Since 1967, the champion of each tournament has been awarded the Naismith Trophy, named in honor of basketball's inventor, James Naismith. A trophy had been planned since the first World Championship in 1950, but did not come to fruition until FIBA finally commissioned a trophy in 1965, after receiving a US$1,000 donation. The original trophy was used from 1967 through 1994. An updated trophy was introduced for the 1998 FIBA World Championship and the original now sits at the Pedro Ferrándiz Foundation in Spain.