The Library is named for Charles F. and Florence Murray Wallace. A graduate of the Institute's Domestic Science Department in 1907, Mrs. Wallace was also named RIT's Outstanding Alumnus of the Year in 1960.

Charles F. Wallace was a chemist and inventor and one of the founders of Wallace and Tiernan, Incorporated. Mr. Wallace and Martin F. Tiernan invented and produced the Wallace and Tiernan chlorinator, which made public water safe to drink.

In 1954, Mr. Wallace established the Florence Murray Scholarship Fund in honor of his wife. The Wallaces were major financial supporters of RIT.