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Nonprofiteer
← BLUEHUB LOAN FUND INC

Form 990 for tax year 2023

Filed by BLUEHUB LOAN FUND INC.

Totals

Total revenue
$37,956,959
Total expenses
$11,542,813
Contributions and grants received
$20,986,347
Grants paid
$0
Program service revenue
$14,393,623
Investment income
$2,576,989
Other revenue
$0
Total assets, end of year
$353,897,293
Total liabilities, end of year
$223,157,664
Net assets or fund balances, end of year
$130,739,629
Program services expenses (Part IX)
$9,243,589
Management and general expenses
$2,101,057
Fundraising expenses
$198,167
Program service expenses (Part III)
$9,243,589

Program services were 80.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

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.

  • 1e · Government grants (contributions)

    $20,986,347

  • 2a · Program service revenue: INTEREST ON LOANS

    total $12,858,276 · related or exempt $12,858,276

  • 2b · Program service revenue: LOAN FEES AND OTHER

    total $1,535,347 · related or exempt $1,535,347

  • 3 · Investment income

    total $2,576,989 · excluded $2,576,989

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $326,263 · program services $267,535 · management and general $58,728

  • 7 · Other salaries and wages

    total $3,111,852 · program services $2,357,414 · management and general $754,438

  • 8 · Pension plan contributions

    total $205,117 · program services $148,262 · management and general $56,855

  • 9 · Other employee benefits

    total $357,967 · program services $232,510 · management and general $125,457

  • 10 · Payroll taxes

    total $223,109 · program services $169,917 · management and general $53,192

  • 11b · Fees: legal

    total $75,439 · program services $17,900 · management and general $57,539

  • 11c · Fees: accounting

    total $104,757 · program services $104,757

  • 11f · Fees: investment management

    total $81,790 · program services $81,790

  • 11g · Fees: other

    total $217,605 · program services $121,892 · management and general $95,713

  • 12 · Advertising and promotion

    total $198,167 · fundraising $198,167

  • 13 · Office expenses

    total $201,603 · program services $96,397 · management and general $105,206

  • 14 · Information technology

    total $240,098 · management and general $240,098

  • 16 · Occupancy

    total $229,199 · management and general $229,199

  • 17 · Travel

    total $147,915 · program services $113,117 · management and general $34,798

  • 19 · Conferences, conventions and meetings

    total $36,305 · program services $11,605 · management and general $24,700

  • 20 · Interest

    total $5,189,482 · program services $5,189,482

  • 22 · Depreciation, depletion and amortization

    total $191,395 · program services $115,453 · management and general $75,942

  • 23 · Insurance

    total $83,976 · management and general $83,976

  • 24a · Other expenses: CREDIT LOSS PROVISION

    total $165,225 · program services $165,225

  • 24b · Other expenses: MISCELLANEOUS

    total $155,549 · program services $50,333 · management and general $105,216

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $76,696,644 · end of year $43,436,309

  • 2 · Savings and temporary cash investments

    beginning of year $24,319,630 · end of year $57,347,300

  • 4 · Accounts receivable

    beginning of year $71,299 · end of year $2,843,190

  • 13 · Investments: program-related

    beginning of year $182,401,695 · end of year $245,270,494

  • 15 · Other assets

    beginning of year $6,500,000 · end of year $5,000,000

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,997,334 · end of year $1,985,945

  • 19 · Deferred revenue

    beginning of year $6,260,000 · end of year $4,336,446

  • 21 · Escrow or custodial account liability

    beginning of year $729,182 · end of year $866,196

  • 24 · Unsecured notes and loans payable

    beginning of year $152,241,365 · end of year $191,509,109

  • 25 · Other liabilities

    beginning of year $24,435,904 · end of year $24,459,968

  • 27 · Net assets without donor restrictions

    beginning of year $70,285,409 · end of year $82,350,772

  • 28 · Net assets with donor restrictions

    beginning of year $34,040,074 · end of year $48,388,857

Mission and programs · 2023

Mission

COMMUNITY LENDING

  • THE LOAN FUND LENDS MONEY TO COMMUNITY PROJECTS SUCH AS AFFORDABLE HOUSING AND COMMUNITY FACILITIES THAT MIGHT NOT OTHERWISE BE ABLE TO BE FINANCED.

