from The Wall Street Journal:

Not Your Father’s Foundation: Giving More With Less

Her grandfather, Max M. Fisher, founded the Speedway gasoline station chain and gave millions to big causes like the Detroit Symphony Orchestra and the United Jewish Appeal.

Caroline Cummings Rafferty, 29 years old, is being groomed to help run the $235 million Max M. and Marjorie S. Fisher Foundation in Southfield, Mich. But for now, she is running a tiny $1 million foundation and making gifts of a few thousand dollars to charitable organizations.

Ms. Cummings Rafferty reflects the struggles facing family philanthropists – one old problem and one new: How do parents foster proper stewardship of family foundations among their children? And with an economic downturn racking charitable giving, how do heirs manage to do more with less?