Illinois · Nonprofit
MHUB
MHUB (Illinois) receives grants from 16 organizations whose IRS filings report $1,980,603 to it, the largest being The Bank of America Charitable Foundation Inc ($500,000). 7 of them have funded it in more than one year.
- Revenue FY2024
- $9.6M
- Funders on record
- 16
- Grants received
- $2.0M
- Net assets
- $7.9M
What Mhub does
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.
As stated on its FY2024 Form 990.
Programs
Hardtech development services (Mhub hd): Mhub hd accelerates product development by connecting talented, innovative and eager entrepreneurs and startups with established manufacturers and industry leaders. Mhub engages with clients in many ways and various timelines within the development process from ideation to final product.
$2,105,037 spent$2,500,511 earned by the program34% of program spendingInnovation 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.
$2,296,061 spent$2,689,356 earned by the program37% of program spendingMhub accelerator: Mhub's accelerator program is a six-month program that pairs 8 - 10 demand-driven physical product startups from across the country with corporate leaders and investors for an intensive accelerator program including product development and prototyping, mentorship, business curriculum, and piloting. The startups will focus on technology challenge areas defined by Mhub partners in each of the sector-specific programs. To help bridge the gap to market, participating partner engineers and business development leaders will provide guidance to the startups, who will retain access to Mhub resources, partners and mentors for up to two years.
$1,199,735 spent$1,435,121 earned by the program19% of program spendingCatalyze initiative: Mhub's catalyze initiative promotes wealth creation for a broader set of founders through a series of targeted programs and partnerships. By supporting entrepreneurs in the early stages of product development, catalyze sees the evolution of an idea from proof of concept to commercialization. Programs include granted partnerships with community-based business development organizations, the mpower pre-accelerator program for idea-stage startup founders, the landis family hardtech development fellowship for product engineers and founders, and grants for later stage r&d and product development.
$673,669 spent11% of program spending
The 4 programs described on its FY2024 Form 990, listed largest first by expense. Program spending in total: $6,274,502.
The organization over time
Each line starts at 100 in 2017, so what you read is the shape rather than the size: 150 means half as much again as 2017, 50 means half. The number beside each label in the key is where it ended. The shaded band is where the middle 50% of its peers' revenue would sit, given their growth.
Balance sheet
Total assets and total liabilities at each year end, in dollars. The largest one-year move in total assets was 2022 to 2023, from $9.4M to $50M (+433%).
How it's funded, over time
Each bar is one year's revenue split into where it came from, and every bar is the same height — these are shares, not amounts, so a year that raised twice as much looks the same size. Hover a bar for the split.
Government-grant reliance: 2017 19% · 2020 5% · 2021 21% · 2022 17% · 2023 59% · 2024 11%. Grants only. Government contracts and fees sit inside program revenue.
29% of MHUB’s revenue is contributions — about as donation-reliant as the typical peer (61% for the typical peer).
Surplus & reserves
Operating surplus or deficit each year, and months of liquidity in hand. 6 of the last 8 reported years ran a deficit.
reserve
Leadership and staff
The officers, directors, trustees and key employees listed on each return. Joined and no longer listed compare each filing with the year before, matching people by surname and first initial; a year after a gap, or a roster under three people, has no comparison.
Board chair
Meredith O'Connor
Chairperson
As listed on its FY2024 Form 990.
Who funds it, year by year
2017 → 2023: the base broadened from 2 funders to 9 funders, grant income rose $53k → $766k.
4 of 16 of your funders are donor-advised or pass-through sponsors (tagged DAF) — 21% of grant dollars received. That money is really individual donors directing a sponsor; the institutions to cultivate are the non-DAF funders.
Left out of every figure on this page: $1.6M from 2 payers (the payer shares this organization's board, largest The Chicago Community Trust). These are real filings, and they are not money MHUB raised.
From the IRS filings of MHUB’s funders (the co-funder graph). Association, not causation. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How concentrated its funding is
MHUB has a broad base — no single funder exceeds 25% of grant income, and it takes 3 funders to reach half.
the vertical line marks half of all grant income — 3 funders to its left
30% of the income these shares are computed over arrives through pass-through sponsors or from payers whose filings do not say what kind of payment it is. Concentration is still measured over all of it, because the money is real; what it does not support is a claim about how many institutions have chosen to fund MHUB.
