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In corporate philanthropy, the focus is shifting from counting inputs to measuring social impact. Yet there is considerable confusion about the meaning of social impact. And the concept is even more complex in the emerging practice of impact investing. This report, which inaugurates The Conference Board Giving Thoughts series, sheds light on the concepts of enterprise, investment, nonmonetary impact, and the key requirement of “additionality.” By carefully examining the parameters and assumptions underlying the “impact” in impact investments, this edition of the series lays the foundation for a more focused discussion of assessing philanthropic and impact investing outcomes.