In 1937, the family of the College's namesake Bishop Matthew Simpson bequeathed property valued at $300,000 to the Permanent Endowment Fund. Each year since, the income from this gift has been used to support faculty salaries, student financial assistance and academic programs.

Today, Simpson has many benefactors like the Simpson family who contribute through estate or deferred gifts. To honor these loyal alumni and friends, the Simpson College Board of Trustees established The Matthew Simpson Society. Membership in the Society is extended to anyone who has made provisions for Simpson through either an annuity, trust, life insurance policy, retirement plan or a bequest in their will. Society membership is granted immediately upon the college's Office of College Advancement receiving a copy of the pertinent portions of the will, insurance policy or other document describing the planned gift to Simpson College.