McShain was also a benefactor to his alma mater, La Salle University, in which he helped plan the construction of La Salle's original academic building, College Hall. McShain Hall was named after him. La Salle University also has a student award named after McShain, given out yearly. The John McShain Award is offered to a member of the senior class who maintained an excellent scholastic record and is considered by faculty and staff to have done the most for the public welfare of La Salle.