LOCUS IMPACT FUND: Form 990, tax year 2023
View the entire original 990 at ProPublica ↗
- Organization
- LOCUS IMPACT FUND (EIN 54-1754009)
- Tax period
- 2023-01-01 to 2023-12-31
- Filed
- 2024-11-11
- IRS object ID
- 202403169349305260
- Schema version
- 2023v5.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2024-11-11T14:56:37-06:00 | ReturnTs |
| Tax Period End | 2023-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 540504608 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BROWN EDWARDS & COMPANY LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 3906 ELECTRIC ROAD | AddressLine1Txt |
| City | ROANOKE | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 24018 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2023-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 541754009 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | LOCUS IMPACT FUND | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | LOCU | BusinessNameControlTxt |
| Phone | 5402603126 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 110 PEPPERS FERRY ROAD NW | AddressLine1Txt |
| City | CHRISTIANSBURG | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 24073 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | CLYDE A CORNETT JR | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Phone | 5402603126 | PhoneNum |
| Signature | 2024-10-28 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| IRS Responsible Prty Info Curr | 0 | IRSResponsiblePrtyInfoCurrInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | PATRICK PITTMAN | PreparerPersonNm |
| PTIN | P00587461 | PTIN |
| Phone | 5403450936 | PhoneNum |
| Preparation | 2024-10-28 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2023 | TaxYr |
| Build TS | 2024-10-15 13:58:12Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | CLYDE A CORNETT JR | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 110 PEPPERS FERRY ROAD NW | AddressLine1Txt |
| City | CHRISTIANSBURG | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 24073 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $9,663,342 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | WWW.VACOMMUNITYCAPITAL.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1995 | FormationYr |
| Legal Domicile State | VA | LegalDomicileStateCd |
| Activity Or Mission | OUR MISSION IS TO OFFER INNOVATIVE, FLEXIBLE FINANCIAL PRODUCTS DESIGNED TO SUPPORT HOUSING AND COMMUNITY DEVELOPMENT VENTURES, INCREASE JOBS AND BUILD SUSTAINABLE COMMUNITIES. VCC OFFERS LOAN CAPITAL THAT IS BROADER THAN BANK LENDING TO PROJECTS THAT HAVE A POSITIVE IMPACT IN LOW TO MODERATE INCOME COMMUNITIES IN UNDERSERVED GEOGRAPHIES AND MARKETS. | ActivityOrMissionDesc |
| Voting Members Governing Body | 17 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 13 | VotingMembersIndependentCnt |
| Total Employee | 105 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $6,626,276 | PYContributionsGrantsAmt |
| CY Contributions Grants | $5,045,476 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $2,297,394 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $2,985,950 | CYProgramServiceRevenueAmt |
| PY Investment Income | $2,008 | PYInvestmentIncomeAmt |
| CY Investment Income | -$601 | CYInvestmentIncomeAmt |
| PY Other Revenue | $630,973 | PYOtherRevenueAmt |
| CY Other Revenue | $1,629,873 | CYOtherRevenueAmt |
| PY Total Revenue | $9,556,651 | PYTotalRevenueAmt |
| CY Total Revenue | $9,660,698 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $635,000 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $60,000 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $2,699,637 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $5,289,916 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $1,763,302 | PYOtherExpensesAmt |
| CY Other Expenses | $3,383,266 | CYOtherExpensesAmt |
| PY Total Expenses | $5,097,939 | PYTotalExpensesAmt |
