Civic Intelligence

Locus

990 • Fiscal year 2022 • EIN 86-3988949

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

Organization ProfileWWW.VACOMMUNITYCAPITAL.ORG
7814 Carousel Lane Suite 100Richmond, VA 23294

(540) 260-3126

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

11th percentile

0.02x

Higher debt load relative to assets than 11% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Liabilities / Revenue

99th percentile

35.54x

Higher debt load relative to revenue than 99% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Net Margin

98th percentile

90%

Higher net margin than 98% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

This filing does not contain officer compensation rows.

Source year 2022

Asset Growth

98th percentile

95%

Faster asset growth than 98% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Revenue Growth

99th percentile

406%

Faster revenue growth than 99% of similar nonprofits.

2022 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets11th percentile

Assets

Up

$102,314,462

Up $49,835,561 (+95%) from 2021

Net Assets

Up

$100,733,477

Up $48,254,576 (+92%) from 2021

Liabilities

Up

$1,580,985

Up $1,580,985 from 2021

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin98th percentile

Revenue

Up

$44,482

Up $35,689 (+406%) from 2021

Expenses

Up

$4,600

Up $4,000 (+667%) from 2021

Net Income

Up

$39,882

Up $31,689 (+387%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2021: $52,478,901Liabilities 2021: $0Net Assets 2021: $52,478,9012021Assets 2022: $102,314,462Liabilities 2022: $1,580,985Net Assets 2022: $100,733,4772022Assets 2023: $116,076,941Liabilities 2023: $1,417,443Net Assets 2023: $114,659,4982023Assets 2024: $120,414,456Liabilities 2024: $2,393,315Net Assets 2024: $118,021,1412024

Highlighted filing

2022

Assets$102,314,462
Liabilities$1,580,985
Net Assets$100,733,477
Open 2022 Filing

Operations Trend

Revenue Growth99th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$15M$10M$5.0M$0-$5.0MRevenue 2021: $8,793Expenses 2021: $600Net Income 2021: $8,1932021Revenue 2022: $44,482Expenses 2022: $4,600Net Income 2022: $39,8822022Revenue 2023: $12,113,077Expenses 2023: $225,818Net Income 2023: $11,887,2592023Revenue 2024: $138,182Expenses 2024: $609,119Net Income 2024: -$470,9372024

Highlighted filing

2022

Revenue$44,482
Expenses$4,600
Net Income$39,882
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$44,482
Mission and Program Overview

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.

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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,342,484$9,956,253▲ $7,613,769
Investments Other Securities$1,109,358$2,386,797▲ $1,277,439
Accounts Receivable-$355-
Total Assets$52,478,901$102,314,462▲ $49,835,561
Other Assets Total$49,027,059$89,971,057▲ $40,943,998
Liabilities
Other Liabilities$0$1,579,235▲ $1,579,235
Accounts Payable and Accrued Expenses-$1,750-
Total Liabilities$0$1,580,985▲ $1,580,985
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$43,846,834$90,751,169▲ $46,904,335
Net Assets With Donor Restrictions$8,632,067$9,982,308▲ $1,350,241
Total Net Assets Fund Balance$52,478,901$100,733,477▲ $48,254,576
Total Liabilities and Net Assets / Fund Balance$52,478,901$102,314,462▲ $49,835,561

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$1,271,002--
Compensation and Service Providers
Top Officer PayScore unavailable

Employees

NameTitleFull / Part TimeOtherTotal
Adam NorthupSenior Vice President-$91,494$91,494
Wayne WaldropPresident - LendingPT$82,399$82,399
Libba MckinsleyChief of Staff-$80,784$80,784
Jane HendersonPresident & CEOPT$47,092$47,092

Board Members and Trustees

NameTitle
Sarah StremlauPresident - Locus
Amir KirkwoodPresident - Vcc
Deb MarkleySenior Vice President
William GrovesSenior Vice President
Caroline NowerySenior Vice President - Lo
Cathy DolanDirector
Charles Mills IiiDirector
Dixon HannaDirector
Florence KingstonDirector
Jackie PuenteDirector
James Harkness JrDirector
Kimberly ArmstrongDirector
Mary Dwyer PembrokeDirector
Robert Gilliam JrDirector
Sherry MagillDirector
William SheltonDirector
Tammy JacksonChief Human Capital Office
Clyde Cornett JrEvp & CFO
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$44,482
Other Revenue
$0
Change in Net Assets
$39,882
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,600
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Accounting-$4,600-$4,600
Total Functional Expenses$0$4,600$0$4,600
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
Lease Liability$1,579,235
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 Inc
EIN
86-3988949
Phone
5402603126
Address
7814 CAROUSEL LANE SUITE 100, RICHMOND, VA 23294

Signing Officer

Name
Clyde a Cornett Jr
Title
CFO
Phone
5402603126
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Clyde a Cornett Jr
Formed
2021
Legal Domicile
Va
Voting Board Members
13
Independent Board Members
11
Employees
0
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 XI, LINE 9:

“Change in net assets from undistributed income of bank subsidiary 1,273,304. Change in net assets from undistributed income of non-bank subsidiary 3,916,619. Change in accumulated other comprehensive loss -2,128,014. Capital upstream from non-bank subsidiary 8,650,000. Dividends paid on subsidiary's preferred stock 0. Dividends paid to minority shareholders on subsidiary class a stock -990. Dividends paid to minority shareholders on subsidiary class b stock -200,648. Noncontrolling interest in subsidiary 44,938,255. Py noncontrolling interest in subsidiary -8,233,832.”

FORM 990, PART XII, LINE 2C:

“Process has not changed from py”

Raw XML AppendixShowing 400 of 689 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt0PRESIDENT & CEO
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/TitleTxt12EVP & CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt13CHIEF HUMAN CAPITAL OFFICE
IRS990/Form990PartVIISectionAGrp/TitleTxt14PRESIDENT - LENDING
IRS990/Form990PartVIISectionAGrp/TitleTxt15SENIOR VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt16SENIOR VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt17SENIOR VICE PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt18PRESIDENT - VCC
IRS990/Form990PartVIISectionAGrp/TitleTxt19PRESIDENT - LOCUS
IRS990/Form990PartVIISectionAGrp/TitleTxt20CHIEF OF STAFF
IRS990/Form990PartVIISectionAGrp/TitleTxt21SENIOR VICE PRESIDENT - LO
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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$102,314,462
Liabilities
$1,580,985
Net assets
$100,733,477
Revenue
$44,482
Expenses
$4,600
Net income
$39,882
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$120$2.39$118$0.14$0.61$0.47
2023Detailed filing. Detailed filing data is available for this year.$116$1.42$115$12.1$0.23$11.9
2022Detailed filing. Detailed filing data is available for this year.$102$1.58$101$0.04$0.00$0.04
2021Detailed filing. Detailed filing data is available for this year.$52.5$0.00$52.5$0.01$0.00$0.01