The Foundation supports an annual awards programme created and financed by Jack and Doris Shadbolt in 1988 as a “contribution to the advancement of the visual arts in British Columbia and their appreciation by the public,” and administers the Alvin Balkind Curator’s Prize.

Awards of 15,000 dollars each, called the VIVA Awards, have been granted to mid-career artists, chosen for outstanding achievement and commitment by an independent jury. Every fifth year an Honour Award of 50,000 dollars was granted to a person who has had a sustained, historically significant influence on the visual arts in British Columbia. The awards are presented at invitational receptions and publicized in the media. Since its inception, 59 VIVA Awards and 3 Honour Awards, and 6 Balkind Curator's Awards have been realized.

With the establishment of the biannual Alvin Balkind Curator’s Award in 2013, one VIVA Award is granted the same year as the Balkind Award is awarded and in alternate years, when there is no Balkind Award, two artists receive VIVA Awards.

The Alvin Balkind Curator’s Award is a biannual award set up in memory of Alvin Balkind to recognize excellence in the field of curating in the visual arts. The prize awards the recipient 15,000 dollars. Awarded in association with the VIVA Awards and the Max Wyman Award for Critical Writing, it is managed by The Shadbolt Foundation.

The Max Wyman Award for Critical Writing is a 5,000 dollar prize established by the Yosef Wosk Family Foundation to celebrate excellence in writing on the visual, performing and literary arts.