| CY Total Expenses | $8,733,182 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $4,458,712 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $927,516 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $68,117,321 | TotalAssetsBOYAmt |
| Total Assets EOY | $90,026,619 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $49,170,441 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $64,803,581 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $18,946,880 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $25,223,038 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | OUR MISSION IS TO OFFER INNOVATIVE, FLEXIBLE FINANCIAL PRODUCTS DESIGNED TO SUPPORT HOUSING AND COMMUNITY DEVELOPMENT VENTURES, INCREASE JOBS AND BUILD SUSTAINABLE COMMUNITIES. VCC OFFERS LOAN CAPITAL THAT IS BROADER THAN BANK LENDING TO PROJECTS THAT HAVE A POSITIVE IMPACT IN LOW TO MODERATE INCOME COMMUNITIES IN UNDERSERVED GEOGRAPHIES AND MARKETS. | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $6,853,529 | ExpenseAmt |
| Grant | $60,000 | GrantAmt |
| Revenue | $4,615,222 | RevenueAmt |
| Desc | AID COMMUNITY DEVELOPMENT BY PROVIDING LOANS, LOAN GUARANTEES AND OTHER FORMS OF DEBT OR EQUITY FINANCING FOR COMMUNITY AND BUSINESS ORGANIZATIONS, AS WELL AS TO PROVIDE TRAINING AND TECHNICAL ASSISTANCE TO BUSINESS OWNERS AND MANAGERS. | Desc |
| Total Program Service Expenses | $6,853,529 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (1) | DescribedInSection501c3Ind |
| Schedule B Required | Yes (1) | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | 0 | LobbyingActivitiesInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | Yes (1) | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | 0 | RelatedOrganizationCtrlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 68 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 105 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 17 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 13 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | Yes (1) | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | 0 | MembersOrStockholdersInd |
| Election Of Board Members | 0 | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | 0 | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | CLYDE A CORNETT JR | PersonNm |
| Phone | 5402603126 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 110 PEPPERS FERRY ROAD NW | AddressLine1Txt |
| City | CHRISTIANSBURG | CityNm |
| State Abbreviation | VA | StateAbbreviationCd |
| ZIP | 24073 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (21 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| SHERRY MAGILL | ||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $0 | $10,550 | $0 | ||
| DIXON HANNA | ||||||||
| CHARIMAN | 1.00 | 1.00 | Yes (X) | $0 | $13,700 | $0 | Yes (X) | |
| JAMES W HARKNESS JR | ||||||||
| VICE CHAIR | 1.00 | 1.00 | Yes (X) | $0 | $14,850 | $0 | Yes (X) | |
| CHARLIE H MILLS III | ||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $0 | $13,700 | $0 | ||
| CATHY DOLAN | ||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $1,500 | $15,950 | $0 | ||
| CLYDE CORNETT | ||||||||
| TREASURER | 17.00 | 23.00 | Yes (X) | $110,809 | $153,022 | $0 | Yes (X) | |
| AMIR KIRKWOOD | ||||||||
| PRESIDENT & CEO | 17.00 | 23.00 | Yes (X) | $162,922 | $224,988 | $0 | Yes (X) | |
| MARY DWYER PEMBROKE | ||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $11,050 | $1,250 | $0 | ||
| KIM ARMSTRONG | ||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $1,750 | $14,350 | $0 | ||
| JACKIE PUENTE | ||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $12,000 | $0 | $0 | ||
| FLORENCE KINGSTON | ||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $0 | $15,750 | $0 | ||
| WILLIAM SHELTON | ||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $0 | $14,700 | $0 | ||
| ASHLEY N COLEMAN | ||||||||
| ASSISTANT SECRETARY | 17.00 | 23.00 | Yes (X) | $61,051 | $84,309 | $0 | Yes (X) | |
