The Ten Outstanding Young Men awards, organized by the U.S. Jaycees was presented to ten men under the age of 35 considered to be exemplary members of the nation's youth. According to the programme, Elvis was honoured for his philanthropy as much as for his success in the entertainment world ...unlike many entertainers he has intentionally concealed many acts of philanthropy which might have brought him considerable publicity. His personal donations to charity - totaling more than half a million dollars over the last 10 years - have been made with little fanfare. Frank Taylor, Chairman of the Jaycee Commitee, said that Elvis was awed by the whole procedure, explaining that for the first time, he was being placed on a level with achievers in realms other than entertainment He really felt like a human being. He liked the association of being given such an honour along with those other nine guys, and he was impressed by their tremendous abilities. In his acceptance speech, Elvis proclaimed These men may be the Kingdom of God. January 1971 was to be the last time Elvis accepted an award in person.

Unable to attend the pre-award dinner, Elvis threw a cocktail party at Graceland after the award ceremony on 16th January 1971 to honour the other candidates. He commissioned Memphis jeweller Harry Levitch to customise a handful of gold Mathey-Tissot watches which he gifted to the other nine honorees and some friends. The original vendor was presented with the watch that evening at Graceland.