Civic Intelligence

Locus Impact Fund

EIN 54-1754009 • 501(c)3 • Christiansburg, VA

Profile

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.

110 Peppers Ferry Road NWChristiansburg, VA 24073

www.vacommunitycapital.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

82nd percentile

0.71x

Higher debt load relative to assets than 82% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

94th percentile

5.86x

Higher debt load relative to revenue than 94% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Net Margin

61st percentile

9.1%

Higher net margin than 61% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

23rd percentile

-0.8%

Faster asset growth than 23% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

61st percentile

11%

Faster revenue growth than 61% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Assets

Down

$89,280,183

Down $746,436 (-0.8%) from 2023

Liabilities

Down

$63,075,843

Down $1,727,738 (-2.7%) from 2023

Net Assets

Up

$26,204,340

Up $981,302 (+3.9%) from 2023

Revenue

Up

$10,759,380

Up $1,098,682 (+11%) from 2023

Expenses

Up

$9,778,078

Up $1,044,896 (+12%) from 2023

Net Income

Up

$981,302

Up $53,786 (+5.8%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$100M$50M$0Assets 2010: $29,838,305Liabilities 2010: $10,561,756Net Assets 2010: $19,276,5492010Assets 2011: $40,184,331Liabilities 2011: $20,130,421Net Assets 2011: $20,053,9102011Assets 2012: $43,486,706Liabilities 2012: $22,411,818Net Assets 2012: $21,074,8882012Assets 2013: $44,452,524Liabilities 2013: $22,178,585Net Assets 2013: $22,273,9392013Assets 2014: $53,478,027Liabilities 2014: $30,093,752Net Assets 2014: $23,384,2752014Assets 2015: $55,125,581Liabilities 2015: $30,965,753Net Assets 2015: $24,159,8282015Assets 2016: $57,664,923Liabilities 2016: $32,925,719Net Assets 2016: $24,739,2042016Assets 2017: $69,370,825Liabilities 2017: $43,043,399Net Assets 2017: $26,327,4262017Assets 2018: $77,081,940Liabilities 2018: $47,298,147Net Assets 2018: $29,783,7932018Assets 2019: $81,321,415Liabilities 2019: $49,264,171Net Assets 2019: $32,057,2442019Assets 2020: $86,360,027Liabilities 2020: $50,200,289Net Assets 2020: $36,159,7382020Assets 2021: $56,421,694Liabilities 2021: $41,306,863Net Assets 2021: $15,114,8312021Assets 2022: $68,117,321Liabilities 2022: $49,170,441Net Assets 2022: $18,946,8802022Assets 2023: $90,026,619Liabilities 2023: $64,803,581Net Assets 2023: $25,223,0382023Assets 2024: $89,280,183Liabilities 2024: $63,075,843Net Assets 2024: $26,204,3402024

Highlighted filing

2024

Assets$89,280,183
Liabilities$63,075,843
Net Assets$26,204,340

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$15M$10M$5.0M$0Expenses 2010: $1,630,9442010Expenses 2011: $2,199,4042011Expenses 2012: $2,147,0582012Revenue 2013: $3,884,634Expenses 2013: $2,888,992Net Income 2013: $995,6422013Revenue 2014: $4,105,086Expenses 2014: $3,381,987Net Income 2014: $723,0992014Revenue 2015: $4,437,027Expenses 2015: $3,854,561Net Income 2015: $582,4662015Revenue 2016: $5,306,924Expenses 2016: $4,819,651Net Income 2016: $487,2732016Revenue 2017: $6,296,292Expenses 2017: $5,280,650Net Income 2017: $1,015,6422017Revenue 2018: $8,066,526Expenses 2018: $5,476,223Net Income 2018: $2,590,3032018Revenue 2019: $6,635,253Expenses 2019: $5,621,386Net Income 2019: $1,013,8672019Revenue 2020: $7,957,534Expenses 2020: $5,451,826Net Income 2020: $2,505,7082020Revenue 2021: $9,502,783Expenses 2021: $5,939,072Net Income 2021: $3,563,7112021Revenue 2022: $9,556,651Expenses 2022: $5,097,939Net Income 2022: $4,458,7122022Revenue 2023: $9,660,698Expenses 2023: $8,733,182Net Income 2023: $927,5162023Revenue 2024: $10,759,380Expenses 2024: $9,778,078Net Income 2024: $981,3022024

Highlighted filing

2024

Revenue$10,759,380
Expenses$9,778,078
Net Income$981,302

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$89.3$63.1$26.2$10.8$9.78$0.98
2023Detailed filing. Detailed filing data is available for this year.$90.0$64.8$25.2$9.66$8.73$0.93
2022Detailed filing. Detailed filing data is available for this year.$68.1$49.2$18.9$9.56$5.10$4.46
2021Detailed filing. Detailed filing data is available for this year.$56.4$41.3$15.1$9.50$5.94$3.56
2020Detailed filing. Detailed filing data is available for this year.$86.4$50.2$36.2$7.96$5.45$2.51
2019Detailed filing. Detailed filing data is available for this year.$81.3$49.3$32.1$6.64$5.62$1.01
2018Detailed filing. Detailed filing data is available for this year.$77.1$47.3$29.8$8.07$5.48$2.59
2017Detailed filing. Detailed filing data is available for this year.$69.4$43.0$26.3$6.30$5.28$1.02
2016Detailed filing. Detailed filing data is available for this year.$57.7$32.9$24.7$5.31$4.82$0.49
2015Detailed filing. Detailed filing data is available for this year.$55.1$31.0$24.2$4.44$3.85$0.58
2014Detailed filing. Detailed filing data is available for this year.$53.5$30.1$23.4$4.11$3.38$0.72
2013Detailed filing. Detailed filing data is available for this year.$44.5$22.2$22.3$3.88$2.89$1.00
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$43.5$22.4$21.1$2.15
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$40.2$20.1$20.1$2.20
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.8$10.6$19.3$1.63
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 12, 2025
Return Version
2024v5.2
Gross Receipts
$10,759,380
Mission and Program Overview

Mission

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.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$68,802,248$69,123,521▲ $321,273
Savings and Temporary Cash Investments$20,485,413$18,567,037▼ $1,918,376
Pledges and Grants Receivable$220,288$1,274,629▲ $1,054,341
Land, Buildings, and Equipment, Net$3,380$2,919▼ $461
Total Assets$90,026,619$89,280,183▼ $746,436
Other Assets Total$515,290$312,077▼ $203,213
Liabilities
Unsecured Notes Loans Payable$54,132,808$54,608,462▲ $475,654
Deferred Revenue$9,484,192$7,420,273▼ $2,063,919
Accounts Payable and Accrued Expenses$951,810$758,494▼ $193,316
Other Liabilities$234,771$288,614▲ $53,843
Total Liabilities$64,803,581$63,075,843▼ $1,727,738
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$15,240,730$16,670,731▲ $1,430,001
Net Assets With Donor Restrictions$9,982,308$9,533,609▼ $448,699
Total Net Assets Fund Balance$25,223,038$26,204,340▲ $981,302
Total Liabilities and Net Assets / Fund Balance$90,026,619$89,280,183▼ $746,436

