- IUB Athletics Hall of Fame (1982)
- Z.G. Clevenger Award (1980)
Donald Schlundt played basketball between 1952-55, was captain in 1955, and was All-Big Ten, All American, and IU Most Valuable Player three years. He was on teams winning two Big Ten titles and NCAA crown, won a Balfour Award, and led Big Ten in scoring, free throws, shooting accuracy. He is the IU career leader in scoring and free throws. Schlundt, who was an All-American basketball player and was IU's most valuable player for three years, still holds the IU career total point record of 2,192. He then went into life insurance sales in Indianapolis and his son Mark was a letterman in track at IU.