Some people who have more money than they can possibly spend in a lifetime make a valiant effort and just keep spending. Others take a more philanthropic approach, setting up foundations to distribute their wealth in areas such as education, medicine, or technology. It's never too late to start planning your own foundations, so here are some facts about the world's largest.

1. Bill & Melinda Gates Foundation

Believing that "every life has equal value," Microsoft cofounder Bill Gates and his wife, Melinda, established their foundation in 2000 with $106 million. The foundation's goals include improving health care and education, fighting extreme poverty, and providing increased access to information technology.

In June 2006, Warren Buffett, the world's second richest person (behind Gates), pledged ten million shares of his company's stock (worth nearly $31 billion) to the Bill & Melinda Gates Foundation. As of April 2006, the foundation's endowment exceeded $33 billion, which means that to keep its charitable status, it must make approximately $1.65 billion in annual charitable contributions. In addition to his ample financial gifts, Bill Gates has also pledged his time to the foundation, announcing that he will phase out of his managerial role at Microsoft by July 2008 to focus on charity work.

2. Wellcome Trust

The Wellcome Trust was founded in London in 1936 on the death of pharmaceuticals mogul Henry Wellcome. The mission of the Wellcome Trust is to promote research, improve human and animal health, and improve the understanding of science and medicine. As of September 2005, Wellcome's endowment was approximately $23.2 billion, making it the largest charitable foundation in Great Britain and the second largest in the world.

The Wellcome Trust carries on the mission of its pharmaceuticals mogul founder.

3. Howard Hughes Medical Institute

The Howard Hughes Medical Institute was founded in 1953 by aviator, moviemaker, and millionaire industrialist Howard Hughes to promote medical research and education. The initial endowment consisted of 75,000 shares of Hughes Aircraft stock. After Hughes' death in 1976, the endowment quickly grew from $4 million in 1975 to $15 million in 1978. During this time, the institute became more involved with genetics, immunology, and molecular biology. Another increase in the endowment occurred in the mid-1980s when General Motors purchased Hughes Aircraft, and by September 2005, it had reached nearly $15 billion.

Find more of the world's largest foundations on the next page.

Top 5 Most Intriguing Lists While you can browse through hundreds of fascinating lists at Extraordinary Lists, here are 5 lists that we feel are certain to amaze and entertain: 7 Health Problems for the Modern Age 9 Most Successful Fast Food Chains 10 Most Profitable Drugs Daily U.S. Consumption for 12 Items Grocery Store Prices for 14 Items in 1957