Locus Impact Fund

Nonprofit profile at a glance

EIN
541754009
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Christiansburg, VA, USA
Phone
5402603126
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Business and Industry

Official website

Reported finances

Revenue
$10,759,380
Expenses
$9,778,078
Assets
$89,280,183
Liabilities
$63,075,843

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): $390,671 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 offer innovative, flexible financial products designed to support housing and community development ventures, increase jobs and build sustainable communities. Locus impact fund 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.

What it reported doing in 2024

Aid community development by 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.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 97% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 79
  • Accountability: 95
  • Sustainability: 60
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.7%; rating input score 73
  • Program expense ratio: 80%; rating input score 80
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th 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: 9.1%; rating input score 65; 65th percentile among comparable filings
  • Total-asset coverage ratio: 9.13; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.71; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 14.4%; rating input score 9; 9th percentile among comparable filings

Growth

  • Program expense growth: 10% per year; rating input score 100; 71st percentile among comparable filings
  • Revenue growth: 10.9% per year; rating input score 100; 77th percentile among comparable filings
  • Asset growth: 6.5% per year; rating input score 100; 46th percentile among comparable filings

Details

  • Where the money goes: 72.7% of revenue deployed · 80% of spending went to programs
  • Governance: 11 of 11 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $7.8M in reported program spending
  • Leadership: top reported pay $391K · 24 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 19 filed money-flow records
  • 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.

  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Officer compensation ratio scored 9/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.