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$2,919$14,514$17,433
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Clyde CornettChief Financial OfficerPT$164,910$37,636$202,546
James BaekSr. Vice President, CigpFT$164,438$27,059$191,497
Ernest MaddySr. Relationship Manager Iii, Affordable Housing LPT$60,181$98,531$158,712
William GreenleafExecutive Director, Impact LendingPT$132,880$14,021$146,901
Peter TaylorChief Information OfficerPT$106,430$15,569$121,999
Angela C ZenonChief Growth and Strategy OfficerPT$97,393$23,728$121,121
Caroline NoweryChief External Affair Officer, SVPPT$90,044$23,709$113,753
Tammy JacksonChief Human Capital Officer, SVPPT$83,289$25,482$108,771
Hosheus IsaacChief Credit OfficerPT$70,567$16,425$86,992
Ashley N ColemanAssistant SecretaryPT$70,541$10,849$81,390
Amir KirkwoodPresident & CEOPT$29,334$41,541$70,875
Ernest MaddySr. Relationship Manager Iii, Afford-$52,790$9,503$62,293
Stacey Antonelli-christensenSecretaryPT$35,718$23,905$59,623
William SheltonDirector--$15,650$15,650
Florence KingstonDirector--$13,850$13,850
Kim ArmstrongDirector-$1,500$10,650$12,150
Cathy DolanDirector-$1,500$9,450$10,950
Jackie PuenteDirector-$10,450-$10,450
Dixon HannaChairman--$9,850$9,850
Akshay NandakumarDirector-$8,450-$8,450
Charlie H Mills IiiDirector--$8,400$8,400
Mary Dwyer PembrokeDirector-$7,150-$7,150
Sherry MagillDirector--$6,350$6,350
David EdwardsDirector--$4,750$4,750
James HarknessDirector--$2,850$2,850
Revenue and Support

Revenue Composition

Contributions and Grants
$6,190,834
Program Service Revenue
$3,577,019
Investment Income
$0
Other Revenue
$991,527
All Other Contributions
$1,483,553
Change in Net Assets
$981,302
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,796,271
Other Expenses$3,781,568
Grants and Similar Amounts Paid$200,239
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$3,659,366$1,219,789-$4,879,155
Interest$1,281,299--$1,281,299
Fees for Services Other$759,182$253,061-$1,012,243
Occupancy$594,662$112,837-$707,499
Other Employee Benefits$409,272$136,424-$545,696
Payroll Taxes$269,271$89,757-$359,028
Grants to Domestic Orgs$200,239--$200,239
Travel$163,850$31,091-$194,941
Office Expenses$141,656$26,880-$168,536
Advertising$95,901$18,197-$114,098
Fees for Services Legal$56,639$18,880-$75,519
Fees for Services Accounting$32,764$10,921-$43,685
Pension Plan Contributions$9,294$3,098-$12,392
Depreciation Depletion$1,421$474-$1,895
Other Expenses$-26,000$35,438-$-26,000
Total Functional Expenses$7,821,231$1,956,847$0$9,778,078
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Georgia Minority Outreach Network CorpDarien, GA501c(3)Se Regional Food Business Center Subaward Expenses$100,239
Scdhc-high Street LLCRichmond, VA-Support for Multfamily Housing Development$100,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Interest Payable$244,205
Other Liabilities$44,409
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

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.

Form 990, Part VI, Section B, Line 12C

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.

Form 990, Part VI, Section B, Line 15

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.

Form 990, Part VI, Section C, Line 19

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

Filing and Contact Details

Filer

Filer Name
Locus Impact Fund
EIN
54-1754009
Phone
5402603126
Address
110 PEPPERS FERRY ROAD NW, CHRISTIANSBURG, VA 24073

Signing Officer

Name
Clyde a Cornett Jr
Title
CFO
Phone
5402603126
Signed
2025-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Clyde a Cornett Jr
Formed
1995
Legal Domicile
Va
Voting Board Members
11
Independent Board Members
11
Employees
99
Volunteers
0

Preparer

Firm
Brown Edwards & Company Llp
Address
3906 ELECTRIC ROAD, ROANOKE, VA 24018
Preparer
Patrick Pittman
Phone
5403450936
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Consulting: program service expenses 757,376. Management and general expenses 252,459. Fundraising expenses 0. Total expenses 1,009,835. Misc. Exp.: program service expenses 1,806. Management and general expenses 602. Fundraising expenses 0. Total expenses 2,408.

FORM 990, PART XII, LINE 2C:

No change from prior year.

Financial Statement Notes

PART X, LINE 2:

The organization is exempt from federal income taxes under irc section 501(c)(3). Tax years 2019 through 2023 are subject to examination by the internal revenue service. The organization has analyzed the tax positions taken or expected to be taken in its tax returns and has concluded it has no liability related to uncertain tax positions.

