In October 2003, 100 foundation leaders — CEOs, trustees, and senior management — gathered to discuss four themes of foundation effectiveness: strategy selection, funder-grantee relationships, performance assessment, and governance. Participants heard talks by Michael Bailin, President of the Edna McConnell Clark Foundation, Edward Skloot, Executive Director of the Surdna Foundation, and others; participated in interactive panels; and candidly shared their experiences in making their foundations more effective. This report includes viewpoints of these practitioners and distills lessons learned.