Pt. I. The Seven Challenges of Managing Foundations -- 1. Challenge 1: Lack of Pre- and Postemployment Training -- 2. Challenge 2: Lack of a Cohesive Culture -- 3. Challenge 3: Lack of a Salutary External Discipline -- 4. Challenge 4: Lack of Reliable Feedback -- 5. Challenge 5: Lack of an Accepted Body of Good Practices -- 6. Challenge 6: Lack of Ideological Cohesion between Board and Staff -- 7. Challenge 7: Lack of Ideological Cohesion within the Staff -- The Seven Challenges: Afterword -- Pt. II. The Seven Dilemmas of Managing Foundations -- 8. Dilemma 1: Low Overhead versus High Overhead -- 9. Dilemma 2: Strategic Planning versus Flexibility -- 10. Dilemma 3: Broad versus Deep -- 11. Dilemma 4: Innovation versus Implementation -- 12. Dilemma 5: Expert Based versus Community Based -- 13. Dilemma 6: High Uncertainty versus Low Uncertainty -- 14. Dilemma 7: High Profile versus Low Profile