| AKSHA NANDAKUMAR | ||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $11,400 | $0 | $0 | ||
| STACEY ANTONELLI-CHRISTENSEN | ||||||||
| SECRETARY | 17.00 | 23.00 | Yes (X) | $38,796 | $53,576 | $0 | Yes (X) | |
| DAVID EDWARDS | ||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $0 | $1,000 | $0 | ||
| DEBORAH MARKLEY | ||||||||
| EXECUTIVE DIRECTOR, LOCAL INVESTMENT STRATEGY | 38.00 | 2.00 | $188,836 | $9,939 | $0 | Yes (X) | ||
| TAMMY JACKSON | ||||||||
| CHIEF HUMAN RESOURCES OFFICER, SVP | 17.00 | 23.00 | $83,254 | $114,970 | $0 | Yes (X) | ||
| PETER TAYLOR | ||||||||
| CHIEF OPERATIONS OFFICER, SVP | 17.00 | 23.00 | $93,169 | $128,662 | $0 | Yes (X) | ||
| JAMES BAEK | ||||||||
| SR. VICE PRESIDENT, CIGP | 40.00 | 0.00 | $245,251 | $0 | $0 | Yes (X) | ||
| CAROLINE NOWERY | ||||||||
| CHIEF OF EXTERNAL AFFAIRS | 17.00 | 23.00 | $76,995 | $106,326 | $0 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,098,783 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $991,592 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $0 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 5 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (3 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| TRUE PATH ADVISORY GROUP LLC | |||||
| 10 OAK GLEN DR | LANDENBERG | PA | 19350 | CONSULTING | $209,431 |
| FENTON COMMUNICATIONS INS | |||||
| 244 MADISON AVENUE SUITE 307 | NEW YORK | NY | 10016 | CONSULTING | $203,450 |
| LAUREN DESIMONE | |||||
| 2902 NEW KENT AVE | RICHMOND | VA | 23225 | CONSULTING | $134,200 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 3 | CntrctRcvdGreaterThan100KCnt |
| Government Grants | $3,896,867 | GovernmentGrantsAmt |
| All Other Contributions | $1,148,609 | AllOtherContributionsAmt |
| Total Contributions | $5,045,476 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (2 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| LOAN INTEREST | 525990 | $2,846,553 | $2,846,553 |
| PROGRAM RELATED INVEST | 525990 | $139,397 | $139,397 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $2,985,950 | TotalProgramServiceRevenueAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $2,043 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | $2,644 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other | -$601 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$601 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | -$601 | RelatedOrExemptFuncIncomeAmt |
Other Revenue Misc OtherRevenueMiscGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| MISCELLANEOUS REVENUE | 525990 | $780,888 | $780,888 |
| CONSULTING INCOME | 525990 | $762,190 | $762,190 |
| PARTICIPATION SERVICIN | 525990 | $86,795 | $86,795 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $1,629,873 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $9,660,698 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $4,615,222 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $60,000 | TotalAmt |
| Program Services | $60,000 | ProgramServicesAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,506,313 | TotalAmt |
| Program Services | $3,379,735 | ProgramServicesAmt |
| Management And General | $1,126,578 | ManagementAndGeneralAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $121,910 | TotalAmt |
| Program Services | $91,432 | ProgramServicesAmt |
| Management And General | $30,478 | ManagementAndGeneralAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $341,341 | TotalAmt |
| Program Services | $256,006 | ProgramServicesAmt |
| Management And General | $85,335 | ManagementAndGeneralAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $320,352 | TotalAmt |
| Program Services | $240,264 | ProgramServicesAmt |
| Management And General | $80,088 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $89,188 | TotalAmt |
| Program Services | $66,891 | ProgramServicesAmt |
| Management And General | $22,297 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $86,821 | TotalAmt |
