This reviews an exhaustive and troubling report by Richard Phelps about the origins, policies, and practices of the Thomas B. Fordham Institute. Phelps raises a serious issue of “donor intent” and whether it was honored. The TBF Funds were intended by their owner to be used strictly for charitable purposes, Phelps writes, never to benefit any individual nor to influence legislation.The Fordham Institute has led the way in advancing privatization by charters and vouchers in Ohio. Nationally, it was and is a leading voice in promoting the Common Core standards. Gates paid millions of dollars to TBF both to evaluate the Common Core and to advocate for it. Ravitch says: ' I approach this topic with caution because I was a founding board member until I broke ranks & turned against the conservative activism in which TBF is a prominent actor.'