Findings of a study that examined the outcomes of longterm institutionalization of school reform are presented in this paper. Project Excellence, implemented in 1984 in a secondary school in Cochrane, Ontario, involved a comprehensive change in curriculum, instruction, and professional roles. An initial evaluation of the program, conducted during the 1988-89 school year, was based on document analysis; interviews with teachers and administrators; and surveys of teachers, parents, students, and support staff. A follow-up study, the focus of this paper, obtained data from interviews conducted with the former principal, the current principal and 2 vice principals, district office officials, 12 teachers, 5 students, and 2 parents. Findings indicate that in its seventh year of operation, structures for teacher participative decision-making and parental involvement had been dismantled and a top-down, laissez-faire administration was in place. Five lessons are highlighted. The case underscores the conclusion that governance structures must withstand the organizational cycles of institutionalization before outcomes of reform can be known. If governance structures lead to improvement, then the prospects for renewal are contingent upon their institutionalization. One figure is included. (18 references) (LMI)