Fuzehub Inc
- Assets
- $3.3m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 9
- Location
- Albany, NY
- Founding
- 06/2015
- Data as of
- 12/2021
- EIN
- 46-3122950
Organization Overview
Fuzehub Inc is located in Albany, NY. The organization was established in 2015. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Fuzehub Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fuzehub Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Fuzehub Inc generated $3.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 22.4% each year . All expenses for the organization totaled $3.0m during the year ending 12/2021. While expenses have increased by 20.9% per year over the past 7 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.
Since 2017, Fuzehub Inc has awarded 128 individual grants totaling $4,899,613. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
FUZEHUB WORKS TO BETTER CONNECT NEW YORK'S SMALL AND MID-SIZED MANUFACTURING COMPANIES TO THE RESOURCES, PROGRAMS AND EXPERTISE THEY NEED FOR TECHNOLOGY COMMERCIALIZATION, INNOVATIVE SOLUTIONS AND BUSINESS GROWTH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FUZEHUB UNITES AND INTEGRATES A BROAD NETWORK OF MULTI-DISCIPLINARY PUBLIC AND PRIVATE SECTOR TECHNOLOGY, INDUSTRY AND COMMERCIALIZATION SERVICES, EXPERTS AND PARTNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elena Garuc Executive Director | Officer | 40 | $142,384 |
Kevin O'leary Treasurer | OfficerTrustee | 1 | $0 |
Fatin Haddad Board Member | Trustee | 1 | $0 |
Dr Santokh S Badesha Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,838,260 |
| 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 | $2,838,260 |
| Total Program Service Revenue | $260,418 |
| 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 | $3,104,203 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $856,229 |
| 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. | $160,054 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $604,773 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $75,388 |
| Payroll taxes | $61,446 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $18,732 |
| Fees for services: Accounting | $22,740 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,100 |
| Advertising and promotion | $239,602 |
| Office expenses | $41,598 |
| Information technology | $3,208 |
| Royalties | $0 |
| Occupancy | $47,806 |
| Travel | $14,354 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $196,789 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,810 |
| Insurance | $8,221 |
| All other expenses | $2,969 |
| Total functional expenses | $3,009,038 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,774,181 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $465,888 |
| 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 | $24,000 |
| Net Land, buildings, and equipment | $60,236 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,743 |
| Total assets | $3,328,048 |
| Accounts payable and accrued expenses | $79,468 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $79,468 |
| Net assets without donor restrictions | $903,454 |
| Net assets with donor restrictions | $2,345,126 |
| 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 | $3,328,048 |
Grants Awarded
Over the last fiscal year, Fuzehub Inc has awarded $763,174 in support to 21 organizations.
| Grant Recipient | Amount |
|---|---|
Albany, NY PURPOSE: INNOVATION AWARD | $131,632 |
Rochester, NY PURPOSE: INNOVATION AWARD | $91,336 |
Troy, NY PURPOSE: INNOVATION AWARD | $55,560 |
MECHANISMIC INC PURPOSE: INNOVATION AWARD | $50,000 |
Albany, NY PURPOSE: INNOVATION AWARD | $50,000 |
DEL TOCORORO LLC PURPOSE: INNOVATION AWARD | $50,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Fuzehub Inc has recieved totaling $111,896.
| Awarding Organization | Amount |
|---|---|
Pa Irc Network Foundation Williamsport, PA PURPOSE: ADVANCED ROBOTICS IN MANUFACTURING | $55,948 |
Pa Irc Network Foundation Williamsport, PA PURPOSE: ADVANCED ROBOTICS IN MANUFACTURING | $55,948 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |
Greater Pittsburgh Convention & Visitors Bureau Inc Pittsburgh, PA | $10,210,665 | $8,196,256 |