The Boom! Studios editor-in-chief (Kingdom Come, Irredeemable) joins the ranks of industry veterans including Joe Quesada, George Pérez, Denny O'Neil, John Romita Sr and director Guillermo del Toro who work for the charity.
The Hero Initiative offers support to struggling comics creators, ranging from assistance with medical bills and rent to helping them find employment.
"Why is pitching in important to me? Because it's the right thing to do, full stop," Waid told CBR.
"I've been very fortunate in my life and my career when there are so, so many other creators who are so much more talented than I am who've hit hard times and had bad breaks - that's not fair and that's not right, and if I have the power to address that injustice, it's my moral obligation to do so.
"Help me get the word out: despite what some might think, the fund's disbursements are not limited to Golden or Silver Age creators. We're eager and ready to help whoever we can whenever we can, young or old."