Totals
- Total revenue
- $22,068,331
- Total expenses
- $9,735,665
- Contributions and grants received
- $9,651,215
- Grants paid
- $0
- Program service revenue
- $12,417,116
- Investment income
- $0
- Other revenue
- $0
- Total assets, end of year
- $289,989,268
- Total liabilities, end of year
- $185,663,785
- Net assets or fund balances, end of year
- $104,325,483
- Program services expenses (Part IX)
- $8,214,757
- Management and general expenses
- $1,337,354
- Fundraising expenses
- $183,554
- Program service expenses (Part III)
- $8,214,757
Program services were 84.4% 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)
$9,651,215
-
2a · Program service revenue: INTEREST ON LOANS
total $11,200,394 · related or exempt $11,200,394
-
2b · Program service revenue: LOAN FEES AND OTHER
total $1,216,722 · related or exempt $1,216,722
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $853,490 · program services $699,861 · management and general $153,629
-
7 · Other salaries and wages
total $2,261,588 · program services $1,933,846 · management and general $327,742
-
8 · Pension plan contributions
total $12,186 · program services $836 · management and general $11,350
-
9 · Other employee benefits
total $240,934 · program services $192,328 · management and general $48,606
-
10 · Payroll taxes
total $193,904 · program services $165,391 · management and general $28,513
-
11b · Fees: legal
total $78,712 · program services $39,850 · management and general $38,862
-
11c · Fees: accounting
total $20,758 · program services $20,758
-
11g · Fees: other
total $287,119 · program services $37,618 · management and general $249,501
-
12 · Advertising and promotion
total $183,554 · fundraising $183,554
-
13 · Office expenses
total $157,717 · program services $93,392 · management and general $64,325
-
16 · Occupancy
total $174,280 · management and general $174,280
-
17 · Travel
total $61,291 · program services $55,191 · management and general $6,100
-
19 · Conferences, conventions and meetings
total $23,757 · program services $7,690 · management and general $16,067
-
20 · Interest
total $4,813,759 · program services $4,813,759
-
22 · Depreciation, depletion and amortization
total $180,511 · program services $121,268 · management and general $59,243
-
23 · Insurance
total $67,286 · management and general $67,286
-
24a · Other expenses: MISCELLANEOUS
total $124,819 · program services $32,969 · management and general $91,850
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $58,738,880 · end of year $76,696,644
-
2 · Savings and temporary cash investments
beginning of year $13,062,474 · end of year $24,319,630
-
4 · Accounts receivable
beginning of year $114,109 · end of year $71,299
-
13 · Investments: program-related
beginning of year $198,529,770 · end of year $182,401,695
-
15 · Other assets
beginning of year $8,000,000 · end of year $6,500,000
-
17 · Accounts payable and accrued expenses
beginning of year $1,847,321 · end of year $1,997,334
-
19 · Deferred revenue
beginning of year $6,670,000 · end of year $6,260,000
-
21 · Escrow or custodial account liability
beginning of year $910,542 · end of year $729,182
-
24 · Unsecured notes and loans payable
beginning of year $152,649,437 · end of year $152,241,365
-
25 · Other liabilities
beginning of year $24,375,116 · end of year $24,435,904
-
27 · Net assets without donor restrictions
beginning of year $62,238,958 · end of year $70,285,409
-
28 · Net assets with donor restrictions
beginning of year $29,753,859 · end of year $34,040,074
Mission and programs · 2022
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 $8,214,757 · Revenue $12,417,116
As filed on the 2022 return.
Listed in Part VII
-
Elyse CherryELYSE CHERRY
CEO & EX-OFFICIO BOARD MEMBER
- Total calculated
- $1,007,926
- From this org
- $159,627
- From related orgs
- $638,507
- Other
- $209,792
- Hours/week
- 8 + 32 related
Schedule J breakdown matched by us
- Base
- $95,627 + $382,507 related
- Bonus
- $64,000 + $256,000 related
- Other
- $0
- Deferred
- $64,160 + $134,140 related
- Nontaxable benefits
- $2,298 + $9,194 related
- Filer's total
- $226,085 + $781,841 related
-
Dewitt JonesDEWITT JONES
EXECUTIVE VP & EX-OFFICIO
- Total calculated
- $489,255
- From this org
- $0
- From related orgs
- $352,707
- Other
- $136,548
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $292,707 related
- Bonus
- $0 + $60,000 related
- Other
- $0
- Deferred
- $30,250 + $78,050 related
- Nontaxable benefits
- $0 + $28,248 related
- Filer's total
- $30,250 + $459,005 related
-
Michelle VolpeMICHELLE VOLPE
PRESIDENT, LOAN FUND (UNTIL 4/22) & EX-OFFICIO BOA
- Total calculated
- $233,216
- From this org
- $126,776
- From related orgs
- $0
- Other
- $106,440
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $61,776
- Bonus
- $65,000
- Other
- $0
- Deferred
- $39,963 + $59,750 related
