WACF Fund Requirements

Scholarship Fund – $25,000 Requirement – The fund may be started with a lesser amount and be increased to the $25,000 requirement over a five (5) year period.   Minimum scholarships of $1,000 per year are to be distributed once the fund reaches $25,000.

This type of fund is charged a yearly administrative fee.

Donor Advised Fund – A minimum of $5,000 to start the fund.

There must be activity within a 3-year period, if no activity the funds may be moved to the Foundation’s Community Fund.

If the fund drops below $5,000 the donor has 3 years to contribute additional $$.  Otherwise, the funds may be moved to the Foundation’s Community Fund.

This type of fund is charged a yearly administrative fee.

Project Accts – Money in this account is to be used for designated project within two years of account being opened. Money left after the two-year deadline may be moved into the Foundation’s Community Fund.

This type of fund is charged a one-time administrative fee determined by the fee schedule set by the board of trustees.

Gift Accounts – This is a short-term donor advised fund that is intended to disburse to qualifying charities all of the monies gifted to the account. A minimum of $5,000 is needed to start a gift account. No minimum balance is necessary to maintain the account once it has been opened.

The Foundation, in lieu of an administrative fee, keeps any income made from this type of fund.