Locus

Nonprofit profile at a glance

EIN
863988949
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
Richmond, VA, USA
Phone
5402603126
Rating
47
Verdict
MIXED
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Official website

Reported finances

Revenue
$138,182
Expenses
$609,119
Assets
$120,414,456
Liabilities
$2,393,315

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

24 people listed

Executive titles in this filing

  • AMIR KIRKWOOD (PRESIDENT & CEO)
  • JAMES BAEK (SR. VICE PRESIDENT, CIGP)
  • WILLIAM GREENLEAF (EXECUTIVE DIRECTOR, IMPACT LENDING)

Highest reported compensation

  • AMIR KIRKWOOD (PRESIDENT & CEO): $390,670 total reported compensation
  • CLYDE CORNETT (CHIEF FINANCIAL OFFICER): $372,359 total reported compensation
  • JAMES BAEK (SR. VICE PRESIDENT, CIGP): $270,304 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

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.

What it reported doing in 2024

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.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 78
  • Accountability: 95
  • Sustainability: 34
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -340.8%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 197.69; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 40; 40th percentile among comparable filings
  • Officer compensation ratio: 57.9%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 1.1% per year; rating input score 100; 30th percentile among comparable filings
  • Asset growth: 8% per year; rating input score 100; 59th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 11 of 11 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $391K · 24 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 3 contractors listed · $673K reported
  • Consistency: 21 of 21 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 7 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Sustainability: Operating margin scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 40/100.