The Clarke Memorial Fountain stands on the site of the old Fieldhouse. Dedicated in 1986, the fountain was underwritten by Notre Dame alumnus Thomas Shuff of Lake Forest, Illinois, and Maude Clarke of Chicago. Mrs. Clarke's donation was made in memory of her husband John, who once served on the advisory council for the business school. Both John and Maude Clark were Army officers in World War II. The fountain was originally intended to be a peace monument commemorating 500 Notre Dame alumni who died in World War II, the Korean conflict, and Vietnam. The names of those wars are carved in three of its arches, and the fourth arch bears the Latin inscription "Pro Patria et Pace", meaning "For Country and Peace." The sphere within the fountain represents the earth, the water represents life, and the stone columns were crafted by the hand of God.

The University of Notre Dame has a long-standing relationship with the U.S. armed forces, in particular with the Navy. Notre Dame, like many colleges, faced severe financial difficulties during World War II, which were exacerbated by the fact that it was then still an all-male institution. The US Navy made Notre Dame a training center for V-12 candidates and paid enough for usage of the facilities to keep the University afloat. Notre Dame has since extended an open invitation for Navy to play the Fighting Irish in football and considers the game annual repayment on a debt of honor. The series is marked by mutual respect, as evidenced by each team standing at attention during the playing of the other's alma mater after the game, a tradition that started in 2005.