The Maker Foundation is tasked with bootstrapping MakerDAO to fuel growth and drive the organization toward complete decentralization. While the Foundation provided development support through the launch of Multi-Collateral Dai (MCD), it is currently spearheading efforts to decentralize development.
MakerDAO governs the Maker Protocol by deciding on key parameters (ie. stability fees, collateral types and rates) through the voting power of MKR holders holders.
The Foundation is a part of the Maker Community, MakerDAO consists of the whole Maker Community, plus the Maker Protocol (ie. smart contracts, Dai, oracles, governance).