MADRID (AP) — The Hispanic Society of America museum and library has won Spain's Princess of Asturias award for international cooperation for promoting Hispanic and Latin culture.

The New York-based society was founded in 1904 as a free, public museum and reference library to promote the art and culture of the Hispanic world in the United States.

Prize organizers on Wednesday praised it for helping Hispanic culture maintain a prominent position these days in all of the Americas.

The 50,000-euro ($55,000) award is one of eight Asturias prizes handed out yearly by a foundation named for Crown Princess Leonor. Others categories include art, social sciences, sports and scientific research.

A major exhibition titled "Treasures of Hispanic Society of America," featuring more than 200 works, is running at Madrid's Prado Museum until Sept. 10.