The Lion's Paw Alumni Association will present Leach with the award on Saturday, September 22.
The university will now submit the request to Pennsylvania's state legislature for consideration.
The Penn State Board of Trustees granted Ryan McCombie trustee emeritus status.
Two renovated East Hall dorm complexes achieved LEED certifications for their environmental friendliness.
The university says the changes will maximize trustee time together, gain cost efficiencies, facilitate meaningful discussion and engagement, and ensure trustee interaction with students, faculty, and other key constituents.
U.S News & World Report released its annual ranking of American universities. Penn State came in at No. 59 nationally and at No. 20 for public schools.