Founded in 1998, the year of NVM's death, N.V.M. Inc. is a Philippine non-profit organization established to honor the works of NVM Gonzalez and continue the literary legacy he left behind by conducting short story workshops, writing competitions, and various artistic events. Since 1999, the NVM Awards has given $1000.00 (P50,000) to several writers. Much of the Award money comes from generous donations from friends, family, artists, and businessmen.

The NVM Awards are hosted at the University of the Philippines, Diliman campus every November 28th, to honor NVM's death anniversary. Judges are selected on the basis of their knowledge and understanding of NVM's writing philosophy and style. Over the years, several writers and critics have served as judges: Gemino Abad, the late Doreen Fernandez, the late Nieves Espistola, Greg Brillantes, Cirilio Bautista, and Neal Cruz. The judges review an average of fifteen to twenty published short-stories. A top prize is given to the best story. For 2005, the category unpublished short-story and critical essay will be included for Award review.