The Kentucky Derby Festival will award Penn's New Bolton Center with the Silver Horseshoe award, according to an Associated Press report.
The award is given to "a group or individual for significant contributions or service to the thoroughbred racing industry," the report said.
The New Bolton Center is receiving the award for its care of Barbaro during his eight months at the center.
Barbaro, the 2006 winner of the Kentucky Derby, injured his right hind leg during the Preakness race of that year.
The horse's owners decided to euthanize him at the end of January after surgery failed to end an about two-week period of discomfort.
Penn President Amy Gutmann called Barbaro "America's Horse" after his death.
Dean Richardson, the chief of surgery for Penn Vet who took charge of Barbaro's medical care throughout those eight months, will accept the Silver Horseshoe award on April 20.
The award is typically for $1,000 but was raised to $10,000 for this year alone, the AP reported.
The money is only the latest in a number of gifts to the New Bolton Center in the wake of their treatment of Barbaro, including a $3 million donation for research on laminitis - Barbaro's condition - made by his owners.
Penn Vet also saw its applicant pool rise by 14 percent from last year.
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