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Nonprofiteer
← MHUB

Form 990 for tax year 2024

Filed by MHUB.

Totals

Total revenue
$9,621,327
Total expenses
$10,868,177
Contributions and grants received
$2,756,271
Grants paid
$0
Program service revenue
$6,292,497
Investment income
$282,564
Other revenue
$289,995
Total assets, end of year
$49,516,193
Total liabilities, end of year
$41,659,763
Net assets or fund balances, end of year
$7,856,430
Program services expenses (Part IX)
$6,274,502
Management and general expenses
$3,367,787
Fundraising expenses
$1,225,888
Program service expenses (Part III)
$6,274,502

Program services were 57.7% 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.

  • 1c · Fundraising events

    $69,000

  • 1e · Government grants (contributions)

    $1,024,121

  • 1f · All other contributions, gifts and grants

    $1,663,150

  • 2a · Program service revenue: MEMBERSHIP ASSESSMENTS

    total $2,689,357 · related or exempt $2,689,357

  • 2b · Program service revenue: PRODUCT DEVELOPMENT SE

    total $2,500,511 · related or exempt $2,500,511

  • 2c · Program service revenue: AI PROGRAM REVENUE

    total $1,102,629 · related or exempt $1,102,629

  • 3 · Investment income

    total $282,564 · excluded $282,564

  • 6a · Gross rents

    real property $201,832

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $201,832

  • 6d · Net rental income or loss

    total $201,832 · related or exempt $201,832

  • 8a · Fundraising events: gross income

    $48,051

  • 8a · Fundraising events: contributions included on line 1c

    $69,000

  • 8b · Fundraising events: direct expenses

    $73,546

  • 8c · Net income from fundraising events

    total -$25,495 · excluded -$25,495

  • 10a · Gross sales of inventory

    $1,384

  • 10b · Cost of goods sold

    $3,385

  • 10c · Net income from sales of inventory

    total -$2,001 · excluded -$2,001

  • 11a · Other revenue: SPECIALTY TRAINING & E

    total $66,645 · related or exempt $66,645

  • 11b · Other revenue: CREDIT CARD FEE REVENU

    total $35,917 · excluded $35,917

  • 11c · Other revenue: OTHER REVENUE

    total $13,097 · excluded $13,097

  • 11e · Other revenue, total

    $115,659

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $1,477,705 · program services $624,921 · management and general $738,557 · fundraising $114,227

  • 7 · Other salaries and wages

    total $2,029,644 · program services $1,164,201 · management and general $773,770 · fundraising $91,673

  • 8 · Pension plan contributions

    total $82,749 · program services $39,805 · management and general $37,798 · fundraising $5,146

  • 9 · Other employee benefits

    total $187,226 · program services $90,063 · management and general $85,520 · fundraising $11,643

  • 10 · Payroll taxes

    total $269,371 · program services $136,945 · management and general $116,557 · fundraising $15,869

  • 11c · Fees: accounting

    total $148,600 · management and general $148,600

  • 11g · Fees: other

    total $2,733,353 · program services $2,620,549 · management and general $64,683 · fundraising $48,121

  • 12 · Advertising and promotion

    total $200,938 · management and general $200,938

  • 13 · Office expenses

    total $178,724 · program services $64,983 · management and general $111,273 · fundraising $2,468

  • 16 · Occupancy

    total $2,504,853 · program services $1,252,303 · management and general $371,787 · fundraising $880,763

  • 19 · Conferences, conventions and meetings

    total $80,177 · program services $12,677 · management and general $11,522 · fundraising $55,978

  • 20 · Interest

    total $508,069 · management and general $508,069

  • 22 · Depreciation, depletion and amortization

    total $254,634 · program services $136,684 · management and general $117,950

  • 23 · Insurance

    total $43,696 · management and general $43,696

  • 24a · Other expenses: PROGRAM SUPPLIES

    total $115,336 · program services $115,336

  • 24b · Other expenses: SUBSCRIPTIONS AND DUES

    total $41,012 · program services $3,945 · management and general $37,067

  • 24c · Other expenses: BAD DEBTS

    total $12,090 · program services $12,090

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,585,938 · end of year $789,374

