Types of Funds

The Dr. Pepper Museum of Waco, Texas has a Designated Fund at Waco Foundation
The Dr. Pepper Museum of Waco, Texas has a Designated Fund at Waco Foundation.

Waco Foundation offers donors their choice of several fund types to choose from. All funds are managed as component funds of Waco Foundation under the oversight of the Board of Trustees and its investment policies. Funds are held as the property of Waco Foundation, designated for the benefit of the agencies or purposes named by donors.

Waco Foundation is dedicated to providing proper stewardship, prudent investment, consistent purchasing power and regular distributions that meet the donor’s charitable intentions and support the local nonprofit community.

Waco Foundation fund types include:

Funds for the Common Good

Funds for the Common Good allow Waco Foundation's Board of Trustees to exercise their best judgment for the use of funds in our discretionary grant making process. These funds include:

Waco Foundation Unrestricted Fund:

  • This is a discretionary fund that has the potential of impacting the greatest number of people within our community since it serves as the main source of funding for our competitive grant cycle. This type of fund allows for you to meet the community’s changing needs, support innovative solutions to problems and enhance the quality of life in Waco and McLennan County. As with all discretionary funds, the Waco Foundation’s Board of Trustees decides the most effective use of the funding dollars available.

Field of Interest Funds:

  • Field of interests funds allow donors to identify areas of interest that mean the most to them. Examples include education, the arts and social services. The donor relies on Waco Foundation’s Board of Trustees to identify organizations capable of making the greatest impact in the field they have chosen.

MAC Scholarship Fund:

  • This fund is dedicated to providing scholarships for 3rd and 4th year college students through our MAC College Money Program. 


Designated funds provide an ongoing source of support for a specific charitable organization named by the donor when the fund is established. Designated funds can be established by an individual or a nonprofit organization/group and fall into three categories:   

Designated Agency Endowments:

  • Contributions are held as an endowment and income is distributed to the designated agency or purpose in perpetuity. 

Designated Agency Reserve:

  • Contributions are typically held as a long-term fund. The income is available for distribution, and, in certain circumstances, the organization may request the entire fund balance.

Designated Purpose:

  • All contributions are typically distributed for a designated purpose. The fund is not permanent and is usually closed once all funds are distributed.

Donor Advised

Donor Advised funds provide philanthropists maximum flexibility over their charitable distributions by allowing donors to make distribution recommendations throughout the year to various qualified charities of their choice. 


Scholarship funds are dedicated to providing financial assistance for individuals as they seek to continue their education. Upon creation of the fund, the donor may set up specific criteria for the scholarship such as financial need, academic achievement, a particular field of study or a specific institution.

What Fund is Right for You?

Looking for additional information about what type of fund will help you meet your philanthropic goals? Here are a few things to consider before establishing your fund:

Do you want to help create a great future for Waco, along with a legacy?

You may be interested in establishing a named fund within a specific Field of Interest or an Unrestricted Fund which carries the name of your choice.
The Board of Trustees at Waco Foundation will direct the income from your fund to a cause that meets Waco’s changing needs. If you want to support a particular need in Waco, you can share this in a formal Declaration of Charitable Intentions, which we will keep permanently and make available to Waco Foundation’s Trustees in perpetuity. The Declaration of Charitable Intentions can explain as much as you want about your reasons for giving – it can incorporate your philosophy, the things that mean the most to you, your values, things that you believe about philanthropy and your hopes for our community. These documents will advise future boards of Waco Foundation, who will distribute income to charities in a way that best fits your intentions. Your donation can be public or private, detailed or general and can be set to expire within a certain time period.

Do you want to support scholarships for Waco students, without listing specific criteria?

You may be interested in establishing a named Scholarship Fund within MAC College Money Program to increase the education level of Waco's workforce and benefit our neediest residents.

Do you want income to be distributed to certain charities you name, in perpetuity?

You may be interested in establishing a Designated Agency Endowment Fund with one or more named beneficiaries. Agency endowment funds pay their income directly to the charity you name.

Do you want to advise distributions to charities of your choice?

You may be interested in establishing a Donor Advised Fund which allows you to take an active role in deciding where your donation will be directed after we receive it.

Do you want to support a specific scholarship?

You may be interested in establishing a Scholarship Fund in the name of your family or someone you wish to honor. Scholarship funds can benefit students at a particular institution, earning a particular degree or meeting other specifications.

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


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

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