Beginning with the Century Club in 1960 and followed by the President’s Club in 1969 (formally established in 1970), the university has instituted gift clubs and recognition societies based on the level of giving to the institution. The Tennessee Society was the first gift society, recognizing giving at a $2,500 annual rate or a $25,000 gift or commitment to the university. In 1981, as an outgrowth of the successful Tennessee Tomorrow campaign, three new societies were established: the Heritage Society, recognizing gifts of $50,000 or more; the Benefactors Society, recognizing gifts of $100,000 or more; and the Founders Society, recognizing gifts of $1 million or more. In 1992 the Tennessee Society was established. In 2001 three new societies—Charles Dabney, 1794, and Torchbearer—were established.