Largest funder’s share by year: 2017 94% · 2018 65% · 2019 63% · 2020 53% · 2021 50% · 2022 45% · 2023 33% — diversifying over time.
“Effective funders” = inverse Herfindahl index (1 / Σ shareᵢ²) — the number of equal-sized funders that would give the same concentration. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How long its funders stay
50% of MHUB's funders are still giving 3 years after their first grant; 44% give in more than one year at all.
Share of funders still giving k years after their first recorded grant, pooled across every acquisition cohort. A funder counts as retained in a year only if it made a grant that year. Measured to FY2023, the last fiscal year that has finished arriving — a funder cannot be counted as lapsed in a year most filers have not reached.
Where its funders are
MHUB draws 52% of its grant income from funders outside Illinois, across 4 states in all.
In-state vs out-of-state, by year
Funder states come from each funder’s own filing. $425k arriving through sponsors registered in 4 states is excluded from the map and the split above: a sponsor holds money on a donor’s behalf, so its registered address would place those dollars somewhere no donor need ever have been. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
Against its field
MHUB has grown faster than half of the 4,203 community improvement nonprofits its size.
this organization peer median middle 50% of peers· 4,203 community improvement nonprofits $1M–$10M, FY2024
Government funding MHUB receives
Grants and contracts to this organization from federal (USASpending) and state checkbooks, reconciled to its EIN. $7.2M on record.
- Department of Commerce$5.6M
- Small Business Administration$1.6M
Federal grants vs contracts are distinguished; state line items keep their reported category. Matched by name + geography (the BMF), so coverage is partial and precision-first.
Organizations like MHUB
Organizations whose mission and program text most resemble this one, by semantic similarity over every organization in the US filings — the closest peers, and often the clearest route to shared or prospective funders.
In Illinois
Nationally
Read directly from this organization’s own Form 990, as neutral context.
Where the money goes
58% of spending goes to programs.
Governance
Public support
98%
Share of support from the public (Schedule A) — the basis for its public-charity status.
Footprint & structure
Files a return copy in 1 state
Part of a family of 6 related entities
- Mhub Accelerated Incubation LLC · disregarded
- Mhub Product Impact Fund I Ugp LLC · disregarded
- Mhub Product Impact Fund I Gp LP · disregarded
- Mhub Technologies LLC · disregarded
- Mhub Support Corporation · exempt
Screen this organization
A dated, signed PDF of the compliance screen for MHUB: IRS status (Business Master File, Publication 78, auto-revocation), the OFAC sanctions lists, the Internal Revenue Bulletin, and California registration, with the Rev. Proc. 2018-32 §8.01 reliance elements stated element by element. Generated from the current files at the moment you download it.
Screens are triage, not determinations; a source that cannot be read reports not screened, never clear. Screen this nonprofit · How the screen works · on the API as GET /api/screening/{ein}?format=pdf
Questions and answers
- Who funds MHUB?
- MHUB (Illinois) receives grants from 16 organizations whose IRS filings report $1,980,603 to it, the largest being The Bank of America Charitable Foundation Inc ($500,000). 7 of them have funded it in more than one year.
- How many funders does MHUB have?
- IRS filings report 16 organizations giving $1,980,603 in grants to MHUB, 7 of which have funded it in more than one year.
- Who is the largest funder of MHUB?
- The Bank of America Charitable Foundation Inc is the largest funder on record, with $500,000 in grants. The full list of funders is on this page.
- How can an organization like MHUB find more funders?
- Start with the funders already giving here, then look at the foundations that back similar organizations in Illinois. The funding by cause and by state pages list the largest funders for a given area and how to approach them.
These figures are read directly from IRS Form 990 / 990-PF e-file XML: this organization’s own return for FY2024 (financials across 2017–2024), and the filings of 16 funders that report grants to it. “On record” means captured in the filings we have parsed — a funder that does not e-file, or whose grant detail is not itemized, will not appear. Filings run roughly 12–24 months behind. Trends on this page end at FY2023, the last fiscal year that has finished arriving; later years are shown and marked, and move no figure. Data on this page was exported October 14, 2026. What this page cannot tell you · view filing