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Nonprofiteer
← BULGARIA INNOVATION HUB INC

Form 990 for tax year 2022

Filed by BULGARIA INNOVATION HUB INC.

Totals

Total revenue
$150,662
Total expenses
$287,716
Contributions and grants received
$115,936
Grants paid
$0
Program service revenue
$34,726
Investment income
$0
Other revenue
$0
Total assets, end of year
$44,474
Total liabilities, end of year
$58,883
Net assets or fund balances, end of year
-$14,409
Program services expenses (Part IX)
$134,239
Management and general expenses
$153,477
Fundraising expenses
$0
Program service expenses (Part III)
$134,239

Program services were 46.7% 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.

  • 1f · All other contributions, gifts and grants

    $115,936

  • 2a · Program service revenue: SERVICE REVENUE

    total $34,726 · related or exempt $34,726

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $172,464 · program services $86,232 · management and general $86,232

  • 9 · Other employee benefits

    total $25,820 · program services $12,910 · management and general $12,910

  • 10 · Payroll taxes

    total $11,831 · management and general $11,831

  • 11b · Fees: legal

    total $4,810 · management and general $4,810

  • 11c · Fees: accounting

    total $6,310 · management and general $6,310

  • 12 · Advertising and promotion

    total $4,283 · management and general $4,283

  • 13 · Office expenses

    total $1,645 · management and general $1,645

  • 14 · Information technology

    total $22,175 · program services $22,175

  • 17 · Travel

    total $14,441 · management and general $14,441

  • 23 · Insurance

    total $4,670 · management and general $4,670

  • 24a · Other expenses: PROGRAM SERVICES

    total $10,514 · program services $10,514

  • 24b · Other expenses: PAYROLL FEES

    total $3,896 · management and general $3,896

  • 24c · Other expenses: APPLICATION SUBSCRIPTIO

    total $2,408 · program services $2,408

  • 24d · Other expenses: TAXES AND LICENSES

    total $1,376 · management and general $1,376

  • 24e · All other expenses

    total $1,073 · management and general $1,073

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $181,647 · end of year $44,474

  • 25 · Other liabilities

    beginning of year $59,000 · end of year $58,883

  • 27 · Net assets without donor restrictions

    beginning of year $122,647 · end of year -$14,409

Mission and programs · 2022

Mission

BULGARIA INNOVATION HUB'S MISSION IS TO FOSTER KNOWLEDGE EXCHANGE AND STIMULATE CROSS-CULTURAL COLLABORATION BETWEEN THE ENTREPRENEURIAL COMMUNITIES IN BULGARIA AND THE US. WE PROVIDE EDUCATIONAL PROGRAMS TO ENTREPRENEURS IN BULGARIA AND THE SOUTH EASTERN EUROPEAN REGION IN ORDER TO INCREASE SOCIAL AND ECONOMIC IMPACT, DRIVE INNOVATION, GROWTH AND HUMAN DEVELOPMENT.

Activities or mission (Part I)

DRIVING INNOVATION, GROWTH AND HUMAN DEVELOPMENT THROUGH KNOWLEDGE EXCHANGE AND CROSS-CULTURAL COLLABORATION

  • COMPLETED TWO ACCELERATOR PROGRAMS ONE VIRTUAL AND ONE HYBRID (VIA ZOOM AND IN PERSON IN SAN FRANCISCO) THAT PROVIDED ENTREPRENEURIAL AND BUSINESS EDUCATION TO 10 COMPANIES AND MORE THAN 40 ENTREPRENEURS.CONTRIBUTED TOWARDS THE CREATION OF ADDITIONAL 300 NEW JOBS IN BULGARIA, SOUTH EASTERN EUROPE AND THE US COMBINED EXPANDED THE GLOBAL MENTOR NETWORK BY RECRUITING MORE THAN 45 NEW MENTORS TO THE PROGRAM WITH EXTENSIVE ENTREPRENEURIAL AND DOMAIN EXPERTISE. HOSTED EDUCATIONAL AND NETWORKING EVENTS IN BULGARIA AND THE US THAT FOSTERED KNOWLEDGE EXCHANGE AND STRENGTHENED CROSS CULTURAL COLLABORATION BETWEEN THE US AND SOUTH EASTERN EUROPEAN ENTREPRENEURAL ECOSYSTEMS.

    Expenses $134,239 · Revenue $34,726

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

Listed in Part VII

  • Pavlina Yanakieva

    EXECUTIVE DIRECTOR

    Total calculated
    $198,286
    From this org
    $172,466
    From related orgs
    $0
    Other
    $25,820
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,466
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $25,820
    Filer's total
    $198,286

  • Bogomil Balkansky

    PRESIDENT & DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Vassil Terziev

    SECRETARY & DIRECTOR

    Total calculated
    $0
    Hours/week
    3

  • Ivan Dimov

    TREASURER & DIRECTOR

    Total calculated
    $0
    Hours/week
    3

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 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
14 November 2023
IRS schema version
2022v5.0
Source object
202343189349312139

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