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IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd9X
IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd10X
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt30
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt70
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt90
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt110
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt120
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt145954
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt151459
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt166105
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt170
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt185412
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt199216
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt207800
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt217484
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt226087
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt237377
IRS990/Form990PartVIISectionAGrp/PersonNm0DIXON HANNA
IRS990/Form990PartVIISectionAGrp/PersonNm1CHARLIE H MILLS III
IRS990/Form990PartVIISectionAGrp/PersonNm2CATHY DOLAN
IRS990/Form990PartVIISectionAGrp/PersonNm3MARY DWYER PEMBROKE
IRS990/Form990PartVIISectionAGrp/PersonNm4KIM ARMSTRONG
IRS990/Form990PartVIISectionAGrp/PersonNm5JACKIE PUENTE
IRS990/Form990PartVIISectionAGrp/PersonNm6FLORENCE KINGSTON
IRS990/Form990PartVIISectionAGrp/PersonNm7SHERRY MAGILL
IRS990/Form990PartVIISectionAGrp/PersonNm8WILLIAM SHELTON
IRS990/Form990PartVIISectionAGrp/PersonNm9AKSHAY NANDAKUMAR
IRS990/Form990PartVIISectionAGrp/PersonNm10DAVID EDWARDS
IRS990/Form990PartVIISectionAGrp/PersonNm11JAMES HARKNESS
IRS990/Form990PartVIISectionAGrp/PersonNm12AMIR KIRKWOOD
IRS990/Form990PartVIISectionAGrp/PersonNm13CLYDE CORNETT
IRS990/Form990PartVIISectionAGrp/PersonNm14ASHLEY N COLEMAN
IRS990/Form990PartVIISectionAGrp/PersonNm15STACEY ANTONELLI-CHRISTENSEN
IRS990/Form990PartVIISectionAGrp/PersonNm16ANGELA C ZENON
IRS990/Form990PartVIISectionAGrp/PersonNm17HOSHEUS ISAAC
IRS990/Form990PartVIISectionAGrp/PersonNm18ERNEST MADDY
IRS990/Form990PartVIISectionAGrp/PersonNm19JAMES BAEK
IRS990/Form990PartVIISectionAGrp/PersonNm20CAROLINE NOWERY
IRS990/Form990PartVIISectionAGrp/PersonNm21PETER TAYLOR
IRS990/Form990PartVIISectionAGrp/PersonNm22TAMMY JACKSON
IRS990/Form990PartVIISectionAGrp/PersonNm23WILLIAM GREENLEAF
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIRMAN
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12PRESIDENT & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt13CHIEF FINANCIAL OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt14ASSISTANT SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt15SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt16CHIEF GROWTH AND STRATEGY OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt17CHIEF CREDIT OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt18SR. RELATIONSHIP MANAGER III, AFFORDABLE HOUSING L
IRS990/Form990PartVIISectionAGrp/TitleTxt19SR. VICE PRESIDENT, CIGP
IRS990/Form990PartVIISectionAGrp/TitleTxt20CHIEF EXTERNAL AFFAIR OFFICER, SVP
IRS990/Form990PartVIISectionAGrp/TitleTxt21CHIEF INFORMATION OFFICER
IRS990/Form990PartVIISectionAGrp/TitleTxt22CHIEF HUMAN CAPITAL OFFICER, SVP
IRS990/Form990PartVIISectionAGrp/TitleTxt23EXECUTIVE DIRECTOR, IMPACT LENDING
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IRS990/MissionDesc0OUR MISSION IS TO OFFER INNOVATIVE, FLEXIBLE FINANCIAL PRODUCTS DESIGNED TO SUPPORT HOUSING AND COMMUNITY DEVELOPMENT VENTURES, INCREASE JOBS AND BUILD SUSTAINABLE COMMUNITIES. LOCUS IMPACT FUND 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.
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