Locus Impact Fund
- Assets
- $68.1m
- Revenue
- $9.6m
- Investments
- $0.0
- Employees
- 115
- Location
- Christiansburg, VA
- Founding
- 12/1999
- Data as of
- 12/2022
- EIN
- 54-1754009
Organization Overview
Locus Impact Fund is located in Christiansburg, VA. The organization was established in 1999. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Locus Impact Fund employed 115 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Locus Impact Fund is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Locus Impact Fund generated $9.6m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 10.1% each year . All expenses for the organization totaled $5.1m during the year ending 12/2022. While expenses have increased by 3.6% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Locus Impact Fund has awarded 28 individual grants totaling $2,243,803. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AID COMMUNITY DEVELOPMENT PY PROVIDING LOANS, LOAN GUARANTEES AND OTHER FORMS OF DEBT OR EQUITY FINANCING FOR COMMUNITY AND BUSINESS ORGANIZATIONS, AS WELL AS TO PROVIDE TRAINING AND TECHNICAL ASSISTANCE TO BUSINESS OWNERS AND MANAGERS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sherry Magill Director | Trustee | 1 | $0 |
Dixon Hanna Director | Trustee | 1 | $0 |
James W Harkness Jr Director | Trustee | 1 | $0 |
Charlie H Mills III Director | Trustee | 1 | $0 |
Cathy Dolan Director | Trustee | 1 | $0 |
Amir Kirkwood President & CEO | OfficerTrustee | 20 | $143,185 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Imperial Real Estate Holding Dba Carouse Rental Services | 12/30/18 | $175,495 |
Elliott Davis Accounting Services | 12/30/18 | $116,622 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $6,626,276 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,626,276 |
| Total Program Service Revenue | $2,297,394 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,008 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,556,651 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $635,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,271,069 |
| Pension plan accruals and contributions | $59,369 |
| Other employee benefits | $188,006 |
| Payroll taxes | $181,193 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $25,615 |
| Fees for services: Accounting | $50,847 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $543,919 |
| Advertising and promotion | $114,610 |
| Office expenses | $201,109 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $181,293 |
| Travel | $103,166 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $847,038 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $120,632 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,097,939 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$1 |
| Savings and temporary cash investments | $3,936,443 |
| Pledges and grants receivable | $1,576,838 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $61,815,544 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $522,191 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $266,306 |
| Total assets | $68,117,321 |
| Accounts payable and accrued expenses | $514,379 |
| Grants payable | $0 |
| Deferred revenue | $4,892,530 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $43,515,962 |
| Other liabilities | $247,570 |
| Total liabilities | $49,170,441 |
| Net assets without donor restrictions | $8,964,572 |
| Net assets with donor restrictions | $9,982,308 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $68,117,321 |
Grants Awarded
Over the last fiscal year, Locus Impact Fund has awarded $600,000 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
FC PHASE 1 LLC PURPOSE: CAPITAL MAGNET GRANT TO SUPPORT AFFORDABLE HOUSING | $100,000 |
MHV PRESERVATION PARTNERS LP PURPOSE: CAPITAL MAGNET GRANT TO SUPPORT AFFORDABLE HOUSING | $100,000 |
POPLAR CREEK PURPOSE: CAPITAL MAGNET GRANT TO SUPPORT AFFORDABLE HOUSING | $100,000 |
WINCHESTER FORREST II PURPOSE: CAPITAL MAGNET GRANT TO SUPPORT AFFORDABLE HOUSING | $100,000 |
COOL LANE APARTMENTS PURPOSE: CAPITAL MAGNET GRANT TO SUPPORT AFFORDABLE HOUSING | $100,000 |
GRANDE OAK VA LLC PURPOSE: CAPITAL MAGNET GRANT TO SUPPORT AFFORDABLE HOUSING | $50,000 |