FOUNDATION LEADERS EXPERIENCE the moment at different times. For the Nathan Cummings Foundation, it was Caroline L. Williams, chief financial and investment officer, who first noticed the dissonance.

While reviewing grants last year, Williams realized that the New York City-based foundation had spent $650,000 on four grants aimed at holding big agribusiness environmentally accountable – with a particular focus on the hog industry. And yet, Williams knew, the foundation had a significant...

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