​Over 40 trophies are presented to the winners of the Mills Trophy Race. Awards are made for each class, for overall on each course, for one-design class winners, for area winners and for club participation​.

​

The trophies, from the collection of the Toledo Yacht Club, are engraved with the winners' name, boat name and club affiliation. The trophies are maintained by the club's historian who also documents the history of the trophies and the patrons who have so generously provided this collection over the years.

​

The Mills Trophy Race Awards Banquet is held each year on the Wednesday preceding the next year's race.