This report is the final report of the K-16 Education Reform Initiative of the Business-Higher Education Forum K-16 Task Force. Beginning in 1998, the Task Force and the full Forum heard from a variety of education and business leaders, studied reports and research findings, surveyed higher education and business leaders, and conducted interviews and meetings with K-12, higher education, and business leaders. The Task Force observed three characteristics of existing education partnerships: (1) partnerships are more likely to unite business and schools or higher education and schools than to involve all three sectors in cooperative efforts; (2) partnerships projects with K-12 are often unconnected, duplicative, and may even be competitive; and (3) many projects have goals that are not directly related to student achievement. The focus of this report is on tripartite partnerships that involve K-12 education, higher education, and business, moving to a K-16 emphasis that strengthens the connections between different levels of education. Some exemplary partnerships are described, and 10 essential elements for effective partnerships are identified. (SLD)