Totals
- Total revenue
- $138,182
- Total expenses
- $609,119
- Contributions and grants received
- $0
- Grants paid
- $0
- Program service revenue
- $0
- Investment income
- $138,182
- Other revenue
- $0
- Total assets, end of year
- $120,414,456
- Total liabilities, end of year
- $2,393,315
- Net assets or fund balances, end of year
- $118,021,141
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $609,119
- 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 $138,182 · excluded $138,182
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $284,127 · management and general $284,127
-
10 · Payroll taxes
total $3,501 · management and general $3,501
-
11b · Fees: legal
total $24,110 · management and general $24,110
-
11c · Fees: accounting
total $53,474 · management and general $53,474
-
11g · Fees: other
total $229,686 · management and general $229,686
-
14 · Information technology
total $58 · management and general $58
-
24a · Other expenses: MISC. OTHER
total $14,163 · management and general $14,163
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $16,644,528 · end of year $17,929,127
-
2 · Savings and temporary cash investments
beginning of year $3,313,137 · end of year $2,253,068
-
10a · Land, buildings and equipment: cost or other basis
$2,397,123
-
10b · Land, buildings and equipment: accumulated depreciation
$1,567,677
-
10c · Land, buildings and equipment, net
beginning of year $964,035 · end of year $829,446
-
12 · Investments: other securities
beginning of year $2,002,495 · end of year $1,857,398
-
15 · Other assets
beginning of year $93,152,746 · end of year $97,545,417
-
17 · Accounts payable and accrued expenses
beginning of year $1,890 · end of year $1,304,058
-
25 · Other liabilities
beginning of year $1,415,553 · end of year $1,089,257
-
27 · Net assets without donor restrictions
beginning of year $104,677,190 · end of year $108,487,532
-
28 · Net assets with donor restrictions
beginning of year $9,982,308 · end of year $9,533,609
Mission and programs · 2024
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. LOCUS 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 2024 return.
Listed in Part VII
-
Dixon HannaDIXON HANNA
CHAIRMAN
- Total calculated
- $9,850
- From this org
- $0
- From related orgs
- $9,850
- Other
- $0
- Hours/week
- 1 + 1 related
-
Charlie H Mills IIICHARLIE H MILLS III
DIRECTOR
- Total calculated
- $8,400
- From this org
- $0
- From related orgs
- $8,400
- Other
- $0
- Hours/week
- 1 + 1 related
-
Cathy DolanCATHY DOLAN
DIRECTOR
- Total calculated
- $10,950
- From this org
- $0
- From related orgs
- $10,950
- Other
- $0
- Hours/week
- 1 + 1 related
-
Mary Dwyer PembrokeMARY DWYER PEMBROKE
DIRECTOR
- Total calculated
- $7,150
- From this org
- $0
- From related orgs
- $7,150
- Other
- $0
- Hours/week
- 0.5 + 0.5 related
-
Kim ArmstrongKIM ARMSTRONG
DIRECTOR
- Total calculated
- $12,150
- From this org
- $0
- From related orgs
- $12,150
- Other
- $0
- Hours/week
- 1 + 1 related
-
Jackie PuenteJACKIE PUENTE
DIRECTOR
- Total calculated
- $10,450
- From this org
- $0
- From related orgs
- $10,450
- Other
- $0
- Hours/week
- 1 + 1 related
-
Florence KingstonFLORENCE KINGSTON
DIRECTOR
- Total calculated
- $13,850
- From this org
- $0
- From related orgs
- $13,850
- Other
- $0
- Hours/week
- 1 + 1 related
-
Sherry MagillSHERRY MAGILL
DIRECTOR
- Total calculated
- $6,350
- From this org
- $0
- From related orgs
- $6,350
- Other
- $0
- Hours/week
- 0.5 + 0.5 related
-
William SheltonWILLIAM SHELTON
DIRECTOR
- Total calculated
- $15,650
- From this org
- $0
- From related orgs
- $15,650
- Other
- $0
- Hours/week
- 1 + 1 related
-
Akshay NandakumarAKSHAY NANDAKUMAR
DIRECTOR
- Total calculated
- $8,450
- From this org
- $0
- From related orgs
- $8,450
- Other
- $0
- Hours/week
- 1 + 1 related
-
David EdwardsDAVID EDWARDS
DIRECTOR
- Total calculated
- $4,750
- From this org
- $0
- From related orgs
- $4,750
- Other
- $0
- Hours/week
- 1 + 1 related
-
James HarknessJAMES HARKNESS
DIRECTOR
- Total calculated
- $2,850
- From this org
- $0
- From related orgs
- $2,850
- Other
- $0
- Hours/week
- 1 + 1 related
-
Amir KirkwoodAMIR KIRKWOOD
PRESIDENT & CEO
- Total calculated
- $390,670
- From this org
- $240,550
- From related orgs
- $150,120
- Other
- $0
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $240,550 + $79,245 related
- Bonus
- $0 + $70,875 related
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $240,550 + $150,120 related
-
Clyde CornettCLYDE CORNETT
CHIEF FINANCIAL OFFICER
- Total calculated
- $372,359
- From this org
- $0
- From related orgs
- $360,833
- Other
- $11,526
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $304,583 related
- Bonus
- $0 + $56,250 related
- Other
- $0
- Deferred
- $0 + $11,526 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $372,359 related
-
Ashley N ColemanASHLEY N COLEMAN
ASSISTANT SECRETARY
- Total calculated
- $173,613
