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The phrase "a waste of funding" is correct and usable in written English.
It can be used when discussing the inefficient or ineffective use of financial resources in a project or initiative.
Example: "Investing in that outdated technology is clearly a waste of funding, as it does not meet our current needs."
Alternatives: "a misuse of funds" or "an inefficient allocation of resources".
Exact(2)
Although initially successful, MAC was criticized by politicians and newspaper editors who felt it was a waste of funding in a state that was growing increasingly industrial.
The latter would be a waste of funding, effort and time.
Similar(58)
Conservatives want us to believe that walkable neighborhoods are a hippie dream, and public transit is a waste of funds.
An arts programme is not a waste of funds; it's how a young man finds a way to express himself.
The judge said shareholders did not prove that the provision was a waste of funds and that Disney received nothing of value even though the severance package might be the largest ever paid to a United States executive.
Back in the 1960s, was Head Start a "waste of funds," as often alleged, because it was a poor idea (this was the conventional view) or because it was implemented at the operating level by inadequately skilled people (an alternative view)?
Long decried as a waste of funds and a blemish on the city's art scene, an outdated 1980s South Korean law mandates that every new skyscraper has to commission a work of public art, giving rise to haphazard, second-thought sculptures.
So it is a sad story to me… It's a waste of funds and all that, just training them and leaving them like that".
British Basketball said the decision was a "waste" of previous funding in the run-up to the London Games.
Officials from the state of New York stopped the replacement project in 2012 due to concerns of the local preservationist group, Save the Pond Eddy Bridge, which complained that the $12 million (2012 USD) project would only serve twelve families in Shohola Township and was a waste of taxpayer funding.
While few of the measures Republicans sought would cut spending -- in the case of funds used by Planned Parenthood, it would simply move them -- Republicans repeatedly said supporting family planning groups was a waste of taxpayer funds.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com