Community foundations are increasingly looked to as community leaders that coalesce money, people, knowledge, and networks for addressing public problems at the local level. However, the field remains difficult to grasp-what it is and how it materializes in practice. Drawing from both academic and practitioner literature, this article proposes a multidimensional conceptual framework that construes community leadership in six capacities ranging from (a) strategizing, (b) convening, (c) knowledge building, (d) capacity building, (e) partnering, to (f) policy engagement. I applied this conceptual framework to analyze 539 annual reports of U.S. community foundations using semi-automated content analysis. The empirical analysis shows that they tend to specialize in one or a few leadership capacities, but not necessarily all six components. In particular, the capability approach to community leadership through capacity building, partnering, and policy engagement is more favorable among community foundations than a participatory approach through convening and knowledge building. This article contributes to building the conceptual foundation and provides preliminary evidence to advance