The true beneficiaries of perpetuity are the banks and trust companies that receive annual fees for managing foundations' assets.
"Bill Hewlett was quite clear that this should be a professionally managed foundation, and at no time should a majority of the board members come from the Hewlett family," said Steve Toben, the president of the Flora Family Foundation, which the Hewlett family created a decade ago so that more family members would have a philanthropic outlet.
Those who manage foundations' billions are highly paid professional money managers, generally very good at what they do.
Pollick runs the Giving Back Fund, an umbrella nonprofit that manages foundations of athletes, entertainers and others.
He drove his own car and spent his days reading, writing and managing his foundation.
The Gateses, who are heavily involved in managing the foundation that bears their name, take the view that setting explicit numerical targets and holding people to them is one key to progress.
Joyner-Kersee had not jumped since 1998; she watched track and field from afar, spending most of her time managing her foundation in East St . Louis Ill., tending to her Nascar interest.
While managing the foundation and his other interests with his wife, former tennis great Steffi Graf (the two play a prominent role in the Louis Vuitton ad campaign), Agassi still finds time for the game.
Part of the expense of operating a private foundation covers the cost of legal, financial and philanthropic advisors that help to guide and manage all foundation investments charitable and otherwise.
GLC Enterprises, which manages the foundation, did not respond to a list of questions about its investments.
