2026-08-20T09:38:41-05:00 2025-12-31 431985162 SMITH SULLIVAN & BROWN PC 80 FLANDERS ROAD SUITE 302 WESTBOROUGH MA 01581 990 2025-01-01 800388618 HOME ENERGY EFFICIENCY TEAM INC HOME 5169004338 50 MILK STREET 16TH FLOOR BOSTON MA 02109 ZEYNEB MAGAVI EXECUTIVE DIRECTOR 5169004338 2026-08-20 1 LINDA M SMITH CPA P00316105 5088717178 2026-08-13 2025 2025-03-06 01:10:19Z ZEYNEB MAGAVI 50 MILK STREET 16TH FLOOR BOSTON MA 02109 2172401 0 X WWW.HEET.ORG X 2009 MA TO EVOLVE THE ENERGY SYSTEM TO MEET THE NEEDS OF THE FUTURE. 7 7 16 5 0 0 3528667 2110990 6000 14310 27187 8474 -13251 -3812 3548603 2129962 352875 255500 0 0 1089259 1389271 0 0 192100 1959317 862413 3401451 2507184 147152 -377222 2368908 1774752 396371 179437 1972537 1595315 TO EVOLVE THE ENERGY SYSTEM TO MEET THE NEEDS OF THE FUTURE. 0 0 1936628 255500 14310 WE PROPOSED A NOVEL UTILITY USING SINGLE-PIPE AMBIENT GEOTHERMAL NETWORKS THAT ALLOWS EXISTING GAS UTILITIES AND OTHER ENTITIES TO MODERNIZE AND FUTURE-PROOF INFRASTRUCTURE INVESTMENTS WHILE GROWING GOOD JOBS, LOWERING ENERGY COSTS AND EMISSIONS, AND IMPROVING SAFETY, RELIABILITY, SECURITY, HEALTH AND COMFORT. THE FIRST GAS TO GEO INSTALL IS OPERATIONAL, SERVING 140 CUSTOMERS WELL, AND WE DESIGNED AN EXPANSION. HEET HAS BUILT A TECHNO ECONOMIC MODEL, LAUNCHED A DATABASE, LAUNCHED THE FIRST GEOTHERMAL TECHNICIAN TRAINING, AND DEVELOPED AND LED A SCALABLE COMMUNITY-INITIATED PROJECT APPROACH TO BUILD A GROWING PIPELINE OF PROJECTS ACROSS THE COUNTRY. WE ARE ENGAGED IN INNOVATION, EDUCATION, AND POLICY TO MAKE THE THERMAL OPPORTUNITY REALITY. 1936628 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 11 0 16 1 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 0 1 1 0 MA X NOPALZIN TORRES 6174338088 50 MILK STREET 16TH FLOOR BOSTON MA 02109 ANA MARIA CAMARGO PRESIDENT 1.00 X X 0 0 0 WILLIAM HARKINS FORMER TREASURER 1.00 X X 0 0 0 JOHN REINHARDT INTERIM TREASURER 1.00 X X 0 0 0 DAVID OLIVER CLERK 1.00 X X 0 0 0 KAREN MARTIN BOARD MEMBER 1.00 X 0 0 0 MARILYN RAY SMITH BOARD MEMBER 1.00 X 0 0 0 WILLIAM AKLEY BOARD MEMBER 1.00 X 0 0 0 LEITH SHARP BOARD MEMBER 1.00 X 0 0 0 ZEYNEB MAGAVI EXECUTIVE DIRECTOR 40.00 X 95637 0 0 NOPALZIN TORRES DIRECTOR OF FINANCE 40.00 X 94737 0 31853 190374 0 31853 0 0 0 0 THE REGENTS OF THE UNIV OF CALIFORNIA 1608 FOURTH STREET BERKELEY CA 947201103 LEGUP SUBCONTRACTOR 172955 ALLIANCE FOR SUSTAINABLE ENERGY LLC 15013 DENVER WEST PARKWAY MAILSTOP GOLDEN CO 80401 LEGUP SUBCONTRACTOR 139944 EMERGENT URBAN CONCEPTS LLC 13 KENDALL AVE SLEEPY HOLLOW NY 10591 LEGUP PROJECT MGT 128160 3 113585 1313665 683740 2110990 PROGRAM FEES 900099 14310 14310 14310 6972 6972 22646 21144 1502 1502 1502 10296 113585 21295 -10999 -10999 OTHER REVENUE 900099 7187 7187 7187 2129962 21497 0 -2525 X 255500 255500 228206 94635 123753 9818 927348 682118 127024 118206 140988 114943 9992 16053 92729 64132 18033 10564 10174 10174 30975 30975 556837 537044 5339 14454 24885 5654 16550 2681 128307 88532 25661 14114 56255 46028 4017 6210 20117 20117 5708 5708 MISCELLANEOUS 22071 20991 1080 PROGRAM SUPPLIES AND EX 7084 6934 150 2507184 1936628 378456 192100 345682 294006 939284 639984 1029185 777852 54757 62910 2368908 1774752 321371 179437 75000 396371 179437 X 148066 352101 1824471 1243214 1972537 1595315 2368908 1774752 -377222 0 X 0 1 X 1 0 X 834197 1756737 2291633 3528667 2110990 10522224 834197 1756737 2291633 3528667 2110990 10522224 87443 10434781 5853 27187 6972 40012 54693 2504 1183 42 7187 65609 10627845 87247 0.98180 0.92760 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2023 AMOUNT: $ 1,183. 2024 AMOUNT: $ 42. 2025 AMOUNT: $ 7,187. PROCEEDS FROM SETTLEMENT - STIMULUS/COVID CREDITS - 2021 AMOUNT: $ 54,693. 