Philanthropic foundations, as institutions, are attractive options for donors seeking to perform their philanthropy while living and to extend their individual or family legacy posthumously. Policymakers also see the attractiveness of these institutions by creating policies to shift private resources to public purposes. These policies have spurred the development of foundations in several parts of the world (Toepler, 2018). As a result, foundations have become the “fastest-growing nonprofit form” in the past decade (Jung and Harrow, 2016:162). However, despite the attractiveness and growth of these institutions, what is known about them remains incomplete, inconsistent, and often anecdotal.