Maybe a very brief description, like perhpas mentioning that it's a class project for Dr. Stonedahl's CSC 305 class at Augustana College, but mostly it's for giving credit to your team of developers, as well as anyone else who contributed to the project directly or INDIRECTLY (e.g., if you are using code or graphics that someone else created that requires giving credit to the author, according to the license agreement for those resources).
UPDATE: During the Sprint 2 demos, the narcissistic Dr. Stonedahl decided he wanted to be listed in your About pages as a project supervisor, or some such nonsense. ;-)