This document discusses theory of change frameworks that are used by funders to guide their grantmaking strategies and evaluate their impact. It explains that a theory of change identifies the problems an organization wants to address, the activities and roles the funder will take on to create change, and the expected results at different levels (individual, organizational, community, policy). It provides examples of theories of change used by the Walter & Elise Haas Fund and Jim Joseph Foundation to illustrate how they map out the pathway of change from activities to goals and outcomes. Resources for learning more about developing and applying theories of change are also listed.