Enrollment pressures, unstable state appropriations, and increased public scrutiny about higher education's commitment to serving societal needs have created significant challenges for university advancement professionals at public colleges and universities in the United States. In this paper, I describe how current responses to these challenges may ultimately encourage privatization of public higher education. In order to keep the "public" in public higher education, I propose an engagement model of institutional advancement that focuses on creating a public agenda for higher education. Anchored in knowledge flow theory, my analysis suggests that an engagement approach to advancement would generate public and private support for public higher education, and more broadly benefit students, communities, and society at large. Practical strategies for institutional advancement leaders are discussed. (Contains 2 tables.)