This book discusses the role of grant-making foundations in supporting local communities, and how effective governance can contribute to greater success of the social projects they finance. The book considers the extent to which granting foundations act as social investment banks or strategic philanthropists, and identifies possible areas of evolution and improvement in the granting process of foundations similar to other innovative firms. It seeks to explore the possibility of foundations becoming a reference point in the Third Sector for innovativeness and risk taking. Giacomo Boesso is Professor of Business Administration at the Department of Economics and Management at the University of Padova, Italy. His research interests include stakeholder theory, strategic corporate social responsibility, and non-profit governance. Fabrizio Cerbioni is Professor of Accounting at the Department of Economics and Management at the University of Padova, Italy. His research interests include accounting principles, corporate governance, and non-profit governance.