Civic Intelligence

Utec Hub Inc.

990 • Fiscal year 2023 • EIN 47-3295619

Jul 01, 2022 to Jun 30, 2023 • Filed on May 15, 2024

Organization ProfileWWW.UTECINC.ORG
15 Warren Street No 3Lowell, MA 01852

(978) 441-9949

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

22nd percentile

0.00x

Higher debt load relative to assets than 22% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

28th percentile

0.01x

Higher debt load relative to revenue than 28% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Net Margin

77th percentile

23%

Higher net margin than 77% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

88th percentile

$182,939

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 66.0% of source-year revenue.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Source year 2023

Asset Growth

1st percentile

-60%

Faster asset growth than 1% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

12th percentile

-31%

Faster revenue growth than 12% of similar nonprofits.

2023 filings • 501(c)3 • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets22nd percentile

Assets

Down

$2,229,973

Down $3,306,407 (-60%) from 2022

Net Assets

Down

$2,226,599

Down $1,051,133 (-32%) from 2022

Liabilities

Down

$3,374

Down $2,255,274 (-100%) from 2022

Revenue And Expenses
Liabilities / Revenue28th percentileNet Margin77th percentile

Revenue

Down

$277,009

Down $121,595 (-31%) from 2022

Expenses

Down

$213,044

Down $229,426 (-52%) from 2022

Net Income

Up

$63,965

Up $107,831 (+246%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MAssets 2015: $6,412,853Liabilities 2015: $6,384,970Net Assets 2015: $27,8832015Assets 2016: $6,389,385Liabilities 2016: $6,419,538Net Assets 2016: -$30,1532016Assets 2017: $6,282,556Liabilities 2017: $6,296,935Net Assets 2017: -$14,3792017Assets 2018: $5,869,432Liabilities 2018: $5,956,715Net Assets 2018: -$87,2832018Assets 2019: $5,824,006Liabilities 2019: $5,942,168Net Assets 2019: -$118,1622019Assets 2020: $5,806,638Liabilities 2020: $5,984,687Net Assets 2020: -$178,0492020Assets 2021: $5,570,123Liabilities 2021: $5,955,025Net Assets 2021: -$384,9022021Assets 2022: $5,536,380Liabilities 2022: $2,258,648Net Assets 2022: $3,277,7322022Assets 2023: $2,229,973Liabilities 2023: $3,374Net Assets 2023: $2,226,5992023Assets 2024: $2,213,312Liabilities 2024: $7,841Net Assets 2024: $2,205,4712024

Highlighted filing

2023

Assets$2,229,973
Liabilities$3,374
Net Assets$2,226,599
Open 2023 Filing

Operations Trend

Revenue Growth12th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KRevenue 2015: $0Expenses 2015: $92Net Income 2015: -$922015Revenue 2016: $247,915Expenses 2016: $305,951Net Income 2016: -$58,0362016Revenue 2017: $413,782Expenses 2017: $382,648Net Income 2017: $31,1342017Revenue 2018: $415,092Expenses 2018: $487,996Net Income 2018: -$72,9042018Revenue 2019: $427,077Expenses 2019: $457,956Net Income 2019: -$30,8792019Revenue 2020: $396,800Expenses 2020: $456,687Net Income 2020: -$59,8872020Revenue 2021: $398,705Expenses 2021: $605,558Net Income 2021: -$206,8532021Revenue 2022: $398,604Expenses 2022: $442,470Net Income 2022: -$43,8662022Revenue 2023: $277,009Expenses 2023: $213,044Net Income 2023: $63,9652023Revenue 2024: $39,852Expenses 2024: $60,980Net Income 2024: -$21,1282024

Highlighted filing

2023

Revenue$277,009
Expenses$213,044
Net Income$63,965
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
May 15, 2024
Return Version
2022v5.0
Gross Receipts
$277,009
Mission and Program Overview

Mission

To own and develop the buildings at 40 central street, 27 prescott street, and 15 warren street, for the purpose of leasing such property to utec, inc.

To own and develop buildings for the purpose of leasing such property to utec, inc.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$5,114,941$1,714,406▼ $3,400,535
Cash and Non-Interest-Bearing Accounts$326,494$511,777▲ $185,283
Accounts Receivable$89,763--
Prepaid Expenses and Deferred Charges$1,392--
Total Assets$5,536,380$2,229,973▼ $3,306,407
Other Assets Total$3,790$3,790→ $0
Liabilities
Unsecured Notes Loans Payable$2,252,508--
Deferred Revenue-$3,321-
Accounts Payable and Accrued Expenses$6,140$53▼ $6,087
Total Liabilities$2,258,648$3,374▼ $2,255,274
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$3,277,732$2,226,599▼ $1,051,133
Total Net Assets Fund Balance$3,277,732$2,226,599▼ $1,051,133
Total Liabilities and Net Assets / Fund Balance$5,536,380$2,229,973▼ $3,306,407

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,371,317$346,629$1,717,946
Land$343,089-$343,089
Compensation and Service Providers
Top Officer Pay88th percentile

Board Members and Trustees

NameTitle
M Scott MellenPresident/tr
Gregg CroteauClerk
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$277,009
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$63,965
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$213,044
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$123,832--$123,832
Occupancy$88,148--$88,148
Office Expenses$917$69-$986
Other Expenses$78--$78
Total Functional Expenses$212,975$69$0$213,044
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“Utec, inc. (a related organization) maintains the books and records of the organization and performs other related managerial and administrative functions.”

