The Beal Prize was funded by Andrew Beal, a prominent banker who is also a mathematics enthusiast. An AMS-appointed committee will award this prize for either a proof or a counterexample of the Beal Conjecture published in a refereed journal.The prize money--now US$100,000--is being held by the AMS until it is awarded. The interest is used to fund the annual Erdös Memorial Lecture and other activities of the Society.
The Beal conjecture and prize were announced in an article that appeared in the December 1997 issue of The Notices of the American Mathematical Society. The prize will be awarded by an AMS-appointed committee for either a proof or a counterexample of the Beal Conjecture that is published in a refereed journal.
One of Andrew Beal's goals is to inspire young people to think about the equation, think about winning the offered prize, and in the process become more interested in the field of mathematics.