Originally, a Deed established the Trust, at the desire of the Walloon Lake Association, to create a fund which would be used for charitable purposes, on August 31, 1978. It was amended on August 26, 1983, and again on November 26, 1996.
On October 27, 1998, Probate Judge Fredrick Mulhauser signed an order further amending the Deed of Trust, resulting in a name change to Walloon Lake Trust and Conservancy. During 2001, work was completed establishing a non-profit corporation, which has replaced the organization established with a Deed of Trust in 1978.
The funds of the Trust may only be distributed for charitable purposes pursuant to Internal Revenue Code Section 501(c)(3).