The Society has honored an Indiana Company at the Society’s Annual Dinner since 1950. Honorees have included Eli Lilly & Company, United Air Lines, NIPSCO, Ball Corporation, Marsh Foods, Cummins-Allison Corporation, the Indianapolis Motor Speedway, and Vectren.

The Society began honoring a different Indiana Educational institution in 1968. Recent Honorees have included Valparaiso University, Purdue University, Vincennes University, the University of Notre Dame, Indiana State University and Indiana University. This remained the practice until 1995 when, uniquely and with great result, the City of Vincennes, Vincennes University and six local firms with deep community ties were collectively honored. The celebration of Hoosier places and people, honorees have also included important institutions such as the Indianapolis Museum of Art, the James Whitcomb Riley Society, the Indiana Historical Society, and the State of Indiana itself.