Many organizations grant honors, and The Augustan Society, Inc., is no exception. Since 1966 most of these have been '''Fellowships'''. This article reviews the system of Fellowships and how the Society grants them.
Fellowship in the Society is not a membership organization, yet Fellows have much in common, and a [[Dean of Fellows]] organizes social and educational activities involving Fellows.
The separation between ranks is set as such a level that not more than half the Fellows are expected to hold ranks of FAS/1 or better at any time. This is not unreasonable, as one would naturally expect a Senior Fellow to be "above average" for a Fellow.
Note that due to the large number of FAS/1 awarded before 2007 and the lack of membership growth, it will be quite some few years before the above policy may be implemented as described. In the interim, the multiplier between ranks has been set nominally at 2.0, with it being adjusted so that approximately one new senior Fellow is elected each year.