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Nonprofiteer
← LOCUS

Form 990 for tax year 2022

Filed by LOCUS.

Totals

Total revenue
$44,482
Total expenses
$4,600
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$44,482
Other revenue
$0
Total assets, end of year
$102,314,462
Total liabilities, end of year
$1,580,985
Net assets or fund balances, end of year
$100,733,477
Program services expenses (Part IX)
$0
Management and general expenses
$4,600
Fundraising expenses
$0
Program service expenses (Part III)
not reported

Program services were 0.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $44,482 · excluded $44,482

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $4,600 · management and general $4,600

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $2,342,484 · end of year $9,956,253

  • 4 · Accounts receivable

    end of year $355

  • 12 · Investments: other securities

    beginning of year $1,109,358 · end of year $2,386,797

  • 15 · Other assets

    beginning of year $49,027,059 · end of year $89,971,057

  • 17 · Accounts payable and accrued expenses

    end of year $1,750

  • 25 · Other liabilities

    beginning of year $0 · end of year $1,579,235

  • 27 · Net assets without donor restrictions

    beginning of year $43,846,834 · end of year $90,751,169

  • 28 · Net assets with donor restrictions

    beginning of year $8,632,067 · end of year $9,982,308

Mission and programs · 2022

Mission

OUR MISSION IS TO AIDE COMMUNITY AND ECONOMIC DEVELOPMENT INITIATIVES, EITHER DIRECTLY OR THROUGH INVESTMENTS IN SOCIAL ENTERPRISES THAT PROVIDE CAPITAL AND/OR TECHNICAL ASSISTANCE TO EARLY STAGE FOR-PROFIT AND NON-PROFIT BUSINESS ORGANIZATIONS AND COMMUNITY ORGANIZATIONS.

Activities or mission (Part I)

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.

  • TO AIDE COMMUNITY AND ECONOMIC DEVELOPMENT INITIATIVES, EITHER DIRECTLY OR THROUGH INVESTMENTS IN SOCIAL ENTERPRISES THAT PROVIDE LOANS, LOAN GUARANTEES, OTHER FORMS OF DEBT OR EQUITY FINANCING FOR EARLY STAGE FOR-PROFIT AND NON-PROFIT BUSINESS ORGANIZATIONS, IMPACT ASSET SERVICING SERVICES AND GRANTS. ADDITIONALLY, THIS ORGANIZATION AND ITS SOCIAL ENTERPRISE SUBSIDIARIES MAY PROVIDE TECHNICAL ASSISTANCE TO BUSINESS OWNERS, COMMUNITY ORGANIZATIONS, CLIENTS AND MANAGERS IN THE EFFECTIVE OPERATION OF THEIR ENTERPRISE.

As filed on the 2022 return.

Listed in Part VII

  • JANE HENDERSON

    PRESIDENT & CEO

    Total calculated
    $47,092
    From this org
    $0
    From related orgs
    $47,092
    Other
    $0
    Hours/week
    24 + 16 related

  • KIMBERLY ARMSTRONG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CATHY DOLAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROBERT GILLIAM JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DIXON HANNA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JAMES HARKNESS JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • FLORENCE KINGSTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SHERRY MAGILL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CHARLES MILLS III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARY DWYER PEMBROKE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JACKIE PUENTE

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WILLIAM SHELTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • CLYDE CORNETT JR

    EVP & CFO

    Total calculated
    $238,447
    From this org
    $0
    From related orgs
    $238,447
    Other
    $0
    Hours/week
    24 + 16 related

    Schedule J breakdown matched by us

    Base
    $0 + $238,447 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $238,447 related

  • TAMMY JACKSON

    CHIEF HUMAN CAPITAL OFFICE

    Total calculated
    $189,137
    From this org
    $0
    From related orgs
    $189,137
    Other
    $0
    Hours/week
    24 + 16 related

    Schedule J breakdown matched by us

    Base
    $0 + $189,137 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $189,137 related

  • WAYNE WALDROP

    PRESIDENT - LENDING

    Total calculated
    $82,399
    From this org
    $0
    From related orgs
    $82,399
    Other
    $0
    Hours/week
    24 + 16 related

  • WILLIAM GROVES

    SENIOR VICE PRESIDENT

    Total calculated
    $241,716
    From this org
    $0
    From related orgs
    $241,716
    Other
    $0
    Hours/week
    24 + 16 related

    Schedule J breakdown matched by us

    Base
    $0 + $241,716 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $241,716 related

  • ADAM NORTHUP

    SENIOR VICE PRESIDENT

    Total calculated
    $91,494
    From this org
    $0
    From related orgs
    $91,494
    Other
    $0
    Hours/week
    1 + 39 related

  • DEB MARKLEY

    SENIOR VICE PRESIDENT

    Total calculated
    $181,132
    From this org
    $0
    From related orgs
    $181,132
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $181,132 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $181,132 related

  • AMIR KIRKWOOD

    PRESIDENT - VCC

    Total calculated
    $286,371
    From this org
    $0
    From related orgs
    $286,371
    Other
    $0
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $286,371 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $286,371 related

  • SARAH STREMLAU

    PRESIDENT - LOCUS

    Total calculated
    $237,515
    From this org
    $0
    From related orgs
    $237,515
    Other
    $0
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $237,515 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $237,515 related

  • LIBBA MCKINSLEY

    CHIEF OF STAFF

    Total calculated
    $80,784
    From this org
    $0
    From related orgs
    $80,784
    Other
    $0
    Hours/week
    1 + 20 related

  • CAROLINE NOWERY

    SENIOR VICE PRESIDENT - LO

    Total calculated
    $158,486
    From this org
    $0
    From related orgs
    $158,486
    Other
    $0
    Hours/week
    1 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $158,486 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $158,486 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • LOCUS IMPACT INVESTING

    501(C)(3) · TO EMPOWER PLACE-FOCUSED INVESTMENT · VA

    Directly controlled by VCC SOCIAL ENTERPRISES

  • LOCUS FOUNDATION

    501(C)(3) · TO SUPPORT AND AID COMMUNITY AND ECONOMIC DEVELOPMENT · VA

    Directly controlled by VCC SOCIAL ENTERPRISES

  • LOCUS IMPACT FUND INC

    501(C)(3) · TO SUPPORT AND AID COMMUNITY AND ECONOMIC DEVELOPMENT · VA

    Directly controlled by VCC SOCIAL ENTERPRISES

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • LOCUS BANK INC

    C · COMMUNITY DEVELOPMENT BANK · VA · 99.67% owned

    Directly controlled by VCC SOCIAL ENTERPRISES

  • LOCUS CAPITAL INC

    C · INVESTMENT ADVICE · VA · 100% owned

    Directly controlled by VCC SOCIAL ENTERPRISES

  • CCB REAL ESTATE HOLDINGS INC

    C · REAL ESTATE HOLDINGS · VA · 100% owned

    Directly controlled by VCC BANK

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202343199349324809

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