LOCUS

EIN: 863988949 501(c)(3) Community Improvement

RICHMOND, VA

Total Revenue
$12,113,077
Total Expenses
$225,818
Total Assets
$116,076,941
Net Assets
$114,659,498
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Financial Trends

Organization Details

Formation Year
2021
Legal Domicile
VA
Principal Officer
CLYDE A CORNETT JR
Phone
5402603126
Tax Period
2023-01-01 to 2023-12-31

VCC SOCIAL ENTERPRISES, founded in 2021, is a micro nonprofit in the Community Improvement sector that reported $9K in total revenue in fiscal year 2021. The organization ran a surplus of $8K, a strong 93% 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 $12,000,000
Program Service Revenue $0
Investment Income $113,077
Other Revenue $0
TOTAL REVENUE $12,113,077

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Other Expenses $225,818
TOTAL EXPENSES $225,818

Year-over-Year Comparison

2023 2022 Change
Revenue $12,113,077 $44,482 +271.3%
Expenses $225,818 $4,600 +48.1%
Net Income $11,887,259 $39,882 +297.1%
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
16
Independent Members
14
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
17
$1,059,023
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CLYDE CORNETT CHIEF FINANCIAL OFFICER, EVP 1.00
Officer Director
$0 $0 $263,831
STACEY ANTONELLI-CHRISTENSEN SECRETARY 1.00
Officer Director
$0 $0 $92,372
SHERRY MAGILL DIRECTOR 1.00
Director
$0 $0 $10,550
DIXON HANNA CHAIRMAN 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
$0 $0 $17,450
MARY DWYER PEMBROKE DIRECTOR 1.00
Director
$0 $0 $12,300
KIM ARMSTRONG DIRECTOR 1.00
Director
$0 $0 $16,100
JACKIE PUENTE DIRECTOR 1.00
Director
$0 $0 $12,000
FLORENCE KINGSTON DIRECTOR 1.00
Director
$0 $0 $15,750
ROBERT GILLIAM DIRECTOR 1.00
Director
$0 $0 $16,050
WILLIAM SHELTON DIRECTOR 1.00
Director
$0 $0 $14,700
AKSHAY NANDAKUMAR DIRECTOR 1.00
Director
$0 $0 $11,400
DAVID EDWARDS DIRECTOR 1.00
Director
$0 $0 $1,000
ASHLEY N COLEMAN ASSISTANT SECRETARY 1.00
Officer Director
$0 $0 $145,360
AMIR KIRKWOOD PRESIDENT & CEO 1.00
Officer Director
$0 $0 $387,910
TAMMY JACKSON CHIEF HUMAN RESOURCES OFFICER, SVP 1.00
Highest
$0 $0 $198,224
CAROLINE NOWERY CHIEF OF EXTERNAL AFFAIRS 1.00
Highest
$0 $0 $183,321
PETER TAYLOR CHIEF OPERATIONS OFFICER, SVP 1.00
Highest
$0 $0 $221,831
DEBORAH MARKLEY EXECUTIVE DIRECTOR, LOCAL INVESTMENT STRATEGY 1.00
Highest
$0 $0 $198,775
JAMES BAEK SR. VICE PRESIDENT, CIGP 1.00
Highest
$0 $0 $245,251
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 $12,113,077 $225,818 $116,076,941 $11,887,259
2022 $44,482 $4,600 $102,314,462 $39,882
2021 $8,793 $600 $52,478,901 $8,193
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