Tampa Bay Innovation Hub Inc
- Assets
- $14.6m
- Revenue
- $4.6m
- Investments
- $513.8k
- Employees
- 0
- Location
- Tampa, FL
- Founding
- 12/2018
- Data as of
- 12/2020
- 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. 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 12/2020, Embarc Collective Tampa Bay generated $4.6m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 65.9% each year . All expenses for the organization totaled $2.8m during the year ending 12/2020. While expenses have increased by 56.8% per year over the past 3 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
2020
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
PROVIDING SHARED OFFICE SPACE AND OTHER SERVICES AND SUPPORT TO ENTREPRENEURS AND STARTUPS.
PROVIDING EDUCATION AND TRAINING TO ENTREPRENEURS, EMPLOYEES OF STARTUP COMPANIES, AND UNEMPLOYED OR UNDEREMPLOYED INDIVIDUALS IN THE TAMPA BAY REGION.
HELPING STARTUPS ACCESS CAPITAL TO EXPAND THEIR BUSINESS. MEMBERSHIP-DIRECTED COMMUNITY DEVELOPMENT (COMMUNITY-BUILDING EVENTS AND ACTIVITIES).
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; WORKING WITH COLLEGES AND UNIVERSITIES TO EDUCATE STUDENT AND FACULTY ENTREPRENEURS; WORKING WITH GOVERNMENT, BOTH AT THE LOCAL AND STATE LEVEL, TO SUPPORT PUBLIC POLICY EFFORTS TO FOSTER AN ENTREPRENEURSHIP ECOSYSTEM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lakshmi Shenoy Director, CEO | OfficerTrustee | 40 | $360,990 |
Allison Felix VP Platform | 40 | $131,812 | |
Brian Murphy Chair | OfficerTrustee | 2 | $0 |
Martin Hammock Treasurer | OfficerTrustee | 4 | $0 |
Jim O'connell Secretary | OfficerTrustee | 3 | $0 |
Jeff Vinik Vice Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Trinet Group Inc Employee Leasing/health Ins | 12/30/21 | $840,586 |
Tbep Facilities Llc Facility Manager, Daily Staffings | 12/30/21 | $583,291 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,202,044 |
| Investment income | $14,145 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,231 |
| 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 | $4,568,115 |
| Statement of Expenses | |
|---|---|
| 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. | $455,245 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $283,344 |
| Pension plan accruals and contributions | $21,091 |
| Other employee benefits | $67,100 |
| Payroll taxes | $46,290 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,826 |
| Fees for services: Accounting | $14,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $281,438 |
| Advertising and promotion | $0 |
| Office expenses | $58,021 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $503,755 |
| Travel | $18,927 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $236,468 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $664,046 |
| Insurance | $61,312 |
| All other expenses | $0 |
| Total functional expenses | $2,774,682 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $412,935 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,296,501 |
| Accounts receivable, net | $16,285 |
| 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 | $16,534 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $513,757 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,679,001 |
| Total assets | $14,630,343 |
| Accounts payable and accrued expenses | $66,237 |
| Grants payable | $0 |
| Deferred revenue | $109,643 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $750,000 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,992,602 |
| Total liabilities | $7,918,482 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $6,711,861 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Tampa Bay Innovation Hub Inc has recieved totaling $200,033.
| Awarding Organization | Amount |
|---|---|
Florida Business Development Corporation Tampa, FL PURPOSE: ECONOMIC DEVELOPMENT | $100,000 |
Vinik Family Foundation Tampa, FL PURPOSE: GENERAL SUPPORT | $100,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $33 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Maritime Officers Safety & Education Plan Dania Beach, FL | $9,015,305 | $20,171,131 |
John Marshall Online Inc Atlanta, GA | $11,713,924 | $9,257,448 |
Abraham J & Phyllis Katz Foundation Ua 060794 Newnan, GA | $48,678,737 | $4,412,136 |
Alabama Partnership For Children Montgomery, AL | $2,774,532 | $6,902,612 |
Continuing Education Company Palm Coast, FL | $2,142,823 | $4,620,080 |
Spanish American Basic Education And Rehabilitation Inc Saber Miami, FL | $1,202,159 | $3,782,505 |
I E C Social Educational & Humanitarian Aid Inc Orlando, FL | $3,778,105 | $3,335,745 |
Tampa Bay Innovation Hub Inc Tampa, FL | $14,630,343 | $4,568,115 |
Progressive Abilities Support Services Inc Savannah, GA | $457,648 | $2,076,851 |
East Central Georgia Consortium Thomson, GA | $497,694 | $1,856,381 |
Center For Advancement And Study Of International Education Inc Atlanta, GA | $1,260,303 | $2,348,078 |
Veterans Stride Foundaion At Iiop Inc Tampa, FL | $5,050,180 | $1,658,949 |