WACF Fund Requirements

Scholarship Fund: $25,000 Requirement — The Fund may be started with a smaller amount and be increased to the $25,000 requirement over a five year period. Minimum scholarship(s) 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: The Fund may be started with a minimum $5,000 deposit. There must be activity within a 3-year period. If there is no activity, the funds may be moved to the Foundation’s Community Fund. If the fund balance drops below $5,000, the donor has three years to contribute additional funding. If this does not happen, the funds may be moved to the Foundation’s Community Fund. This type of fund is charged a yearly administrative fee.

Project Account Fund: Funds in this type of account are to be used for a designated project within two years of opening the fund. Funds left after the two-year deadline may be moved to the Foundation’s Community Fund. This type of fund is charged an upfront $500 fee as the only administrative fee.

Gift Account Fund: Funds in this type of account are to be used as a short-term donor advised fund that is intended to disburse to qualifying charities all of the monies gifted to the account. A minimum $5,000 is required to establish a Gift Account. No minimum balance is required to maintain the account once it has been opened. The Foundation keeps any income earned from this type of fund in lieu of the normal administrative fees.

Approved by WACF Board of Trustees July 16, 2019