2024-11-11T14:56:37-06:00 2023-12-31 540504608 BROWN EDWARDS & COMPANY LLP 3906 ELECTRIC ROAD ROANOKE VA 24018 990 2023-01-01 541754009 LOCUS IMPACT FUND LOCU 5402603126 110 PEPPERS FERRY ROAD NW CHRISTIANSBURG VA 24073 CLYDE A CORNETT JR CFO 5402603126 2024-10-28 1 0 PATRICK PITTMAN P00587461 5403450936 2024-10-28 2023 2024-10-15 13:58:12Z CLYDE A CORNETT JR 110 PEPPERS FERRY ROAD NW CHRISTIANSBURG VA 24073 9663342 0 X WWW.VACOMMUNITYCAPITAL.ORG X 1995 VA 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. 17 13 105 0 0 0 6626276 5045476 2297394 2985950 2008 -601 630973 1629873 9556651 9660698 635000 60000 0 0 2699637 5289916 0 0 0 1763302 3383266 5097939 8733182 4458712 927516 68117321 90026619 49170441 64803581 18946880 25223038 X 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. 0 0 6853529 60000 4615222 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. 6853529 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 68 0 1 105 1 0 0 0 0 0 0 0 0 0 0 X 17 13 0 0 1 0 0 0 0 1 1 0 1 1 0 1 1 1 1 1 1 1 0 X CLYDE A CORNETT JR 5402603126 110 PEPPERS FERRY ROAD NW CHRISTIANSBURG VA 24073 SHERRY MAGILL DIRECTOR 1.00 1.00 X 0 10550 0 DIXON HANNA CHARIMAN 1.00 1.00 X X 0 13700 0 JAMES W HARKNESS JR VICE CHAIR 1.00 1.00 X X 0 14850 0 CHARLIE H MILLS III DIRECTOR 1.00 1.00 X 0 13700 0 CATHY DOLAN DIRECTOR 1.00 1.00 X 1500 15950 0 CLYDE CORNETT TREASURER 17.00 23.00 X X 110809 153022 0 AMIR KIRKWOOD PRESIDENT & CEO 17.00 23.00 X X 162922 224988 0 MARY DWYER PEMBROKE DIRECTOR 1.00 1.00 X 11050 1250 0 KIM ARMSTRONG DIRECTOR 1.00 1.00 X 1750 14350 0 JACKIE PUENTE DIRECTOR 1.00 1.00 X 12000 0 0 FLORENCE KINGSTON DIRECTOR 1.00 1.00 X 0 15750 0 WILLIAM SHELTON DIRECTOR 1.00 1.00 X 0 14700 0 ASHLEY N COLEMAN ASSISTANT SECRETARY 17.00 23.00 X X 61051 84309 0 AKSHA NANDAKUMAR DIRECTOR 1.00 1.00 X 11400 0 0 STACEY ANTONELLI-CHRISTENSEN SECRETARY 17.00 23.00 X X 38796 53576 0 DAVID EDWARDS DIRECTOR 1.00 1.00 X 0 1000 0 DEBORAH MARKLEY EXECUTIVE DIRECTOR, LOCAL INVESTMENT STRATEGY 38.00 2.00 X 188836 9939 0 TAMMY JACKSON CHIEF HUMAN RESOURCES OFFICER, SVP 17.00 23.00 X 83254 114970 0 PETER TAYLOR CHIEF OPERATIONS OFFICER, SVP 17.00 23.00 X 93169 128662 0 JAMES BAEK SR. VICE PRESIDENT, CIGP 40.00 0.00 X 245251 0 0 CAROLINE NOWERY CHIEF OF EXTERNAL AFFAIRS 17.00 23.00 X 76995 106326 0 1098783 991592 0 5 0 1 0 TRUE PATH ADVISORY GROUP LLC 10 OAK GLEN DR LANDENBERG PA 19350 CONSULTING 209431 FENTON COMMUNICATIONS INS 244 MADISON AVENUE SUITE 307 NEW YORK NY 10016 CONSULTING 203450 LAUREN DESIMONE 2902 NEW KENT AVE RICHMOND VA 23225 CONSULTING 134200 3 3896867 1148609 5045476 LOAN INTEREST 525990 2846553 2846553 PROGRAM RELATED INVEST 525990 139397 139397 2985950 2043 2644 -601 -601 -601 