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Nonprofit · EIN 86-3988949

LOCUS

Tax-exempt · CHRISTIANSBRG, VA 24073

Financials

$12.1M$226K2023$138K$609K2024
Revenue Expenses · by fiscal year end
Financials of LOCUS by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$138,182$609,119-$470,937$120,414,456$2,393,315$118,021,141
December 31, 2023990$12,113,077$225,818$11,887,259$116,076,941$1,417,443$114,659,498
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$0
Program service revenue
$0
Investment income
$138,182
Other revenue
$0

Expenses

Grants and similar amounts paid
$0
Compensation of officers, directors and key employees
$284,127
Salaries, compensation and benefits (total)
$287,628
Professional fundraising fees
$0
Legal fees
$24,110
Accounting fees
$53,474
Management and general (functional)
$609,119

Balance sheet and other

Total assets, start of year
$116,076,941
Total assets, end of year
$120,414,456
Total liabilities, end of year
$2,393,315
Net assets, end of year
$118,021,141
Land, buildings and equipment
$829,446
Net assets without donor restrictions
$108,487,532
Net assets with donor restrictions
$9,533,609
Gross receipts
$138,182
Employees
99
Volunteers
0
Year formed
2021
State of legal domicile
VA

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensationFrom related orgsOther / benefits
AMIR KIRKWOODPRESIDENT & CEO
Officer
1$240,550$150,120$0
CLYDE CORNETTCHIEF FINANCIAL OFFICER
Officer
1$0$360,833$11,526
JAMES BAEKSR. VICE PRESIDENT, CIGP
Highest-paid employee
1$0$261,088$9,216
ANGELA C ZENONCHIEF GROWTH AND STRATEGY OFFICER
Key employee
1$43,576$200,246$6,106
CAROLINE NOWERYCHIEF EXTERNAL AFFAIR OFFICER, SVP
Highest-paid employee
1$0$240,952$7,800
PETER TAYLORCHIEF INFORMATION OFFICER
Highest-paid employee
1$0$215,304$7,483
TAMMY JACKSONCHIEF HUMAN CAPITAL OFFICER, SVP
Highest-paid employee
1$0$212,231$6,087
WILLIAM GREENLEAFEXECUTIVE DIRECTOR, IMPACT LENDING
Highest-paid employee
1$0$206,623$7,377
HOSHEUS ISAACCHIEF CREDIT OFFICER
Key employee
1$0$195,475$0
ASHLEY N COLEMANASSISTANT SECRETARY
Officer
1$0$167,660$5,953
ERNEST MADDYSR. RELATIONSHIP MANAGER III, AFFORDABLE HOUSING L
Key employee
1$0$153,300$5,412
STACEY ANTONELLI-CHRISTENSENSECRETARY
Officer
1$0$58,164$1,459
WILLIAM SHELTONDIRECTOR
Trustee or director
1$0$15,650$0
FLORENCE KINGSTONDIRECTOR
Trustee or director
1$0$13,850$0
KIM ARMSTRONGDIRECTOR
Trustee or director
1$0$12,150$0
9 more people on this return
NameTitleHours / weekCompensationFrom related orgs
CATHY DOLANDIRECTOR
Trustee or director
1$0$10,950
JACKIE PUENTEDIRECTOR
Trustee or director
1$0$10,450
DIXON HANNACHAIRMAN
Trustee or director
1$0$9,850
AKSHAY NANDAKUMARDIRECTOR
Trustee or director
1$0$8,450
CHARLIE H MILLS IIIDIRECTOR
Trustee or director
1$0$8,400
MARY DWYER PEMBROKEDIRECTOR
Trustee or director
0.5$0$7,150
SHERRY MAGILLDIRECTOR
Trustee or director
0.5$0$6,350
DAVID EDWARDSDIRECTOR
Trustee or director
1$0$4,750
JAMES HARKNESSDIRECTOR
Trustee or director
1$0$2,850
990 for the year ended December 31, 2023: 22 people
NameTitleHours / weekCompensationFrom related orgs
AMIR KIRKWOODPRESIDENT & CEO
Trustee or director, Officer
1$0$387,910
CLYDE CORNETTCHIEF FINANCIAL OFFICER, EVP
Trustee or director, Officer
1$0$263,831
JAMES BAEKSR. VICE PRESIDENT, CIGP
Highest-paid employee
1$0$245,251
PETER TAYLORCHIEF OPERATIONS OFFICER, SVP
Highest-paid employee
1$0$221,831
DEBORAH MARKLEYEXECUTIVE DIRECTOR, LOCAL INVESTMENT STRATEGY
Highest-paid employee
1$0$198,775
TAMMY JACKSONCHIEF HUMAN RESOURCES OFFICER, SVP
Highest-paid employee
1$0$198,224
CAROLINE NOWERYCHIEF OF EXTERNAL AFFAIRS
Highest-paid employee
1$0$183,321
ASHLEY N COLEMANASSISTANT SECRETARY
Trustee or director, Officer
1$0$145,360
STACEY ANTONELLI-CHRISTENSENSECRETARY
Trustee or director, Officer
1$0$92,372
CATHY DOLANDIRECTOR
Trustee or director
1$0$17,450
KIM ARMSTRONGDIRECTOR
Trustee or director
1$0$16,100
ROBERT GILLIAMDIRECTOR
Trustee or director
1$0$16,050
FLORENCE KINGSTONDIRECTOR
Trustee or director
1$0$15,750
JAMES W HARKNESS JRVICE CHAIR
Trustee or director, Officer
1$0$14,850
WILLIAM SHELTONDIRECTOR
Trustee or director
1$0$14,700
DIXON HANNACHAIRMAN
Trustee or director, Officer
1$0$13,700
CHARLIE H MILLS IIIDIRECTOR
Trustee or director
1$0$13,700
MARY DWYER PEMBROKEDIRECTOR
Trustee or director
1$0$12,300
JACKIE PUENTEDIRECTOR
Trustee or director
1$0$12,000
AKSHAY NANDAKUMARDIRECTOR
Trustee or director
1$0$11,400
SHERRY MAGILLDIRECTOR
Trustee or director
1$0$10,550
DAVID EDWARDSDIRECTOR
Trustee or director
1$0$1,000