    Expenses $9,243,589 · Revenue $14,393,623

As filed on the 2023 return.

Listed in Part VII

  • Elyse Cherry

    CEO & EX-OFFICIO BOARD MEMBER

    Total calculated
    $1,089,108
    From this org
    $194,249
    From related orgs
    $776,993
    Other
    $117,866
    Hours/week
    8 + 32 related

    Schedule J breakdown matched by us

    Base
    $95,249 + $380,995 related
    Bonus
    $63,000 + $252,000 related
    Other
    $36,000 + $143,998 related
    Deferred
    $19,448 + $87,852 related
    Nontaxable benefits
    $2,113 + $8,453 related
    Filer's total
    $215,810 + $873,298 related

  • Dewitt Jones

    EXECUTIVE VP & EX-OFFICIO

    Total calculated
    $509,789
    From this org
    $0
    From related orgs
    $425,997
    Other
    $83,792
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $287,909 related
    Bonus
    $0 + $50,000 related
    Other
    $0 + $88,088 related
    Deferred
    $6,638 + $50,662 related
    Nontaxable benefits
    $0 + $26,492 related
    Filer's total
    $6,638 + $503,151 related

  • Charles Clark

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Rev James Walsh Sj

    CLERK OF THE BOARD

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Sarah C Lincoln

    TREASURER OF THE BOARD

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Edward Dugger III

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Julie Gould

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Maria Maffei

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Victor R Rivera

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Mercedes Tompkins

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 3 related

  • Reese Fayde

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 4 related

  • Lisa Zappala

    CFO

    Total calculated
    $465,463
    From this org
    $122,268
    From related orgs
    $285,291
    Other
    $57,904
    Hours/week
    12 + 28 related

    Schedule J breakdown matched by us

    Base
    $72,194 + $168,453 related
    Bonus
    $22,500 + $52,500 related
    Other
    $27,574 + $64,338 related
    Deferred
    $11,932 + $43,214 related
    Nontaxable benefits
    $827 + $1,931 related
    Filer's total
    $135,027 + $330,436 related

  • E Matthew Gautieri

    SVP, CONTROLLER

    Total calculated
    $316,275
    From this org
    $57,817
    From related orgs
    $173,449
    Other
    $85,009
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $52,817 + $158,449 related
    Bonus
    $5,000 + $15,000 related
    Other
    $0
    Deferred
    $3,663 + $10,989 related
    Nontaxable benefits
    $17,589 + $52,768 related
    Filer's total
    $79,069 + $237,206 related

  • Kathryn McHugh

    SVP, COMMERCIAL LENDING

    Total calculated
    $363,510
    From this org
    $318,083
    From related orgs
    $0
    Other
    $45,427
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $288,083
    Bonus
    $30,000
    Other
    $0
    Deferred
    $19,768
    Nontaxable benefits
    $25,659
    Filer's total
    $363,510

  • Michael Nilles

    SVP, COMMERCIAL LENDING, TEAM LEADER

    Total calculated
    $322,773
    From this org
    $278,499
    From related orgs
    $0
    Other
    $44,274
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $233,499
    Bonus
    $45,000
    Other
    $0
    Deferred
    $16,046
    Nontaxable benefits
    $28,228
    Filer's total
    $322,773

  • Andrew Koh

    SVP, OPERATIONS

    Total calculated
    $303,358
    From this org
    $0
    From related orgs
    $211,464
    Other
    $91,894
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $191,464 related
    Bonus
    $0 + $20,000 related
    Other
    $0
    Deferred
    $0 + $13,134 related
    Nontaxable benefits
    $0 + $78,760 related
    Filer's total
    $0 + $303,358 related

