Totals
- Total revenue
- $753,928
- Total expenses
- $3,462,632
- Contributions and grants received
- $619
- Grants paid
- $0
- Program service revenue
- $447,830
- Investment income
- $305,135
- Other revenue
- $344
- Total assets, end of year
- $12,694,943
- Total liabilities, end of year
- $4,193,827
- Net assets or fund balances, end of year
- $8,501,116
- Program services expenses (Part IX)
- $3,219,141
- Management and general expenses
- $151,533
- Fundraising expenses
- $91,958
- Program service expenses (Part III)
- $3,219,141
Program services were 93.0% 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
$619
-
2a · Program service revenue: PROGRAM REVENUE & FEES
total $447,830 · related or exempt $447,830
-
3 · Investment income
total $305,135 · excluded $305,135
-
11a · Other revenue: MISCELLANEOUS REVENUE
total $344 · related or exempt $344
-
11e · Other revenue, total
$344
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $316,191 · program services $249,559 · management and general $64,853 · fundraising $1,779
-
7 · Other salaries and wages
total $1,486 · program services $604 · management and general $805 · fundraising $77
-
10 · Payroll taxes
total $14,946 · program services $11,290 · management and general $3,555 · fundraising $101
-
11b · Fees: legal
total $2,889,089 · program services $2,889,089
-
11g · Fees: other
total $490 · fundraising $490
-
12 · Advertising and promotion
total $87,987 · fundraising $87,987
-
22 · Depreciation, depletion and amortization
total $152,443 · program services $68,599 · management and general $82,320 · fundraising $1,524
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $8,418,894 · end of year $3,092,364
-
2 · Savings and temporary cash investments
beginning of year $456,892 · end of year $4,759,076
-
4 · Accounts receivable
beginning of year $2,000
-
9 · Prepaid expenses and deferred charges
beginning of year $225,641 · end of year $241,962
-
10a · Land, buildings and equipment: cost or other basis
$1,549,308
-
10b · Land, buildings and equipment: accumulated depreciation
$1,395,546
-
10c · Land, buildings and equipment, net
beginning of year $288,667 · end of year $153,762
-
13 · Investments: program-related
beginning of year $800,000
-
15 · Other assets
beginning of year $5,954,321 · end of year $4,447,779
-
17 · Accounts payable and accrued expenses
beginning of year $1,634,051 · end of year $1,623,972
-
21 · Escrow or custodial account liability
beginning of year $2,683,792 · end of year $2,363,662
-
25 · Other liabilities
beginning of year $618,752 · end of year $206,193
-
27 · Net assets without donor restrictions
beginning of year $10,789,314 · end of year $8,180,610
-
28 · Net assets with donor restrictions
beginning of year $420,506 · end of year $320,506
Mission and programs · 2023
Mission
TO PROVIDE BELOW MARKET RATE CAPITAL TO COMMUNITY BASED ORGANIZATIONS FOR DEVELOPMENT OF AFFORDABLE HOUSING AND TO PROVIDE BROADER COMMUNITY LENDING THAT DIRECTLY OR INDIRECTLY BENEFITS LOW INCOME OR DISADVANTAGED PEOPLE OR COMMUNITIES.
-
BLUEHUB CAPITAL WAS FORMED AS A HOLDING COMPANY THAT OVERSEES ADMINISTRATION, FINANCE, HUMAN RESOURCES, AND INVESTOR RELATIONS FOR THE ORGANIZATION AND ITS AFFILIATES. THE HOLDING COMPANY HAS ACTED AS DEVELOPER FOR ALL SOLAR ENERGY PROJECTS OWNED AND OPERATED TO DATE BY SOLAR ENERGY ADVANTAGE, INC., A CORPORATION WHICH IT OWNS 100% (SEE SCHEDULE R) AND HAS EARNED DEVELOPER FEES FOR THESE SERVICES. THESE DEVELOPER FEES FOR ALL FUTURE PROJECTS ARE NOW EARNED BY SOLAR ENERGY ADVANTAGE INC. DIRECTLY AND WILL NO LONGER BE INCLUDED ON SCHEDULE R.
Expenses $372,952 · Revenue $344
-
NSP RESIDENTIAL, LLC (NSP) WAS FORMED TO COMBAT COMMUNITY DETERIORATION AND IMPROVE GENERAL CONDITIONS WHERE LOW-INCOME PEOPLE LIVE AND WORK. NSP PURCHASES RESIDENTIAL PROPERTIES AND REHABILITATES THEM TO RENT OR SELL TO LOW-INCOME INDIVIDUALS.
Expenses $2,846,189 · Revenue $447,830
As filed on the 2023 return.
