William Horace "Jeff" Jeffress, son of Edward S. Jeffress, was born in Norfolk, Virginia, on September 10, 1913. He graduated from the Virginia Polytechnic Institute School of Engineering in 1934. In 1940, he married Dorothy Grubbs (1919-2015) in Norfolk; the couple would have four sons. By 1940, Jeffress was living in Tonawanda, New York, and was employed by DuPont. Jeffress served in World War II and eventually retired a lieutenant colonel. He worked as an engineering superintendent for DuPont, retiring after 39 years. William Horace Jeffress died on July 28, 2006, and was buried in Norfolk.

The VPI Alumni Fund was established in 1937 by a committee chaired by William E. Wine (class of 1904). The following year, dues in the VPI Alumni Association were eliminated, replaced by voluntary donations. Overseen by the Alumni Fund Council, the fund's primary function, according to a 1939 booklet, was to provide "a means for the united action of the alumni in expressing their devotion and loyalty to Alma Mater ..." and to provide "a more adequate Alumni Association and refinements at Virginia Tech for which state appropriations are not available." In 1964, the University Development Council was established to coordinate all university fundraising efforts. The Alumni Association continued to be supported through gifts to the Alumni Annual Fund until 1991, when it merged with the university's annual fundraising program and its operations became supported by the Virginia Tech Foundation.