[2] The Frank Waters Foundation, founded in his name, strives to foster literary and artistic achievement in the Southwest United States.
His father, who was part Cheyenne, was a key influence in Water's interest in the Native American experience.
Immediately after leaving college, Waters took a job with the Southern California Telephone Company, working in Los Angeles and the surrounding area.
In 1936, Waters left L.A. and moved back and forth between Colorado and New Mexico, continuing to write and completing a biography of W. S. Stratton, Midas of the Rockies.
When World War II broke out, Waters moved to Washington, D.C. to work for the Office of the Coordinator of Inter-American Affairs.
Waters also held positions as information consultant for Los Alamos Scientific Laboratory, New Mexico, and for the City of Las Vegas, Nevada, (1952–1956).
The members of the foundation operate under the motto "Sheltering the creative spirit", by providing residencies for artists, musicians, and writers to work for short periods of time.