Overview
What is Innovation Hub Building Holding Corporation?
Innovation Hub Building Holding Corporation (IHBHC) is a qualified active low-income community business, playing a significant role in the Federal New Market Tax Credit (NMTC) provisions. Located in the 16 Tech Innovation District in Indianapolis, IHBHC owns the HQO building, which has transformed into a hub for entrepreneurs, capital providers, makers, and companies in the life sciences, advanced manufacturing, and technology industries. The building provides flexible office space, a makerspace, an artisan marketplace, and a food hall, catering to the growing community in the area. IHBHC's commitment to equity, inclusion, and engagement is evident throughout its initiatives. During construction, the project exceeded its XBE participation goal set by the City of Indianapolis, ensuring a diverse workforce. The various activities housed within HQO, such as discounted memberships and workspace, deliver on engagement and inclusive opportunities. Moreover, the AMP, artisan marketplace, and food hall, provide operating space for numerous restaurants and retailers, with a significant portion being minority- and/or female-owned. IHBHC also supports the community through partnerships and neighborhood-focused programming, such as the Indy Winter's Farmers Market and experiential learning with local employers. By providing spaces, resources, and programming, IHBHC plays a vital role in fostering a vibrant and inclusive innovation ecosystem in Indianapolis.
Is Innovation Hub Building Holding Corporation legitimate?
Innovation Hub Building Holding Corporation is a legitimate nonprofit organization registered as a 501(c)(2) entity. Innovation Hub Building Holding Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Innovation Hub Building Holding Corporation?
The Innovation Hub Building Holding Corporation (IHBHC) is a qualified active low-income community business that meets the standards required by the Federal New Market Tax Credit provisions. The corporation's primary activity involves engaging in active conduct of a qualified business within a low-income community. IHBHC's mission is to serve as a catalyst for entrepreneurship, innovation, and inclusion in the life sciences, advanced manufacturing, and technology industries. By providing flexible office space, a makerspace, an artisan marketplace, and a food hall, IHBHC supports a vibrant community of entrepreneurs, capital providers, makers, and companies. The corporation's commitment to equity, inclusion, and engagement is evident in its construction and programming efforts, which exceeded the city's XBE participation goal and ensured local and minority workforce utilization. IHBHC's activities aim to deliver engagement and inclusive opportunities, such as discounted makerspace memberships for local neighbors and operating space for diverse retailers and restaurants.
Who is the CEO of Innovation Hub Building Holding Corporation?
Emily C Krueger is the President of Innovation Hub Building Holding Corporation.
What is the revenue of Innovation Hub Building Holding Corporation?
Innovation Hub Building Holding Corporation's revenue in 2022 was $1,635,765.
Who are the executives of Innovation Hub Building Holding Corporation and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $237,994
- Other: $26,817
- Compensation: $0
- Related: $309,792
- Other: $40,095
- Compensation: $0
- Related: $213,476
- Other: $39,226
Where can I find the form 990 for Innovation Hub Building Holding Corporation?
Innovation Hub Building Holding Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Innovation Hub Building Holding Corporation
Innovation Hub Building Holding Corporation (IHBHC) serves as a qualified active low-income community business under federal New Market Tax Credit provisions. Their mission is centered around engaging in active conduct of a qualified business in a low-income community, adhering to standards for gross income, property use, and services performed. IHBHC is dedicated to promoting economic growth and opportunities in underserved communities.
The cornerstone of IHBHC's mission is HQO, a building located in the 16 Tech Innovation District. HQO offers flexible office space, a makerspace, an artisan marketplace, and a food hall to the growing community of entrepreneurs, capital providers, makers, and companies in the life sciences, advanced manufacturing, and technology industries. By transforming a former utility building, IHBHC has created a key innovation asset that serves not only the district but also the Near West, Near Northwest, and Riverside Indianapolis neighborhoods, which are predominantly populated by people of color.
Equity, inclusion, and engagement have been essential to the success of HQO, from construction through programming. During construction, IHBHC exceeded its XBE participation goal set by the City of Indianapolis, completing HQO with 48.53% XBE participation, 52% local worker utilization, and 44% minority worker participation. The activities housed within HQO deliver on engagement and inclusive opportunities, such as discounted memberships to the Machyne makerspace for nearby neighbors, and office/incubator space for workspace, networking opportunities, and entrepreneurial resources. The AMP, artisan marketplace, and food hall, provide operating space for more than 20 restaurants/retailers, 50% of which are new food concepts, and 65% of which are minority- and/or female-owned or led.
IHBHC hosts neighborhood-focused programming that supports experiential learning with life sciences employers and professional networking events at HQO. They also partner with Indiana University Health and Crispus Attucks High School for experiential learning opportunities. IHBHC's mission is to continue supporting the mission of HQO by providing spaces, resources, and programming that foster cross-sector and diverse networks, essential to a vibrant and inclusive innovation ecosystem.
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Impact
October, 2024
Innovation Hub Building Holding Corporation (IHBHC) plays a transformative role in the Indianapolis entrepreneurial and innovation ecosystem, particularly within the 16 Tech Innovation District. By repurposing a facility that formerly served a maintenance function for local utilities, IHBHC has established a vibrant hub—HQO—that fosters collaboration and innovation among diverse stakeholders, from entrepreneurs to capital providers and makers.
The facility offers flexible office spaces, a makerspace, and an artisan marketplace and food hall, catering to a growing community focused on life sciences, advanced manufacturing, and technology. This initiative directly contributes to the economic revitalization and cultural enrichment of low-income neighborhoods, where 76% of residents identify as people of color.
During its construction, IHBHC exceeded local goals for minority- and women-owned business participation, achieving an impressive 48.53% XBE participation and utilizing 52% local labor, including 44% minority workers. This focus on equity, inclusion, and local engagement has solidified HQO as a key asset not just for entrepreneurs but also for surrounding communities.
HQO hosts a variety of programs designed to engage residents, such as discounted memberships to the makerspace for local neighbors and support for over 20 food vendors in the marketplace, with a significant portion being minority- and female-owned. Additionally, it serves as a venue for community events, such as the Indy Winter's Farmers Market, promoting local agriculture and entrepreneurship.
Partnerships with local educational institutions, such as Indiana University Health and Crispus Attucks High School, further enhance community impact by providing experiential learning opportunities in high-demand fields. Overall, IHBHC plays a crucial role in driving inclusive opportunities for talent development, entrepreneurship, and innovation within Indianapolis, contributing to a more vibrant and connected community.
This information is meant to be a general summary of Innovation Hub Building Holding Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $1,635,765
- Gross Receipts: $1,635,765
Assets and Liabilities:
- Total Assets: $24,194,568
- Total Liabilities: $23,843,772
- Net Assets: $350,796
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
BUILDING LEASE INCOME
Revenue
$1,590,377
EQUIPMENT LEASE INCOME
Revenue
$45,388
Organization Details
Founding Year
2019
Phone
(847) 721-9943Principal Officer
Emily C Krueger
Main Address
1220 WATERWAY BLVD, INDIANAPOLIS, IN, 46202
NTEE Category
Code: S47 - Community improvement
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