The Waco Foundation performs the unique service of maintaining a variety of funds, which support various causes.

The Foundation provides professional financial management, oversight from the board, and administration from staff. The assets are managed by five money managers under the direction of the board and executive director. The funds are currently held at Community Bank with proposals from other banks periodically solicited and reviewed.

The Foundation offers a wide variety of fund options to meet the varied needs of individual, family, business, and institutional donors. Executive Director Ashley Allison is available to discuss the process of setting up a fund at the Waco Foundation. He may be contacted at a.allison@wacofoundation.org or 254-855-2259.

Unrestricted Funds
Unrestricted funds are used by the Waco Foundation trustees to provide grants to deserving non-profits in the community. Five percent of the two discretionary funds, the John F. Horsfull, Jr. Fund and the Waco Foundation Unrestricted Fund, is distributed twice annually through a grant application process. The largest, the Waco Foundation Unrestricted Fund, was created in 1958 with a $30,000 gift from Robert B. Parrott and has grown to over $45,800,000 through a $14 million bequest from the estate of Stephen Goldstein in 1993 and gifts from community members.

Field of Interest Funds
Field of Interest funds support a particular area of concern such as education, the arts, social services or health. The Waco Foundation board of trustees awards grants on the basis of competitive applications to the most appropriate programs or organizations within the field specified.

Advised Funds
Advised Funds provide more involvement for donors, allowing recommended distributions to specific non-profit organizations, changing as the donor's interests and the community’s needs change. Similar to a private foundation, an advised fund gives the donor flexibility and convenience.

Designated Funds
Designated Funds ensure that permanent support will be provided to specific charities named by the donor. These funds are often created by the charity itself to take advantage of the benefits arising from association with a community foundation. Grants from this type of fund often provide operating support.

Scholarship Funds
Scholarship Funds are dedicated to the continued education or training of children or adults. Scholarship programs may be designed to meet certain specifications (for example, students in a specific area of study or academic achievement, financial need, students living in a specific geographic region, or attending a certain institution).