LOCUS IMPACT FUND

EIN: 541754009 501(c)(3) Community Improvement

CHRISTIANSBURG, VA

Total Revenue
$9,660,698
Total Expenses
$8,733,182
Total Assets
$90,026,619
Net Assets
$25,223,038
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
1995
Legal Domicile
VA
Principal Officer
CLYDE A CORNETT JR
Phone
5402603126
Tax Period
2023-01-01 to 2023-12-31

VIRGINIA COMMUNITY CAPITAL INC, founded in 1995, is a community nonprofit in the Community Improvement sector that reported $8.1M in total revenue in fiscal year 2018. Revenue surged 28% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.6M, a strong 32% operating margin.

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.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $5,045,476
Program Service Revenue $2,985,950
Investment Income $-601
Other Revenue $1,629,873
TOTAL REVENUE $9,660,698

Expense Breakdown

Grants Paid $60,000
Salaries & Benefits $5,289,916
Fundraising Expenses $0
Program Expenses $6,853,529
Other Expenses $3,383,266
TOTAL EXPENSES $8,733,182

Year-over-Year Comparison

2023 2022 Change
Revenue $9,660,698 $9,556,651 +0.0%
Expenses $8,733,182 $5,097,939 +0.7%
Net Income $927,516 $4,458,712 -0.8%
Key Indicators
✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required
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Governance

Voting Members
17
Independent Members
13
Employees
105
Volunteers
N/A

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
6
$918,023
Total Directors
16
$1,042,973
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
SHERRY MAGILL DIRECTOR 1.00
Director
$0 $0 $10,550
DIXON HANNA CHARIMAN 1.00
Officer Director
$0 $0 $13,700
JAMES W HARKNESS JR VICE CHAIR 1.00
Officer Director
$0 $0 $14,850
CHARLIE H MILLS III DIRECTOR 1.00
Director
$0 $0 $13,700
CATHY DOLAN DIRECTOR 1.00
Director
$1,500 $0 $17,450
CLYDE CORNETT TREASURER 17.00
Officer Director
$110,809 $0 $263,831
AMIR KIRKWOOD PRESIDENT & CEO 17.00
Officer Director
$162,922 $0 $387,910
MARY DWYER PEMBROKE DIRECTOR 1.00
Director
$11,050 $0 $12,300
KIM ARMSTRONG DIRECTOR 1.00
Director
$1,750 $0 $16,100
JACKIE PUENTE DIRECTOR 1.00
Director
$12,000 $0 $12,000
FLORENCE KINGSTON DIRECTOR 1.00
Director
$0 $0 $15,750
WILLIAM SHELTON DIRECTOR 1.00
Director
$0 $0 $14,700
ASHLEY N COLEMAN ASSISTANT SECRETARY 17.00
Officer Director
$61,051 $0 $145,360
AKSHA NANDAKUMAR DIRECTOR 1.00
Director
$11,400 $0 $11,400
STACEY ANTONELLI-CHRISTENSEN SECRETARY 17.00
Officer Director
$38,796 $0 $92,372
DAVID EDWARDS DIRECTOR 1.00
Director
$0 $0 $1,000
DEBORAH MARKLEY EXECUTIVE DIRECTOR, LOCAL INVESTMENT STRATEGY 38.00
Highest
$188,836 $0 $198,775
TAMMY JACKSON CHIEF HUMAN RESOURCES OFFICER, SVP 17.00
Highest
$83,254 $0 $198,224
PETER TAYLOR CHIEF OPERATIONS OFFICER, SVP 17.00
Highest
$93,169 $0 $221,831
JAMES BAEK SR. VICE PRESIDENT, CIGP 40.00
Highest
$245,251 $0 $245,251
CAROLINE NOWERY CHIEF OF EXTERNAL AFFAIRS 17.00
Highest
$76,995 $0 $183,321
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $9,660,698 $8,733,182 $90,026,619 $927,516
2022 $9,556,651 $5,097,939 $68,117,321 $4,458,712
2021 $9,502,783 $5,939,072 $56,421,694 $3,563,711
2020 $7,957,534 $5,451,826 $86,360,027 $2,505,708
2019 $6,635,253 $5,621,386 $81,321,415 $1,013,867
2018 $8,066,526 $5,476,223 $77,081,940 $2,590,303
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