The ever pensive Miuccia Prada. Photo courtesy of the American Academy in Rome

In honor of all that she's done in business, fashion, and art, Miuccia Prada will be awarded the prestigious 2010 McKim Medal from the American Academy in Rome later this month.

Besides her work as one of the most innovative fashion designers of the present era, Prada, along with her husband and business partner Patrizio Bertelli, created the nonprofit Fondazione Prada in 1993 to support contemporary art, which is a large part of the reason she is being recognized.

Over the years, Fondazione Prada has commissioned and exhibited boundary-pushing artwork by cutting-edge painters, sculptors, and architects (think: a room with a giant slide and oversize mushrooms hanging from the ceiling).

Prada will be the sixth McKim Medal laureate since the prize was established in 2005 to honor individuals who have made a large contribution to the arts and humanities, particularly in the U.S. and Italy. Past recipients include artist Cy Twombly and architect/designer Renzo Piano.

At a May 26 gala, Prada will receive the award from Robert Storr, Dean of the School of Art at Yale University and the first American director of the Venice Biennale. Proceeds from the benefit gala go toward grants and fellowships for deserving individuals.

Congratulations to Prada on her well-deserved award!

Meanwhile, read how Karl Lagerfeld is being honored.