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The importance of higher education philanthropy is growing as is research in this area. However, research on how higher education organizations (HEOs) vary in their reliance on different combinations of donors and the uses of restricted donations is underdeveloped. To address these gaps, I use data from the Voluntary Support for Education (VSE) Survey from 2003-2023 for 721 4-year HEOs. Using latent profile analysis, I show that there are four distinct donor profiles and five distinct restricted spending profiles across these HEOs. Results highlight the relative stability of both sets of profiles and the movement of HEOs between them from year to year. This suggests a level of instability which makes development planning for HEOs difficult.