The world of the philanthropic foundation is a mystery to most of us, yet foundations are vital - if mostly invisibleparticipants in the social and intellectual process of our society and, as such, inhabit a position of significant responsibility and remarkable influence. With that in mind, Freund argues that many contemporary foundations have lost sight of their principal mission to seek out, support, and nurture exceptionally talented individuals in the arts, humanities, and sciences.

Freund argues that many contemporary foundations and their senior officers are tending toward narcissism. In their preoccupation with self-image, with making their own mark rather than looking "out there" for new ideas and energy, these foundations have become closed shops that are accountable only to themselves.

Freund deplores the abandonment of the highest standards of excellence in the rush to embrace egalitarianism for its own sake, the forsaking of creative risk-taking for the modest certainty of producing immediate results or catering to the current funding fashions.

In making a compelling case for a return to the wide-ranging talent searches of the recent past, Freund highlights the foundation's primary role. This frank, revealing and important book is a timely contribution to the ongoing debate over public and private funding of the arts, which continues to occupy center stage on the national forum. Gerald Freund has been a dean at Hunter College and is President of Private Funding Associates, a philanthropic advisory group.