 It holds most of its degree-granting powers in abeyance, but retains its degree-granting powers for graduate studies within the area of theology as well as granting honorary degrees.Its history dates back to the founding of Assumption College in 1857 by the Society of Jesus (Jesuit) following the growth of their parish at Our Lady of the Assumption established in 1728.Assumption University has been administered by the Congregation of St.