In July 2010 the WCP was awarded a grant of $281,000 US (£176,145 GBP) from the Andrew W. Mellon Foundation to fund Phase 1 of its work. This funding ran from 18th October 2010 (start of the project) until 13 May 2014.
In February 2011 the A. R. Wallace Memorial Fund (http://wallacefund.info/) paid a programmer £500 to design the the Project's MS Access database, which will be used to catalogue Wallace's surviving correspondence. The WCP's Mellon grant does not include money to pay for the construction of databases or websites.
In March 2014 the project received a grant of $109,989 US (= £64,972 GBP) from the Alfred Russel Wallace Centenary Celebration, directed by Richard Milner, a project funded by the John Templeton Foundation, USA. This paid the costs of the WCP for 1 year and the funding ran from 14 May 2014 until 13 May 2015.
As of April 2017, the project is awaiting a grant of c. £500,000 GBP for Phase 2 of the project from the John Templeton Foundation (USA), which will fund the project for 33 months. The start date for this grant has not been established yet. This grant will be administered by the Charles Darwin Trust.