Thomas W and Lolita Gayle Scholarship Fund
Thomas W and Lolita Gayle Scholarship Fund is a private foundation focused on Education, based in Dallas, TX. IRS filing data is available from 2020 through 2026. As of 2026, the organization holds $661K in total assets. In 2026, it awarded 6 grants totaling $22K. Net investment income was $85K.
Thomas W and Lolita Gayle Scholarship Fund at a glance
In short: Thomas W and Lolita Gayle Scholarship Fund gave $22K across 6 grants in 2026 (avg $4K), mostly in Virginia. Source: 2026 IRS Form 990-PF.
- Annual giving (2026)
- $22,000
- -4.3% vs 2025
- Grants made (2026)
- 6
- -14.3% vs 2025
- Average grant
- $3,667
- +11.6% vs 2025
- Median grant
- $3,000
- Total assets
- $660,661
- +13.7% vs 2025
- Primary geography
- Virginia (86% of itemized 2026 grant dollars)
- Latest 990 filing
- Form 990-PF, 2026 View filing
Data from IRS Form 990-PF, 2026; updated September 2026.
Who Thomas W and Lolita Gayle Scholarship Fund funds
How this funder distributes its grants
Top Recipients
Top 5 recipients in 2026
The largest 2026 recipient was Randolph-Macon College ($5K). Together the top 5 received $19K.
Organizations only. It also paid 1 individual scholarship ($3,000), which are not listed by name.
Grant Size Distribution
33 grants across all recorded years
The most common grant size was under $50K: 33 grants of 33 (100%).
Geographic Focus
Where this funder awards grants
Grant Distribution by State
Share of 2026 grant dollars across all 6 itemized grants.
Cities
How Thomas W and Lolita Gayle Scholarship Fund gives
- Giving held roughly steady from 2023 to 2026 (−19%). Method
- In 2026 it paid out 72% of its IRS minimum distribution (the 5% rule). Foundations have until the end of the next year to meet it. Method
From the foundation's IRS Form 990-PF filings. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2020 to 2026, annual grant giving ranged from $12K (2021) to $34K (2020). In 2026 it made 6 grants totaling $22K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Randolph-Macon College Ashland, VA | Scholarships | $5,000 |
| James Madison University Harrisonburg, VA | Scholarships | $5,000 |
| Washington & Lee University Lexington, VA | Scholarships | $3,000 |
| College of William & Mary Williamsburg, VA | Scholarships | $3,000 |
| 1 individual scholarship Recipients not named | — | $3,000 |
| University of South Alabama Mobile, AL | Scholarships | $3,000 |
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Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2026 | $660,661 | $92,671 | $35,168 | $22,000 | 6 | $26,677 | $85,098 | $37,015 |
| 2025 | $581,035 | $56,526 | $38,842 | $23,000 | 7 | $31,518 | $48,897 | $34,386 |
| 2024 | $566,203 | $21,373 | $39,083 | $24,000 | 6 | $32,738 | $13,324 | $31,705 |
| 2023 | $578,108 | $-14,329 | $37,434 | $27,000 | 7 | $28,517 | $6,576 | $30,493 |
| 2022 | $627,349 | $126,676 | $43,650 | $30,000 | 7 | $35,572 | $118,707 | $35,036 |
| 2021 | $607,962 | $43,914 | $22,553 | $12,000 | 3 | — | $37,830 | $32,180 |
| 2020 | $516,151 | $38,419 | $42,738 | $34,000 | 5 | — | $34,853 | $28,992 |
Under IRS private-foundation payout rules, Thomas W and Lolita Gayle Scholarship Fund reported a distributable amount of $37K for 2026 — the minimum it must pay out in qualifying distributions.
Leadership & Key People
Officers and directors from IRS filings
Thomas W and Lolita Gayle Scholarship Fund's only listed officer is Bank Of America, Trustee on every filing since 2022 (compensated).
Officers on the 2026 filing
Bank Of America
Trustee
On filings since 2022
1 hr/week
$10K (2022) → $11K (2026)
Former officers (1)
- Former: Bank Of America NA (2020–2021) — Trustee
Data from IRS Form 990 filings, 2020–2026. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Compensation Overview
From 2026 IRS filing
The highest reported compensation on the 2026 filing was $11K, to Bank of America (Trustee).
Frequently asked questions about Thomas W and Lolita Gayle Scholarship Fund
How much does Thomas W and Lolita Gayle Scholarship Fund give each year?
Thomas W and Lolita Gayle Scholarship Fund gave $22K across 6 grants in 2026, according to its 2026 IRS Form 990-PF. In 2025 it gave $23K across 7 grants.
What is Thomas W and Lolita Gayle Scholarship Fund's typical grant size?
Thomas W and Lolita Gayle Scholarship Fund's median grant in 2026 was $3,000, and its average grant was $3,667, across 6 grants on its 2026 IRS Form 990-PF.
Where does Thomas W and Lolita Gayle Scholarship Fund give grants?
Thomas W and Lolita Gayle Scholarship Fund gives mostly in Virginia: 86% of the grant dollars itemized on its 2026 IRS Form 990-PF went to recipients there. The next largest state was Alabama (14%).
Does Thomas W and Lolita Gayle Scholarship Fund give general operating support?
Not in 2026: none of the 6 grants with a stated purpose on Thomas W and Lolita Gayle Scholarship Fund's 2026 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Scholarships" (6 grants).
Who are Thomas W and Lolita Gayle Scholarship Fund's largest grantees?
Thomas W and Lolita Gayle Scholarship Fund's largest 2026 grantees include Randolph-Macon College ($5,000), James Madison University ($5,000) and Washington & Lee University ($3,000), according to its 2026 IRS Form 990-PF. It also paid 1 individual scholarship ($3,000), which are not listed by name. Together they received 59% of its itemized 2026 grant dollars.
How large is Thomas W and Lolita Gayle Scholarship Fund?
Thomas W and Lolita Gayle Scholarship Fund reported $661K in total assets on its 2026 IRS Form 990-PF. It paid out $27K in qualifying distributions that year, against a required minimum of $37K (roughly 5% of its investment assets). Falling short in one year is not a violation: foundations have until the end of the next year to meet the minimum.
What is Thomas W and Lolita Gayle Scholarship Fund?
Thomas W and Lolita Gayle Scholarship Fund is a private foundation focused on Education, based in Dallas, TX. It holds $661K in total assets as of 2026.
What is Thomas W and Lolita Gayle Scholarship Fund's EIN?
Thomas W and Lolita Gayle Scholarship Fund's EIN (Employer Identification Number) is 54-6395347. IRS Form 990 filing data is available on this page for 2020–2026.
Data last updated September 2026. Sourced from IRS Form 990-PF filings.
Data update history
(2)
When this profile's IRS filing data changed on Grantable
- Added Form 990-PF for fiscal year 2026 (received by the IRS August 25, 2026)
- IRS filings on file for fiscal years 2020–2025
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