Setting up a Fund
Setting up a fund is easy. A donor or donating organization determines the answers to a few questions, then Waco Foundation develops a two-page fund agreement. Once the agreement is signed by the Waco Foundation and the donor/donor organization representative and the contribution to establish the fund is received, the fund is officially established. The process takes only a few minutes once decisions are made.
Find a sample fund agreement under each of the funds listed on the Funds page. If you have further questions about establishing a fund, contact Ashley Allison.
Looking for additional information about what type of fund to create? Here are a few things to consider before establishing your fund.
Do you want to advise distributions to charities of your choice?
Then you should establish a donor advised fund. Donor Advised funds allow you to take an active role in deciding where your donation will be directed after we receive it.
Do you want income to be distributed to certain charities you name, in perpetuity?
Then you should establish an agency endowment with one or more named beneficiaries. Agency endowment funds pay their income directly to the charity you name.
Do you want to support a specific scholarship?
Then you should establish 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.
Do you want to support scholarships for local Waco students, but not have specific criteria?
Then you should establish a named scholarship fund within the MAC Scholarship program, to increase the education level of Waco’s workforce and benefit our neediest residents. You can designate a specific field of study or criteria - such as need, service, or academic excellence in order to receive the scholarships.
Do you want to help create a great future for Waco along with a legacy?
Then you should establish a named fund within a specific field of interest or an unrestricted fund which carries a name of your choice. The Board of Trustees at the 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 the 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 the 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.
Why Choose the Waco Foundation?
We guarantee the following:
- Flexibility
- We will customize a giving plan unique to your needs while accomplishing your charitable goals.
- Stewardship
- Local expertise
- Our board and staff know the nonprofits in our community. We understand their strengths and their needs. We see how they can work together to make a positive difference in the lives of McLennan County residents. For 52 years we’ve partnered with our nonprofits and donors and have worked to improve the overall quality of life in McLennan County.
- Cost-effectiveness
- Your fund is invested in our comingled investment pool. Colonial Consulting, L.L.C. assists our Investment Committee in allocating the Foundation's endowments across a wide range of investment instruments.
- Perpetuity
- The Waco Foundation, like other community foundations, is designed to exist in perpetuity. Your charitable giving is guaranteed to make a difference for generations to come.