Masschallenge
- Assets
- $8.7m
- Revenue
- $10.3m
- Investments
- $0.0
- Employees
- 64
- Location
- Boston, MA
- Founding
- 04/2010
- Data as of
- 12/2023
- EIN
- 27-0382989
Organization Overview
Masschallenge is located in Boston, MA. The organization was established in 2010. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Masschallenge employed 64 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Masschallenge 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 12/2023, Masschallenge generated $10.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $11.2m during the year ending 12/2023. While expenses have increased by 4.5% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Masschallenge has awarded 316 individual grants totaling $13,437,696. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION OF MASSCHALLENGE IS TO HELP ENTREPRENEURS LAUNCH AND GROW SUCCESSFUL ENTERPRISES. WE DO IT THROUGH SPONSORING A $1M STARTUP COMPETITION TO CATALYSE BUSINESS AND JOB CREATION IN MASSACHUSETTS AND RUNNING A 4 MONTH ACCELERATOR PROGRAM TO CONNECT ENTREPRENEURS WITH THE RESOURCES NEEDED TO GROW THEIR ENTERPRISES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RAN A GLOBAL STARTUP COMPETITION IN BOSTON, MA WITH 4000+ APPLICANTS FROM ACROSS THE US AND THE WORLD.SELECTED 400 COMPANIES TO ENTER A 4 MONTH ACCELERATOR PROGRAM.THE 400 COMPANIES IN THE ACCELERATOR PROGRAM RECEIVED FREE OFFICE SPACE, SEVERAL EDUCATIONAL AND NETWORKING EVENTS, ACCESS TO 400+ MENTORS, AND ACCESS TO MULTI MILLION IN-KIND SPONSORSHIPS FROM VARIOUS CORPORATE SPONSORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Fiona Murray Director | Trustee | 1 | $0 |
John W Harthorne Director | Trustee | 1 | $0 |
Michael Fanning Director | Trustee | 1 | $0 |
Travis Mccready Director | Trustee | 1 | $0 |
William C Cowan Director | Trustee | 1 | $0 |
Meghan Verona Joyce Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Andela Technology Consulting | 12/30/23 | $368,899 |
Andrew M Espo It Support | 12/30/23 | $169,811 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,025,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $8,939,558 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $9,964,558 |
| Total Program Service Revenue | $319,775 |
| Investment income | $2,228 |
| 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 | $10,286,561 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $438,500 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $175,000 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,421,075 |
| Compensation of current officers, directors, key employees. | $282,134 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,187,616 |
| Pension plan accruals and contributions | $126,055 |
| Other employee benefits | $478,709 |
| Payroll taxes | $419,676 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $53,523 |
| Fees for services: Accounting | $125,862 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $35,000 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $767,736 |
| Advertising and promotion | $172,580 |
| Office expenses | $49,112 |
| Information technology | $510,985 |
| Royalties | $0 |
| Occupancy | $1,253,884 |
| Travel | $264,536 |
| 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 | $3,950 |
| Insurance | $65,292 |
| All other expenses | $4,348 |
| Total functional expenses | $11,179,155 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,847,358 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,837,847 |
| Accounts receivable, net | $1,851,530 |
| 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 | $173,313 |
| Net Land, buildings, and equipment | $758 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $225,304 |
| Intangible assets | $0 |
| Other assets | $799,290 |
| Total assets | $8,735,400 |
| Accounts payable and accrued expenses | $856,473 |
| Grants payable | $0 |
| Deferred revenue | $1,664,454 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| 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 | $0 |
| Total liabilities | $2,520,927 |
| Net assets without donor restrictions | $2,376,627 |
| Net assets with donor restrictions | $3,837,846 |
| 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 | $8,735,400 |
Grants Awarded
Over the last fiscal year, Masschallenge has awarded $422,000 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
BOSTON GREEN ACADEMY FOUNDATION PURPOSE: SEED MONEY FOR EARLY-STAGE ENTREPRENEURS | $25,000 |
CANETIA ANALYTICS INC PURPOSE: SEED MONEY FOR EARLY-STAGE ENTREPRENEURS | $7,000 |
DIALYSIS-X INC PURPOSE: SEED MONEY FOR EARLY-STAGE ENTREPRENEURS | $10,000 |
GENH INC PURPOSE: SEED MONEY FOR EARLY-STAGE ENTREPRENEURS | $10,000 |
KIDOGO PRODUCTIONS PURPOSE: SEED MONEY FOR EARLY-STAGE ENTREPRENEURS | $25,000 |
KIDVESTORS INC PURPOSE: SEED MONEY FOR EARLY-STAGE ENTREPRENEURS | $50,000 |