Bluehub Loan Fund Inc
- Assets
- $278.4m
- Revenue
- $19.1m
- Investments
- $0.0
- Employees
- 50
- Location
- Boston, MA
- Founding
- 05/1987
- Data as of
- 12/2021
- 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 12/2023, 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 12/2021, Bluehub Loan Fund Inc generated $19.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 14.1% each year . All expenses for the organization totaled $10.2m during the year ending 12/2021. While expenses have increased by 12.7% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
COMMUNITY LENDING
Describe the Organization's Program Activity:
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 |
|---|---|---|---|
Elyse Cherry CEO & Ex-Officio Board Member | OfficerTrustee | 8 | $159,627 |
Dewitt Jones Executive VP & Ex-Officio | OfficerTrustee | 0 | $0 |
Michelle Volpe President, Loan Fund (until 4/22) & Ex-Officio Boa | OfficerTrustee | 40 | $126,776 |
Michael Nilles Interim President, Loan Fund & Ex-Officio Board | OfficerTrustee | 40 | $277,073 |
Charles Clark Chairman Of The Board | OfficerTrustee | 1 | $0 |
Rev James Walsh Sj Clerk Of The Board | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,667,787 |
| 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 | $19,137,908 |
| Statement of Expenses | |
|---|---|
| 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. | $639,864 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,533,267 |
| Pension plan accruals and contributions | $71,223 |
| Other employee benefits | $436,255 |
| Payroll taxes | $203,022 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $65,384 |
| Fees for services: Accounting | $11,030 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $371,681 |
| Advertising and promotion | $183,997 |
| Office expenses | $158,564 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $183,286 |
| Travel | $12,109 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,670 |
| Interest | $5,038,664 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $197,825 |
| Insurance | $65,901 |
| All other expenses | $0 |
| Total functional expenses | $10,209,661 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $58,738,880 |
| Savings and temporary cash investments | $13,062,474 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $114,109 |
| 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 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $198,529,770 |
| Intangible assets | $0 |
| Other assets | $8,000,000 |
| Total assets | $278,445,233 |
| Accounts payable and accrued expenses | $1,847,321 |
| Grants payable | $0 |
| Deferred revenue | $6,670,000 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $910,542 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $152,649,437 |
| Other liabilities | $24,375,116 |
| Total liabilities | $186,452,416 |
| Net assets without donor restrictions | $62,238,958 |
| Net assets with donor restrictions | $29,753,859 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $91,992,817 |