The Lockett Foundation Inc
The Lockett Foundation Inc is a private foundation, based in VERNON, TX. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $2.3M in total assets. In 2024, it awarded 10 grants totaling $113K. Net investment income was $120K.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$2.3M
+0.4% YoY
Annual Giving
$113K
+56.7% YoY
Grant Count
10
+11.1% YoY
Avg Grant Size
$11K
+41.1% YoY
Under IRS private-foundation payout rules, The Lockett Foundation Inc reported a distributable amount of $119K for 2024 — the minimum it must pay out in qualifying distributions.
About The Lockett Foundation Inc
Based on IRS filings
The Lockett Foundation Inc is a private foundation, based in VERNON, TX. IRS filing data is available from 2020 through 2024. As of 2024, the organization holds $2.3M in total assets. In 2024, it awarded 10 grants totaling $113K. Net investment income was $120K.
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Geographic Focus
Where this funder awards grants
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $2,316,833 | $2,308,327 | $2,348,491 |
| Revenue | $123,717 | $33,922 | $36,723 |
| Expenses | $115,211 | $74,086 | $90,401 |
| Qualifying Distributions | $113,925 | $72,868 | $60,875 |
| Net Investment Income | $120,165 | $29,555 | $34,216 |
| Distributable Amount | $118,501 | $113,781 | $118,411 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
44 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Texas Tech Alumni Association (TTAA) ($55,000), Texas Tech Foundation ($40,250), Boys & Girls Club of Vernon ($4,300).
| Recipient | Purpose | Amount |
|---|---|---|
| Blanco Education Foundation Blanco, TX | Operation | $2,000 |
| Boys & Girls Club of Vernon Vernon, TX | Operation | $4,300 |
| Gillespie County Historical Society Fredericksburg, TX | Operation | $2,000 |
| Holy Ghost Lutheran Church Fredericksburg, TX | Operation | $2,000 |
| Red River Valley Museum Vernon, TX | Operation | $500 |
| Ronald McDonald House Lubbock, TX | Operation | $2,000 |
| Texas Tech Alumni Association (TTAA) Lubbock, TX | Endowment Trust | $55,000 |
| Texas Tech Foundation Lubbock, TX | Scholarship | $40,250 |
| Vernon College Vernon, TX | Operation | $3,000 |
| Admiral Minitz Foundation Fredericksburg, TX | Operation | $2,000 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Linda Lockett Cheslak | President | — | — |
| Michael N Underwood | Vice-President | — | — |
| Stephen Brantley | Trustee | — | — |
| Robert Lightfoot | Trustee | — | — |
Frequently Asked Questions
How large is The Lockett Foundation Inc?
As of 2024, The Lockett Foundation Inc holds $2.3M in total assets with $124K in annual revenue. It awarded 10 grants totaling $113K in 2024.
Where does The Lockett Foundation Inc operate?
The Lockett Foundation Inc has awarded grants in Texas.
What size grants does The Lockett Foundation Inc award?
In 2024, The Lockett Foundation Inc awarded 10 grants totaling $113K — an average of about $11K per grant, based on its IRS Form 990 filings.
How much is The Lockett Foundation Inc required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, The Lockett Foundation Inc reported a distributable amount of $119K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
What is The Lockett Foundation Inc's EIN?
The Lockett Foundation Inc's EIN (Employer Identification Number) is 75-1534079. IRS Form 990 filing data is available on this page for 2020–2024.
Explore Open Grants
Browse active grant opportunities in The Lockett Foundation Inc's focus areas in our free grants database
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Data last updated April 2026. Sourced from IRS Form 990-PF filings.
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