Yup.

And honestly direct regulation is hard here. Those are the two expenses that grow out of control, because it’s really hard to measure how much marketing or managing you need exactly. No empirical proof of overspending means no legal case against the directors.

Ideally, they’d have to provide something like the MER (management expense ratio) you see on investment funds. Charity kind of is like an investment on the behalf of the greater good, if you think about it.