Eleven years after Ethereum Foundation pioneered the non-profit governance model, crypto projects are questioning its viability. From Arbitrum's unauthorized fund transfers to Kujira's leveraged treasury disaster, foundations increasingly resemble bureaucratic relics rather than decentralized stewards. As a16z declares 'the end of the foundation era,' I analyze why this once-idealized structure now struggles with governance failures, misaligned incentives, and regulatory pressures. Can DAOs or corporate models fill the void? Let's follow the money.