This article proposes a framework for viewing the behavior of philanthropic institutions through the lens of organizational identity via semi‐structured interviews with twenty‐seven grantmakers representing seventeen foundations, along with content analyses of these foundations’ public documents. This empirical investigation revealed three identity profiles: agenda setter, supporter, and community builder, which capture distinct patterns in foundation strategy, operational structure, and grantmaking practices. For theory, these findings provide an alternative to the conventional view of foundation behavior along an active to passive continuum to one that suggests a role for organizational identity. For practitioners (grantmakers and grantseekers), this perspective demonstrates that there are multiple pathways through which foundations create social value, not just one definition of “best practices.” Understanding these different perspectives on social value creation can help grantmakers identify internal inconsistencies in their strategies and operations and can help grantseekers identify foundations most likely to fund their work. The article concludes with suggestions for further research to explore the extent to which this framework can advance understanding of institutional philanthropy as the field moves to challenge traditional boundaries between nonprofit foundations and private social change initiatives.