Complex sentence: Friars promotes interaction between those from all walks of life who have given their time and energies to making the University what it is; hence, the name Friars, for those who sacrifice their time during college to meaningful activities.
Split into simpler sentences: Friars promotes interaction between people from all walks of life who have given their time and energies to making the University what it is. Hence, the name Friars, for those who sacrifice their time during college to meaningful activities.