This article, reprinted with permission of Alliance magazine, is an early attempt to understand the closure of the Southern African Grantmakers' Association (SAGA). As Alliance talked to people who knew SAGA from various perspectives -- staff, board members, funders, and denizens of the South African non-profit scene -- a picture began to emerge of an organization that in the end fell between all stools. Almost exclusively funded by a handful of international foundations, SAGA failed to hold the enthusiasm of its corporate founding members or to win the allegiance of the non-corporates. When the international funders began to waver, there were no South African funders to step in and plug the gap.