Named for the founder of the university, Thomas Jefferson, the society regularly meets on Friday evenings at "The Hall" in the Lawn.

The society's members have included several Presidents of the United States, a British Prime Minister as well as governors, senators and congresspeople.

Its motto, Haec Olim Meminisse Iuvabit, is taken from Virgil's Aeneid and roughly translates to, "In the future it will be pleasing to remember these things."

Its Greek name ΦΠΘ, initials for Φίλοί, Πατρίς, θεός (philoi, patris, theos, or "brotherhood, fatherland, divinity"), makes the society the second-oldest Greek-lettered organization in the United States.

Thomas Jefferson turned down an invitation for honorary membership in an August 12, 1825 letter, citing his need to avoid altering his relationship with the university and its students.