There's a suggestion that it was not an endowment, because of the note that Intel stepped away from sponsorship.
(In the current environment, to get interest of $1m a year would require a very large endowment - something like $30m+ - and you'd think that would be mentioned prominently.)
The Economics Nobel was not one of the original prizes, but it too was endowed, by the Bank of Sweden. Apparently the Bank also gives an annual contribution, approximately equal to the prize amount ($1M), to administer the prize.
Computer science seems to be going through a similar transformation as Palo Alto. Just as Palo Alto went from a place where people were modest about their wealth to one where vanity license-plates decorate Teslas at the curb-side, computer scientists seem to have transformed in public imagination from quiet nerds to celebrity saviors of mankind. I'm not sure the image is well-deserved, but so it goes.
$125m to Stanford:
Didn't one or both of the Google founders donate to help some conditions that they have?
Howard Hughes gave a lot of his money to his medical institute simply because he didn't want to give it to the government.
The people I'm around seem to still view programmers/computer scientists as awkward nerds, but now they're awkward nerds who you can make money off of.
That'd be a one-up on the Nobel prize, which is handed out by the King of Sweden. Fittingly, Alan Turing was British (just as Alfred Nobel was Swedish). It would also serve as a vindication of Turing's honor.
For sanity's sake, at least give a thought about all the colonial history and the fact that Alan Turing was convicted for homosexual activity and branded a security risk by the same "crown" and then issued a farcical royal pardon in 2012.
 https://www.gov.uk/government/news/royal-pardon-for-ww2-code... --> "Dr Alan Turing has been given a posthumous pardon under the Royal Prerogative of Mercy by the Queen"
The proposal above simply aims to leverage the brand recognition of the British Crown and its still considerable prestige among millions of people to bolster the award's position, since we're talking about competing with the Nobel. (If the Turing Award were in fact the Nobel Prize's equal, there would not be this many 'Computer Science's Nobel prize' used in the popular press.)
Current computer scientists of course do not really need this kind of endorsements, but if the aim is to attract more young bright minds to the field, it may help.
I am aware of the cause of Dr.Turing's death. It was not instigated by the British Crown, but by the government, which was prejudiced by the law of its time. The fact that there was effort to obtain the royal 'pardon' for him suggests that, at least in Britain, the monarch's prestige meant something.
In time, the award may well become prestigious enough that this is not useful anymore. Then, we could just ignore the tradition or even change the entity handing it out, perhaps to be an AI robot which passes the Turing test for the first time in history.
The Turing award is organized by the ACM, an US-based non-profit. It has nothing to do with the UK, apart from being named by someone who was a hero for that country and then was persecuted until he committed suicide. He was only pardoned in 2013.
I think your idea is well intentioned but I'm not convinced it is appropriate.
 The Nobel Peace Prize of awarded by a Norwegian committee: http://en.wikipedia.org/wiki/Nobel_Peace_Prize
In my opinion, the award carrying Turing's name gives it a level of prestige greater than what royalty could provide.
Oh, the irony.
Also had an easier name to spell.
I agree, but this was not my point.
> Also had an easier name to spell.
Sounds like a good way for Google to find some big-name (post-award), PR-worthy, highly-qualified new employees.
Beyond the hunk of gold, they could also have the king of Sweden hand you the hunk of gold. I think that's a good touch.
If one of the wealthiest people in the world won a Nobel prize, nobody would say "billionaire and $1M prize winner, et cetera".
The "Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel" is almost invariably called the "Nobel Prize in Economics", even though it's a separate deal that didn't exist until 1969.
Google will get a tremendous amount of valuable publicity for their $1,000,000 per year. It's a bargain regardless of anything else that will come out of doing this.
Good PR, karma, ego boost for everyone work in the fields.
Like "Academy of motion picture arts and sciences" - "Academy of Computer Sciences, Software and Design" All winners get A Golden Keyboard and $1 million real cash.
If I have choice, I would like to nominate:
"Dennis Ritchie" - inventor of C language.
"Bill Joy" inventor of gdb.
"Guido van Rossum" inventor of Python
"AT&T System V"
In fact, more than half of the Turing awards are for practical inventions and software: work on programming languages and compilers, TCP/IP, operating systems, relational databases. And even many of awarded "theoretical" achievements had working software that demonstrated or automated the maths parts.
I'm not arguing against an "Art and Design" award - but just noting that the Turing award is not that far off, it covers Computer Science contributions much more widely than just proving CS maths theorems.