The Turnbull Awards are given in honor of the first African-American Alumnus at the GSB, Mr. Arthur N. Turnbull.

Arthur N. Turnbull was born on August 16, 1904, in Chicago, Illinois. After attending Hyde Park High School, he enrolled at The University of Chicago. In 1926, Mr. Turnbull became the first African American to graduate from The University of Chicago Graduate School of Business. As a native Chicagoan, Mr. Turnbull was deeply interested in the well-being of the entire Chicago community. His devotion to achievement and to community service was illustrated throughout his life, but most profoundly in his commitment to children. For 41 years, Mr. Turnbull worked in the Chicago Public School system as a teacher and counselor, as well as one of the seven organizers of Dunbar Vocational High School. After retiring in 1969, Mr. Turnbull became Vice President of the Retired Teachers Association. He served in many community groups and was a member of the Chicago Urban League and NAACP for nearly 50 years. Mr. Turnbull was honored by former Illinois Governors Otto Kerner and Richard Ogilvie for his work with the Illinois Department of Corrections, and in 1980 he received the Senior Citizens Hall of Fame Award from the city of Chicago. He was also an active member of Kappa Alpha Psi Fraternity, Inc.