In addition to RCSA, the Frederick Gardner Cottrell Foundation was a major contributor to the award fund.This new $100,000 prize will be given biennially to recognize an accomplishment or discovery in basic research within the past five years. The fields of science for each presentation will rotate from among chemistry, biochemistry, biophysics, astronomy, physics, and materials science, with the inaugural award presented in 2015 for a recent discovery in chemistry, biochemistry, or biophysics.
 
“RCSA is very pleased to make this gift to establish an award at the National Academy of Sciences in honor of John Schaefer,” said Jack R. Pladziewicz, interim president of the Research Corporation for Science Advancement. "We look forward to hearing about the scientists and scientific discoveries recognized by this award for many years to come.”
 
“RCSA's generous gift enables the National Academy of Sciences to recognize many new and groundbreaking basic discoveries," said Ralph J. Cicerone, president of the National Academy of Sciences. “We are pleased to join with RCSA in making this possible.”
 
Research Corporation for Science Advancement is a private operating foundation that aids basic research in the physical sciences (astronomy, chemistry, physics, and related fields) at U.S. colleges and universities. Since 1912, it has supported research independently proposed by college and university faculty members, convened conferences, and actively advocated for science advancement. RCSA is a strong supporter of improvements in science education.

The National Academy of Sciences is a private, nonprofit institution that was established under a congressional charter signed by President Abraham Lincoln in 1863. It recognizes achievement in science by election to membership, and — with the National Academy of Engineering, Institute of Medicine, and National Research Council — provides science, engineering, and health policy advice to the federal government and other organizations.