MISCELLANEOUS REVENUE 525990 780888 780888 CONSULTING INCOME 525990 762190 762190 PARTICIPATION SERVICIN 525990 86795 86795 1629873 9660698 4615222 0 0 X 60000 60000 4506313 3379735 1126578 121910 91432 30478 341341 256006 85335 320352 240264 80088 89188 66891 22297 86821 65116 21705 1060823 795616 265207 91711 69303 22408 253108 191240 61868 282523 213493 69030 185347 140060 45287 1098172 1098172 111885 83914 27971 29957 23966 5991 BOARD COSTS 61641 46231 15410 GUARANTEE FEE EXPENSE 50090 50090 RECOVERY FOR LOAN LOSS -18000 -18000 8733182 6853529 1879653 0 -1 0 3936443 20485413 1576838 220288 61815544 68802248 18231 14851 522191 3380 266306 515290 68117321 90026619 514379 951810 4892530 9484192 43515962 54132808 247570 234771 49170441 64803581 X 8964572 15240730 9982308 9982308 18946880 25223038 68117321 90026619 X 927516 5348642 X X 0 1 X 1 0 X 4276317 5479880 6151687 6626276 5045476 27579636 4276317 5479880 6151687 6626276 5045476 27579636 920014 26659622 27579636 0.96660 0.97110 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 18231 14851 3380 3380 ACCRUED INTEREST PAYABLE 213388 OTHER LIABILITIES 21383 234771 X PART X, LINE 2: 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. 0 RIVER STREET MARKET EDUCATION INC 1456 PATTON AVE SUITE C ASHEVILLE NC 28806 833070451 0 10000 GRANT TO SUPPORT THE PROPOSED PETERSBURG REGION FOOD HUB AND COMMERCIAL KITC X X X X 0 0 0 0 0 0 0 0 0 AMIR KIRKWOOD PRESIDENT & CEO 162922 224988 0 0 0 0 0 0 0 0 162922 224988 0 0 CLYDE CORNETT TREASURER 110809 153022 0 0 0 0 0 0 0 0 110809 153022 0 0 JAMES BAEK SR. VICE PRESIDENT, CIGP 245251 0 0 0 0 0 0 0 0 0 245251 0 0 0 PETER TAYLOR CHIEF OPERATIONS OFFICER, SVP 93169 128662 0 0 0 0 0 0 0 0 93169 128662 0 0 DEBORAH MARKLEY EXECUTIVE DIRECTOR, LOCAL INVESTMENT 188836 9939 0 0 0 0 0 0 0 0 188836 9939 0 0 TAMMY JACKSON CHIEF HUMAN RESOURCES OFFICER, SVP 83254 114970 0 0 0 0 0 0 0 0 83254 114970 0 0 CAROLINE NOWERY CHIEF OF EXTERNAL AFFAIRS 76995 106326 0 0 0 0 0 0 0 0 76995 106326 0 0 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 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. 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 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 N/A 0 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 1 1 0 0 0 0 1 1 0 0 0 0 0 0 1 0 0 0 0 LOCUS BANK O 4080298 SALARIES EXPENSE LOCUS CAPITAL INC O 532881 SALARIES EXPENSE LOCUS IMPACT INVESTING O 948852 SALARIES EXPENSE LOCUS INC G 495834 NET BOOK VALUE LOCUS CAPITAL INC L 18735 CONSULTING INCOME LOCUS CAPITAL INC M 4248 UNDERWRITING LOCUS BANK M 19898 UNDERWRITING LOCUS BANK A 37695 INTEREST INCOME LOCUS BANK A 1569734 PARTICIPATION INTEREST LOCUS INC K 143595 OCCUPANCY LOCUS BANK K 23443 OCCUPANCY