Construction for this memorial to World War II alumni spanned nine years, beginning in 1951 until its dedication in 1960. Its eight distinctive pylons rising above the chapel have become the icon of the campus at one end of the Drillfield. It also honors alumni killed in conflicts and wars since the second world war. The fund raised voluntary contributions instead of annual dues and strengthened the tradition of private support to the college. From this year forward, the alumni association has been partially supported through designated gifts to the Virginia Tech Annual Fund.
Additional support is provided through merchandising, group tours and affinity revenue programs.
The Virginia Tech Foundation began to assist the association's operating needs when the Alumni Annual Fund was merged with the University Development annual giving program in the early 1990s. The programs of the association always have been supported through private gifts and other revenues from alumni. No budgetary support is provided from state general fund appropriations. In 1972 the association announced that it would create endowments to fund a limited number of professorships and a series of merit scholarships as part of the university's centennial observance. Today, those endowments support eight Alumni Distinguished Professorships and several full Alumni Presidential Scholarships, plus eleven Alumni Honors Scholarships.