In 1984, to honor two dedicated past executive secretaries of the New York State Assessors' Association, the "Way-Costello Fund" was established. Advancement of assessor education was a primary focus of both men, and the Association recognized the need to begin a fund to help defray the costs associated with education.

The fund has thrived over the years thanks to the leadership and dedication of past trustees who are appointed by the President of the New York State Assessors' Association and the Chairperson of the Institute of Assessing Officers. The term of office is five years. According to the Constitution and Bylaws of the organization, "All contributions and donations to "The Fund" from and after its creation shall be held in separate fund and all income derived from the principal amount plus any principal in excess of $100,000 shall be made available for educational purposes."

The main source of income for the Fund are, 50/50's, raffle at the fall conference, advertisements in the NYSAA Bulletin, vendor space at the fall conference and private donations.

The current Trustees are: