Of course

http://ernop.eu/wp-content/uploads/2015/06/Richard-Lacasse.pdf

The study was done by Richard-Marc Lacasse, a MBA university professor who's student asked him if there was a charitable foundation business model. He realized there was none, and thought it would be a great idea to make one himself for his students.

And so began his venture into that beast of a business.

The study isn't too long, and it's extremely interesting. He did several interviews, but they're all in French. His main takeaway? Don't give to charities (he gave the 90% figure himself), if you really have to because your government doesn't provide though taxes, cut a check to whomever you want the money to go to and hand it yourself.