I think you'll need to tell us more about the award, what are the requirements, and what the award is intended to do (e.g. reward you for work already done, provide resources to finish a project, etc.).
This is the annual university research excellence banquet. There is a small cash prize, a plaque and a rubber chicken dinner for everyone who gets into the banquet. There is also larger cash prizes for professional development for the best awardee in each category (undergrad, masters, doctorate). The best person overall gets a computer. The nominating faculty also get some sort of recognition. I believe the main purpose of this is for bigwigs to make boring speeches, but I could use the money. I also go on the job market next cycle, and I would like to buff up my CV a little if I can; plus I would love the cash for some resources on my wish list.