Form 990, Page 6, Part VI, Line 11B

“Form 990 is reviewed by utec hub's president prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“Any potential conflicts of interest which are brought to the attention of the board of directors are discussed and resolved by the other members of the board of directors.”

Form 990, Page 6, Part VI, Line 19

“Utec hub's governing documents, conflict of interest policy and financial statements are available upon request at utec hub's office.”

Filing and Contact Details

Filer

Filer Name
Utec Hub Inc
EIN
47-3295619
Phone
9784419949
Address
15 WARREN STREET NO 3, LOWELL, MA 01852

Signing Officer

Name
Gregg Croteau
Title
Clerk
Phone
9784419949
Signed
2024-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gregg Croteau
Formed
2015
Legal Domicile
Ma
Voting Board Members
2
Independent Board Members
1
Employees
0

Preparer

Firm
Anstiss & Co Pc
Address
6 OMNI WAY STE 201, CHELMSFORD, MA 01824-4187
Preparer
Brendan E Toolin
Phone
9784522500
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Gain on tax credit unwinding 2,550,000 net asset transfer to utec, inc. -3,575,335 loss on lease termination -89,763 total -1,115,098”

Financial Statement Notes

Schedule D, Page 3, Part X

“The organization has been granted tax-exempt status under internal revenue code section 501(c)(3) and is, therefore, generally exempt from federal and state income taxes. Accordingly, no provision for income taxes has been provided for in the accompanying consolidated financial statements. Asc 740-10 "income taxes" requires the organization to evaluate and disclose tax positions that could have an effect on the organizations consolidated financial statements. The organization reports its activities to the internal revenue service and to the commonwealth of massachusetts on an annual basis. These informational returns are genrally subject to audit and review by the governmental agencies for a period of three years after filing. Substantially all of the organizations income, expenditures, and activities relate to its exempt purpose, therefore, management has determined that the organization is not subject to unrelated business income taxes and will continue to qualify as tax- exempt not-for-profit entity.”

Raw XML Appendix361 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS BEEN GRANTED TAX-EXEMPT STATUS UNDER INTERNAL REVENUE CODE SECTION 501(C)(3) AND IS, THEREFORE, GENERALLY EXEMPT FROM FEDERAL AND STATE INCOME TAXES. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN PROVIDED FOR IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS. ASC 740-10 "INCOME TAXES" REQUIRES THE ORGANIZATION TO EVALUATE AND DISCLOSE TAX POSITIONS THAT COULD HAVE AN EFFECT ON THE ORGANIZATIONS CONSOLIDATED FINANCIAL STATEMENTS. THE ORGANIZATION REPORTS ITS ACTIVITIES TO THE INTERNAL REVENUE SERVICE AND TO THE COMMONWEALTH OF MASSACHUSETTS ON AN ANNUAL BASIS. THESE INFORMATIONAL RETURNS ARE GENRALLY SUBJECT TO AUDIT AND REVIEW BY THE GOVERNMENTAL AGENCIES FOR A PERIOD OF THREE YEARS AFTER FILING. SUBSTANTIALLY ALL OF THE ORGANIZATIONS INCOME, EXPENDITURES, AND ACTIVITIES RELATE TO ITS EXEMPT PURPOSE, THEREFORE, MANAGEMENT HAS DETERMINED THAT THE ORGANIZATION IS NOT SUBJECT TO UNRELATED BUSINESS INCOME TAXES AND WILL CONTINUE TO QUALIFY AS TAX- EXEMPT NOT-FOR-PROFIT ENTITY.
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0UTEC, INC. (A RELATED ORGANIZATION) MAINTAINS THE BOOKS AND RECORDS OF THE ORGANIZATION AND PERFORMS OTHER RELATED MANAGERIAL AND ADMINISTRATIVE FUNCTIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS REVIEWED BY UTEC HUB'S PRESIDENT PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ANY POTENTIAL CONFLICTS OF INTEREST WHICH ARE BROUGHT TO THE ATTENTION OF THE BOARD OF DIRECTORS ARE DISCUSSED AND RESOLVED BY THE OTHER MEMBERS OF THE BOARD OF DIRECTORS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3UTEC HUB'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST AT UTEC HUB'S OFFICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4GAIN ON TAX CREDIT UNWINDING 2,550,000 NET ASSET TRANSFER TO UTEC, INC. -3,575,335 LOSS ON LEASE TERMINATION -89,763 TOTAL -1,115,098
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ReturnHeader/ReturnTs02024-05-15T16:34:40-04:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0GREGG
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ReturnHeader/TaxPeriodBeginDt02022-07-01
ReturnHeader/TaxPeriodEndDt02023-06-30
ReturnHeader/TaxYr02022

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,229,973
Liabilities
$3,374
Net assets
$2,226,599
Revenue
$277,009
Expenses
$213,044
Net income
$63,965
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.21$0.01$2.21$0.04$0.06$0.02
2023Detailed filing. Detailed filing data is available for this year.$2.23$0.00$2.23$0.28$0.21$0.06
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.54$2.26$3.28$0.40$0.44$0.04
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.57$5.96$0.38$0.40$0.61$0.21
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.81$5.98$0.18$0.40$0.46$0.06
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$5.82$5.94$0.12$0.43$0.46$0.03
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$5.87$5.96$0.09$0.42$0.49$0.07
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.28$6.30$0.01$0.41$0.38$0.03
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.39$6.42$0.03$0.25$0.31$0.06
2015Summary only. Only limited summary data is available for this year.$6.41$6.38$0.03$0.00$0.00$0.00
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2023 filings • 501(c)3 • $1M-$5M nonprofits