Discusses the rationale, experiences, and outcomes of the Interinstitutional Exchange Program (IEP), sponsored jointly by the Council of Independent Colleges (CIC) and the United Negro College Fund (UNCF). CIC made grants of up to $15,000 each to support exchanges of faculty and administrators between nine private historically black colleges and nine other private liberal arts institutions. The exchanges were designed to create non-threatening environments for open dialogue, build structures and processes that enable respectful communication, develop strategies for institutions to collaborate in defining and solving problems, enable improved awareness of institutional needs, and encourage individual self-development. The experiences of individuals and institutions in the IEP are reviewed. Suggestions for developing and implementing further exchanges are discussed, including the need for focus, planning, institutional self-knowledge, choosing the right partner institution, seeking campus-wide involvement, appointing exchange leaders, effective communication, flexibility, risk taking, documentation, evaluation, reporting of findings, and management of the post-exchange process. An appendix lists the colleges participating in the IEP. (MDM)