Great. One more foundation to which I have to apply, pitch and convince the decision makers. More red tape.
Seriously, when you are faced with that problem (of having too much money), please look around. Just maybe, there might be something that already does what it is that you want to do. You do not have to reinvent the wheel to satisfy your ego by having a foundation with your name on it.
I've worked with plenty of nonprofits over the years. More than I can count. The point here isn't about putting a name on something for an ego boost, its about effectively managing my (hypothetical) money in a controlled and sustainable way over a longer period of time so it can be put into multiple causes, rather than dumping it all into someone's lap one day and saying 'go'. And by moving this hypothetical money into a 501(c), it puts the money to work over time while keeping it out of reach to blow on tempting luxuries. I stand behind this idea.