Overview
What is Lab Four Professional Development Centerinc?
Lab Four Professional Development Center is a nonprofit organization committed to contributing to workforce development. Their primary focus is offering top-notch technology training to businesses, aiming to boost their success. Simultaneously, they equip individuals with the necessary skills and credentials, empowering them to secure stable employment or pursue entrepreneurial ventures in high-demand industries. Furthermore, Lab Four collaborates with local nonprofit organizations to foster community growth and potential realization.
Official website here: www.labfour.com
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 42% (Zero-Star out of Four Star rating)
Lab Four Professional Development Centerinc received a low rating of 42%, indicating significant concerns regarding its accountability and financial practices. With only 33% of its board members being independent, the organization struggles with governance issues, which is reflected in its overall score. The absence of financial statements further diminishes transparency, as does the lack of a whistleblower policy, which is crucial for ensuring ethical operations.
Despite these weaknesses, the organization has demonstrated some positive aspects, such as maintaining a low liabilities to assets ratio and adhering to certain governance policies like conflict of interest and document retention. Additionally, it effectively documents board meeting minutes, which is a good practice for accountability. However, the substantial shortcomings in financial reporting and governance overshadow these strengths.
Overall, the Zero-Star rating suggests that potential donors and stakeholders should approach their support of Lab Four Professional Development Centerinc with caution, given the issues highlighted in their governance and financial transparency. Improving these areas could enhance the organization's credibility and effectiveness in serving its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Lab Four Professional Development Centerinc legitimate?
Lab Four Professional Development Centerinc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lab Four Professional Development Centerinc 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: $562,692
Professional Fundraising Fees: $0
Other Salaries and Wages: $645,481
For more financial information, click here
Official website here: www.labfour.com
What is the mission statement of Lab Four Professional Development Centerinc?
Lab Four Professional Development Centerinc aims to establish itself as a crucial workforce development partner in three capacities. Firstly, it provides top-notch technology training to enhance businesses' success. Secondly, it equips individuals with necessary skills and credentials, enabling them to secure stable employment or venture into entrepreneurship in high-demand industries. Lastly, it collaborates with nonprofit organizations to bolster the community's potential. The center's mission is geared towards bridging the gap between businesses, individuals, and the community, promoting a successful and thriving workforce.
Official website here: www.labfour.com
Who is the CEO of Lab Four Professional Development Centerinc?
Tony Okhiria is the President of Lab Four Professional Development Centerinc.
Official website here: www.labfour.com
What is the revenue of Lab Four Professional Development Centerinc?
Lab Four Professional Development Centerinc's revenue in 2022 was $2,711,471.
Official website here: www.labfour.com
Who are the executives of Lab Four Professional Development Centerinc and what are their salaries?
The average compensation at Lab Four Professional Development Centerinc during 2022 was $54,917. There are 22 employees and 4 volunteers at Lab Four Professional Development Centerinc.
Here are 2 key members and their salaries:
- Compensation: $351,154
- Related: $0
- Other: $0
- Compensation: $211,538
- Related: $0
- Other: $0
Official website here: www.labfour.com
Where can I find the form 990 for Lab Four Professional Development Centerinc?
Lab Four Professional Development Centerinc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.labfour.com
Learn more at the official website: www.labfour.com
Mission Statement of Lab Four Professional Development Centerinc
Lab Four Professional Development Centerinc aims to establish itself as a vital workforce development partner in a unique manner. Its mission is threefold: firstly, it strives to deliver top-notch technology training to businesses, empowering them to thrive and grow. Secondly, the center provides the necessary skills and credentials for individuals seeking stable employment or entrepreneurial opportunities in high-demand industries. Lastly, Lab Four Professional Development Centerinc collaborates with nonprofit organizations to contribute to the community's growth and realization of its full potential. By fulfilling these objectives, Lab Four aspires to make a significant impact on both businesses and individuals, ultimately contributing to a stronger and more prosperous community.
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Impact
October, 2024
Lab Four Professional Development Center has a significant impact on the workforce landscape in Memphis by focusing on technology training and skills development. By offering top-notch training programs, Lab Four empowers businesses to enhance their operations and achieve greater success. This approach not only bolsters economic growth but also fosters a competitive workforce.
For individuals, Lab Four provides essential skills and credentials that are critical for securing stable employment in high-demand industries. This foundation enables participants to pursue meaningful career opportunities and entrepreneurial ventures, significantly improving their quality of life and financial stability.
Moreover, Lab Four collaborates with various nonprofit organizations to strengthen community ties and enhance collective potential. These partnerships extend the reach of services and provide comprehensive support, driving forward the community’s development and prosperity. In summary, Lab Four Professional Development Center plays a crucial role in workforce development, economic growth, and community empowerment in Memphis.
This information is meant to be a general summary of Lab Four Professional Development Centerinc. 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: $2,711,471
- Gross Receipts: $2,711,471
Assets and Liabilities:
- Total Assets: $2,318,152
- Total Liabilities: $170,483
- Net Assets: $2,147,669
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Educational Service
Revenue
$2,711,471
Organization Details
Founding Year
2015
Phone
(901) 301-1442Principal Officer
Tony Okhiria
Main Address
1255 Lynnfield Rd, Memphis, TN, 38119
Website
www.labfour.comNTEE Category
Code: J22 - Employment
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