There is no science to the management of charitable foundations, and even the art of managing them is poorly understood. The foundation field is relatively young, university centers for the study of philanthropy arrived only recently, and foundation leaders typically had little experience in the foundation field before taking their posts. Consequently, both seasoned and aspiring CEOs fall into traps that make them less effective leaders. These traps arise from the highly idiosyncratic nature of the foundation field, and thus are not fully understood by leaders whose training and experience generally lie elsewhere. But there are predictable challenges and recognizable dilemmas, and a hard-won knowledge base does exist. In Effective Foundation Management, seasoned philanthropy professional and educator Joel J. Orosz introduces the new foundation board member CEO, vice president, program officer, and other foundation staff members to seven vexing challenges and seven inescapable tradeoffs, along with strategies for meeting and resolving them. In simple and engaging terms, Orosz describes the steps foundation leaders need to take to maximize positive social impact and avoid poor outcomes—in other words, to become fully effective in their consequential roles.