Students at Columbia can win a whole bunch of Prizes for anything from "unselfish service to the College community" to making a "significant contribution as a member of the staff of one or more College student publications, especially Jester, Columbia Review, and Spectator". A majority of the prizes are awarded to graduating seniors, and thus are presented at either the King’s Crown Leadership Awards or at Class Day. Most of these are the result of alumni donations, hence the quirkiness.
There are lots of other prizes at the university, of course, but they're not always called prizes. See Category: Awards.