Lockett Foundation
- Assets
- $2.3m
- Revenue
- $36.7k
- Investments
- $2.3m
- Employees
- 0
- Location
- Vernon, TX
- Founding
- 03/1977
- Data as of
- 12/2022
- 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 12/2022, Lockett Foundation generated $36.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $90.4k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Lockett Foundation has awarded 61 individual grants totaling $246,434. 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 | |
Michael N Underwood Vice-President | 0 | $0 | |
Stephen Brantley Trustee | 0 | $0 | |
Robert Lightfoot Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,932 |
| Interest on Savings | $323 |
| Dividends & Interest | $26,182 |
| Net Rental Income | $20,799 |
| Net Gain on Sale of Assets | $193 |
| Capital Gain Net Income | $193 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | -$12,706 |
| Total Revenue | $36,723 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $28,775 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $176 |
| Total operating and administrative expenses | $30,101 |
| Contributions, gifts, grants paid | $60,300 |
| Total expenses and disbursements | $90,401 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $39,624 |
| Savings and temporary cash investments | $29,729 |
| 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 | $428 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $427,725 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $507 |
| Total assets | $2,348,491 |
| 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 $60,300 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
BOYS & GIRLS CLUB OF VERNON PURPOSE: OPERATION | $2,300 |
HOLY GHOST LUTHERAN CHURCH PURPOSE: OPERATION | $1,000 |
BLANCO EDUCATION FOUNDATION PURPOSE: OPERATION | $1,000 |
HILL COUNTRY MEMORIAL HOSPITAL PURPOSE: OPERATION | $1,000 |
RED RIVER VALLEY MUSEUM PURPOSE: OPERATION | $500 |
TEXAS TECH ALUMNI ASSOCIATION (TTAA) PURPOSE: ENDOWMENT TRUST | $20,000 |