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This mixed-methods study examines the role of elite philanthropy in supporting two minority-serving institution (MSI) types: historically Black colleges and universities (HBCUs) and tribal colleges and universities (TCUs). To address this gap, this study explores HBCU and TCU philanthropic giving by addressing the following two questions: 1) What is the character of grant investments made by elite philanthropy in the MSI-funding ecosystem, and 2) how do funders, intermediary groups, and HBCUs and TCUs understand these strategies in MSI-directed giving? Twenty semistructured interviews with leaders, philanthropy program officers, faculty members, and nonprofit officials provide insights. This is supported by grant analysis derived from Form 990 tax information, which explores social agendas, institutional priorities, and relational aspects of foundation-grantee interactions.