from the Time article[1], although they don't say it explicitly i get the impression that they're going to run it essentially like a charity - just dump money on it, and not expect any financial return.

[1] http://business.time.com/2013/09/18/google-extend-human-life...

Peculiar it isn't just set up as a charity then.

Although perhaps Larry Page just wants to avoid the strange vagaries of non-profit governance, if I were to guess why.

setting it up as a charity causes trouble if they want to start collecting profits down the road. non-profits don't get to become for-profit as soon as they build something profitable.

...or ANY return.