The Oneida Stake Academy was one of many schools founded by the Church of Jesus Christ of Latter-day Saints. It was started in 1888 in Franklin, Idaho. When the time came in 1889 to build a building for the academy, Preston was chosen as the location because it was centrally located in the region. It is the oldest academy building still standing. Ezra Taft Benson and Harold, B. Lee, former Mormon Church Presidents, were among the graduates of the school.
In 2002 the Franklin County School District decided that they needed the land occupied by the empty Academy building to expand facilities at the high school, and declared that the building would be razed if the funds could not be found to move it. A tremendous outpouring of community, regional, state and even national support raised the required $1.2 million, and on December 10, 2003 the building was lifted from its foundation and moved two blocks to Benson Park, a process which took a week. It is now being restored as a museum and community center, and donations are still needed to complete the project.