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Drawing from the literature on public-private partnerships, governance, and nonprofit management, this paper explores how Local Education Foundations (LEFs) are strategically positioned relative to: 1) the community in which they reside, 2) the school district in which they serve, and 3) the education policies and subsequent policy venues in which they engage. Through an exploratory analysis and framing LEF positions in these areas, this paper considers whether or not differences in position result in differences in resource acquisition and capacity to improve school districts. Research findings suggest that foundations vary in the autonomy and collaboration they experience in the three areas, which ultimately impacts the value foundations bring to school districts and their ability to support improvement in student achievement.