  • Brenda Loya

    CHIEF OPERATING OFFICER

    Total calculated
    $286,866
    From this org
    $0
    From related orgs
    $245,536
    Other
    $41,330
    Hours/week
    0 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $245,536 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $15,651 related
    Nontaxable benefits
    $0 + $25,679 related
    Filer's total
    $0 + $286,866 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

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 4B
ELYSE CHERRY, CEO, 457F PLAN. DEWITT JONES, EXECUTIVE VP, 457F PLAN. LISA ZAPPALA, CFO, 457F PLAN.
SCHEDULE J, PART II:
ELYSE CHERRY, INCLUDED IN PART II, COLUMN B (III) IS A $200,000 457F PAYOUT. RELATED TO THIS PAYOUT AND REPORTED IN PART II, COLUMN F IS $100,000. THE NET COMPENSATION AS CALCULATED BY TAKING PART II, COLUMN E LESS PART II, COLUMN F IS $989,108. DEWITT JONES, INCLUDED IN PART II, COLUMN B (III) IS A $100,000 457F PAYOUT. RELATED TO THIS PAYOUT AND REPORTED IN PART II, COLUMN F IS $50,000. THE NET COMPENSATION AS CALCULATED BY TAKING PART II, COLUMN E LESS PART II, COLUMN F IS $459,789. LISA ZAPPALA, INCLUDED IN PART II, COLUMN B (III) IS A $100,000 457F PAYOUT. RELATED TO THIS PAYOUT AND REPORTED IN PART II, COLUMN F IS $50,000. THE NET COMPENSATION AS CALCULATED BY TAKING PART II, COLUMN E LESS PART II, COLUMN F IS $415,463.

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.

  • BLUEHUB CAPITAL INC

    501(C)(3) · HOLDING COMPANY FOR AFFILIATES THAT PROVIDE CAPITAL AND COMMUNITY LENDING. · MA

  • BCLF VENTURES INC

    501(C)(3) · COMMUNITY VENTURE CAPITAL · MA

    Directly controlled by BLUEHUB CAPITAL INC

  • BCLF MANAGED ASSETS CORP

    501(C)(3) · DEVELOPS NEW BUSINESS INITIATIVES AND FUNDING VEHICLES FOR LOW-INCOME IND. · MA

    Directly controlled by BLUEHUB CAPITAL INC

  • ONE PERCENT FOR AMERICA INC

    501(C)(3) · COMMUNITY LENDING · MA

    Directly controlled by BLUEHUB CAPITAL INC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • BCC REO LLC

    TO HOLD REAL AND PERSONAL PROPERTY · MA · income $0 · assets $0

    Directly controlled by BLUEHUB LOAN FUND INC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • BCLF VENTURES II LLC

    TO MAKE INVESTMENTS IN BUSINESS THAT BENEFIT LOW-INCOME PEOPLE AND COMM. · MA

  • SUN INITIATIVE FINANCING LLC

    TO FINANCE THE OPERATIONS OF THE STABILIZING URBAN NEIGHBORHOODS INITIATIVE · MA · general or managing partner

  • BCC SOLAR III LLC

    TO FACILITATE THE DELIVERY OF SOLAR ENERGY TO AFFORDABLE HOUSING PROJECTS · DE

  • BCC NMTC CDE XXIV LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXVI LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXIX LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXXI LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXXII LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXXIII LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXXIV LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXX LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXVIII LLC

    TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • BCC SOLAR ENERGY ADVANTAGE INC

    C · TO FACILITATE THE DELIVERY OF SOLAR ENERGY TO AFFORDABLE HOUSING PROJECTS · MA

  • BCC NMTC CDE XXV LLC

    C · TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

  • BCC NMTC CDE XXVII LLC

    C · TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202433189349302958

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