Initiated by Tony Award nominated singer-songwriter Ann Hampton Callaway (Swing!), the honor is now administered by ASCAP.

John Bucchino (A Catered Affair, It's Only Life), who was the first Songwriters Fellowship Award recipient, has passed the honor to Pasek and Paul.

"This is really an extraordinary fellowship," ASCAP director of musical theatre Michael Kerker said in a statement. "The award recognizes excellence, celebrates and offers support to emerging talent. The award represents artists saluting and mentoring their fellow artists and allows new talent to grow and flourish. Pasek and Paul are an extraordinary team in the tradition of the great songwriters of the American musical theatre. This team makes for a wonderful addition to the Fellowship’s chain."

Pasek and Paul are the youngest recipients of the Jonathan Larson Award. They are the authors of the musicals Edges, James and the Giant Peach, which premiered at the Goodspeed Opera House, and Dogfight, a commission for Lincoln Center Theater. The duo also contributed songs to the Theatreworks USA productions of If You Give A Pig A Pancake and Duck For President. Their songs were also heard on the Disney Channel's Emmy-nominated series "Johnny and The Sprites." They are graduates of The University of Michigan.

A Christmas Story, The Musical! will launch a five-city holiday tour Nov. 8 in Hershey, PA. Read Playbill.com's previous story on the musical adaptation of the beloved 1940's-set holiday classic.