The Flaherty-Dunnan First Novel Prize is awarded to the best debut novel of the year. The author of the winning book receives $10,000 and the other shortlisted authors receive $1,000 each. The award is given annually at The Center for Fiction's Benefit and Awards Dinner. The Prize was originally established in 2005 as the John Sargent, Sr. First Novel Prize. The Center for Fiction board member and well-known non-fiction author, Nancy Dunnan, now funds The Center’s First Novel Prize. It is officially called the Flaherty-Dunnan First Novel Prize, named after Nancy’s journalist father, Ray W. Flaherty.