Totals
- Total revenue
- $12,113,077
- Total expenses
- $225,818
- Contributions and grants received
- $12,000,000
- Grants paid
- $0
- Program service revenue
- $0
- Investment income
- $113,077
- Other revenue
- $0
- Total assets, end of year
- $116,076,941
- Total liabilities, end of year
- $1,417,443
- Net assets or fund balances, end of year
- $114,659,498
- Program services expenses (Part IX)
- $0
- Management and general expenses
- $225,818
- 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.
-
1f · All other contributions, gifts and grants
$12,000,000
-
3 · Investment income
total $113,077 · excluded $113,077
Functional expenses
Part IX, the statement of functional expenses.
-
11b · Fees: legal
total $1,236 · management and general $1,236
-
11c · Fees: accounting
total $1,890 · management and general $1,890
-
11f · Fees: investment management
total $1,970 · management and general $1,970
-
11g · Fees: other
total $203,450 · management and general $203,450
-
22 · Depreciation, depletion and amortization
total $16,490 · management and general $16,490
-
24a · Other expenses: MISC. OTHER
total $782 · management and general $782
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
end of year $16,644,528
-
2 · Savings and temporary cash investments
beginning of year $9,956,253 · end of year $3,313,137
-
4 · Accounts receivable
beginning of year $355
-
10a · Land, buildings and equipment: cost or other basis
$2,408,058
-
10b · Land, buildings and equipment: accumulated depreciation
$1,444,023
-
10c · Land, buildings and equipment, net
beginning of year $0 · end of year $964,035
-
12 · Investments: other securities
beginning of year $2,386,797 · end of year $2,002,495
-
15 · Other assets
beginning of year $89,971,057 · end of year $93,152,746
-
17 · Accounts payable and accrued expenses
beginning of year $1,750 · end of year $1,890
-
25 · Other liabilities
beginning of year $1,579,235 · end of year $1,415,553
-
27 · Net assets without donor restrictions
beginning of year $90,751,169 · end of year $104,677,190
-
28 · Net assets with donor restrictions
beginning of year $9,982,308 · end of year $9,982,308
Mission and programs · 2023
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 2023 return.
Listed in Part VII
-
Clyde CornettCLYDE CORNETT
CHIEF FINANCIAL OFFICER, EVP
- Total calculated
- $263,831
- From this org
- $0
- From related orgs
- $263,831
- Other
- $0
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $263,831 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $0 + $263,831 related
-
Stacey Antonelli-ChristensenSTACEY ANTONELLI-CHRISTENSEN
SECRETARY
- Total calculated
- $92,372
- From this org
- $0
- From related orgs
- $92,372
- Other
- $0
- Hours/week
- 1 + 39 related
-
Sherry MagillSHERRY MAGILL
DIRECTOR
- Total calculated
- $10,550
- From this org
- $0
- From related orgs
- $10,550
- Other
- $0
- Hours/week
- 1 + 1 related
-
Dixon HannaDIXON HANNA
CHAIRMAN
- Total calculated
- $13,700
- From this org
- $0
- From related orgs
- $13,700
- Other
- $0
- Hours/week
- 1 + 1 related
-
James W Harkness JrJAMES W HARKNESS JR
VICE CHAIR
- Total calculated
- $14,850
- From this org
- $0
- From related orgs
- $14,850
- Other
- $0
- Hours/week
- 1 + 1 related
-
Charlie H Mills IIICHARLIE H MILLS III
DIRECTOR
- Total calculated
- $13,700
- From this org
- $0
- From related orgs
- $13,700
- Other
- $0
- Hours/week
- 1 + 1 related
-
Cathy DolanCATHY DOLAN
DIRECTOR
- Total calculated
- $17,450
- From this org
- $0
- From related orgs
- $17,450
- Other
- $0
- Hours/week
- 1 + 1 related
-
Mary Dwyer PembrokeMARY DWYER PEMBROKE
DIRECTOR
- Total calculated
- $12,300
- From this org
- $0
- From related orgs
- $12,300
- Other
- $0
- Hours/week
- 1 + 1 related
-
Kim ArmstrongKIM ARMSTRONG
DIRECTOR
- Total calculated
- $16,100
- From this org
- $0
- From related orgs
- $16,100
- Other
- $0
- Hours/week