  • 3 · Pledges and grants receivable

    beginning of year $885,579 · end of year $485,869

  • 4 · Accounts receivable

    beginning of year $324,585 · end of year $1,524,068

  • 7 · Other notes and loans receivable

    beginning of year $28,256,406 · end of year $28,256,406

  • 9 · Prepaid expenses and deferred charges

    beginning of year $43,894 · end of year $37,149

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

    $2,451,300

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

    $687,864

  • 10c · Land, buildings and equipment, net

    beginning of year $1,180,740 · end of year $1,763,436

  • 15 · Other assets

    beginning of year $17,704,947 · end of year $16,659,891

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,451,143 · end of year $1,863,897

  • 19 · Deferred revenue

    beginning of year $413,547 · end of year $495,142

  • 23 · Secured mortgages and notes payable

    beginning of year $17,024,382 · end of year $1,015,864

  • 25 · Other liabilities

    beginning of year $21,989,737 · end of year $38,284,860

  • 27 · Net assets without donor restrictions

    beginning of year $7,802,920 · end of year $6,979,816

  • 28 · Net assets with donor restrictions

    beginning of year $1,300,360 · end of year $876,614

Mission and programs · 2024

Mission

TO ENABLE U.S. HARDTECH INNOVATION AND COMMERCIALIZATION BY FUELING COLLABORATION AND PROVIDING AND ACCESSIBLE, HYPER-RESOURCED ENVIRONMENT TO DEVELOP, FUND AND ACCELERATE CLEAN ENERGY, HEALTH, SUSTAINABILITY, AND MANUFACTURING ENTREPRENEURSHIP.

Activities or mission (Part I)

MHUB IS THE NATION'S LARGEST AND FASTEST GROWING INNOVATION CENTER FOR HARDTECH AND MANUFACTURING. MHUB IS A COMMUNITY OF PRODUCT DESIGNERS, DEVELOPERS, ENTREPRENEURS, ENGINEERS, AND MANUFACTURERS TAKING BREAKTHROUGH PRODUCTS TO MARKET.

  • HARDTECH DEVELOPMENT SERVICES (MHUB HD): MHUB HD ACCELERATES PRODUCT DEVELOPMENT BY CONNECTING TALENTED, INNOVATIVE AND EAGER ENTREPRENEURS AND STARTUPS WITH ESTABLISHED MANUFACTURERS AND INDUSTRY LEADERS. MHUB ENGAGES WITH CLIENTS IN MANY WAYS AND VARIOUS TIMELINES WITHIN THE DEVELOPMENT PROCESS FROM IDEATION TO FINAL PRODUCT.

    Expenses $2,105,037 · Revenue $2,500,511

  • INNOVATION CENTER: A SHARED WORKSPACE COMMUNITY, WITHIN MHUB, OF PRODUCT DESIGNERS, DEVELOPERS, ENTRENEURS, ENGINEERS AND MANUFACTURERS WHO CREATE BREAKTHROUGH PRODUCTS IN ROBOTICS, CONNECTED DEVICES, SENSORS, ENERGY TECH, UNMANNED VEHICLES AND OTHER CUTTING-EDGE INNOVATIONS BY PROVIDING THE RIGHT RESOURCES, MENTORSHIP, AND ACCESS TO MANUFACTURING INDUSTRY INSIDERS. MHUB HELPS EARLY-STAGE INNOATIONS GO FROM PROTOTYPE TO PRODUCT TO SUSTAINABLE BUSINESS, DRIVING A GREATER LIKELIHOOD OF SUCCESS. MHUB'S STATE-OF-THE-ART 63,000 SQUARE FOOT FACILITY FEATURES 10 UNIQUE FABRICATION CENTERS TO MAKE THE PRODUCT DEVELOPMENT CYCLE AS EFFICIENT/SEAMLESS AS POSSIBLE. MHUB PROVIDES RESOURCES FOR PRODUCT DESIGN AND RAPID PROTOTYPING INCLUDING A 3D PRINTING LAB, ELECTRONICS LABS, METAL SHOP AND MORE.

