Lockett Foundation
- Assets
- $2.4m
- Revenue
- $2.1m
- Investments
- $140.2k
- Employees
- 0
- Location
- Vernon, TX
- Founding
- 03/1977
- Data as of
- 12/2021
- EIN
- 75-1534079
Organization Overview
Lockett Foundation is located in Vernon, TX. The organization was established in 1977. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lockett Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Lockett Foundation generated $2.1m in total revenue. All expenses for the organization totaled $100.8k during the year ending 12/2021. While expenses have increased by 24.0% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Lockett Foundation has awarded 59 individual grants totaling $202,034. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Lockett Cheslak President | 0 | $0 | |
Stephen Brantley Trustee | 0 | $0 | |
Robert Lightfoot Trustee | 0 | $0 | |
Michael N Underwood Vice-President | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $887 |
| Interest on Savings | $209 |
| Dividends & Interest | $699 |
| Net Rental Income | $7,679 |
| Net Gain on Sale of Assets | $2,061,604 |
| Capital Gain Net Income | $2,061,604 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $10,000 |
| Total Revenue | $2,083,923 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $917 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $2,120 |
| Total operating and administrative expenses | $3,787 |
| Contributions, gifts, grants paid | $97,000 |
| Total expenses and disbursements | $100,787 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,261,496 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $140,166 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $507 |
| Total assets | $2,402,169 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Lockett Foundation has awarded $97,000 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
Lubbock, TX PURPOSE: SCHOLARSHIP | $59,200 |
Lubbock, TX PURPOSE: ENDOWMENT TRUST | $30,000 |
Vernon, TX PURPOSE: OPERATION | $2,300 |
Blanco, TX PURPOSE: OPERATION | $1,000 |
Fredericksburg, TX PURPOSE: OPERATION | $1,000 |
HOLY GHOST LUTHERAN CHURCH PURPOSE: OPERATION | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Arnall Family Foundation Inc Oklahoma City, OK | $11,371,239 | $12,792,638 |
Houston Endowment Inc Houston, TX | $2,683,938,862 | $265,655,014 |
J E And L E Mabee Foundation Inc Midland, TX | $754,241,961 | $130,151,698 |
Rainwater Charitable Foundation Fort Worth, TX | $856,887,520 | $46,265,349 |
The Samuel Roberts Noble Foundation Ardmore, OK | $1,183,090,626 | $85,581,097 |
Kinder Foundation Houston, TX | $141,449,180 | $60,608,944 |
Rees-Jones Foundation Dallas, TX | $0 | $116,553,438 |
Meadows Foundation Incorporated Dallas, TX | $777,502,701 | $134,484,682 |
Rob And Melani Walton Foundation Bentonviille, AR | $541,056,642 | $120,568,910 |
Amon G Carter Foundation Fort Worth, TX | $464,730,205 | $54,557,293 |
Wend Ii Inc Bentonville, AR | $174,655,774 | $207,303,582 |
Anne And Henry Zarrow Foundation Tulsa, OK | $347,173,230 | $36,385,260 |