Overview
What is Locus Impact Fund?
Locus Impact Fund is a community development nonprofit organization situated in Christiansburg, Virginia. With a mission to foster sustainable communities, they provide various financing options such as loans, loan guarantees, and equity financing to community and business organizations. Their goal is to enhance job opportunities and support housing and development ventures in low to moderate income communities, primarily in underserved geographies and markets. Additionally, they offer training and technical assistance to business owners and managers, thereby contributing to the betterment of the communities they serve. The organization employs a team of 115 individuals in achieving its objectives.
Official website here: www.vacommunitycapital.org
What are the reviews and ratings of this charity?
**Rating: 81% (Three-Star out of Four Star Rating on Charity Navigator)**
Locus Impact Fund has earned a Three-Star rating from Charity Navigator due to its strong focus on accountability and finance, evaluated through a single beacon score. Key strengths include a nearly fully independent board, comprehensive financial oversight, and a clear conflict of interest policy, indicating a commitment to transparency and ethical governance.
Despite its financial and governance strengths, the Fund has room for improvement, particularly regarding its website's accessibility to important tax documents, as noted in the scoring breakdown. Additionally, the liabilities to assets ratio raised some concerns about long-term financial stability, although the organization does allocate a significant portion of its expenses—over 82%—toward programs, reflecting a mission-driven approach.
User reviews from GreatNonprofits could not be fetched, so there is no available feedback from the public about their experiences with Locus Impact Fund. This absence means potential donors and supporters might not have insights into personal testimonials or experiences regarding the nonprofit's impact on the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Locus Impact Fund legitimate?
Locus Impact Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Locus Impact Fund submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,271,069
For more financial information, click here
Official website here: www.vacommunitycapital.org
What is the mission statement of Locus Impact Fund?
Locus Impact Fund is committed to providing innovative and flexible financial solutions to support housing and community development ventures. Their mission is to increase job opportunities and foster sustainable communities in underserved areas and low-to-moderate income communities. They offer loan capital that surpasses bank lending, supporting projects with a positive impact. Their financial products are tailored to offer broader support to ventures that can significantly contribute to community development.
Official website here: www.vacommunitycapital.org
Who is the CEO of Locus Impact Fund?
Clyde A Cornett Jr is the Director of Locus Impact Fund. The CEO's salary of Locus Impact Fund is $143,185 and their total compensation is $286,370.
Official website here: www.vacommunitycapital.org
What is the revenue of Locus Impact Fund?
Locus Impact Fund's revenue in 2022 was $9,556,651.
Official website here: www.vacommunitycapital.org
Who are the executives of Locus Impact Fund and what are their salaries?
The average compensation at Locus Impact Fund during 2022 was $19,748. There are 115 employees at Locus Impact Fund.
Here are 37 key members and their salaries (Locus Impact Fund's CEO's salary is $143,185 and their total compensation is $286,370):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $143,185
- Related: $143,185
- Other: $0
- Compensation: $0
- Related: $237,515
- Other: $0
- Compensation: $8,250
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $14,700
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $66,766
- Related: $171,682
- Other: $0
- Compensation: $0
- Related: $181,132
- Other: $0
- Compensation: $60,524
- Related: $128,613
- Other: $0
- Compensation: $0
- Related: $91,494
- Other: $0
- Compensation: $64,319
- Related: $136,678
- Other: $0
- Compensation: $48,343
- Related: $193,373
- Other: $0
- Compensation: $25,974
- Related: $103,900
- Other: $0
- Compensation: $44,518
- Related: $103,875
- Other: $0
- Compensation: $28,419
- Related: $113,675
- Other: $0
- Compensation: $26,022
- Related: $104,087
- Other: $0
- Compensation: $0
- Related: $110,820
- Other: $0
- Compensation: $0
- Related: $119,883
- Other: $0
- Compensation: $64,128
- Related: $64,128
- Other: $0
- Compensation: $0
- Related: $141,014
- Other: $0
- Compensation: $57,390
- Related: $57,390
- Other: $0
- Compensation: $0
- Related: $234,719
- Other: $0
- Compensation: $26,195
- Related: $104,781
- Other: $0
- Compensation: $0
- Related: $107,293
- Other: $0
- Compensation: $79,243
- Related: $79,243
- Other: $0
- Compensation: $19,104
- Related: $93,272
- Other: $0
- Compensation: $33,887
- Related: $72,010
- Other: $0
- Compensation: $21,196
- Related: $84,783
- Other: $0
- Compensation: $36,862
- Related: $78,332
- Other: $0
- Compensation: $21,578
- Related: $86,312
- Other: $0
Official website here: www.vacommunitycapital.org
Where can I find the form 990 for Locus Impact Fund?
Locus Impact Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.vacommunitycapital.org
Learn more at the official website: www.vacommunitycapital.org
Mission Statement of Locus Impact Fund
Locus Impact Fund is committed to providing innovative and flexible financial solutions, specifically tailored for housing and community development ventures. The organization aims to boost employment opportunities and foster sustainable communities. Their financial products extend beyond what traditional banks offer, catering to projects that have a positive impact on low to moderate income communities in underserved geographies and markets. Through their venture capital loans, Locus Impact Fund supports projects that contribute to the betterment of underserved communities, thereby promoting overall socio-economic development.
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Impact
July, 2024
Locus Impact Fund's impact can be seen through its provision of innovative and flexible financial products designed to support housing and community development ventures. By offering loan capital that goes beyond traditional bank lending, Locus Impact Fund is able to support projects with a positive impact in low to moderate-income communities in underserved geographies. Through its loans, loan guarantees, and other forms of financing, Locus Impact Fund aids community development by providing crucial financial resources to community and business organizations. Additionally, the fund's commitment to providing training and technical assistance to business owners and managers helps build sustainable communities and increase job opportunities. Through these efforts, Locus Impact Fund plays a significant role in improving communities and promoting economic development.
This information is meant to be a general summary of Locus Impact Fund. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $2,008
- Program Service Revenue: $2,297,394
- Gross Receipts: $9,558,219
Assets and Liabilities:
- Total Assets: $68,117,321
- Total Liabilities: $49,170,441
- Net Assets: $18,946,880
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$2,294,680
PROGRAM RELATED INVEST
Revenue
$2,714
Organization Details
Founding Year
1995
Phone
(540) 260-3126Principal Officer
Clyde A Cornett Jr
Main Address
110 PEPPERS FERRY ROAD NW, CHRISTIANSBURG, VA, 24073
Website
www.vacommunitycapital.orgNTEE Category
Code: S40 - Community improvement
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