    Expenses $2,296,061 · Revenue $2,689,356

  • MHUB ACCELERATOR: MHUB'S ACCELERATOR PROGRAM IS A SIX-MONTH PROGRAM THAT PAIRS 8 - 10 DEMAND-DRIVEN PHYSICAL PRODUCT STARTUPS FROM ACROSS THE COUNTRY WITH CORPORATE LEADERS AND INVESTORS FOR AN INTENSIVE ACCELERATOR PROGRAM INCLUDING PRODUCT DEVELOPMENT AND PROTOTYPING, MENTORSHIP, BUSINESS CURRICULUM, AND PILOTING. THE STARTUPS WILL FOCUS ON TECHNOLOGY CHALLENGE AREAS DEFINED BY MHUB PARTNERS IN EACH OF THE SECTOR-SPECIFIC PROGRAMS. TO HELP BRIDGE THE GAP TO MARKET, PARTICIPATING PARTNER ENGINEERS AND BUSINESS DEVELOPMENT LEADERS WILL PROVIDE GUIDANCE TO THE STARTUPS, WHO WILL RETAIN ACCESS TO MHUB RESOURCES, PARTNERS AND MENTORS FOR UP TO TWO YEARS.

    Expenses $1,199,735 · Revenue $1,435,121

  • CATALYZE INITIATIVE: MHUB'S CATALYZE INITIATIVE PROMOTES WEALTH CREATION FOR A BROADER SET OF FOUNDERS THROUGH A SERIES OF TARGETED PROGRAMS AND PARTNERSHIPS. BY SUPPORTING ENTREPRENEURS IN THE EARLY STAGES OF PRODUCT DEVELOPMENT, CATALYZE SEES THE EVOLUTION OF AN IDEA FROM PROOF OF CONCEPT TO COMMERCIALIZATION. PROGRAMS INCLUDE GRANTED PARTNERSHIPS WITH COMMUNITY-BASED BUSINESS DEVELOPMENT ORGANIZATIONS, THE MPOWER PRE-ACCELERATOR PROGRAM FOR IDEA-STAGE STARTUP FOUNDERS, THE LANDIS FAMILY HARDTECH DEVELOPMENT FELLOWSHIP FOR PRODUCT ENGINEERS AND FOUNDERS, AND GRANTS FOR LATER STAGE R&D AND PRODUCT DEVELOPMENT.

    Expenses $673,669

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • MEREDITH O'CONNOR

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • KEVIN WILLER

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • LAURA FERRIS ANDERSON

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • JACOB BABCOCK

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • JIAN CAO

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • MEGAN CLIFFORD

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • EDWARD COLEMAN

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • MICHON ELLIS

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • ERIN GUTHRIE

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • TRAVIS HUNTER

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • MARK KARASEK

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • STEVEN KASE

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • KAREN KERR

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • STEVE KOCH

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • JEFF MALEHORN

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • JEFFREY MARGOLIS

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • DON MCNEILL

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • SHELLI NELSON

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • COREY RYAN

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • THOMAS SIMEONE

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • NICOLE STEVENSON

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • JESSICA STRAUSBAUGH

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • NANCY SULLIVAN

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • BOB WEISSBOURD

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • GARTH WALKER

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • NICOLE WOLTER

    BOARD DIRECTOR

    Total calculated
    $0
    Hours/week
    0.2

  • HAVEN ALLEN

    CHIEF EXECUTIVE OFFICER & PRESIDENT

    Total calculated
    $553,521
    From this org
    $518,833
    From related orgs
    $0
    Other
    $34,688
    Hours/week
    40 + 10 related

