The Memorandum of Understanding (MOU) between a foundation and an institution ideally memorializes a shared vison for the partnership. Too often, MOUs are use as a contractual constraint to manage risk in in lieu of solid policies and governance practice. A good MOU process builds understanding of and commitment to the partnership among both administrators and board leaders. This session will share AGB’s newly revised Illustrative MOU and engage a group of foundation leaders in a discussion about the ways institution-foundation partnerships are changing and recommendations for the development, review, and renegotiation of MOUs as tool to foster effective collaboration.