The terms ‘trust’ and ‘foundation’ are often used interchangeably. All charitable foundations are trusts – that is, they are managed by trustees who may or may not be supported by paid staff. A foundation is a trust whose income derives from an endowment of land or invested capital. Not all foundations make grants; some use their income to finance charitable activity of their own. Not all grant-making charities have an endowment. See charitable trust.