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Waco Foundation

EIN 74-6054628 · Waco, TX

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthStrong100 out of 100GovernanceStrong100 out of 100Impact evidenceDescribes programsHow well its results are evidenced

What it says it does

THE MISSION OF WACO FOUNDATION IS TO PROMOTE SOLUTIONS TO COMMUNITY CHALLENGES, STRENGTHEN LOCAL NONPROFITS, ENGAGE PHILANTHROPISTS AND MANAGE CHARITABLE ASSETS IN ORDER TO IMPROVE QUALITY OF LIFE IN MCLENNAN COUNTY.

Income
$16.8 million
Spending
$12.5 million
Spent on programs
87%
Reserves
68.9 months of spending
Largest source of income
donations and private grants, 63%
Employees
20
Volunteers
33
Highest pay
$257,585, executive director

Source: Form 990 for the year ending March 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Strong: 100 out of 100. Higher than 71% of charities in its peer group (philanthropy, $10m to $100m).

  • Reserves

    35 of 35

    Spendable reserves would cover 68.9 months of spending.

  • Debt

    20 of 20

    It owes 1% of what it owns.

  • Living within its means

    15 of 15

    Income exceeded spending by 26% of income.

  • Income trend

    15 of 15

    Income rose 96% on the year before.

  • Spending floor

    15 of 15

    87% of spending went to programs and raising each dollar of donations cost 1 cents.

Source: Form 990 for the year ending March 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Strong: 100 out of 100. Higher than 37% of charities in its peer group (philanthropy, $10m to $100m).

  • Independent board

    25 of 25

    11 of 11 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Pay set independently

    5 of 5

    Sets its chief executive's pay through independent review and comparison.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending March 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (4)
  1. $8.4 million spent. THIS INCLUDES ALL OTHER FUNDS OWNED AND MANAGED BY WACO FOUNDATION - 269 DESIGNATED, DONOR ADVISED, SCHOLARSHIP, FIELD OF INTEREST AND DISCRETIONARY FUNDS.
  2. $1.2 million spent. ORGANIZATIONAL MISSION" PROGRAM: THIS FUND PROVIDES GRANTS AND SERVICES THAT PROMOTE NONPROFIT AND PUBLIC SECTOR EFFORTS TO ADDRESS COMMUNITY CHALLENGES. PROGRAM ACTIVITIES INCLUDE, BUT ARE NOT LIMITED TO: (A) THE AWARD OF SMALL ASSISTANCE GRANTS TO HELP NONPROFITS SECURE NONPROFIT MANAGEMENT GUIDANCE, SERVICE OR EXPERTISE. THIS INCLUDES HELP FROM A PROFESSIONAL NONPROFIT CONSULTANT, TOPICAL TRAININGS (E.G. FUND DEVELOPMENT, PROPOSAL WRITING) OR PROFESSIONAL DEVELOPMENT COURSES; (B) PROVIDING ACCESS TO FIELD/SECTOR SPECIFIC EDUCATIONAL RESOURCES OR THE DELIVERY OF TRAININGS INTENDED TO SUPPORT COMMUNITY ORIENTED PROBLEM SOLVING AND SYSTEMS LEVEL STRATEGIZING (E.G. MEETING FACILITATION) (C) THE CREATION, IDENTIFICATION, OR SHARING (VIA WEBSITES AND NEWSLETTERS) OF RESOURCES AND INFORMATION ON A VARIETY OF TOPICS INCLUDING BUT NOT LIMITED TO FUND DEVELOPMENT, FINANCIAL MANAGEMENT AND SUSTAINABILITY, LEADERSHIP, BEST PRACTICES IN NONPROFIT MANAGEMENT. (D) THE DELIVERY OF A CIVIC/COMMUNITY-ORIENTED LEADERSHIP SKILLS DEVELOPMENT PROGRAM. (E) SUPPORTING EFFORTS TO ADDRESS EARLY CHILDHOOD QUALITY OF LIFE FACTORS.
  3. $943,971 spent. WACO FOUNDATION OPERATING FUND: THIS FUND IS THE ORGANIZATION'S PRIMARY COMPETITIVE GRANTMAKING FUND, PROVIDING GRANTS TO NONPROFITS THAT SERVCE MCLENNAN COUNTY RESIDENTS, ALONG WITH OTHER FUNDS (DISCRETIONARY AND SELECTED FIELD OF INTEREST FUNDS) THAT SUPPORT OUR COMPETITIVE GRANT PROGRAM. THE FOUNDATION PROVIDES SUPPORT TO SEVERAL COMMUNITY WIDE EFFORTS DESIGNED TO END SYSTEMIC POVERTY AND PROMOTE EDUCATION AND HEALTH. THE GRANTS MADE FROM OUR DISCRETIONARY PROGRAM BENEFITED OVER 11 INSTITUTIONS AND ORGANIZATIONS, INCLUDING SMALL NONPROFITS, WHICH ADDRESS BASIC HUMAN NEEDS, TO LARGE INSTITUTIONS WORKING TO INTERVENE WITH SYSTEMIC ISSUES THAT LEAD TO POVERTY.
  4. $350,352 spent. DUNCAN SCHOLARS PROGRAM: THIS FUND SERVES AS AN ENHANCED EFFORT TO INCREASE COLLEGE COMPLETION RATES WHICH ELIMINATING STUDENT DEBT. QUALIFYING STUDENTS GRADUATING FROM WACO HIGH AND UNIVERSITY HIGH SCHOOLS ARE INVITED TO PARTICIPATE IN DUNCAN SCHOLARS. PARTICIPANTS RECEIVE ONE-ON-ONE FINANCIAL AID AND COLLEGE/CAREER ADVISING, ACCESS TO EMERGENCY ASSISTANCE FUND AND FULL-TUITION SCHOLARSHIPS FOR THEIR FIRST AND SECOND YEARS AT MCLENNAN COMMUNITY COLLEGE. IN ADDITION, STUDENTS WHO CONTINUE THEIR EDUCATION THROUGH THE UNIVERSITY CENTER OR BAYLOR UNIVERSITY ARE ELIGIBLE TO RECEIVE FULL-TUITION FOR THEIR LAST TWO YEARS. DURING THE 2024 TAX YEAR, 116 STUDENTS PARTICIPATED IN DUNCAN SCHOLARS.

Source: Form 990 for the year ending March 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending March 2025.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since August 1963.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.