- Nontaxable benefits
- $6,727
- Filer's total
- $173,466 + $59,750 related
-
Michael NillesMICHAEL NILLES
INTERIM PRESIDENT, LOAN FUND & EX-OFFICIO BOARD
- Total calculated
- $325,627
- From this org
- $277,073
- From related orgs
- $0
- Other
- $48,554
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $238,073
- Bonus
- $39,000
- Other
- $0
- Deferred
- $17,479
- Nontaxable benefits
- $31,075
- Filer's total
- $325,627
-
Charles ClarkCHARLES CLARK
CHAIRMAN OF THE BOARD
- Total calculated
- $0
- Hours/week
- 1 + 4 related
-
Rev James Walsh SjREV JAMES WALSH SJ
CLERK OF THE BOARD
- Total calculated
- $0
- Hours/week
- 1 + 4 related
-
Sarah C LincolnSARAH C LINCOLN
TREASURER OF THE BOARD
- Total calculated
- $0
- Hours/week
- 1 + 4 related
-
Edward Dugger IIIEDWARD DUGGER III
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 4 related
-
Julie GouldJULIE GOULD
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 4 related
-
Maria MaffeiMARIA MAFFEI
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 4 related
-
Victor R RiveraVICTOR R RIVERA
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 4 related
-
Mercedes TompkinsMERCEDES TOMPKINS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 4 related
-
Reese FaydeREESE FAYDE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 4 related
-
Lisa ZappalaLISA ZAPPALA
CFO
- Total calculated
- $416,874
- From this org
- $92,114
- From related orgs
- $214,932
- Other
- $109,828
- Hours/week
- 12 + 28 related
Schedule J breakdown matched by us
- Base
- $71,114 + $165,932 related
- Bonus
- $21,000 + $49,000 related
- Other
- $0
- Deferred
- $35,389 + $71,741 related
- Nontaxable benefits
- $809 + $1,889 related
- Filer's total
- $128,312 + $288,562 related
-
E Matthew GautieriE MATTHEW GAUTIERI
SVP, CONTROLLER
- Total calculated
- $299,040
- From this org
- $60,954
- From related orgs
- $182,862
- Other
- $55,224
- Hours/week
- 10 + 30 related
Schedule J breakdown matched by us
- Base
- $51,741 + $155,225 related
- Bonus
- $9,213 + $27,637 related
- Other
- $0
- Deferred
- $3,555 + $10,665 related
- Nontaxable benefits
- $10,251 + $30,753 related
- Filer's total
- $74,760 + $224,280 related
-
Kathryn McHughKATHRYN MCHUGH
SVP, COMMERCIAL LENDING
- Total calculated
- $262,975
- From this org
- $223,889
- From related orgs
- $0
- Other
- $39,086
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $187,842
- Bonus
- $36,047
- Other
- $0
- Deferred
- $8,311
- Nontaxable benefits
- $30,775
- Filer's total
- $262,975
-
Jaime EscottJAIME ESCOTT
SVP, DIGITAL MARKETING, OPA
- Total calculated
- $253,913
- From this org
- $0
- From related orgs
- $238,710
- Other
- $15,203
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $215,260 related
- Bonus
- $0 + $23,450 related
- Other
- $0
- Deferred
- $0 + $13,740 related
- Nontaxable benefits
- $0 + $1,463 related
- Filer's total
- $0 + $253,913 related
-
Andrew KohANDREW KOH
SVP, OPERATIONS
- Total calculated
- $279,748
- From this org
- $0
- From related orgs
- $215,611
- Other
- $64,137
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $184,986 related
- Bonus
- $0 + $30,625 related
- Other
- $0
- Deferred
- $0 + $12,750 related
- Nontaxable benefits
- $0 + $51,387 related
- Filer's total
- $0 + $279,748 related
-
Lubna EliaLUBNA ELIA
CHIEF ADMINISTRATIVE OFFICER
- Total calculated
- $248,066
- From this org
- $0
- From related orgs
- $231,098
- Other
- $16,968
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $211,098 related
- Bonus
- $0 + $20,000 related
- Other
- $0
- Deferred
- $0 + $14,340 related
- Nontaxable benefits
- $0 + $2,628 related
- Filer's total
- $0 + $248,066 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. MICHELLE VOLPE, SENIOR VP, 457F PLAN. LISA ZAPPALA, CFO, 457F PLAN.
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.
-
501(C)(3) · HOLDING COMPANY FOR AFFILIATES THAT PROVIDE CAPITAL AND COMMUNITY LENDING. · MA
-
501(C)(3) · COMMUNITY VENTURE CAPITAL · MA
Directly controlled by BLUEHUB CAPITAL INC
-
501(C)(3) · DEVELOPS NEW BUSINESS INITIATIVES AND FUNDING VEHICLES FOR LOW-INCOME IND. · MA
Directly controlled by BLUEHUB CAPITAL 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
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 XXII LLC
TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA
-
BCC NMTC CDE XXIII LLC
TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA
-
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 XXVIII 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
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
-
BCC NMTC CDE XXI LLC
C · TO SYNDICATE ALLOCATION OF NEW MARKET TAX CREDITS · MA
Provenance
- Return type
- form_990
- Tax year
- 2022
- Filed
- 6 November 2023
- IRS schema version
- 2022v5.0
- Source object
- 202303129349304965
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