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As state appropriations for higher education has decreased, public institutions have attempted to increase their private funding. This shift requires a better understanding of the relationship between these two sources of funding. This study explored if state appropriations were associated with philanthropic giving for public institutions from 2004–2018. An increase in state appropriations was associated with an increase in total philanthropic funding from 2004–2010, but a decrease from 2011–2018, with differences by Carnegie classification and flagship status. The findings show the differences in growth curves for different donors, analyzes giving trends around the Great Recession of 2008, and shows an increase in the stratification of public institutions as they shift to more private funding sources.