In January 2009, the Trustees of the Foundation voted to establish and fund the J.F. "Jack" Schwanhausser, P'46 Leadership Award. The Award is named after Jack Schwanhausser who was the first recipient of a Grant-in-Aid from the Foundation and who spent a lifetime "paying it back" over and over again. Jack's college career was interrupted, as many were, by the Second World War. Jack served 195 days in front line combat during that war in Belgium, Holland and Germany. Jack was Honorably Discharged November 1945 after earning: the rank of Sergeant, Company Communications Chief, The Combat Infantryman's Badge, The Bronze Star and three Campaign Ribbons. Jack graduated from Rutgers in 1949.

Jack Schwanhausser, P'46 presents Sean W. Cody, P'10 with the first ever Schwanhausser Leadership Award during the Spring 2009 Initiation Banquet.The Chi Psi experience has always been an important part of Jack's life. Through his father, Jack has roots that reach to the founding of Alpha Rho in 1879 at Rutgers and to the founding of the Fraternity itself in 1841 at Union College. Jack's wife of 60 years, Jane Schwanhausser, had this to say about the importance of the Chi Psi experience for Jack and other returning veterans: "The brotherhood to which they returned helped to stabilize their lives for all they wanted to do at that time was get on with it and try to make up for lost time."

At the time the Award was established, Jack had been out of college for almost 60 years, had served on the Foundation for more than 35 years and, before that, had served on the Alumni Association. Jack therefore demonstrated, by example, Chi Psi's values and traditions with some of Alpha Rho's most celebrated personalities: Bones Lundberg, P'24, Gerry Wharton, P'25 and Hank Bartels, P'45 to name a few.

The Award was named in honor of Brother Schwanhausser because he represents, for many of us, the best of Chi Psi and his life of service, leadership and sacrifice are beacons for the young men who are asked to lead Alpha Rho at the highest level. The Foundation believes that a successful organization needs leaders at every level and especially needs a leader who sets the right tone at the top. The Schwanhausser Award is directed to the individual who is responsible for setting the tone at the top at the Alpha – the #1. Through this Award, the Foundation recognizes that to meet the challenges of being #1, you soon learn that you are well served to look to yourself and the qualities your peers saw in you, the fraternity's ideals and its exemplary leaders, like Jack, who have preceded you, persisted and succeeded.

The award is provided annually to the #1 of Alpha Rho of Chi Psi, half payable at the initiation banquet next following his taking of office and half payable at the initiation banquet next following his favorable term of service as judged by the Trustees of the Foundation with input from the Trustees of the Alpha Rho Alumni Association; the amount of the award shall be $1,000 in total.