Universities represent institutions of learning, research and knowledge but are also "not-for-profit" charitable organisations delegated the charitable purpose of advancing education and public benefit. Charity law differentiates the obligations, values and philosophies of "not-for-profit" and for profit organisations. Policy and economic imperatives to reform universities in Australia should raise questions about potential compromises to charity values, social justice objectives and public benefit. The disjuncture between the values of charity and profitability draws attention to issues of public benefit in a market-oriented higher education economy and obligations delegated by charity laws. More research is needed into the investment of charity capital and obligations of public benefit delegated to Australian public universities.