The American Physical Society has formally established the Einstein Prize in Gravitational Physics as a biennial prize, for outstanding achievement in theory, experiment or observation in gravitational physics. Fundraising for the prize continues, however, with the goal of reaching an endowment of $200 K, so that the prize could be awarded annually. David Lee continues to match every dollar raised for the prize. For information, contact Clifford Will ( firstname.lastname@example.org ) or check http://wugrav.wustl.edu/People/CLIFF/prize.html. A prize selection committee was established by the APS, with the intention of awarding the initial prize in 2003, at the April APS meeting. To nominate somebody for the prize, follow the guidelines that can be found at http://www.aps.org/praw/nomguide.html.