This book describes the unique challenge of running a foundation. With practical insights and wisdom gleaned from years of experience, Malcolm Macleod explores the crucial elements required for impact, from building strong relationships with non-profits to getting the most out of a governing board to managing an endowment. Skillfully weaving powerful stories of impact that remind us why this work, it's a comprehensive resource for foundation leaders This essential book: Shows readers both the principles of grant-making, and how to put them into practice to make more effective grants. Shows readers how to master the practice of philanthropy so they will be able to recruit and engage an excellent board, achieve superior investment returns, and make impactful grants. Gives readers an inside view of how foundations work and how to run them in a way that maximizes the impact of the grants. "Here is a book (finally!) that speaks comprehensively and powerfully to the unique challenge of running a foundation. With practical insights and wisdom gleaned from years of experience, Malcolm Macleod explores the crucial elements required for impact, from building strong relationships with non-profits to getting the most out of a governing board to managing an endowment. Skillfully weaving powerful stories of impact that remind us why this work matters with practical insights and tips for those who find themselves leading foundations, Macleod's book is the most comprehensive resource for foundation leaders I have seen. Every foundation CEO, aspiring CEO, and board member needs this book." - Phil Buchanan, president of the Center for Effective Philanthropy and author of Giving Done Right: Effective Philanthropy and Making Every Dollar Count "The Practice of Philanthropy is a readable guide to grant-making, investing, and the business of running a foundation. It combines practical advice from Malcolm's many years of doing this work with his deep knowledge of the principles behind it. This book is full of advice and examples that foundation leaders will either recognize or face in the future. It will help foundation leaders achieve impact and the satisfaction that comes with it." - The Right Honourable Paul Martin, Canada's 21st Prime Minister