Address and contacts

Address (IRS master file)
110 PEPPERS FRY RD NW, CHRISTIANSBRG, VA 24073-1068
Principal officer (990 for 2024)
CLYDE A CORNETT JR, 110 PEPPERS FERRY ROAD NW, CHRISTIANSBURG, VA 24073
Signed the 990
CLYDE A CORNETT JR, CFO
Phone
(540) 260-3126
Return prepared by
BROWN EDWARDS & COMPANY LLP

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.

990 for the year ended December 31, 2024

Program accomplishments

  • TO AIDE COMMUNITY AND ECONOMIC DEVELOPMENT INITIATIVES, EITHER DIRECTLY OR THROUGH INVESTMENTS IN SOCIAL ENTERPRISES THAT PROVIDE LOANS, LOAN GUARANTEES, OTHER FORMS OF DEBT OR EQUITY FINANCING FOR EARLY STAGE FOR-PROFIT AND NON-PROFIT BUSINESS ORGANIZATIONS, IMPACT ASSET SERVICING SERVICES AND GRANTS. ADDITIONALLY, THIS ORGANIZATION AND ITS SOCIAL ENTERPRISE SUBSIDIARIES MAY PROVIDE TECHNICAL ASSISTANCE TO BUSINESS OWNERS, COMMUNITY ORGANIZATIONS, CLIENTS AND MANAGERS IN THE EFFECTIVE OPERATION OF THEIR ENTERPRISE.

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
86-3988949
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (509(a)(2))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
2022
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$120,414,456
Income (IRS master file)
$138,182

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$138,182$609,119$120,414,456IRS
990December 2023$12,113,077$225,818$116,076,941XML
990December 2022$44,482$4,600$102,314,462IRS
990December 2021–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 86-3988949).

Questions about LOCUS

What is the EIN of LOCUS?
The employer identification number (EIN) of LOCUS is 86-3988949.
Is LOCUS tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2022.
Are donations to LOCUS tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does LOCUS file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of LOCUS due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did LOCUS last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of LOCUS?
The 990 for the year ended December 31, 2024 names CLYDE A CORNETT JR.
Who are the officers and directors of LOCUS?
The 990 for the year ended December 31, 2024 lists 24 people; 2 received compensation from the organization, the highest $240,550 (AMIR KIRKWOOD, PRESIDENT & CEO).
How much revenue does LOCUS have?
On its 990 for the year ended December 31, 2024 it reported revenue of $138,182, expenses of $609,119 and total assets of $120,414,456 at year end.

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