ABSTRACT
The foundation is a spender only, whereas the university both spends and earns. The experience of the university is constantly bringing to light opportunities for the foundation in the form of enterprises which no institution could carry through unaided, but from which all institutions and all communities might profit. The purely charitable trusts, important as they are as evidence of the spirit of human brotherhood and in view of the individuals whose lives are made happier thereby, are of less significance to the community than the foundations whose purpose is constructive rather than palliative and which have to do with educational, scientific and social progress. The aggregate endowment of all American foundations is estimated to be less than half of what the American people contribute for philanthropic purposes in any single year, and hardly more than one per cent of the total national income.
