Earlier quoted context omitted.
I am really of two minds about a foundation. I've seen a few different variations of this idea, and they all have a lot of downsides, as well as upsides. It's not clear to me that it would be a win.
I'm genuinely interested, could you expand a bit on what the downsides / upsides would be?
The cons are, well, that work is hard, and you can also end up in a position where you spend as much time fundraising as you do actually improving the project. This is why people talk about "efficiency" in non-profits, ideally these tasks take as little money as possible to do the administration, and spend as much as possible on the project. Also, when you're in the business of distributing money, you have to manage people's reactions to how you spend it, some people are going to be upset that you picked project A over project B, or person A over person B. That's also a form of overhead.
(and I'm not talking about MoFo here, I know very little about it or how it works. This is based on experiences with other non-profits and foundations that I've experienced and/or heard about elsewhere, and from lots of other people.)