Admirers of Micheal Og O Longain perpetuated a fund in his memory at University College Cork. The fund was invested in Irish securities. The annual interest from this fund is used to purchase book prizes to encourage literary work in the Irish language. The amount avaliable for these prizes is €500. A student can receive this prize for demonstrating merit in original composition in Irish.
A student must produce an original work in Irish to be considered for this prize. An undergraduate or a graduate of two years or less standing at University College Cork is eligible. The student must also produce evidence that it is an original work.