This study critically examines the influence of philanthropic foundations on the educational development of African Americans, especially from 1932 to 2007. Attention is given to the positive and negative motives of philanthropists as well as to the ways African Americans utilized funds and leveraged the provided opportunities. In addition, the study explores the evolutionary nature of past, present, and projected philanthropic interests, needs, and emphases. The authors conclude that the support of foundations for the education of African Americans has been an invaluable but qualified instrument of change and that continued enlightened support is needed for the foreseeable future.