The interest of people concerning foundations has heightened in recent years. The American public's understanding of the philosophy and objectives of philanthropic organizations is also increasing. As a result, less frequently do we hear such opinions as "You must have the easiest job in the world — giving away money!"Persons and agencies charged with the stewardship of private funds for the public welfare can testify that to give money wisely is a task demanding imagination, analysis, and judgment. For instance, a Kellogg grant usually is preceded by months of investigation and consultation on the part of staff members, the officers and trustees of the Foundation, and the leaders of one or several professional fields.A senior citizen recently voiced the belief that this Foundation should"devote a large portion of its income to the building of a chain of 'old people's homes' across the nation." From her point of view and from the vantage of an obvious need, the opinion was not illogical. Yet the suggestion overlooked not only the limitations of our financial resources but also a basic tenet of philanthropic policy.