There are in the United States perhaps ioo endowed philan thropies that are smaller than the large foundations already mentioned but yet larger, more comprehensive, and more inde pendent than the countless separate endowments of specific activities that have been given to religious and charitable organ izations, hospitals and other health agencies and to universities, colleges and schools. Following the Cleveland Foundation (see COMMUNITY FOUNDATION or COMMUNITY TRUSTS), established in Cleveland, Ohio, in 1914, there have come into existence some fifty community foundations, funds or trusts that are cared for by trust companies and disbursed by committees selected by public officers and representative associations. While no one of these community organizations has as yet been entrusted with permanent resources approaching those of the larger foundations, a number of them have been very useful in conducting surveys and distributing current gifts.
The fears concerning the power of wealth concentrated in foundations and their indefinite continuance of the wishes of their founders, which were formulated by the French economist, Turgot, in 1776, have not been fulfilled. Religious, philanthropic and educational endowments in the United States represent less than 1% of the national wealth; a score of life insurance com panies have larger resources than any foundation ; a hundred banks have incomes greater than the total new endowments in any year. The "imposition of the dead hand" is prevented and
desirable freedom is assured by such provisions as Mr. Carnegie's for spending the income of his endowments for purposes other than those he specified, or Mr. Rockefeller's for spending the principal as well as the income of his gifts, and by legislative provisions in foundation acts of incorporation or charters that these may be altered or repealed at any time.
Meanwhile the resources of the foundations have given them independence and freedom to concentrate upon particular prob lems, to carry out comprehensive and continuing studies, experi ments and demonstrations. Eminent men have guided them as trustees, and distinguished scholars have collaborated in their studies. Gifts from foundations have greatly encouraged giving to worthy causes ; their discriminations have elevated educational standards; their activities have been taken advantage of by many voluntary associations, sundry States and the Federal Gov ernment. In fine, the public has come to expect from these privately endowed yet representative foundations much of the aid and guidance that are furnished by government in other countries.
An annotated bibliography of the literature concerning Ameri can foundations was issued by the Russell Sage Foundation in 1915, 192o, 1922, 1924 and 1926. (C. Fu.)