The PROFOR Management Board convened for a one-day meeting on Thursday, January 20th, 2005 at the Bolger Center, in Potomac, Maryland. The meeting was organized in conjunction with the National Forest Program (NFP) Facility Steering Committee meeting, which took place January 18th-19th, and a half-day meeting on collaboration between the NFP Facility and PROFOR, held on January 21st. Twenty-three individuals attended the meeting, including PROFOR donors, World Bank and PROFOR staff, colleagues from the NFP Facility and FAO, partners from Forest Trends, and observers from other donor agencies. This Management Board meeting was perceived to be the first fully operational Management Board meeting since PROFOR's relocation to the World Bank from UNDP in 2002. Two years into the implementation of PROFOR at the Bank, the meeting provided a timely opportunity to assess PROFOR's current portfolio of projects, review lessons learned to date, and hone PROFOR's strategic direction.