Attention all you female singers: you might as well give up right now. Beyonce Knowles has got the race locked up.

Although we’re only 8 months into the current year, Billboard has already declared the “Single Ladies” star their Woman of the Year. In fact, they’ll be presenting her the award in October.

The Grammy winner’s selection was based on a number of factors. In addition to releasing one of the catchiest songs ever (and a successful album overall), the singer-dancer-actress has “inspired the music business with her success, leadership and new ideas.” Knowles has also generously given to the community by offering free concert tickets to financially-strapped families and helping to provide meals through Feeding America.