- 1 + 1 related
-
Jackie PuenteJACKIE PUENTE
DIRECTOR
- Total calculated
- $12,000
- From this org
- $0
- From related orgs
- $12,000
- Other
- $0
- Hours/week
- 1 + 1 related
-
Florence KingstonFLORENCE KINGSTON
DIRECTOR
- Total calculated
- $15,750
- From this org
- $0
- From related orgs
- $15,750
- Other
- $0
- Hours/week
- 1 + 1 related
-
Robert GilliamROBERT GILLIAM
DIRECTOR
- Total calculated
- $16,050
- From this org
- $0
- From related orgs
- $16,050
- Other
- $0
- Hours/week
- 1 + 1 related
-
William SheltonWILLIAM SHELTON
DIRECTOR
- Total calculated
- $14,700
- From this org
- $0
- From related orgs
- $14,700
- Other
- $0
- Hours/week
- 1 + 2 related
-
Akshay NandakumarAKSHAY NANDAKUMAR
DIRECTOR
- Total calculated
- $11,400
- From this org
- $0
- From related orgs
- $11,400
- Other
- $0
- Hours/week
- 1 + 1 related
-
David EdwardsDAVID EDWARDS
DIRECTOR
- Total calculated
- $1,000
- From this org
- $0
- From related orgs
- $1,000
- Other
- $0
- Hours/week
- 1 + 1 related
-
Ashley N ColemanASHLEY N COLEMAN
ASSISTANT SECRETARY
- Total calculated
- $145,360
- From this org
- $0
- From related orgs
- $145,360
- Other
- $0
- Hours/week
- 1 + 39 related
-
Amir KirkwoodAMIR KIRKWOOD
PRESIDENT & CEO
- Total calculated
- $387,910
- From this org
- $0
- From related orgs
- $387,910
- Other
- $0
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $387,910 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $0 + $387,910 related
-
Tammy JacksonTAMMY JACKSON
CHIEF HUMAN RESOURCES OFFICER, SVP
- Total calculated
- $198,224
- From this org
- $0
- From related orgs
- $198,224
- Other
- $0
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $198,224 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $0 + $198,224 related
-
Caroline NoweryCAROLINE NOWERY
CHIEF OF EXTERNAL AFFAIRS
- Total calculated
- $183,321
- From this org
- $0
- From related orgs
- $183,321
- Other
- $0
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $183,321 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $0 + $183,321 related
-
Peter TaylorPETER TAYLOR
CHIEF OPERATIONS OFFICER, SVP
- Total calculated
- $221,831
- From this org
- $0
- From related orgs
- $221,831
- Other
- $0
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $221,831 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $0 + $221,831 related
-
Deborah MarkleyDEBORAH MARKLEY
EXECUTIVE DIRECTOR, LOCAL INVESTMENT STRATEGY
- Total calculated
- $198,775
- From this org
- $0
- From related orgs
- $198,775
- Other
- $0
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $198,775 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $0 + $198,775 related
-
James BaekJAMES BAEK
SR. VICE PRESIDENT, CIGP
- Total calculated
- $245,251
- From this org
- $0
- From related orgs
- $245,251
- Other
- $0
- Hours/week
- 1 + 39 related
Schedule J breakdown matched by us
- Base
- $0 + $245,251 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $0 + $245,251 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
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
Answered no
- 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
The filer's explanations (Part III)
- PART I, LINES 4A-B
- FORMER EMPLOYEE - 457 DISTRIBUTION PAYMENT MADE IN JANUARY 2023
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 EMPOWER PLACE-FOCUSED INVESTMENT · VA
Directly controlled by VCC SOCIAL ENTERPRISES
-
501(C)(3) · TO SUPPORT AND AID COMMUNITY AND ECONOMIC DEVELOPMENT · VA
Directly controlled by VCC SOCIAL ENTERPRISES
-
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.
-
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 INVESTING
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
LOCUS BANK
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
- 2023
- Filed
- 28 October 2024
- IRS schema version
- 2023v5.1
- Source object
- 202403189349305610
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