Formed as part of the celebration of the 175th chartering of UT as Blount College, in 1968 the President’s Club accorded membership to UT donors who contributed $10,000 or more to the university or who pledged to give that amount within a 10-year period. Donors were also allowed to provide $15,000 or more through a bequest, life insurance policy, life income agreement, or other deferred giving method. At its first annual meeting on February 7, 1969, the club had 90 members. By the end of 1970, the President’s Club had 226 members.
The club was formally organized in 1970, with Carl M. Bennett, a Knoxville insurance executive, becoming its first chairman. In 1978 the insurance policy requirement was changed to $25,000, and in 1982 the insurance requirement was changed to $50,000 and limited to donors at least 50 years old. In 1992 the requirements for membership were again changed, retaining the $10,000 one-time commitment or $1,000 annual contribution, deleting the trust and bequest qualification, and raising the insurance requirement to $100,000. In 2001 the membership requirement was simplified. The designation is for donors of $1,000 per year.