Listed in Part VII
-
Elyse CherryELYSE CHERRY
CEO & EX-OFFICIO BOARD MEMBER
- Total calculated
- $1,089,108
- From this org
- $145,687
- From related orgs
- $825,555
- Other
- $117,866
- Hours/week
- 6 + 34 related
Schedule J breakdown matched by us
- Base
- $71,437 + $404,807 related
- Bonus
- $47,250 + $267,750 related
- Other
- $27,000 + $152,998 related
- Deferred
- $18,108 + $89,192 related
- Nontaxable benefits
- $1,585 + $8,981 related
- Filer's total
- $165,380 + $923,728 related
-
Dewitt JonesDEWITT JONES
EXECUTIVE VP & EX-OFFICIO
- Total calculated
- $509,789
- From this org
- $42,600
- From related orgs
- $383,397
- Other
- $83,792
- Hours/week
- 4 + 36 related
Schedule J breakdown matched by us
- Base
- $28,791 + $259,118 related
- Bonus
- $5,000 + $45,000 related
- Other
- $8,809 + $79,279 related
- Deferred
- $8,468 + $48,832 related
- Nontaxable benefits
- $2,649 + $23,843 related
- Filer's total
- $53,717 + $456,072 related
-
Charles ClarkCHARLES CLARK
CHAIRMAN 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 + 3 related
-
Reverend James Walsh SjREVEREND JAMES WALSH SJ
CLERK OF THE BOARD
- Total calculated
- $0
- Hours/week
- 1 + 4 related
-
Edward Dugger IIIEDWARD DUGGER III
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 3 related
-
Julie GouldJULIE GOULD
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 3 related
-
Maria MaffeiMARIA MAFFEI
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 3 related
-
Mercedes TompkinsMERCEDES TOMPKINS
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 3 related
-
Victor R RiveraVICTOR R RIVERA
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 3 related
-
Reese FaydeREESE FAYDE
BOARD MEMBER
- Total calculated
- $0
- Hours/week
- 1 + 4 related
-
Lisa ZappalaLISA 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
- $11,782 + $43,364 related
- Nontaxable benefits
- $827 + $1,931 related
- Filer's total
- $134,877 + $330,586 related
-
Andrew KohANDREW KOH
SVP, OPERATIONS
- Total calculated
- $303,358
- From this org
- $211,464
- From related orgs
- $0
- Other
- $91,894
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $191,464
- Bonus
- $20,000
- Other
- $0
- Deferred
- $13,134
- Nontaxable benefits
- $78,760
- Filer's total
- $303,358
-
Michael NillesMICHAEL NILLES
SVP, COMMERCIAL LENDING, TEAM LEADER
- Total calculated
- $322,773
- From this org
- $0
- From related orgs
- $278,499
- Other
- $44,274
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $233,499 related
- Bonus
- $0 + $45,000 related
- Other
- $0
- Deferred
- $0 + $16,046 related
- Nontaxable benefits
- $0 + $28,228 related
- Filer's total
- $0 + $322,773 related
-
E Matthew GautieriE MATTHEW GAUTIERI
SVP, CONTROLLER
- Total calculated
- $316,275
- From this org
- $69,380
- From related orgs
- $161,886
- Other
- $85,009
- Hours/week
- 12 + 28 related
Schedule J breakdown matched by us
- Base
- $63,380 + $147,886 related
- Bonus
- $6,000 + $14,000 related
- Other
- $0
- Deferred
- $4,396 + $10,256 related
- Nontaxable benefits
- $21,107 + $49,250 related
- Filer's total
- $94,883 + $221,392 related
-
Kathryn McHughKATHRYN MCHUGH
SVP, COMMERCIAL LENDING
- Total calculated
- $363,510
- From this org
- $0
- From related orgs
- $318,083
- Other
- $45,427
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $288,083 related
- Bonus
- $0 + $30,000 related
- Other
- $0
- Deferred
- $0 + $19,768 related
- Nontaxable benefits
- $0 + $25,659 related
- Filer's total
- $0 + $363,510 related
-
Brenda LoyaBRENDA LOYA
CHIEF OPERATING OFFICER
- Total calculated
- $286,866
- From this org
- $245,536
- From related orgs
- $0
- Other
- $41,330
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $245,536
- Bonus
- $0
- Other
- $0
- Deferred
- $15,651
- Nontaxable benefits
- $25,679
- Filer's total
- $286,866
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.
-
501(C)(3) · COMMUNITY VENTURE CAPITAL · MA · controlled entity
Directly controlled by BLUEHUB CAPITAL INC
-
501(C)(3) · DEVELOPS NEW BUSINESS INITIATIVES AND FUNDING VEHICLES FOR LOW INCOME · MA · controlled entity
Directly controlled by BLUEHUB CAPITAL INC
-
501(C)(3) · COMMUNITY LENDING · MA · controlled entity
Directly controlled by BLUEHUB CAPITAL INC
-
501(C)(3) · COMMUNITY LENDING · MA · controlled entity
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.
-
NSP RESIDENTIAL LLC
TO COMBAT COMMUNITY DETERIORATION IN LOW-INCOME AREAS. · MA · income $722,254 · assets $6,177,445
Directly controlled by BLUEHUB CAPITAL INC
-
BCC SEA INVESTMENT FUND MANAGER LLC
TO COMBAT COMMUNITY DETERIORATION IN LOW-INCOME AREAS. · MA · income $0 · assets $0
Directly controlled by BLUEHUB CAPITAL 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
RELATED · TO FINANCE THE OPERATIONS OF THE STABILIZING URBAN NEIGHBORHOODS INITIATIVE · MA · 50% owned · share of income $312,973 · share of assets $15,314,899 · general or managing partner
Directly controlled by NSP RESIDENTIAL LLC
-
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 · 100% owned · share of income $1,060,220 · share of assets $6,629,482 · controlled entity
Directly controlled by BLUEHUB CAPITAL INC
-
BCC NMTC CDE XXV LLC
C · TO FACILITATE THE DELIVERY OF SOLAR ENERGY TO AFFORDABLE HOUSING PROJECTS · MA
-
BCC NMTC CDE XXVII LLC
C · TO FACILITATE THE DELIVERY OF SOLAR ENERGY TO AFFORDABLE HOUSING PROJECTS · MA
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 12 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202423189349303022
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