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Nonprofiteer
← LOCUS FOUNDATION

Form 990 for tax year 2022

Filed by LOCUS FOUNDATION.

Totals

Total revenue
$0
Total expenses
$3,160
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
$0
Other revenue
$0
Total assets, end of year
$0
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$0
Program services expenses (Part IX)
$0
Management and general expenses
$3,160
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.

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $3,160 · management and general $3,160

Mission and programs · 2022

Mission

THE FOUNDATION IS OPERATED EXCLUSIVELY FOR CHARITABLE, SCIENTIFIC, LITERARY AND EDUCATIONAL PURPOSES. THE FOUNDATION WILL RAISE AND ADMINISTER FUNDS FOR THE PURPOSES OF PROMOTING COMMUNITY AND ECONOMIC DEVELOPMENT THROUGH COMMUNITY DEVELOPMENT GRANTS AND MISSION ALIGNED INVESTMENTS AND TO SERVE AS A SPONSORING ORGANIZATION OF DONOR ADVISED FUNDS FOR SUCH PURPOSES.

Activities or mission (Part I)

THE FOUNDATION IS OPERATED EXCLUSIVELY FOR CHARITABLE, SCIENTIFIC, LITERARY AND EDUCATIONAL PURPOSES. THE FOUNDATION WILL RAISE AND ADMINISTER FUNDS FOR THE PURPOSES OF PROMOTING COMMUNITY AND ECONOMIC DEVELOPMENT THROUGH COMMUNITY GRANTS AND MISSION ALIGNED INVESTMENTS AND TO SERVE AS A SPONSORING ORGANIZATION OF DONOR ADVISED FUNDS FOR SUCH PURPOSES.

  • NONE

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Sherry Magill

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Dixon Hanna

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • James W Harkness Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Charlie H Mills III

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Cathy Dolan

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Mary Dwyer Pembroke

    DIRECTOR

    Total calculated
    $8,250
    From this org
    $0
    From related orgs
    $8,250
    Other
    $0
    Hours/week
    1 + 2 related

  • Jackie Puente

    DIRECTOR

    Total calculated
    $14,700
    From this org
    $0
    From related orgs
    $14,700
    Other
    $0
    Hours/week
    1 + 2 related

  • Kim Armstrong

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Florence Kingston

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Robert Gilliam

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • William Shelton

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Clyde Cornett

    CFO & TREASURER

    Total calculated
    $238,447
    From this org
    $0
    From related orgs
    $238,447
    Other
    $0
    Hours/week
    1 + 40 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

  • Sarah Stremlau

    PRESIDENT

    Total calculated
    $237,515
    From this org
    $0
    From related orgs
    $237,515
    Other
    $0
    Hours/week
    1 + 40 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

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 FUND INC

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

    Directly controlled by VCC SOCIAL ENTERPRISES

  • LOCUS IMPACT INVESTING

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

    Directly controlled by VCC SOCIAL ENTERPRISES

  • LOCUS

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

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.

  • RIVER CITY REAL ESTATE 1001 LLC

    FORECLOSED REAL ESTATE HOLDINGS · VA

    Directly controlled by LOCUS IMPACT FUND INC

  • MOUNTAIN REAL ESTATE 2001 LLC

    FORECLOSED REAL ESTATE HOLDINGS · VA

    Directly controlled by LOCUS BANK INC

  • COMMUNITY INVESTMENT GUARANTEE POOL LLC

    SUPPORT FOR COMMUNITY INVESTMENTS · VA

    Directly controlled by LOCUS IMPACT INVESTING

Related corporations and trusts

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

  • LOCUS BANK INC

    C · COMMUNITY DEVELOPMENT BANK · VA

    Directly controlled by VCC SOCIAL ENTERPRISES

  • LOCUS CAPITAL INC

    C · INVESTMENT ADVICE · VA

    Directly controlled by VCC SOCIAL ENTERPRISES

  • CCB REAL ESTATE HOLDINGS INC

    C · REAL ESTATE HOLDINGS · VA

    Directly controlled by VCC BANK

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202333199349324098

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