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Colleges welcome large donations from benefactors, yet the organizational consequences of philanthropic giving remain understudied. Using archival materials from Reed College and the Nuclear Regulatory Commission, this study traces the unique case of a “student-run” nuclear reactor at an elite Northwestern U.S. institution. Spearheaded by a chemistry professor who sought to advance the nation through training would-be nuclear experts, the Reed Research Reactor followed two phases: 1) planning and fundraising between 1948 and 1968, when the reactor launched as an on-campus research facility; and 2) mostly continuous operation from 1968 to today. Before the 1960s, the College struggled to win local support, yet a favorable national climate rendered nuclear an attractive investment, leading to over $300,000 in gifts by 1971. Once online, the reactor enhanced the College’s relations with surrounding communities by permitting hundreds of annual visitors, especially school trips, as well as providing useful services to neighboring institutions. Moreover, the facility allowed Reed to distinguish itself within its market category as the only undergraduate college with a student-run reactor. Yet, despite certifying over 175 student operators in the past five decades, analyses of government documents, including inspections, annual reports, violation notices, and personnel updates, reveal a more complex micro-organizational saga. For all their benefits, once created, philanthropic ventures such as the Reed Research Reactor constitute “live” human projects requiring careful management and posing institutional problems, from unannounced federal inspections to directors who flaunt regulatory guidelines. This paper shows how historical context and resource environment intersect with organizational ambitions, embodied in the ambiguous distinction gained by offering a student-run nuclear reactor, the symbolic meanings of which have shifted over time. Through tracking the reactor’s early germination and the ups and downs of its lifecycle, we break new ground in the sociology of philanthropy, organizations, science, and higher education.