 "WLT" also sponsors the biennial Neustadt International Prize for Literature, the NSK Neustadt Prize for Children's Literature, and the annual Puterbaugh Festival of International Literature and Culture.The Neustadt International Prize for Literature was launched in 1969 under Ivask.This biennial award, which brought an original purse of $10,000 and currently bestows $50,000, is supported by an endowment through the University of Oklahoma, from the Oklahoma- and Texas-based Neustadt family.