Mhub

Nonprofit profile at a glance

EIN
463388438
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Chicago, IL, USA
Phone
3122488701
Rating
73
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Economic Development

Official website

Reported finances

Revenue
$9,621,327
Expenses
$10,868,177
Assets
$49,516,193
Liabilities
$41,659,763

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

Leadership & pay

35 people listed

Executive titles in this filing

  • HAVEN ALLEN (CHIEF EXECUTIVE OFFICER & PRESIDENT)
  • WILLIAM FIENUP (VP OF INNOVATION SERVICES & VICE PRESIDENT)
  • THIERRY VAN LANDEGEM (EXECUTIVE DIRECTOR)

Highest reported compensation

  • HAVEN ALLEN (CHIEF EXECUTIVE OFFICER & PRESIDENT): $553,521 total reported compensation
  • MANAS MEHANDRU (CHIEF OPERATING OFFICER & TREASURER): $396,019 total reported compensation
  • MELISSA LEDERER (CHIEF EXPERIENCE OFFICER & SECRETARY): $324,518 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 enable u.s. Hardtech innovation and commercialization by fueling collaboration and providing and accessible, hyper-resourced environment to develop, fund and accelerate clean energy, health, sustainability, and manufacturing entrepreneurship.

What it reported doing in 2024

Innovation center: a shared workspace community, within mhub, of product designers, developers, entreneurs, 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 innoations go from prototype to product to sustainable business, driving a greater likelihood 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.

Operating model

Revenue model
Earned-program. 65% 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 total spending goes to programs and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 55
  • Transparency & Controls: 86
  • Accountability: 95
  • Sustainability: 32
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 63.3%; rating input score 63
  • Program expense ratio: 57.7%; rating input score 58
  • Fundraising efficiency: $2.25 raised per $1 spent on fundraising; rating input score 6; 6th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.4%; rating input score 94; 24th 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: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: -13%; rating input score 11; 11th percentile among comparable filings
  • Total-asset coverage ratio: 4.56; rating input score 82; 82nd percentile among comparable filings
  • Liabilities to assets ratio: 0.84; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 20.7%; rating input score 12; 12th percentile among comparable filings

Growth

  • Program expense growth: 16% per year; rating input score 100; 80th percentile among comparable filings
  • Revenue growth: 23.8% per year; rating input score 100; 91st percentile among comparable filings
  • Asset growth: 41% per year; rating input score 100; 96th percentile among comparable filings

Details

  • Where the money goes: 63.3% of revenue deployed · 57.7% of spending went to programs
  • Governance: 25 of 25 board members independent · 8 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $6.3M in reported program spending
  • Leadership: top reported pay $554K · 35 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $731K reported
  • Consistency: 32 of 33 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 8 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 6 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.

Key Signals

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

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Review — Financial Efficiency: Program expense ratio scored 58/100.
  • High — Financial Efficiency: Fundraising efficiency scored 6/100.
  • High — Sustainability: Operating margin scored 11/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • High — Sustainability: Officer compensation ratio scored 12/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.