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Nonprofiteer
← INNOVATION HUB BUILDING HOLDING CORPORATION

Form 990 for tax year 2022

Filed by INNOVATION HUB BUILDING HOLDING CORPORATION.

Totals

Total revenue
$1,635,765
Total expenses
$1,398,585
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,635,765
Investment income
$0
Other revenue
$0
Total assets, end of year
$24,194,568
Total liabilities, end of year
$23,843,772
Net assets or fund balances, end of year
$350,796
Program services expenses (Part IX)
not reported
Management and general expenses
not reported
Fundraising expenses
not reported
Program service expenses (Part III)
not reported

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: BUILDING LEASE INCOME

    total $1,590,377 · related or exempt $1,590,377

  • 2b · Program service revenue: EQUIPMENT LEASE INCOME

    total $45,388 · related or exempt $45,388

Functional expenses

Part IX, the statement of functional expenses.

  • 13 · Office expenses

    total $86

  • 20 · Interest

    total $628,826

  • 22 · Depreciation, depletion and amortization

    total $769,673

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,397,239 · end of year $589,500

  • 10a · Land, buildings and equipment: cost or other basis

    $21,884,101

  • 10b · Land, buildings and equipment: accumulated depreciation

    $1,302,753

  • 10c · Land, buildings and equipment, net

    beginning of year $22,320,909 · end of year $20,581,348

  • 15 · Other assets

    beginning of year $449,993 · end of year $3,023,720

  • 23 · Secured mortgages and notes payable

    beginning of year $22,710,000 · end of year $22,710,000

  • 25 · Other liabilities

    beginning of year $1,134,285 · end of year $1,133,772

  • 27 · Net assets without donor restrictions

    beginning of year $323,856 · end of year $350,796

Mission and programs · 2022

Mission

IHBHC IS A QUALIFIED ACTIVE LOW-INCOME COMMUNITY BUSINESS (QALICB) UNDER FEDERAL NEW MARKET TAX CREDIT (NMTC) PROVISIONS ENGAGED IN ACTIVE CONDUCT OF A QUALIFIED BUSINESS IN A LOW-INCOME COMMUNITY MEETING STANDARDS FOR GROSS INCOME, USE OF PROPERTY, AND SERVICES PERFORMED.

