private nonoperating foundation. This shift was designed to make grantmaking a more central pillar of its mission.
The Chicago Headquarters
Opened in 2011, the Poetry Foundation's headquarters in Chicago's Near North Side is more than just an office. The building serves as a cultural destination, housing a public poetry library, reading spaces, and venues for free public events. It also provides the necessary editorial and administrative space for the staff of the foundation and Poetry magazine.
Programs and Community Outreach
The foundation employs a variety of initiatives to bring poetry to the public and support emerging and established artists.
Grants and Education
In 2022, the foundation launched a significant grantmaking strategy, committing $9 million over three years to support nonprofit literary arts organizations across the United States.
Poetry Out Loud
Created in 2005 in partnership with the National Endowment for the Arts, Poetry Out Loud is a national recitation competition for high school students. The program aims to improve public speaking skills and deepen poetic knowledge through the memorization and performance of poems.
Digital and Academic Presence
- Harriet: Launched in 2007, this literary blog serves as a forum for poetry news, commentary, and community discussion, featuring contributions from numerous acclaimed poets.
- Harriet Monroe Poetry Institute: Established in 2008, this institute convenes scholars and poets for high-level discussions on the state of the art.
Awards and Fellowships
The Poetry Foundation administers several high-profile awards to recognize excellence in the field.
The Ruth Lilly Poetry Prizes
The Ruth Lilly Poetry Prize is a prestigious annual award of $100,000 given for lifetime achievement to a living U.S. poet. Additionally, the Ruth Lilly and Dorothy Sargent Rosenberg Poetry Fellowships provide $27,000 each to five U.S. poets between the ages of 21 and 31.
The Pegasus Awards
Named after the winged horse symbol of Poetry magazine, these awards include:
- Young People's Poet Laureate: A two-year appointment with a $25,000 annual stipend to promote poetry to youth.
- Pegasus Award for Poetry Criticism: An annual $10,000 prize for outstanding book-length criticism.
- Pegasus Award for Service in Poetry: A $25,000 prize established in 2023 for extraordinary work in administration, advocacy, or education.
The Pegasus Poetry Book Prize
Announced in November 2025 in collaboration with Graywolf Press, this prize recognizes U.S. poets aged 40 or older for an unpublished first or second collection. The winner receives $10,000 and publication by Graywolf Press.
Foundation Summary
| Category | Details |
|---|---|
| Legal Status | 501(c)(3) Private Nonoperating Foundation |
| Primary Publication | Poetry magazine |
| Annual Revenue (2024) | US$13.8 million |
| Annual Expenses (2024) | US$16.7 million |
| Net Assets (2024) | $312.2 million |
| Key Prizes | Ruth Lilly Poetry Prize, Pegasus Awards |
Frequently Asked Questions
What is the difference between a private operating and nonoperating foundation?
A private operating foundation typically runs its own programs directly, while a private nonoperating foundation focuses more heavily on making grants to other organizations to carry out charitable work.
Who is eligible for the Ruth Lilly and Dorothy Sargent Rosenberg Poetry Fellowships?
These fellowships are awarded annually to five U.S. poets who are between the ages of 21 and 31.
What is the purpose of the Poetry Out Loud competition?
It is a national program for high school students designed to build public speaking skills and knowledge of poetry through the memorization and performance of selected poems.
How much is the Ruth Lilly Poetry Prize?
The Ruth Lilly Poetry Prize is an annual award of $100,000 given for lifetime achievement to a living U.S. poet.
Where is the Poetry Foundation located?
The foundation is headquartered in the Near North Side of Chicago, Illinois, where it maintains a public library and event space.