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This article aims at analyzing French business and engineering Schools alumni activities. It relies on the study of their board discourse as well as their communication materials (directories, magazines, website). We demonstrate how these associations deal altogether with the maintenance of School reputation, degrees value and network. In this perspective we show how reputation transfers operate inside alumni community, between alumni and Schools. We analyze the way the associations put their own reputation at stake by maintaining an active and efficient network alive. We also demonstrate how the associations control the perimeter of their members not to undermine network and diploma values. These various elements will be parts of the notion of “reputational capital” we propose, as a sort of a more visible and sustainable social capital.