This study draws on organizational ecology perspective to explore the environmental and organizational factors associated with the performance of community foundations. Performance was conceptualized as fiscal efficiency and grant-making performance. Analysis was conducted on a national survey of 117 community foundations. Results revealed that increased organizational density was positively associated with fiscal efficiency but negatively associated to grant-making performance. Specialist foundations (i.e., foundations that serve a smaller sized community and those with smaller asset size) outperformed their generalist counterparts in fiscal efficiency and grant-making performance. The percentage of unrestricted funds was negatively associated with fiscal efficiency but not grant-making generosity. Board performance was positively associated with fiscal efficiency but not grant-making generosity.