I was President of Triangle Fraternity (Engineers, Architects, and Scientists, oh my!). Despite the lack of greek letters, it actually is a greek fraternity, but founded by engineers, so they picked the most stable geometric object that also was a greek letter (Triangle/Lamba). Nerds...yes...
As for what that means? I don't know, wasn't on the boards. I'd think it goes towards the "whole person" concept. Being President of a fraternity is a (relatively, for college) big bit of responsibility. You're responsible for a bunch of knuckleheads, deal with 100% of their crap, and they ultimately dictate you success or failure. You have to motivate them to do things that aren't fun, recruit new guys, and put on the dog & pony show for administration/alum/families/haters/others. Maybe a primer for Naval Officer? Dunno, we'll see I suppose.