At the conclusion of the first annual review process in April 2006, 39 out of the 47 social IFC fraternities at Penn State demonstrated satisfactory progress toward meeting the Minimum and Reasonable Expectations set forth by the Greek Pride: A Return to Glory initiative and upheld by the Office of Fraternity and Sorority Life. Nine IFC fraternity chapters applied for Chapter of Excellence status, defined as demonstrated progress toward meeting the Standards of Excellence.

One fraternity that achieved Chapter of Excellence status is the Acacia Fraternity. The Penn State chapter, founded in 1909, is built upon fundamental principles of high scholarship, fraternal brotherhood and human service. The chapter also received top honors this year at its biannual conclave in St. Louis.

The Penn State chapter garnered the Malcolm Founder's Award, which is the most prestigious award offered to an Acacia chapter. This award, presented by the president of Acacia nationals, recognizes the most Outstanding Active Chapter of the Biennium for "excellence in the maintenance of Acacia fraternity traditions and ideals through scholarship, leadership and human service."