WatSEF (Waterloo Science Endowment Fund) is a student initiative that was enacted after a referendum in 1991 when 84.4% of Science Students voted in favour of instituting the $50 refundable fee. The Board of Directors, the majority of whom are students, approve all funding requests.

The Board of Directors holds a meeting once every year, open to all University of Waterloo students, to approve purchases of lab equipment from Wish Lists provided by Departmental Reps (Biology, Chemistry, Physics, Earth Science, Optometry, Pharmacy), as well as makes recommendations to purchases. 

Each term every full-time undergraduate student in science has the option to contribute $50 (tax-deductible donation) which is deposited into an endowment fund such that only the interest is spent on lab equipment purchases.