2022 AMOUNT: $ 2,504. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 2129962 0 2129962 0 2129962 2507184 0 2507184 0 2507184 ANNUAL CELEBRATION 123881 113585 10296 8900 11501 894 123881 113585 10296 8900 11501 894 21295 -10999 1 NEW GARDEN PARK INC 89 SHREWSBURY ST STE 300 WORCESTER MA 01604 201727883 501(C)(3) 25000 0 KICKSTART GRANTS CITY OF SOMERVILLE 93 HIGHLAND AVE SOMERVILLE MA 02143 046001414 LOCAL GOVT 25000 0 KICKSTART GRANTS CITY OF GLOUCESTER 3 POND RD GLOUCESTER MA 01930 046001390 LOCAL GOVT 25000 0 KICKSTART GRANTS TOWN OF ARLINGTON 730 MASSACHUSETTS AVENUE ARLINGTON MA 02476 046001070 LOCAL GOVT 25000 0 KICKSTART GRANTS TOWN OF DEERFIELD 8 CONWAY ST SOUTH DEERFIELD MA 01373 046001126 LOCAL GOVT 25000 0 KICKSTART GRANTS BLACK SWAN LABS INCORPORATED 21 ACORN ST CAMBRIDGE MA 02139 992296720 501(C)(3) 130500 0 OPERATING SUPPORT 6 0 PART I, LINE 2: KICKSTART GRANTS: IN CONNECTION WITH THE MASSACHUSETTS CLEAN ENERGY TECHNOLOGY CENTER ("MASSCEC") FUNDING, THE ORGANIZATION SOLICITED PROPOSALS FROM VARIOUS MUNICIPALITIES AND NONPROFIT ORGANIZATIONS WHO WERE INTERESTED IN CONDUCTING FEASIBILITY STUDIES TO ASSESS POTENTIAL SITES FOR NETWORKED GEOTHERMAL PROJECTS. THE ORGANIZATION SELECTED 12 RECIPIENTS IN 2024 FOR GRANTS OF EITHER $10,000 OR $50,000. THESE GRANTS WERE CONDITIONAL BASED ON SATISFACTORY PROGRESS TOWARDS THE GOALS OF THE GRANT AGREEMENTS. DURING THE YEAR ENDED DECEMBER 31, 2025, $125,000 WAS RECOGNIZED AS GRANT EXPENSE. BLACK SWAN LABS: BLACK SWAN LABS (FORMERLY HEETLABS INCORPORATED) WAS ESTABLISHED IN 2024 AS AN INDEPENDENT CHARITABLE ORGANIZATION TO CONTINUE THE WORK WHICH BEGAN AS HEET INCUBATOR PROJECTS. HEET ASSISTED WITH THE STARTUP OF THE NEW ORGANIZATION AND ENTERED INTO A GRANT AGREEMENT EFFECTIVE APRIL 1, 2024 FOR 24 MONTHS. UNDER THE GRANT AGREEMENT, HEET WILL PROVIDE FUNDING UP TO $261,000 TO SUPPORT THE OPERATIONS OF BLACK SWAN LABS. THE ULTIMATE FUNDING MAY VARY IN ACCORDANCE WITH THE GRANT TERMS. HEET'S CO-FOUNDER TRANSITIONED TO BLACK SWAN LABS AS ITS EXECUTIVE DIRECTOR PURSUANT TO A TRANSITION AGREEMENT. IT IS THE INTENTION OF BOTH ORGANIZATIONS THAT WHILE THERE MAY BE OPPORTUNITIES FOR COLLABORATION, BLACK SWAN LABS WILL OPERATE INDEPENDENTLY OF HEET WITH ITS OWN GOVERNANCE AND FUNDING STREAMS. DURING THE YEAR ENDED DECEMBER 31, 2025, HEET PAID THE SECOND HALF OF THE MAXIMUM GRANT COMMITMENT, OF WHICH AMOUNT, $130,500 IS RECOGNIZED AS GRANT EXPENSE AND $32,625 IS CARRIED AS A PREPAID EXPENSE. AS OF DECEMBER 31, 2025 THERE WERE NO REMAINING PAYMENTS DUE UNDER THIS AGREEMENT. FORM 990, PART VI, SECTION B, LINE 11B COPIES OF THE AUDITED FINANCIAL STATEMENTS AND DRAFT FORM 990 WERE DISTRIBUTED TO THE ORGANIZATION'S BOARD OF DIRECTORS FOR APPROVAL PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD REVIEWS THE POLICIES ANNUALLY AND HAS ALL BOARD MEMBERS FILL OUT AND SIGN A CONFLICT OF INTEREST POLICY EACH YEAR THAT IS THEN REVIEWED BY THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 BOARD MEMBERS APPROVE THE EXECUTIVE DIRECTOR SALARY USING COMPARABLE DATA FOR ORGANIZATIONS OF SIMILAR SIZE AND MISSION. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, FORM 1023 AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST. TAX FILINGS AND FINANCIAL STATEMENTS AVAILABLE ON THE MASSACHUSETTS ATTORNEY GENERALS WEBSITE. FORM 990, PART IX, LINE 11G OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 135,073. MANAGEMENT AND GENERAL EXPENSES 5,339. FUNDRAISING EXPENSES 14,454. TOTAL EXPENSES 154,866. SUBCONTRACTED RESEARCH: PROGRAM SERVICE EXPENSES 401,971. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 401,971.