- From this org
- $0
- From related orgs
- $167,660
- Other
- $5,953
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $153,160 related
- Bonus
- $0 + $14,500 related
- Other
- $0
- Deferred
- $0 + $5,953 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $173,613 related
-
Stacey Antonelli-ChristensenSTACEY ANTONELLI-CHRISTENSEN
SECRETARY
- Total calculated
- $59,623
- From this org
- $0
- From related orgs
- $58,164
- Other
- $1,459
- Hours/week
- 1 + 39 related
-
Angela C ZenonANGELA C ZENON
CHIEF GROWTH AND STRATEGY OFFICER
- Total calculated
- $249,928
- From this org
- $43,576
- From related orgs
- $200,246
- Other
- $6,106
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $43,576 + $165,876 related
- Bonus
- $0 + $34,370 related
- Other
- $0
- Deferred
- $0 + $6,106 related
- Nontaxable benefits
- $0
- Filer's total
- $43,576 + $206,352 related
-
Hosheus IsaacHOSHEUS ISAAC
CHIEF CREDIT OFFICER
- Total calculated
- $195,475
- From this org
- $0
- From related orgs
- $195,475
- Other
- $0
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $155,475 related
- Bonus
- $0 + $40,000 related
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $0 + $195,475 related
-
Ernest MaddyERNEST MADDY
SR. RELATIONSHIP MANAGER III, AFFORDABLE HOUSING L
- Total calculated
- $158,712
- From this org
- $0
- From related orgs
- $153,300
- Other
- $5,412
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $135,300 related
- Bonus
- $0 + $18,000 related
- Other
- $0
- Deferred
- $0 + $5,412 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $158,712 related
-
James BaekJAMES BAEK
SR. VICE PRESIDENT, CIGP
- Total calculated
- $270,304
- From this org
- $0
- From related orgs
- $261,088
- Other
- $9,216
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $240,458 related
- Bonus
- $0 + $20,630 related
- Other
- $0
- Deferred
- $0 + $9,216 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $270,304 related
-
Caroline NoweryCAROLINE NOWERY
CHIEF EXTERNAL AFFAIR OFFICER, SVP
- Total calculated
- $248,752
- From this org
- $0
- From related orgs
- $240,952
- Other
- $7,800
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $202,692 related
- Bonus
- $0 + $38,260 related
- Other
- $0
- Deferred
- $0 + $7,800 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $248,752 related
-
Peter TaylorPETER TAYLOR
CHIEF INFORMATION OFFICER
- Total calculated
- $222,787
- From this org
- $0
- From related orgs
- $215,304
- Other
- $7,483
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $194,304 related
- Bonus
- $0 + $21,000 related
- Other
- $0
- Deferred
- $0 + $7,483 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $222,787 related
-
Tammy JacksonTAMMY JACKSON
CHIEF HUMAN CAPITAL OFFICER, SVP
- Total calculated
- $218,318
- From this org
- $0
- From related orgs
- $212,231
- Other
- $6,087
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $174,031 related
- Bonus
- $0 + $38,200 related
- Other
- $0
- Deferred
- $0 + $6,087 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $218,318 related
-
William GreenleafWILLIAM GREENLEAF
EXECUTIVE DIRECTOR, IMPACT LENDING
- Total calculated
- $214,000
- From this org
- $0
- From related orgs
- $206,623
- Other
- $7,377
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $185,333 related
- Bonus
- $0 + $21,290 related
- Other
- $0
- Deferred
- $0 + $7,377 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $214,000 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
- 1a · First-class or charter travel
- 1a · Tax indemnification and gross-up payments
- 1b · Written policy on the line-1a expenses
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 7 · Other non-fixed payments
Answered no
- 2 · Substantiation required before reimbursing expenses
- 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
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- 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'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.
-
501(C)(3) · TO SUPPORT AND AID COMMUNITY AND ECONOMIC DEVELOPMENT · VA · controlled entity
Directly controlled by LOCUS
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 HOLDING · VA
Directly controlled by LOCUS IMPACT FUND INC
-
MOUNTAIN REAL ESTATE 2001 LLC
FORECLOSED REAL ESTATE HOLDING · VA
Directly controlled by LOCUS BANK INC
-
COMMUNITY INVESTMENT GUARANTEE POOL LLC
SUPPORT FOR COMMUNITY INVESTMENTS · VA
Directly controlled by LOCUS IMPACT FUND INC
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 LOCUS
-
LOCUS CAPITAL INC
C · INVESTMENT ADVICE · VA · 100% owned
Directly controlled by LOCUS
-
CCB REAL ESTATE HOLDINGS INC
C · REAL ESTATE HOLDINGS · VA · 100% owned
Directly controlled by LOCUS BANK INC
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 12 November 2025
- IRS schema version
- 2024v5.2
- Source object
- 202533189349303898
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