Ilija & Mangelos Foundation supports the Young Visual Artist Award which carries the name "Dimitrije Basicevic Mangelos" and is being awarded to the best young visual artist in Serbia each year starting from 2002. The award has been initiated by the Center for the Contemporary Art in Belgrade and The Foundation for a Civil Society (FCS) from New York as a part of the regional Young Visual Artists Awards (YVAA) with the idea of establishing of annual award consisted of an artist residence in America. The award carries the name of Dimitrije Basicevic Mangelos “significant artist, founder of the conceptual art practice and art historian from the territory of former Yugoslavia.” (taken from the web-site of the award) Since 2010. Ilija & Mangelos Foundation actively participates in the organization of this award.

The Managing Board of Mangelos Award has been elected, consisted of the representatives of the following institutions: Museum of Contemporary Art, Belgrade, Museum of Contemporary Art of Vojvodina, Novi Sad, Ilija & Mangelos Foundation, Novi Sad, Remont, Belgrade, DEZ.ORG, Belgrade, Kuda.org, Novi Sad and The Foundation for a Civil Society (FCS), New York.

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