[2][4] The purpose of Owl and Key was to foster spirit among the senior class and to uphold the standards and traditions of the University.

"[5] New members are initiated into the society by alumni of Owl and Key near the start of the spring semester of the senior year.

[6] Owl and Key also acts as the parent organization for Skull and Bones, overseeing the spring recruitment and application process of the juniors who wish to join the secret society.

[8][9][3] In March 1933, Owl and Key decided to increase its membership by five men so it could also invite worthy students who had not been selected for Skull and Bones.

[10] Members are selected the spring semester of their senior year by Owl and Key alumni.