In 2004, the University of Richmond announced the establishment of an endowed chair in leadership and ethics named in honor of Thorsness. The "Colonel Leo K. and Gaylee Thorsness Endowed Chair in Ethical Leadership" was funded by a $1,000,000 gift organized by W. Thomas Matthews, President and CEO of the Global Private Client Group at Smith Barney. Thorsness also served as Distinguished Leader in Residence at the Jepson School of Leadership Studies. The Thorsness chair is held by Donelson R. Forsyth, a social psychologist with expertise in group dynamics.