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Waco Foundation
Waco Foundation was established in 1958 to serve as the primary community foundation for McLennan County, Texas. Executive Director Ashley Allison oversees...
Waco Foundation
Waco Foundation was established in 1958 to serve as the primary community foundation for McLennan County, Texas. Executive Director Ashley Allison oversees daily operations and community engagement, while Dillon Meek, former Mayor of Waco, chairs the Investment Committee. The foundation's corpus is built on contributions from local donors rather than a single family's wealth, and it reports $20 million distributed across various charitable funds. The foundation's investment posture mixes fund-of-funds commitments, direct commercial real estate — including The Avenue Nonprofit Center at 1224 Austin Avenue and a property on North Valley Mills Drive — and interests in marketable alternatives. A distinctive slice of the portfolio involves mineral and oil and gas interests, a legacy position that ties the endowment to Texas's energy economy. The foundation also accepts cryptocurrency donations, signaling a willingness to capture newer forms of philanthropic capital. Grantmaking focuses on local nonprofits, frequently executed in partnership with organizations like United Way of Waco-McLennan County and The Texas Tribune for local news initiatives. Waco Foundation is accredited by Community Foundations National Standards, a designation that requires adherence to governance and operational benchmarks. The foundation's internal legacy society, known as the Pie Society, recognizes donors who have made planned gifts to ensure long-term mission continuity. The Duncan Scholars program, founded by Trustee Malcolm Duncan Jr., represents its flagship education initiative. Leadership combines philanthropic experience with civic ties — Meek's tenure as mayor connects the foundation directly to municipal priorities. The foundation's most distinctive structural feature is its hybrid asset base. Unlike most community foundations that hold predominantly liquid securities, Waco Foundation carries direct interests in commercial properties and subsurface mineral rights — an uncommon blend for an institution of its size. This creates an endowment with cash flows partially decoupled from public markets and tied to regional land use, while the fund-of-funds sleeve provides diversification across private and public strategies.
General information
Firm type
Endowment / Foundation
Year founded
1958
Location
Region
North America
Country
United States
City
Waco
Corporate office
1224 Austin Avenue, Suite 100, Waco, TX 76701, United States
Principals
Ashley Allison
Executive Director
Dillon Meek
Secretary/Treasurer, Chair of the Investment Committee
Malcolm Duncan Jr.
Trustee
Sector focus
Frequently asked questions
Who runs investment decisions at Waco Foundation?
The Investment Committee is chaired by Dillon Meek, Secretary/Treasurer of the foundation and former Mayor of Waco. He works alongside Executive Director Ashley Allison and the board of trustees to set asset allocation and manager selection. The foundation uses external managers through a fund-of-funds structure for a portion of its assets, while directly overseeing its commercial real estate and mineral interests.
How does Waco Foundation's portfolio differ from a typical community foundation?
Most community foundations hold portfolios concentrated in publicly traded securities and commingled funds. Waco Foundation carries direct commercial real estate holdings and mineral and oil and gas interests — tangible, regionally anchored assets that produce cash flows only partially correlated with public equity and bond markets. This hybrid structure is uncommon for a foundation of its size and reflects the historical asset base of its donor contributions.
Does Waco Foundation accept non-cash donations?
Yes. The foundation maintains a cryptocurrency donation program and has historically accepted gifts of mineral interests and commercial property. The crypto donation capability is a relatively recent addition that aligns with its strategy to accommodate varied forms of philanthropic capital from McLennan County donors.
Where does Waco Foundation's capital come from?
The foundation is a community endowment, not a single-family office. Its assets have been built over decades through contributions from multiple McLennan County donors and bequests. The internal Pie Society marks donors who have committed to planned legacy gifts. Additionally, oil and gas royalties generated from donated mineral interests flow back into the endowment for grantmaking.
How does Waco Foundation distribute grants?
Grants go to nonprofits serving McLennan County, Texas. The foundation has partnered with the United Way of Waco-McLennan County on initiatives including a COVID-19 Community Response Fund, and with The Texas Tribune to launch a local newsroom. The Duncan Scholars program, founded by Trustee Malcolm Duncan Jr., channels education-focused grants. Specific grant guidelines and application windows are published on the foundation's website.
Is Waco Foundation accredited by any oversight body?
Yes. Waco Foundation holds accreditation through Community Foundations National Standards, a program that verifies compliance with governance, grantmaking, and operational benchmarks for community foundations across the United States. This designation is reviewed periodically and signals adherence to best practices in donor stewardship and fiduciary management.
What role does Dillon Meek's mayoral background play at the foundation?
Dillon Meek served as Mayor of Waco, which gives the foundation's Investment Committee chair direct insight into municipal priorities, economic development challenges, and community needs. This civic connection strengthens the foundation's alignment between its investment strategy — particularly its local commercial real estate holdings — and its grantmaking mission.
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