This report of the May 2004 meeting “Creating New Schools: Promising Strategy for Change?” was published by Grantmakers for Education and The Philanthropy Roundtable. This meeting convened over 40 donors and grantmakers from foundations across the country to consider the effectiveness of a “new schools” strategy for philanthropy. With support from the Annie E. Casey Foundation and the Bill & Melinda Gates Foundation, the meeting offered two days of conversation and reflection on the rationale for a new schools strategy, emerging evidence on its viability and the challenges grant-makers need to confront to support successful new schools initiatives.