The purpose of this research is to discuss and examine the nature of the grantor-grantee relationship between the F. W. Olin Foundation and Florida Institute of Technology in the larger context of grants by foundations and philanthropies to higher education. At the center of the research is a $50-million-dollar grant that "transformed" Florida Institute of Technology in ways that were perhaps unforeseen by either the grant-issuing foundation or the higher-education institution itself. This research will include a brief history of the two institutions involved and the circumstances that led to this grant proposal and its eventual implementation by the university, interviews with the main actors, and an examination of the challenges and opportunities presented to Florida Institute of Technology in accepting a grant from the F. W. Olin Foundation. Finally, an analysis of the outcomes brought about by accepting what the F. W. Olin Foundation marketed as a "transformational" grant ties this research into the larger question of the roles of foundations and philanthropies in higher education.