| Program Services | $65,116 | ProgramServicesAmt |
| Management And General | $21,705 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,060,823 | TotalAmt |
| Program Services | $795,616 | ProgramServicesAmt |
| Management And General | $265,207 | ManagementAndGeneralAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $91,711 | TotalAmt |
| Program Services | $69,303 | ProgramServicesAmt |
| Management And General | $22,408 | ManagementAndGeneralAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $253,108 | TotalAmt |
| Program Services | $191,240 | ProgramServicesAmt |
| Management And General | $61,868 | ManagementAndGeneralAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $282,523 | TotalAmt |
| Program Services | $213,493 | ProgramServicesAmt |
| Management And General | $69,030 | ManagementAndGeneralAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $185,347 | TotalAmt |
| Program Services | $140,060 | ProgramServicesAmt |
| Management And General | $45,287 | ManagementAndGeneralAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,098,172 | TotalAmt |
| Program Services | $1,098,172 | ProgramServicesAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $111,885 | TotalAmt |
| Program Services | $83,914 | ProgramServicesAmt |
| Management And General | $27,971 | ManagementAndGeneralAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $29,957 | TotalAmt |
| Program Services | $23,966 | ProgramServicesAmt |
| Management And General | $5,991 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (3 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt | Management And GeneralManagementAndGeneralAmt |
|---|---|---|---|
| BOARD COSTS | $61,641 | $46,231 | $15,410 |
| GUARANTEE FEE EXPENSE | $50,090 | $50,090 | |
| RECOVERY FOR LOAN LOSS | -$18,000 | -$18,000 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $8,733,182 | TotalAmt |
| Program Services | $6,853,529 | ProgramServicesAmt |
| Management And General | $1,879,653 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | -$1 | BOYAmt |
| EOY | $0 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,936,443 | BOYAmt |
| EOY | $20,485,413 | EOYAmt |
Pledges And Grants Receivable PledgesAndGrantsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,576,838 | BOYAmt |
| EOY | $220,288 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $61,815,544 | BOYAmt |
| EOY | $68,802,248 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $18,231 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $14,851 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $522,191 | BOYAmt |
| EOY | $3,380 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $266,306 | BOYAmt |
| EOY | $515,290 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $68,117,321 | BOYAmt |
| EOY | $90,026,619 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $514,379 | BOYAmt |
| EOY | $951,810 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,892,530 | BOYAmt |
| EOY | $9,484,192 | EOYAmt |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $43,515,962 | BOYAmt |
| EOY | $54,132,808 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $247,570 | BOYAmt |
| EOY | $234,771 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $49,170,441 | BOYAmt |
| EOY | $64,803,581 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,964,572 | BOYAmt |
| EOY | $15,240,730 | EOYAmt |
Donor Restriction Net Assets DonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $9,982,308 | BOYAmt |
| EOY | $9,982,308 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $18,946,880 | BOYAmt |
| EOY | $25,223,038 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $68,117,321 | BOYAmt |
| EOY | $90,026,619 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $927,516 | ReconcilationRevenueExpnssAmt |
| Other Changes In Net Assets | $5,348,642 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Organization170 | Yes (X) | PublicOrganization170Ind |
