The L. Ron Hubbard Writers of the Future Contest is open for submissions. They have four deadlines a year.
Emerging writers of fantasy or science fiction can submit prose of up to 17,000 words. Writers must be relatively unpublished (see number 5 on the guidelines).
The first place winner will receive $1,000; second place will receive $750; and third place will receive $500.
At the end of the year, a Grand Prize winner will be announced and awarded $5,000.
The next deadline is September 30th, but the contest is held every quarter. To learn more, read the contest guidelines.