Mission & History of Waco Foundation

Waco Foundation Founders and Major Donors: Parrots, Goldstein and Masterson
Waco Foundation Founders and Major Donors: Parrots, Goldstein and Masterson.

The mission of Waco Foundation is to promote solutions to community challenges, strengthen our local nonprofits, engage philanthropists and manage charitable assets in order to improve quality of life in McLennan County. As a community foundation, we focus on four key goals:

  • Promote solutions to community challenges - We lead, follow and collaborate as needed to provide solutions to community challenges, often partnering with other foundations, nonprofits, individual donors, government, educational and healthcare institutions and the private sector.
  • Strengthen our local nonprofits - We support nonprofits through grants, guidance and fund management, strengthening their ability to make an impact on critical issues in our community both today and in the future.
  • Engage philanthropists - We provide personalized philanthropic advice and services to those interested in making a long-term impact with their giving, with an emphasis on safeguarding charitable intentions.
  • Manage charitable assets - We accept, prudently manage and preserve the value of long-term charitable resources entrusted to our care.

Established in 1958, Waco Foundation exists in perpetuity due to the generosity of the following individuals who were passionate about ensuring the longevity of the Waco community through the work of their local community foundation. Click on and individuals name to learn more about them:

Important Dates in Waco Foundation's History


Mr. R.B. Parrott, a Waco native, and his wife, Edith Heinze Parrott, donated $30,000 to help set up a community foundation in Waco. The Waco Perpetual Growth Foundation (now known as Waco Foundation) was established and a board of governors was selected to distribute funding for community projects.


Mr. Parrott died in 1962 and upon Mrs. Parrott’s death in 1974, Waco Foundation received an additional $311,000.


Stephen Goldstein, a local citizen, left $14 million of his estate to Waco Foundation.


MAC Scholarship Program (now known as MAC College Money Program) was established by Malcolm and Mary Ruth Duncan in an effort to give every local student the opportunity to attend college.


Former Executive Director Tom Collins created the Community Grant Writer Program (now known as the Capacity Building Program) which assisted local organizations in accessing funding from outside of the community.


Waco Foundation was named the beneficiary of a $6.5 million charitable remainder trust from Lyle Kay Masterson to create a fund in memory of her mother Lyle Seley Masterson.


Waco Foundation is awarded the Council on Foundation’s National Standards of Excellence designation.


Waco Foundation established the Capacity Building Program to support local nonprofits.


Waco Foundation launched the SmartBabies Early Childhood Initiative in order to improve the early childhood quality of life in McLennan County.

Phone: 254-754-3404
Fax: 254-753-2887


1227 N. Valley Mills Drive
Suite 235
Waco, TX 76710

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