Gifts Grants Contri Rcvd170 GiftsGrantsContriRcvd170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $4,276,317 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $5,479,880 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $6,151,687 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $6,626,276 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $5,045,476 | CurrentTaxYearAmt |
| Total | $27,579,636 | TotalAmt |
Total Calendar Year170 TotalCalendarYear170Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $4,276,317 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $5,479,880 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $6,151,687 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $6,626,276 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $5,045,476 | CurrentTaxYearAmt |
| Total | $27,579,636 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Substantial Contributors Tot | $920,014 | SubstantialContributorsTotAmt |
| Public Support Total170 | $26,659,622 | PublicSupportTotal170Amt |
| Total Support | $27,579,636 | TotalSupportAmt |
| Public Support CY170 | 0.96660 | PublicSupportCY170Pct |
| Public Support PY170 | 0.97110 | PublicSupportPY170Pct |
| Thirty Thr Pct Suprt Tests CY170 | Yes (X) | ThirtyThrPctSuprtTestsCY170Ind |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $18,231 | OtherCostOrOtherBasisAmt |
| Depreciation | $14,851 | DepreciationAmt |
| Book Value | $3,380 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $3,380 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| ACCRUED INTEREST PAYABLE | $213,388 |
| OTHER LIABILITIES | $21,383 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $234,771 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | PART X, LINE 2: | FormAndLineReferenceDesc |
| Explanation | THE ORGANIZATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER IRC SECTION 501(C)(3). TAX YEARS 2019 THROUGH 2023 ARE SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE. THE ORGANIZATION HAS ANALYZED THE TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN ITS TAX RETURNS AND HAS CONCLUDED IT HAS NO LIABILITY RELATED TO UNCERTAIN TAX POSITIONS. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | 0 | GrantRecordsMaintainedInd |
Recipient Table RecipientTable
Recipient Business Name RecipientBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RIVER STREET MARKET EDUCATION INC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1456 PATTON AVE SUITE C | AddressLine1Txt |
| City | ASHEVILLE | CityNm |
| State Abbreviation | NC | StateAbbreviationCd |
| ZIP | 28806 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Recipient EIN | 833070451 | RecipientEIN |
| Cash Grant | $0 | CashGrantAmt |
| Non Cash Assistance | $10,000 | NonCashAssistanceAmt |
| Purpose Of Grant | GRANT TO SUPPORT THE PROPOSED PETERSBURG REGION FOOD HUB AND COMMERCIAL KITC | PurposeOfGrantTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Written Employment Contract | Yes (X) | WrittenEmploymentContractInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | 0 | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | 0 | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | 0 | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | 0 | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | 0 | AnyNonFixedPaymentsInd |
| Initial Contract Exception | 0 | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (7 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| AMIR KIRKWOOD | ||||||||||||||
| PRESIDENT & CEO | $162,922 | $224,988 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $162,922 | $224,988 | $0 | $0 |
| CLYDE CORNETT | ||||||||||||||
| TREASURER | $110,809 | $153,022 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $110,809 | $153,022 | $0 | $0 |
| JAMES BAEK | ||||||||||||||
| SR. VICE PRESIDENT, CIGP | $245,251 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $245,251 | $0 | $0 | $0 |
| PETER TAYLOR | ||||||||||||||
