Virginia Community Capital Inc

“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.”

“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.”

“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.”

“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.”

“Financial statements are posted on the website. Governing documents and conflicts of interest policy are available upon request.”

“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.”

“Change in net assets from adoption of asu 2016-13 -89,000. Change in net assets from absorption of affiliate 5,437,642.”

“No change from prior year.”