In 1987, OFIC initiated the Evening of Excellence program to honor outstanding alumni of its member institutions. Some well-known inductees to the OFIC Hall of Excellence are Hugh Downs, Senator John H. Glenn, Coretta Scott King, and Dr. Norman Vincent Peale. 

Each year, OFIC member colleges are invited to nominate an alumna/alumnus to be considered for induction into The Hall of Excellence. Inductees are chosen by a committee of OFIC presidential and corporate trustees based on the criteria of professional achievement;

impact on society through service, leadership, scholarship, minority affairs, sciences, research, arts or elected office; and service to alma mater, all of which exemplify the value of a liberal arts education. 

Also awarded at The Evening of Excellence is the Earl F. Morris Trustee award, which recognizes exceptional trustees of OFIC member institutions.