The relationship between a public institution and its related foundation is often very complicated. Even with an established memorandum of understanding (MOU), the lines are sometimes blurred about each entity’s responsibilities. Among the issues that can prove to be particularly fraught with challenges are authority over the “piggy bank,” tensions between the institution’s governing board and the related foundation board, donor records management, and crisis communications plans between the institution and the foundation. In recent decades, the long-standing contract between states and their public institutions has changed. State funding accounts for a diminishing proportion of institutional budgets, and private support and public-private partnerships are increasingly essential to both institutional excellence and financial sustainability.