| CHIEF OPERATIONS OFFICER, SVP | $93,169 | $128,662 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $93,169 | $128,662 | $0 | $0 |
| DEBORAH MARKLEY | ||||||||||||||
| EXECUTIVE DIRECTOR, LOCAL INVESTMENT | $188,836 | $9,939 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $188,836 | $9,939 | $0 | $0 |
| TAMMY JACKSON | ||||||||||||||
| CHIEF HUMAN RESOURCES OFFICER, SVP | $83,254 | $114,970 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $83,254 | $114,970 | $0 | $0 |
| CAROLINE NOWERY | ||||||||||||||
| CHIEF OF EXTERNAL AFFAIRS | $76,995 | $106,326 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $76,995 | $106,326 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 3 | MANAGEMENT UTILIZES THE VBA ANNUAL SALARY SURVEY AS A GUIDELINE FOR DETERMINING MARKET FOR BANK EXECUTIVES AND STAFF. MANAGEMENT THEN PASSES THIS INFO UP TO THE HUMAN RESOURCES/COMPENSATION COMMITTEE FOR FURTHER REVIEW AND APPROVAL. ALL DISCUSSIONS ARE DOCUMENTED IN THE MEETING MINUTES. |
| PART I, LINE 4 | FORMER EMPLOYEE - 457 DISTRIBUTION PAYMENT MADE IN 2023 |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| FORM 990, PART VI, SECTION A, LINE 4 | ON AUGUST 29, 2023 THE BOARD OF DIRECTORS OF VCC SOCIAL ENTERPRISES (VCCSE), VIRGINIA COMMUNITY CAPITAL INC. (VCC), VCC BANK (THE "BANK"), AND LOCUS CAPITAL INC. BY BOARD RESOLUTION APPROVED NAME CHANGES FOR THE HOLDING COMPANY AND EACH ENTITY TO LOCUS (LOCUS), LOCUS IMPACT FUND (LIF), LOCUS BANK (THE "BANK"), AND LOCUS CAPITAL INC., RESPECTIVELY. AMENDED AND RESTATED ARTICLES OF INCORPORATION AND BYLAWS WERE FILED ALONG WITH ALL OTHER REQUIRED LEGAL AND REGULATORY DOCUMENTS REQUIRED TO IMPLEMENT THE NAMES CHANGES FOR EACH ENTITY. A CERTIFICATE OF RESTATEMENT FOR LOCUS WAS RECOGNIZED BY THE COMMONWEALTH OF VIRGINIA STATE CORPORATION COMMISSION ON SEPTEMBER 6, 2023 AND FOR LOCUS BANK, INC. ON SEPTEMBER 5, 2023. THE IRS CONFIRMED RECOGNITION OF THE NAME CHANGE BY LETTER DATED OCTOBER 23, 2023. IN ADDITION TO THE ENTITY NAME CHANGES, THE BOARD APPROVED THE MERGE OF LOCUS FOUNDATION AND LOCUS IMPACT INVESTING, INTO VIRGINIA COMMUNITY CAPITAL THEREAFTER RECOGNIZED AS LIF AND THEREFORE, THE COMMUNITY INVESTMENT GUARANTEE POOL, LLC ("CIGP") IS WHOLLY OWNED BY LIF. |
| FORM 990, PART VI, SECTION B, LINE 11B | A COPY OF THE COMPLETED 990 WILL BE PROVIDED TO THE ORGANIZATION PRIOR TO THE FILING DEADLINE. THE RETURN WILL NOT BE PROVIDED TO THE BOARD PRIOR TO SIGNING BUT IT WILL BE REVIEWED BY THE PRESIDENT AND CFO, WHO ARE ENTRUSTED BY THE BOARD FOR THEIR REVIEW, PRIOR TO THE RETURN BEING SIGNED BY THE CFO. |
| FORM 990, PART VI, SECTION B, LINE 12C | AT LEAST ANNUALLY, OFFICERS, AND DIRECTORS ARE REQUIRED TO REVIEW AND SIGN THE CONFLICT OF INTEREST POLICY, WHICH CONTAINS A DUTY TO DISCLOSE CLAUSE. THESE ARE REVIEWED BY THE PRESIDENT. ANY ISSUES IDENTIFIED ARE INVESTIGATED AND DISCUSSED WITH THE CFO FOR FINANCIAL REPORTING OR REGULATORY/COMPLIANCE IMPACT. IN THE EVENT OF A POTENTIAL CONFLICT, THAT PERSON WILL RECUSE THEMSELVES FROM ALL DISCUSSION AND/OR VOTE ON THE MATTER. |
| FORM 990, PART VI, SECTION B, LINE 15 | MANAGEMENT UTILIZES THE VBA ANNUAL SALARY SURVEY AS A GUIDELINE FOR DETERMINING MARKET FOR BANK EXECUTIVES AND STAFF. MANAGEMENT THEN PASSES THIS INFO UP TO THE HUMAN RESOURCES/COMPENSATION COMMITTEE FOR FURTHER REVIEW AND APPROVAL. ALL DISCUSSIONS ARE DOCUMENTED IN THE MEETING MINUTES. |
| FORM 990, PART VI, SECTION C, LINE 19 | FINANCIAL STATEMENTS ARE POSTED ON THE WEBSITE. GOVERNING DOCUMENTS AND CONFLICTS OF INTEREST POLICY ARE AVAILABLE UPON REQUEST. |
| FORM 990, PART IX, LINE 11G | CONSULTING: PROGRAM SERVICE EXPENSES 794,118. MANAGEMENT AND GENERAL EXPENSES 264,707. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,058,825. MISC. EXP. : PROGRAM SERVICE EXPENSES 1,498. MANAGEMENT AND GENERAL EXPENSES 500. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,998. |
