There should be a 33% annual tax rate on all foundations. They never end up being good.
Even conservatives that set up foundations end up creating an organization that is eventually run by a bureaucracy that shares the beliefs of the inteligencia. For the last several decades that means liberals. The organization will continue to misallocate resources for many many years into the future.
They should be taxed exactly like any other business. That will never happen though, because politicians use this 'foundation' scam. The rich always protect their wealth, while taxing the living crap out of the middle class, and the marginally 'rich'.