The Common Review (motto: "all books, all the time") and the Guild Complex literary organization are both now accepting submissions for their respective contests.
The Common Review's first annual Short Story Prize will award $400 for first place, $200 for second, and $150 for third. Deadline is January 31, 2010. Entry details are here. Note that "Electronic submissions will not be considered. No reading feel."
The Guild Complex's two prose competitions, in nonfiction and "very short fiction," award $500 to the winner in each category. Deadlines are November 9 via snail mail, November 16 for electronic submissions. Entry details are here.
And don't forget about the Reader's upcoming fiction issue; we're accepting submissions for that through November 6. To see what we've published in past years, check out our fiction archive.
Here's a 2003 Reader piece about the Common Review, the magazine of the Chicago-based Great Books Foundation, and its editor, Daniel Born.