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The Freedom Award is an annual event for the National Civil Rights Museum. It is the Museum's largest fundraiser. Held each year in the fall, the Freedom Award honors individuals who have made significant contributions in civil rights and who have laid the foundation for present and future leaders in the battle for human rights. Since 1991, the Freedom Award has served as a symbol of the ongoing fight for human rights both in America and worldwide.

With a few exceptions, the Museum presents two awards each year. On rare occasions when determined by the board and staff, only one award is presented. An International Freedom Award is given to an individual whose work has had global impact or has impacted the state of human and civil rights abroad. A National Freedom Award is presented to someone who has influenced the state of civil and human rights within the United States.

The National Freedom Award is sponsored by International Paper Company (IP). Through the years, IP has been an avid supporter of the National Civil Rights Museum, financially supporting many of the Museum's programs, projects and events. In the case of the Freedom Award, IP underwrites the honorarium presented to the national honoree. The company also sponsors and underwrites the cost of the Freedom Award Public Forum, and in past years, when held, the Freedom Award Children's poster contest.

The J. R. Hyde Senior Family Foundation sponsors the National Civil Rights Museum's International Freedom Award by underwriting the honorarium presented to the international honoree. The J. R. Hyde Senior Family Foundation is also an ardent supporter of the Museum. The financial support of the J. R. Hyde Senior Family Foundation has supported Museum operations and projects including the acquisition of the rooming house across from the Museum where James Earl Ray allegedly fired the fatal shot that killed Dr. King.

The FedEx Corporation sponsors the National Civil Right Museum's Lifetime Achievement Award by underwriting the honorarium presented the Lifetime Achievement honoree. Federal Express Corporation has provided substantial support to the Museum since its opening in 1991 and continues to support exhibitions, educational programming and other numerous Museum projects.

Freedom Award honorees are notified months in advance that they have been selected to receive either the national or international award (in a few cases, the award has been presented posthumously). The recipient must be able to travel to Memphis for the award ceremony. On the day of the Freedom Award, honorees address a free public forum, tour the Museum, participate in a press conference, attend a VIP reception and finally, accept the award at the awards banquet. Depending on the recipient, other activities may be included to augment the traditional activities. The banquet is one of the most exciting events in the city of Memphis and includes celebrity hosts, world-renowned entertainers and a formal dinner.

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