McKenna played a key role in the founding of the school that later came to bear his name, first with his own money in 1944 and through fundraising. It was organized to be a business and public affairs college for returning servicemen ready to study under the G.I. Bill. It was named Claremont Men's College on opening in 1946. He continued to contribute to the development of it as a member of the board of directors for the rest of his life.