  • INNOVATION HUB BUILDING HOLDING CORPORATION ("IHBHC") IS A QUALIFIED ACTIVE LOW-INCOME COMMUNITY BUSINESS (QALICB) UNDER FEDERAL NEW MARKET TAX CREDIT (NMTC) PROVISIONS ENGAGED IN ACTIVE CONDUCT OF A QUALIFIED BUSINESS IN A LOW-INCOME COMMUNITY MEETING STANDARDS FOR GROSS INCOME, USE OF PROPERTY, AND SERVICES PERFORMED. IHBHC IS THE OWNER OF "HQO" A BUILDING LOCATED IN THE 16 TECH INNOVATION DISTRICT ("16 TECH") AND CENTRAL TO THE INDIANAPOLIS ENTREPRENEURIAL AND INNOVATION ECOSYSTEM. HQO PROVIDES FLEXIBLE OFFICE SPACE, A MAKERSPACE AND AN ARTISAN MARKETPLACE AND FOOD HALL TO THE VIBRANT, GROWING COMMUNITY OF ENTREPRENEURS, CAPITAL PROVIDERS, MAKERS AND COMPANIES IN THE LIFE SCIENCES, ADVANCED MANUFACTURING AND TECHNOLOGY INDUSTRIES LOCATED IN 16 TECH. THIS BUILDING PREVIOUSLY HOUSED THE MAINTENANCE VEHICLES AND SERVICE EQUIPMENT FOR THE WATER UTILITIES OF CITIZEN'S ENERGY GROUP AND ITS TRANSFORMATION INTO A KEY INNOVATION ASSET THAT SERVES NOT ONLY THE DISTRICT BUT RESIDENTS OF THE NEAR WEST, NEAR NORTHWEST AND RIVERSIDE INDIANAPOLIS NEIGHBORHOODS, 76% OF WHOM ARE PERSONS OF COLOR. EQUITY, INCLUSION AND ENGAGEMENT HAVE BEEN ESSENTIAL TO THE SUCCESS OF HQO FROM CONSTRUCTION THROUGH PROGRAMMING. DURING CONSTRUCTION, THE PROJECT EXCEEDED ITS XBE PARTICIPATION GOAL OF 27% SET BY THE CITY OF INDIANAPOLIS, COMPLETING HQO WITH 48.53% XBE PARTICIPATION, WORKFORCE UTILIZATION OF 52% LOCAL WORKERS AND 44% MINORITY WORKERS. HQO IS A LAUNCH PAD FOR PHYSICAL ACCESS POINTS TO DRIVE INCLUSIVE OPPORTUNITIES FOR TALENT,ENTREPRENEURSHIP, AND INNOVATION IN INDIANAPOLIS. THE VARIOUS ACTIVITIES THAT ARE HOUSED WITHIN HQO DELIVERED ON ENGAGEMENT AND INCLUSIVE OPPORTUNITIES INCLUDING DISCOUNTED MEMBERSHIPS TO THE MACHYNE MAKERSPACE FOR NEAR WEST, NEAR NORTHWEST AND RIVERSIDE NEIGHBORS TO UTILIZE THE TOOLS, SPACE AND LEARNING OPPORTUNITIES IN THE MAKERSPACE, AS WELL AS TO THE OFFICE/INCUBATOR SPACE FOR WORKSPACE, NETWORK BUILDING OPPORTUNITIES AND ENTREPRENEURIAL RESOURCES. THE AMP, ARTISAN MARKETPLACE AND FOOD HALL, PROVIDES OPERATING SPACE FOR MORE THAN 20 RESTAURANTS/RETAILERS 50% REPRESENT NEW FOOD ONCEPTS, AND 65% OF WHICH ARE MINORITY- AND/OR FEMALE-OWNED OR LED. HQO HOSTS THE INDY WINTER'S FARMERS MARKET, AT NO COST, TO MORE THAN 1,000 MARKET GOERS EACH SATURDAY BETWEEN NOVEMBER AND APRIL. NEIGHBORHOOD-FOCUSED PROGRAMMING THAT TAKES PLACE IN THE BUILDING INCLUDES A PARTNERSHIP WITH INDIANA UNIVERSITY HEALTH AND CRISPUS ATTUCKS HIGH SCHOOL THAT SUPPORTS EXPERIENTIAL LEARNING WITH LIFE SCIENCES EMPLOYERS AND PROFESSIONAL NETWORKING EVENTS HOSTED AT HQO. IHBHC CONTINUES TO SUPPORT THE MISSION OF HQO BY PROVIDING SPACES, RESOURCESAND PROGRAMMING THAT SUPPORTS CROSS-SECTOR AND DIVERSE NETWORKS KEY TOA VIBRANT AND INCLUSIVE INNOVATION ECOSYSTEM.

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • ROBERT W COY JR

    PRESIDENT

    Total calculated
    $264,811
    From this org
    $0
    From related orgs
    $237,994
    Other
    $26,817
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $150,632 related
    Bonus
    $0 + $87,362 related
    Other
    $0
    Deferred
    $0 + $20,500 related
    Nontaxable benefits
    $0 + $6,317 related
    Filer's total
    $0 + $264,811 related

  • EMILY C KREUGER

    VICE PRESIDENT

    Total calculated
    $349,887
    From this org
    $0
    From related orgs
    $309,792
    Other
    $40,095
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $281,928 related
    Bonus
    $0 + $27,864 related
    Other
    $0
    Deferred
    $0 + $15,046 related
    Nontaxable benefits
    $0 + $25,049 related
    Filer's total
    $0 + $349,887 related

  • ROBERT F HERZOG

    TREASURER & SECRETARY

    Total calculated
    $252,702
    From this org
    $0
    From related orgs
    $213,476
    Other
    $39,226
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $136,211 related
    Bonus
    $0 + $27,038 related
    Other
    $0 + $50,227 related
    Deferred
    $0 + $20,500 related
    Nontaxable benefits
    $0 + $18,726 related
    Filer's total
    $0 + $252,702 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 4a · Severance or change-of-control payment

Answered no

  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

PART I, LINE 4A
ROBERT HERZOG - $50,227

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202303199349315500

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