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The Black Academy of Arts and Letters was founded in March 1969 and was incorporated as a nonprofit, tax-exempt organization. The initial membership was limited to fifty distinguished figures in black arts and letters. The bylaws provide for the admission of as many as ten new Fellows each year, or as few as none. Nominees are screened by a credentials committee and voted upon by the full membership at the annual meeting. The Black Academy has three principal objectives: to stimulate an increased awareness of black accomplishments among both the black and white communities; to honor those who have made significant achievements in the past; and to encourage and support young and promising talent in the area of black arts and letters. To attain these objectives, the Academy seeks funds for certain projects and programs. These include: