Bluehub Capital Inc
- Assets
- $16.1m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 50
- Location
- Boston, MA
- Founding
- 06/1996
- Data as of
- 12/2022
- EIN
- 04-3246555
Organization Overview
Bluehub Capital Inc is located in Boston, MA. The organization was established in 1996. According to its NTEE Classification (L81) the organization is classified as: Home Improvement & Repairs, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Bluehub Capital Inc employed 50 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bluehub Capital Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Bluehub Capital Inc generated $3.0m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $3.3m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE BELOW MARKET RATE CAPITAL TO COMMUNITY BASED ORGANIZATIONS FOR DEVELOPMENT OF AFFORDABLE HOUSING AND TO PROVIDE BROADER COMMUNITY LENDING THAT DIRECTLY OR INDIRECTLY BENEFITS LOW INCOME OR DISADVANTAGED PEOPLE OR COMMUNITIES.
Describe the Organization's Program Activity:
BLUEHUB CAPITAL WAS FORMED AS A HOLDING COMPANY THAT OVERSEES ADMINISTRATION, FINANCE, HUMAN RESOURCES, AND INVESTOR RELATIONS FOR THE ORGANIZATION AND ITS AFFILIATES. THE HOLDING COMPANY HAS ACTED AS DEVELOPER FOR ALL SOLAR ENERGY PROJECTS OWNED AND OPERATED TO DATE BY SOLAR ENERGY ADVANTAGE, INC., A CORPORATION WHICH IT OWNS 100% (SEE SCHEDULE R) AND HAS EARNED DEVELOPER FEES FOR THESE SERVICES. THESE DEVELOPER FEES FOR ALL FUTURE PROJECTS ARE NOW EARNED BY SOLAR ENERGY ADVANTAGE INC. DIRECTLY AND WILL NO LONGER BE INCLUDED ON SCHEDULE R.
NSP RESIDENTIAL, LLC (NSP) WAS FORMED TO COMBAT COMMUNITY DETERIORATION AND IMPROVE GENERAL CONDITIONS WHERE LOW-INCOME PEOPLE LIVE AND WORK. NSP PURCHASES RESIDENTIAL PROPERTIES AND REHABILITATES THEM TO RENT OR SELL TO LOW-INCOME INDIVIDUALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah C Lincoln Treasurer Of The Board | OfficerTrustee | 1 | $0 |
Michelle Volpe President, Loan Fund (until 4/22) & Ex-Officio | OfficerTrustee | 0 | $0 |
Dewitt Jones Executive VP & Ex-Officio | OfficerTrustee | 4 | $35,271 |
Reverend James Walsh Sj Clerk Of The Board | OfficerTrustee | 1 | $0 |
Charles Clark Chairman Of The Board | OfficerTrustee | 1 | $0 |
Elyse Cherry CEO & Ex-Officio Board Member | OfficerTrustee | 6 | $119,720 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sherin And Lodgen Legal Services | 12/30/22 | $1,515,297 |
Technical Support International Inc It Network Support | 12/30/22 | $162,219 |
Risk Strategies Insurance | 12/30/22 | $133,659 |
Berlin Rosen Ltd Marketing Web Design | 12/30/22 | $140,783 |
Shannon Weiss Hr Recruiting | 12/30/22 | $109,835 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,064,225 |
| All other contributions, gifts, grants, and similar amounts not included above | $46,398 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,110,623 |
| Total Program Service Revenue | $1,882,756 |
| Investment income | $20,791 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,014,300 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $322,677 |
| Compensation of current officers, directors, key employees. | $103,257 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $210,162 |
| Pension plan accruals and contributions | $11,474 |
| Other employee benefits | $42,031 |
| Payroll taxes | $28,574 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,048,319 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $176,578 |
| Advertising and promotion | $91,775 |
| Office expenses | $199,848 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $153,587 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $3,285,025 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,418,894 |
| Savings and temporary cash investments | $456,892 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $225,641 |
| Net Land, buildings, and equipment | $288,667 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $800,000 |
| Intangible assets | $0 |
| Other assets | $5,954,321 |
| Total assets | $16,146,415 |
| Accounts payable and accrued expenses | $1,634,051 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $2,683,792 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $618,752 |
| Total liabilities | $4,936,595 |
| Net assets without donor restrictions | $10,789,314 |
| Net assets with donor restrictions | $420,506 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $16,146,415 |