The first collegiate secret society, the FHC, was founded at The College of William and Mary on November 11, 1750. The organization's initials stand for Latin words, although the specific words are unknown. It is understood, though, that the members celebrate brotherhood, learning, and merriment. Although no one knows why, they became known at William and Mary as the "Flat Hat Club," a name alluding to mortarboard caps worn by all graduating students at the university's graduation ceremonies. In the early 1900's, the student newspaper at William and Mary named itself the Flat Hat, although no connection is known to exist between the two institutions.

Campus lore states that several students, bitter at being rejected from consideration for membership to the FHC, started the Phi Beta Kappa Society in 1776. In a rejection of the secret Latinate name of the FHC, the PBK took Greek letters as their name, thus becoming the first Greek letter fraternity.

The FHC became an inactive society during the 20th century, but was revived in the 1970s and is active today. Its only chapter is at William and Mary.

Members of the FHC reveal their membership at graduation by wearing struck medallions around their necks. In the early 20th century, members also revealed their membership in the Colonial Echo, the college's yearbook. The most famous member of the FHC is Thomas Jefferson. In correspondence, though, Jefferson noted that the FHC served "no useful object."