One model for successful university research centers is based upon close collaboration with other organizations, including large and small companies as well as federal and state agencies. Collaborations of this nature often involve an Institutional Advisory Board (IAB), which can have significant responsibility for management and financial oversight. This paper addresses two critical areas for facilitating a strong working relationship between a university research center and an IAB: (1) streamlining information transfer, and (2) organizing a well-run center meeting. The paper addresses specific strategies for effective information transfer among center participants including sponsors, faculty and students. Also discussed are best practices for center meetings that ensure a suitable level of efficiency expected of an IAB. The methods described in the paper are established, well-accepted psychological and organizational principles. These methods have contributed to the paradigm for successful industry-university collaboration developed over the last 25+ years by the National Science Foundation's I/U CRC program.