In fall 2005 the John M. Olin Foundation dispensed the last of its funds, liquidated its belongings, and vacated its offices. John Merrill Olin intended his wealth to promote conservatism in academia, and for 52 years his foundation pursued that aim by creating grants for individuals and organizations that have become founts of right-wing scholarship. Olin's closing offers a unique opportunity to reflect on the role of philanthropy in American higher education. The author contends that as the role of private money in knowledge production continues to grow, concerned members of academia are wise to recall that philanthropy establishes a relationship that implicates both the giver and the receiver. Whether liberal or conservative, all foundations have agendas that higher education institutions should investigate before entering into that relationship. The Olin Foundation demonstrated that ideas, organization, and commitment to a vision all have consequences. Institutions of higher learning must similarly realize that ideas, the gifts they inspire, and the ideology that those gifts give voice to also have consequences. (Contains 7 resources.)