A Plank Owner is a military term indicating that a crew member was around when the ship was being built and commissioned and therefore has bragging rights to the "ownership" of one of the planks in the main deck. Historically, a Plank Owner in the United States Navy, or a surviving spouse, could petition the Naval Historical Center's Curator Branch for a piece of the deck when the ship was decommissioned. That custom is no longer practiced but NaVOBA keeps the tradition alive by issuing the Plank Owner Award.

This trophy represents a symbolic plank of NaVOBA’s Foundation. There will only ever be one foundational crew, and these individuals will forever be recognized as a Plank Owner. We thank and honor them for all they’ve done to establish a strong organization that will ensure our nation’s veterans will be given every opportunity to attain post-military prosperity through entrepreneurship.