| FORM 990, PART XI, LINE 9: | CHANGE IN NET ASSETS FROM ADOPTION OF ASU 2016-13 -89,000. CHANGE IN NET ASSETS FROM ABSORPTION OF AFFILIATE 5,437,642. |
| FORM 990, PART XII, LINE 2C: | NO CHANGE FROM PRIOR YEAR. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp (3 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt |
|---|---|---|---|---|---|---|---|
| RIVER CITY REAL ESTATE 1001 LLC | |||||||
| 110 PEPERS FERRY ROAD NW | CHRISTIANSBURG | VA | 24073 | 352448562 | FORECLOSED REAL ESTATE HOLDING | VA | LOCUS IMPACT FUND |
| MOUNTAIN REAL ESTATE 2001 LLC | |||||||
| 110 PEPERS FERRY ROAD NW | CHRISTIANSBURG | VA | 24073 | 320380629 | FORECLOSED REAL ESTATE HOLDING | VA | LOCUS BANK |
| COMMUNITY INVESTMENT GUARANTEE POOL LLC | |||||||
| 7814 CAROUSEL LANE | RICHMOND | VA | 23294 | 844213292 | SUPPORT FOR COMMUNITY INVESTMENTS | VA | LOCUS IMPACT FUND |
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (3 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Exempt Code SectionExemptCodeSectionTxt | Public Charity StatusPublicCharityStatusTxt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt | Controlled OrganizationControlledOrganizationInd | Direct Controlling NADirectControllingNACd |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LOCUS IMPACT INVESTING | |||||||||||
| 7814 CAROUSEL LANE | RICHMOND | VA | 23294 | 263114011 | TO EMPOWER PLACE-FOCUSED INVESTMENT | VA | 501(C)(3) | LINE 10 | LOCUS IMPACT FUND | 0 | |
| LOCUS FOUNDATION | |||||||||||
| 100 WEST FRANKLIN STREET STE 200 | RICHMOND | VA | 23220 | 814808731 | TO SUPPORT AND AID COMMUNITY AND ECONOMIC DEVELOPMENT | VA | 501(C)(3) | LINE 7 | LOCUS IMPACT FUND | 0 | |
| LOCUS INC | |||||||||||
| 7814 CAROUSEL LANE | RICHMOND | VA | 23294 | 863988949 | TO SUPPORT AND AID COMMUNITY AND ECONOMIC DEVELOPMENT | VA | 501(C)(3) | LINE 7 | 0 | N/A | |
Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp (3 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt | Entity TypeEntityTypeTxt | Controlled OrganizationControlledOrganizationInd |
|---|---|---|---|---|---|---|---|---|---|
| LOCUS BANK | |||||||||
| 7814 CAROUSEL LANE | RICHMOND | VA | 23294 | 260719551 | COMMUNITY DEVELOPMENT BANK | VA | LOCUS | C | 0 |
| LOCUS CAPITAL INC | |||||||||
| 110 PEPPERS FERRY ROAD NW | CHRISTIANSBURG | VA | 20473 | 814812627 | INVESTMENT ADVICE | VA | LOCUS | C | 0 |
| CCB REAL ESTATE HOLDINGS INC | |||||||||
| 7814 CAROUSEL LANE | RICHMOND | VA | 23294 | 383943768 | REAL ESTATE HOLDINGS | VA | LOCUS IMPACT FUND | C | 0 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | Yes (1) | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | Yes (1) | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | Yes (1) | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | Yes (1) | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | 0 | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | 0 | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | 0 | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | 0 | SharingOfFacilitiesInd |
| Paid Employees Sharing | Yes (1) | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | 0 | TransferToOtherOrgInd |
| Transfer From Other Org | 0 | TransferFromOtherOrgInd |
Transactions Related Org TransactionsRelatedOrgGrp (11 entries)
| Transaction TypeTransactionTypeTxt | InvolvedInvolvedAmt | Method Of Amount DeterminationMethodOfAmountDeterminationTxt |
|---|---|---|
| LOCUS BANK | ||
| O | $4,080,298 | SALARIES EXPENSE |
| LOCUS CAPITAL INC | ||
| O | $532,881 | SALARIES EXPENSE |
| LOCUS IMPACT INVESTING | ||
| O | $948,852 | SALARIES EXPENSE |
| LOCUS INC | ||
| G | $495,834 | NET BOOK VALUE |
| LOCUS CAPITAL INC | ||
| L | $18,735 | CONSULTING INCOME |
| LOCUS CAPITAL INC | ||
| M | $4,248 | UNDERWRITING |
| LOCUS BANK | ||
| M | $19,898 | UNDERWRITING |
| LOCUS BANK | ||
| A | $37,695 | INTEREST INCOME |
| LOCUS BANK | ||
| A | $1,569,734 | PARTICIPATION INTEREST |
| LOCUS INC | ||
| K | $143,595 | OCCUPANCY |
| LOCUS BANK | ||
| K | $23,443 | OCCUPANCY |