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I worked at Milken Institute full-time (Less than a year)
Very intelligent people, everyone wants to chip in, fascinating research/discussion topics... Also great way to meet people in various fields who are usually not accessible. Fun and relaxed place to work.
Depends on which side you are on. If on the research side, Phd's gain more out of the experience as you can often publish papers etc. If on the business development side, it can get frustrating trying to grow the organization as it is a nonprofit, but this is probably applicable to most nonprofits.
Advice to Management
Doing a great job, keep it up.