He donated part of his Nobel money `` to establish a fund to support and encourage new fiction writers '' , eventually resulting in the PEN/Faulkner Award for Fiction , and donated another part to a local Oxford bank , establishing a scholarship fund to help educate African-American teachers at Rust College in nearby Holly Springs , Mississippi .
He donated a portion of his Nobel winnings `` to establish a fund to support and encourage new fiction writers , '' eventually resulting in the PEN/Faulkner Award for Fiction . He donated another portion to a local Oxford bank to establish an account to provide scholarship funds to help educate African-American education majors at nearby Rust College in Holly Springs , Mississippi .