Monmouth College is a four-year coeducational private liberal arts college located in Monmouth, Illinois, United States. Monmouth College was founded on April 18, 1853 by the Second Presbytery of Illinois, a frontier arm of the Associate Reformed Presbyterian Church. The college celebrates this date annually as "Founders Day," cancelling classes for a day of celebration and an honors convocation. Founded as "Monmouth Academy," the school became Monmouth College after receiving a charter from the state legislature on September 3, 1856. The college remains affiliated with the Presbyterian Church (U.S.A.) and is a member of the Associated Colleges of the Midwest, a consortium of small, private liberal arts colleges. The college's motto "Sit Lux" ("Let there be Light") appears on its seal, but the college likes to describe itself as "What College Was Meant to Be." The college's endowment in FY 2006 was $61,871,804. Monmouth was one of the first institutions in the country to admit women from its inception. This increased the college's early popularity and logically made it the home of the women's sorority movement. Pi Beta Phi was founded on April 28, 1867 as I. C. Sorosis.