    Schedule J breakdown matched by us

    Base
    $290,456
    Bonus
    $217,877
    Other
    $10,500
    Deferred
    $11,500
    Nontaxable benefits
    $23,188
    Filer's total
    $553,521

  • MANAS MEHANDRU

    CHIEF OPERATING OFFICER & TREASURER

    Total calculated
    $396,019
    From this org
    $361,768
    From related orgs
    $0
    Other
    $34,251
    Hours/week
    49 + 1 related

    Schedule J breakdown matched by us

    Base
    $232,350
    Bonus
    $113,939
    Other
    $15,479
    Deferred
    $11,500
    Nontaxable benefits
    $22,751
    Filer's total
    $396,019

  • MELISSA LEDERER

    CHIEF EXPERIENCE OFFICER & SECRETARY

    Total calculated
    $324,518
    From this org
    $290,902
    From related orgs
    $0
    Other
    $33,616
    Hours/week
    45 + 5 related

    Schedule J breakdown matched by us

    Base
    $218,452
    Bonus
    $66,073
    Other
    $6,377
    Deferred
    $10,428
    Nontaxable benefits
    $23,188
    Filer's total
    $324,518

  • WILLIAM FIENUP

    VP OF INNOVATION SERVICES & VICE PRESIDENT

    Total calculated
    $184,065
    From this org
    $177,821
    From related orgs
    $0
    Other
    $6,244
    Hours/week
    40 + 0.2 related

    Schedule J breakdown matched by us

    Base
    $174,408
    Bonus
    $3,413
    Other
    $0
    Deferred
    $6,244
    Nontaxable benefits
    $0
    Filer's total
    $184,065

  • THIERRY VAN LANDEGEM

    EXECUTIVE DIRECTOR

    Total calculated
    $200,087
    From this org
    $185,484
    From related orgs
    $0
    Other
    $14,603
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $175,484
    Bonus
    $10,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $14,603
    Filer's total
    $200,087

  • ALLISON WINSTEL

    CHIEF OF STAFF

    Total calculated
    $168,337
    From this org
    $156,934
    From related orgs
    $0
    Other
    $11,403
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $135,930
    Bonus
    $20,191
    Other
    $813
    Deferred
    $5,449
    Nontaxable benefits
    $5,954
    Filer's total
    $168,337

  • SHANNON MCGHEE

    VP OF PROGRAMS AND ENGAGEMENT

    Total calculated
    $150,282
    From this org
    $130,777
    From related orgs
    $0
    Other
    $19,505
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,712
    Bonus
    $4,065
    Other
    $0
    Deferred
    $4,063
    Nontaxable benefits
    $15,442
    Filer's total
    $150,282

  • KIMBERLY BLOMQUIST

    SENIOR DIRECTOR OR MARKETING AND COMMUNICATIONS

    Total calculated
    $138,867
    From this org
    $135,312
    From related orgs
    $0
    Other
    $3,555
    Hours/week
    40

  • ELIZABETH ANDREWS

    DIRECTOR OF STRATEGIC PARTNERSHIPS

    Total calculated
    $133,821
    From this org
    $121,053
    From related orgs
    $0
    Other
    $12,768
    Hours/week
    40

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
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
BONUS ARE BASED ON PERFORMANCE AND THE FINANCIAL RESULTS OF THE ORGANIZATION AND ARE PAID DURING THE YEAR AT THE DISCRETION OF MANAGEMENT AND BOARD APPROVAL.

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.

  • MHUB SUPPORT CORPORATION

    501(C)(3) · ORGANIZED AND OPERATES AT ALL TIMES EXCLUSIVELY FOR THE BENEFIT OF MHUB · IL · controlled entity

    Directly controlled by MHUB

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.

Related partnerships

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

Provenance

Return type
form_990
Tax year
2024
Filed
17 November 2025
IRS schema version
2024v5.2
Source object
202533219349309428

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