Locus Foundation
Nonprofit profile at a glance
- EIN
- 814808731
- IRS 990 coverage
- 2019–2023
- Forms available
- Form 990 2023, Form 990-N 2016
- Location
- Richmond, VA, USA
- Phone
- 5402603126
- Rating confidence
- Limited
- Sector
- Public Foundations
Reported finances
- Revenue
- $0
- Expenses
- $0
- Assets
- $0
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.
Leadership & pay
10 people listed
Executive titles in this filing
- AMIR KIRKWOOD (PRESIDENT & CEO)
Highest reported compensation
- AMIR KIRKWOOD (PRESIDENT & CEO): $400,420 total reported compensation
- CLYDE CORNETT (TREASURER): $267,447 total reported compensation
- ASHLEY COLEMAN (ASSISTANT SECRETARY): $158,371 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The foundation is operated exclusively for charitable, scientific, literary and educational purposes. The foundation will raise and administer funds for the purposes of promoting community and economic development through community development grants and mission aligned investments and to serve as a sponsoring organization of donor advised funds for such purposes.
Operating model
- Revenue model
- No positive adjusted resources. The filing reports no positive adjusted operating resources.
- Distribution model
- No current program activity. The filing reports no program spending for the current year.
The verdict
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: NotEnoughData
- Transparency & Controls: 64
- Accountability: 86
- Sustainability: NotEnoughData
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 87.5%; rating input score 88; 6th 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: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
- Governance controls: 6 of 9 controls in place; rating input score 67
- 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: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: Limited
- Total-asset coverage ratio: Limited
- Liabilities to assets ratio: Limited
- Officer compensation ratio: Limited
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: -65.3% per year; rating input score 0; 2nd percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 6 of 6 board members independent · 6 of 9 filing controls reported
- Programs: Filed program service accomplishments
- Leadership: top reported pay $400K · 10 people listed · 2 of 6 pay-setting controls reported
- Consistency: 8 of 9 current checks pass · 1 finding to review
- Schedules: 5 filed schedules · includes executive pay
- Filing history: 4 filing years from 2019 to 2023
- Contacts: How to reach this organization
- Related organizations: 9 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 — Growth: Asset growth scored 0/100.
- Moderate — Transparency & Controls: Series filing activity did not reconcile in the filed values.
- Review — Accountability: Governance controls: 2 of 8 not reported.