Leaders of community foundations agree on the importance of strategy, but new research indicates that few actually use it in the programmatic and donor-related work of their organizations. That key finding is contained in the report titled Rhetoric Versus Reality: A Strategic Disconnect at Community Foundations, released by the Center for Effective Philanthropy (CEP). The report draws from in-depth interviews with CEOs of community foundations that were selected to represent the population of larger American community foundations. Three profiles are included in the report, looking at the issue of strategy in the context of the circumstances of community foundations, poised among constituent groups including donors, grantees and community stakeholders.