As austerity measures become a reoccurring theme, higher education institutions (HEIs) worldwide are examining diverse sources of funding, such as philanthropy, as an alternative to State support. This paper argues that building lifelong relationships with alumni offers an HEI with a strategy to yield other residual benefits for the institution, which may also lead to philanthropy. The research offers a deeper understanding of the alumni-academy relationship using institutional advancement (IA) strategies. IA is defined as an approach to building relationship with stakeholders--including alumni--to increase support for an institution. By consulting specialist IA literature, this study develops an alumni relationship-building cycle for consideration by institutions. A case study of an Irish university is the vehicle to analyse this paradigm. The empirical evidence shows that applying IA strategies and building alumni relationships at each stage of the cycle offers the institution positive outcomes ultimately towards advancement. (Contains 2 figures.)