Bluehub Loan Fund Inc
- Assets
- $271.8m
- Revenue
- $22.8m
- Investments
- $0.0
- Employees
- 50
- Location
- Boston, MA
- Founding
- 05/1987
- Data as of
- 12/2020
- EIN
- 22-2593378
Organization Overview
Bluehub Loan Fund Inc is located in Boston, MA. The organization was established in 1987. According to its NTEE Classification (L12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Bluehub Loan Fund Inc employed 50 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bluehub Loan Fund Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2020, Bluehub Loan Fund Inc generated $22.8m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 17.4% each year . All expenses for the organization totaled $11.0m during the year ending 12/2020. While expenses have increased by 14.1% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2020
Describe the Organization's Mission:
Part 3 - Line 1
COMMUNITY LENDING
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LOAN FUND LENDS MONEY TO COMMUNITY PROJECTS SUCH AS AFFORDABLE HOUSING AND COMMUNITY FACILITIES THAT MIGHT NOT OTHERWISE BE ABLE TO BE FINANCED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michelle Volpe Sch J Page 33 President, Loan Fund & Ex-Officio Board | OfficerTrustee | 40 | $433,615 |
Sarah Kitterman Svp, Commercial Lending | 40 | $215,880 | |
Michael Nilles Svp, Team Leader | 40 | $212,534 | |
Kathryn Mchugh Svp, Commercial Lending | 40 | $207,759 | |
Elyse Cherry Sch J Page 33 CEO & Ex-Officio Board Member | OfficerTrustee | 8 | $198,794 |
Lisa Zappala Sch J Page 34 CFO | Officer | 12 | $128,806 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $8,666,277 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $8,666,277 |
| Total Program Service Revenue | $14,088,678 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $22,754,955 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $608,246 |
| Compensation of current officers, directors, key employees. | $79,072 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,340,780 |
| Pension plan accruals and contributions | $111,487 |
| Other employee benefits | $345,447 |
| Payroll taxes | $167,824 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $70,050 |
| Fees for services: Accounting | $14,360 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $315,974 |
| Advertising and promotion | $123,380 |
| Office expenses | $146,970 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $182,823 |
| Travel | $11,112 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,872 |
| Interest | $5,557,863 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $209,891 |
| Insurance | $33,580 |
| All other expenses | $0 |
| Total functional expenses | $10,994,362 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $34,693,504 |
| Savings and temporary cash investments | $14,822,561 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $214,309,455 |
| Intangible assets | $0 |
| Other assets | $8,000,000 |
| Total assets | $271,825,520 |
| Accounts payable and accrued expenses | $261,882 |
| Grants payable | $0 |
| Deferred revenue | $1,433,082 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $905,176 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $156,296,203 |
| Other liabilities | $29,864,607 |
| Total liabilities | $188,760,950 |
| Net assets without donor restrictions | $56,591,082 |
| Net assets with donor restrictions | $26,473,488 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $271,825,520 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Vermont Housing Finance Agency Burlington, VT | $515,924,415 | $30,569,520 |
Massachusetts Housing Investment Corp Boston, MA | $51,753,115 | $18,783,706 |
Bluehub Loan Fund Inc Boston, MA | $271,825,520 | $22,754,955 |
Bridgeport Neighborhood Trust Inc Bridgeport, CT | $32,575,822 | $5,985,060 |
The Housing Partnership Fund Inc Boston, MA | $55,046,443 | $7,425,102 |
Housing Development Fund Inc Stamford, CT | $52,033,074 | $5,301,670 |
Charles T Sitrin Network Of Homes & Services Inc New Hartford, NY | $5,734,568 | $2,565,351 |
St Andrews Housing Dev Fund Co Bronx, NY | $6,076,696 | $1,599,941 |
Concorse Gardens Housing Development Fund Company Inc New York, NY | $6,125,545 | $1,915,994 |
Our Lady Of Fatima Apartments Housing Dev Fund Company Inc Brooklyn, NY | $6,530,778 | $972,901 |
American Friends Of Belz Inc Brooklyn, NY | $1,617,806 | $1,168,906 |
S H Housing Development Fund Corp New York, NY | $3,549,105 | $166,911 |