The fund was established to give grants to projects that support endangered wildlife. Its launch coincided with the start last weekend of Saving Planet Earth, a TV series whose presenters include David Attenborough.
Intelligent Giving said the fund's website gave examples of how the money would be spent - by paying the wages for a rhino warden, for example - but that there was no guarantee organisations in the examples would apply for or get grants.
Adam Rothwell, features editor of Intelligent Giving, said: "There seems to be inconsistency here."
Bernard Mercer, chairman of the BBC Wildlife Fund, said that Intelligent Giving had misinterpreted the charity's website.
"We have made it clear that we can't say where the money is going until we know how much money we are going to get," said Mercer. "The appeals highlighted are intended to paint a picture of the kinds of ways that the money will be spent.
"All the projects featured throughout the series will have an opportunity to apply for funding."