The initial funding came from Woodforest National Bank and its officers, directors and employees. However, individuals, corporations and other foundations are also encouraged to show their support for the communities that Woodforest National Bank serves by making a donation to the Foundation. Tax-deductible donations can be made in the form of cash, securities, life insurance beneficiaries, and gift planning such as bequests, pension plan beneficiaries, and charitable remainder trusts.

As a private foundation, Woodforest Charitable Foundation's primary purpose is to provide funding to qualifying 501(c)(3) charities. It is the Foundation's wish to focus primarily on the communities that are served by Woodforest National Bank. The Foundation intends to pre-select the charities to which it will make gifts annually.