Mhub
- Assets
- $5.1m
- Revenue
- $6.8m
- Investments
- $0.0
- Employees
- 32
- Location
- Chicago, IL
- Founding
- 08/2014
- Data as of
- 12/2021
- EIN
- 46-3388438
Organization Overview
Mhub is located in Chicago, IL. The organization was established in 2014. 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, Mhub employed 32 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mhub 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, Mhub generated $6.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 70.8% each year . All expenses for the organization totaled $7.4m during the year ending 12/2021. While expenses have increased by 64.5% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HARDTECH DEVELOPMENT SERVICES (MHUB HD): MHUB HD FORMERLY KNOWN AS MHUB PRODUCT DEVELOPMENT (MHUB PD), ACCELERATES PRODUCT DEVELOPMENT BY CONNECTING ESTABLISHED MANUFACTURERS AND INDUSTRY LEADERS WITH TALENTED, INNOVATIVE AND EAGER ENTREPRENEURS AND STARTUPS. MHUB ENGAGES WITH CLIENTS IN MANY WAYS AND VARIOUS TIMELINES WITHIN THE DEVELOPMENT PROCESS FROM IDEATION TO FINAL PRODUCT.
INNOVATION CENTER: A SHARED WORKSPACE COMMUNITY, WITHIN MHUB, OF PRODUCT DESIGNERS, DEVELOPERS, ENTREPRENEURS, 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 INNOVATIONS GO FROM PROTOTYPE TO PRODUCT TO SUSTAINABLE BUSINESS, DRIVING A GREATER LIKEHOOD 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.
ACCELERATED INCUBATION: MHUB'S ACCELERATED INCUBATION PROGRAM IS A SIX-MONTH PROGRAM THAT PAIRS 10 DEMAND-DRIVEN PHYSICAL PRODUCT STARTUPS FROM ACROSS THE COUNTRY WITH CORPORATE LEADERS AND INVESTORS FOR AN INTENSIVE INCUBATION 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Haven Allen Cheif Executive Officer, Co-Founder & President | Officer | 40 | $294,301 |
Melissa Lederer Chief Experience Officer & Secretary | Officer | 40 | $219,309 |
Manas Mehandru Chief Operating Officer & Treasurer | Officer | 40 | $218,246 |
William Fienup Dir. Of Innovation Serv., Co-Founder & VP | Officer | 40 | $125,696 |
Shannon Mcghee Dir. Of Community Impact And Engagement | 40 | $102,800 | |
Kevin Willer Chairman | OfficerTrustee | 0.2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mechanical Designs Lab Inc Product Development | 12/30/21 | $210,903 |
Verena Solutions Llc Product Development | 12/30/21 | $160,134 |
Scrub30 Llc Dba Steel Croissant Product Development | 12/30/21 | $192,105 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,428,822 |
| All other contributions, gifts, grants, and similar amounts not included above | $901,192 |
| Noncash contributions included in lines 1a–1f | $27,802 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,330,014 |
| Total Program Service Revenue | $4,312,470 |
| 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 | $3,795 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,781,086 |
| 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. | $945,858 |
| Compensation of current officers, directors, key employees. | $275,046 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,595,846 |
| Pension plan accruals and contributions | $65,845 |
| Other employee benefits | $146,108 |
| Payroll taxes | $205,336 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $16,776 |
| Fees for services: Accounting | $82,923 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,867,495 |
| Advertising and promotion | $174,856 |
| Office expenses | $123,752 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,185,117 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $78,707 |
| Interest | $156,988 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $389,994 |
| Insurance | $99,039 |
| All other expenses | $0 |
| Total functional expenses | $7,382,926 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $893,443 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $540,087 |
| Accounts receivable, net | $121,081 |
| 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 | $138,894 |
| Net Land, buildings, and equipment | $691,500 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,064,750 |
| Intangible assets | $0 |
| Other assets | $627,572 |
| Total assets | $5,077,327 |
| Accounts payable and accrued expenses | $1,114,305 |
| Grants payable | $0 |
| Deferred revenue | $1,376,553 |
| 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 | $2,459,194 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $703,279 |
| Total liabilities | $5,653,331 |
| Net assets without donor restrictions | -$576,004 |
| Net assets with donor restrictions | $0 |
| 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 | $5,077,327 |
Grants Awarded
Over the last fiscal year, Mhub has awarded $987,462 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Chicago, IL PURPOSE: To support activities during the COVID-19 | $490,833 |
Chicago, IL PURPOSE: To support activities during the COVID-19 | $490,833 |
AQUAMOX INC PURPOSE: To support development for Chicago Proactive Response | $5,796 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Mhub has recieved totaling $40,042.
| Awarding Organization | Amount |
|---|---|
The Christopher Family Foundation Westmont, IL PURPOSE: MHUB FEMALE INNOVATOR PROGRAM | $20,000 |
Perkins Coie Foundation Seattle, WA PURPOSE: 2021 MHUB ACCELERATED INCUBATION COHORT | $10,000 |
Koch Family Foundation Chicago, IL PURPOSE: DISCRETIONARY USE BY RECEIVING ORGANIZATION | $10,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $42 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Financial Health Network Inc Chicago, IL | $19,686,455 | $18,603,239 |
Vocational Development Center Inc Council Bluffs, IA | $12,984,673 | $16,204,305 |
Southern Iowa Economic Development Association Ottumwa, IA | $4,848,905 | $15,262,424 |
St Louis Economic Development Partnership Saint Louis, MO | $27,235,860 | $13,883,018 |
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
Crosswalk Community Action Agency Inc West Frankfort, IL | $2,780,027 | $11,762,821 |
Wisconsin Dells Visitor & Convention Bureau Wisconsin Dells, WI | $26,952,168 | $17,110,395 |
Convention & Visitors Bureau Of Greater Kansas City Kansas City, MO | $12,878,337 | $11,432,355 |
Wbd Inc Madison, WI | $14,868,892 | $9,399,155 |
Brighton Park Neighborhood Council Chicago, IL | $4,048,275 | $8,262,492 |
Explore Branson Tourism Branson, MO | $1,396,845 | $7,616,014 |