The Academy of American Poets’ Board of Chancellors was established in 1946 and is an honorary group of esteemed poets who advise the organization on artistic matters; elect the recipients of the Wallace Stevens Award and the Academy of American Poets Fellowship; help oversee a Poets Emergency Fund that supports poets in extreme crises; champion the organization's programmatic work, including its programs for students; and serve as ambassadors of poetry in the world at large. New Chancellors are elected by the members of the current Board of Chancellors and serve a term of six years. Upon the conclusion of their active service, Chancellors rotate onto an Emeritus Board and remain an important part of the history of Academy of American Poets. As of 2022, 121 poets have been elected to the Board of Chancellors.