The Out But Not Down Club (OBND) was the generous innovation created by Albert Blakeslee, Professor of Botany and Director of the Smith College Genetics Experiment Station, 1942-1954. When his wife Margaret Blakeslee died in 1947 he donated money to the college to create a memorial fund in her honor called "An Investment in Friendship." The memorial fund supports the activities of the OBND Club which primarily consist of several dinners each year featuring speakers on a wide variety of topics. Members of the Smith College faculty and administration who plan to continue living in the Northampton area are eligible for membership when they retire.

The records of the club consist of memos, correspondence, photographs, treasurer's reports, meeting minutes, invitations, financial records, newsletters, officers lists, CVs of members, mailing lists, speeches, and information about the various speakers over the years.