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In this response paper, Ms. Looney will examine the relationship between a variety of intermediary organizations and major philanthropy. She will lead with a case study on a specific multi-year, multi-million dollar initiative focused on institutional transformation and the production of public goods. Looney will shed light on the power imbalances and experienced tensions of IOs as they seek to “make good” on their respective investments while they mediate and manage the demands placed on themselves and importantly their higher education institutions (HEIs) and state systems. She will specifically discuss how both IOs and philanthropy engage in a symbiotic relationship that principally favors philanthropy—requiring IOs to code switch language, to reprioritize content areas and focus, and to develop an informal community of practice to “manage up” to philanthropic interests. Questions to be explored include: 1) What are the types of strategies and mechanisms IOs use to translate philanthropic needs and demands? 2) How do IOs establish shared value and avenues to collectively “manage up” to a funder? 3) How do equity-related challenges as experienced at HEIs manifest in the IO and philanthropic relationship?