The Tonight Show host will receive the Elmer Award for Excellence in Humor

By Sheila Cosgrove Baylis
October 19, 2015 09:00 AM

It’s time to celebrate Jimmy Fallon.

The Harvard Lampoon will award Fallon the Elmer Award for Excellence in Humor and crown him “Emperor of Comedy” during a celebration on Saturday in Cambridge, Massachusetts, PEOPLE has learned exclusively.

Fallon will have quite the celebration as he’s honored with the prestigious comedy award. The festivities will include a personal parade, complete with a marching band and a flotilla of Roman Chariots.

The Tonight Show host, 41, will parade through Harvard square with his convoy and end up on the steps of Lampoon Castle, where there will be a brief (and no doubt silly) ceremony.

“He is extremely talented, both at performing his own jokes as well as other people’s music,” Calvin Willett, president of the publication tells PEOPLE in a statement.

Fallon will join an impressive list of comedians who have won the award previously, including Jimmy Durante, Lenny Bruce, Jay Leno, John Cleese, Tracey Ullman and Robin Williams.

The Harvard Lampoon, founded in 1876, is the oldest continuously-published humor magazine in North America.