Hack Reduce Inc
- Assets
- $47.4k
- Revenue
- $305.9k
- Investments
- $160.0
- Employees
- 0
- Location
- Arlington, MA
- Founding
- 09/2014
- Data as of
- 12/2023
- EIN
- 45-5290831
Organization Overview
Hack Reduce Inc is located in Arlington, MA. The organization was established in 2014. According to its NTEE Classification (U99) the organization is classified as: Science & Technology N.E.C., under the broad grouping of Science & Technology and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hack Reduce 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 12/2023, Hack Reduce Inc generated $305.9k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $280.6k during the year ending 12/2023. While expenses have increased by 1.6% per year over the past 6 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP CREATE THE TALENT AND TECHNOLOGIES THAT WILL SHAPE OUR FUTURE IN A BID DATA-DRIVEN ECONOMY VIA PROMOTING TECH & SKILLS REQUIRED TO PROCESS, ANALYZE & APPLY DATA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE HACK/REDUCE MISSION IS TO HELP BOSTON CREATE THE TALENT AND TECHNOLOGIES THAT WILL SHAPE OUR FUTURE IN A BIG DATA-DRIVEN ECONOMY BY PROMOTING THE GROWTH AND DEVELOPMENT OF THE TECHNOLOGIES AND SKILLS REQUIRED TO PROCESS, ANALYZE AND APPLY DATA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frederic Lalonde President | OfficerTrustee | 0 | $0 |
Christopher Lynch Director | OfficerTrustee | 0 | $0 |
Cortland Johnson Executive Director | OfficerTrustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $399 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $51 |
| Net Income from Fundraising Events | $305,495 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $305,945 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $230,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $23,606 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,691 |
| Fees for services: Accounting | $1,595 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,578 |
| Office expenses | $329 |
| 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 | $0 |
| Insurance | $0 |
| All other expenses | $630 |
| Total functional expenses | $280,568 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $37,258 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $10,000 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $160 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $47,418 |
| Accounts payable and accrued expenses | $11,237 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $173,734 |
| Total liabilities | $184,971 |
| Net assets without donor restrictions | -$137,553 |
| Net assets with donor restrictions | $0 |
| 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 | $47,418 |
Grants Awarded
Over the last fiscal year, Hack Reduce Inc has awarded $230,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
ONE MISSION INC PURPOSE: UNRESTRICTED | $115,000 |
ST BALDRICKS FOUNDATION INC PURPOSE: UNRESTRICTED | $115,000 |