Innovation Hub Building Holding Corporation

What it reported doing in 2024

Innovation hub building holding corporation ("ihbhc") is a qualified active low-income community business (qalicb) under federal new market tax credit (nmtc) provisions engaged in active conduct of a qualified business in a low-income community meeting standards for gross income, use of property, and services performed. Ihbhc is the owner of the "hqo innovation hub", a building located in the 16 tech innovation district ("16 tech") and central to the indianapolis entrepreneurial and innovation ecosystem. Hqo provides flexible office space, a makerspace and food hall to the vibrant, growing community of entrepreneurs, capital providers, makers and companies in the life sciences, advanced manufacturing and technology industries located in 16 tech. This building previously housed the maintenance vehicles and service equipment for the water utilities of citizen's energy group. Today, hqo serves as a front door to the 16 tech innovation district and a launch pad for talent, entrepreneurship, and innovation in indianapolis. The machyne makerspace and adjoining coworking/office space function as a community entrepreneurship center, providing discounted memberships and free training programs and classes for community members to utilize equipment, work, meeting and event spaces, as well as access to entrepreneurial and business support resources. The amp food hall & marketplace provides operating space for more than 20 restaurants/retailers, 100% of which are independent and locally owned businesses and 50% new business concepts. The amp also hosts the indy winter's farmers market welcoming more than 20,000 market goers over the 20 week season from november and april and providing access to affordable, fresh local produce on the westside of indianapolis, which has been identified as a food desert. Ihbhc continues to support the mission of 16 tech by providing spaces, resources and programming that support community access to the innovation ecosystem.

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 0 of 6 controls in place; rating input score 0
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Missing
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 0%; rating input score 0; 5th percentile among comparable filings
• Governance controls: 5 of 9 controls in place; rating input score 56
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Fail
  • Document-retention policy: Fail
  • CEO compensation review process: Fail
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 11.6%; rating input score 64; 64th percentile among comparable filings
• Total-asset coverage ratio: 18.54; rating input score 96; 96th percentile among comparable filings
• Liabilities to assets ratio: 0.97; rating input score 6; 6th percentile among comparable filings
• Officer compensation ratio: 8%; rating input score 44; 44th percentile among comparable filings

Growth

• Program expense growth: -199.7% per year; rating input score 0; 0th percentile among comparable filings
• Revenue growth: 5.8% per year; rating input score 100; 48th percentile among comparable filings
• Asset growth: 1.7% per year; rating input score 100; 24th percentile among comparable filings