Stone received an honorary degree from Rollins College, a small liberal-arts college located in Winter Park, Florida, in 1939. At that time, a small theatre was named in his honor. The original Fred Stone Theatre—a smaller flexible space sitting adjacent to the college's larger principal venue, the Annie Russell Theatre, named after another great American actor and benefactor—was a wooden bungalow that was razed in the early 1970s. A nearby wood and brick-faced Greek revival-styled hall, converted into a 90-seat black-box performance space, was rededicated as the Fred Stone Theatre during this period, and although it has been moved to another location on campus, it still stands and is active as a performance venue for smaller experimental productions, as well as student-directed and -choreographed works. (The Rollins Archives have extensive information on the career of Stone, including numerous photographs, and is chief among private institutions in the U.S. continuing to educate young actors about the history of this great American thespian. Rollins College claims many famous theatrical alumni, including Anthony "Tony" Perkins, best known for his role as Norman Bates in Alfred Hitchcock's "Psycho", and character actress Dana Ivey.)