Bluehub Capital Inc

Nonprofit profile at a glance

EIN
043246555
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Boston, MA, USA
Phone
6174278600
Rating
72
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Home Improvement and Repairs

Official website

Reported finances

Revenue
$2,366,821
Expenses
$1,305,735
Assets
$16,122,451
Liabilities
$4,560,249

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

19 people listed

Executive titles in this filing

  • ELYSE CHERRY (CEO & EX-OFFICIO BOARD MEMBER)
  • DEWITT JONES (PRESIDENT, BLUEHUB ENERGY)

Highest reported compensation

  • ELYSE CHERRY (CEO & EX-OFFICIO BOARD MEMBER): $1,212,119 total reported compensation
  • LISA ZAPPALA (EVP, CFO (UNTIL 9/2024)): $514,083 total reported compensation
  • DEWITT JONES (PRESIDENT, BLUEHUB ENERGY): $349,981 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

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.

What it reported doing in 2024

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.

Operating model

Revenue model
Earned-program. 80% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 46
  • Transparency & Controls: 90
  • Accountability: 90
  • Sustainability: 74
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 36.3%; rating input score 36
  • Program expense ratio: 77.9%; rating input score 78
  • Fundraising efficiency: $0.97 raised per $1 spent on fundraising; rating input score 2; 2nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 81.8%; rating input score 82; 15th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 44.8%; rating input score 91; 91st percentile among comparable filings
  • Total-asset coverage ratio: 12.35; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.28; rating input score 36; 36th percentile among comparable filings
  • Officer compensation ratio: 140.9%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: 8.3% per year; rating input score 100; 57th percentile among comparable filings
  • Revenue growth: 1.2% per year; rating input score 100; 16th percentile among comparable filings
  • Asset growth: 5.5% per year; rating input score 100; 37th percentile among comparable filings

Details

  • Where the money goes: 36.3% of revenue deployed · 77.9% of spending went to programs
  • Governance: 9 of 11 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $1M in reported program spending
  • Leadership: top reported pay $1.2M · 19 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.1M reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 6 filed schedules · includes major donors, executive pay, and related organizations
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: 24 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Mission deployment rate scored 36/100.
  • High — Financial Efficiency: Fundraising efficiency scored 2/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 36/100.