Tampa Bay Innovation Hub Inc
- Assets
- $18.4m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 12
- Location
- Tampa, FL
- Founding
- 12/2018
- Data as of
- 12/2023
- EIN
- 82-4177489
Organization Overview
Tampa Bay Innovation Hub Inc, operating under the name Embarc Collective Tampa Bay, is located in Tampa, FL. The organization was established in 2018. According to its NTEE Classification (B60) the organization is classified as: Adult Education, under the broad grouping of Education and related organizations. As of 12/2023, Embarc Collective Tampa Bay employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Embarc Collective Tampa Bay 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, Embarc Collective Tampa Bay generated $2.8m in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 29.2% each year . All expenses for the organization totaled $3.6m during the year ending 12/2023. 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
TAMPA BAY INNOVATION HUB, DBA EMBARC COLLECTIVE, HELPS TAMPA BAY'S STARTUP TALENT BUILD BOLD, SCALABLE, THRIVING COMPANIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SPACE: PROVIDING SHARED OFFICE SPACE AND OTHER SERVICES AND SUPPORT TO ENTREPRENEURS AND STARTUP (FACILITIES, EQUIPMENT, RENT, UTILITIES, SUPPLIES).
CONDUCTING ACTIVITIES TO ATTRACT PROMISING JOB CREATING STARTUPS TO THE TAMPA BAY AREA, POSSIBLY INCLUDING AWARDING GRANTS TO STARTUPS WILLING TO RELOCATE; CONDUCTING RESEARCH ON SUCCESSFUL STARTUPS; COMMUNITY DEVELOPMENT EVENTS, INCLUDING EDUCATION AND TRAINING FOR ENTREPRENEURS AND EMPLOYEES OF STARTUP COMPANIES IN THE TAMPA BAY REGION AND UNEMPLOYED/UNDEREMPLOYED INDIVIDUALS IN THE TAMPA BAY REGION. THIS INCLUDES INITIATIVES WITH/FOR GOVERNMENT AND COLLEGE & UNIVERSITIES AND CORPORATE PARTNERSHIPS.
PROGRAMNING & COACHING: MEMBERSHIP-DIRECTED EDUCATION, TRAINING, AND COACHING.
MEMBERSHIP: HELPING STARTUPS ACCESS CAPITAL TO EXPAND THEIR BUSINESS. MEMBERSHIP-DIRECTED COMMUNITY DEVELOPMENT (COMMUNITY-BUILDING EVENTS AND ACTIVITIES, AND MEMBER SWAG).
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lakshmi Shenoy Director, CEO | OfficerTrustee | 40 | $429,726 |
Brian Murphy Board Chair | OfficerTrustee | 2 | $0 |
Jeff Vinik Board Chair Emeritus | OfficerTrustee | 1 | $0 |
Jack Shields Vice Chair | OfficerTrustee | 1 | $0 |
Lisa Czachor Treasurer | OfficerTrustee | 4 | $0 |
Jim O'connell Secretary | OfficerTrustee | 3 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Tbep Facilities Llc Facility Manager, Daily Staffings | 12/30/23 | $322,571 |
Trinet Group Inc Employee Leasing/health Ins | 12/30/23 | $1,295,973 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $251,538 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,203,680 |
| All other contributions, gifts, grants, and similar amounts not included above | $547,919 |
| Noncash contributions included in lines 1a–1f | $100,000 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,003,137 |
| Total Program Service Revenue | $716,711 |
| Investment income | $39,725 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $26,221 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,785,794 |
| 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. | $663,874 |
| Compensation of current officers, directors, key employees. | $45,311 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $626,331 |
| Pension plan accruals and contributions | $40,830 |
| Other employee benefits | $101,622 |
| Payroll taxes | $88,139 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,583 |
| Fees for services: Accounting | $25,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $545,605 |
| Advertising and promotion | $0 |
| Office expenses | $290,622 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $306,577 |
| Travel | $67,445 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $310,510 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $395,824 |
| Insurance | $75,436 |
| All other expenses | $71,874 |
| Total functional expenses | $3,634,148 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $274,861 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $1,454,429 |
| Accounts receivable, net | $0 |
| 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 | $32,960 |
| Net Land, buildings, and equipment | $15,714,882 |
| Investments—publicly traded securities | $929,237 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $18,406,369 |
| Accounts payable and accrued expenses | $418,919 |
| Grants payable | $0 |
| Deferred revenue | $106,250 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $13,400,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $92,909 |
| Total liabilities | $14,018,078 |
| Net assets without donor restrictions | $2,933,862 |
| Net assets with donor restrictions | $1,454,429 |
| 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 | $18,406,369 |