Overview
What is The Fab Foundation?
The Fab Foundation, established February 6, 2009, is a US-based nonprofit organization with a mission to facilitate and support the growth of the global Fab Lab network. Originating from the Massachusetts Institute of Technology's Center for Bits & Atoms (CBA) International Fab Lab Outreach Program, the Fab Foundation aims to provide access to tools, knowledge, and financial means for education, innovation, and invention using technology and digital fabrication. By doing so, it allows individuals to manufacture a wide range of items, thereby creating opportunities for improving lives and livelihoods worldwide. The organization primarily benefits community organizations, educational institutions, and non-profit concerns, and it assists in establishing, training, and providing support for new and existing Fab Labs globally. Additionally, the Fab Foundation maintains an online global map of Fab Labs, makerspaces, and innovation spaces, enabling easy access to these facilities.
Official website here: www.fabfoundation.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 90% (Four-Star out of Four Star rating)
The Fab Foundation has achieved a commendable Four-Star rating from Charity Navigator, indicating strong performance in accountability and finance. With a score of 90% in program expense ratio, the organization demonstrates a commitment to efficiently directing funds towards its programs. The fundraising efficiency ratio is notably low, suggesting a highly effective fundraising strategy that minimizes costs.
The organization also shows a solid culture and community score of 83, reflecting positive engagement and impact within the communities it serves. The equity strategies score of 83 points further emphasizes its commitment to fostering equitable access to resources and opportunities, particularly in education and technology.
However, the working capital ratio of 0.52 years indicates that the organization may face some challenges in terms of short-term financial sustainability. While the overall ratings reflect strengths in program delivery and community engagement, continuous monitoring of financial health will be important for ongoing success.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about The Fab Foundation?
The Fab Foundation has received some early impressions from a handful of reviewers on Facebook. Although the organization does not yet have an established rating due to the limited number of reviews, one user expressed enthusiasm about the immersive experience offered. They noted it as a great environment for creativity, highlighting that it serves as a space for ideation, brainstorming, prototyping, and implementation.
This positive sentiment suggests a strong appeal for those looking to engage in innovative projects. The foundation seems to provide a supportive atmosphere for collaboration and creativity, which is valued by visitors. Overall, those who have shared their thoughts appear to endorse the foundation as a promising place to explore and develop ideas.
This AI summary has been generated from reviews found on Facebook.
Is The Fab Foundation legitimate?
The Fab Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Fab Foundation 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: $165,500
Professional Fundraising Fees: $0
Other Salaries and Wages: $111,164
For more financial information, click here
Official website here: www.fabfoundation.org
What is the mission statement of The Fab Foundation?
The Fab Foundation was established in 2009 with a mission to facilitate and support the growth of the international Fab Lab network. As a non-profit organization, its primary goal is to provide access to necessary tools, knowledge, and financial means. This access allows individuals and organizations, particularly those in the community, educational institutions, and non-profit sectors, to educate, innovate, and invent using technology and digital fabrication. The objective is to enable people to manufacture a wide range of products, thereby creating opportunities to improve lives and livelihoods worldwide.
Official website here: www.fabfoundation.org
Who is the CEO of The Fab Foundation?
Sherry Lassiter is the President/Director of The Fab Foundation.
Official website here: www.fabfoundation.org
What is the revenue of The Fab Foundation?
The Fab Foundation's revenue in 2022 was $2,649,329.
Official website here: www.fabfoundation.org
Who are the executives of The Fab Foundation and what are their salaries?
The average compensation at The Fab Foundation during 2022 was $92,221. There are 3 employees and 100 volunteers at The Fab Foundation.
Here are 6 key members and their salaries:
- Compensation: $55,500
- Related: $0
- Other: $0
- Compensation: $110,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $105,500
- Related: $0
- Other: $0
Official website here: www.fabfoundation.org
Where can I find the form 990 for The Fab Foundation?
The Fab Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.fabfoundation.org
Learn more at the official website: www.fabfoundation.org
Mission Statement of The Fab Foundation
The Fab Foundation, established on February 6, 2009, was formed with a mission to facilitate and support the expansion of the international Fab Lab network. This U.S.-based non-profit organization, classified as a 501(C)(3), emerged from the Massachusetts Institute of Technology's Center for Bits & Atoms (CBA) International Fab Lab Outreach Program. The Fab Foundation's primary objective is to provide access to resources such as tools, knowledge, and financial means for individuals and organizations, enabling them to educate, innovate, and invent using technology and digital fabrication. This approach allows people to create a wide range of products, thereby generating opportunities to enhance lives and livelihoods worldwide. Community organizations, educational institutions, and non-profit entities are the primary beneficiaries of The Fab Foundation's mission.
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Impact
October, 2024
The Fab Foundation has significantly influenced communities worldwide by facilitating access to digital fabrication tools and technologies. By establishing and supporting Fab Labs—community-oriented spaces equipped with advanced digital manufacturing technologies—the organization enables individuals and groups to transform their ideas into tangible products.
Their initiatives include developing Fab Labs in diverse settings, such as schools, community centers, and emergency response scenarios. This not only fosters innovation and creativity but also empowers people by providing them with skills and resources necessary for education and entrepreneurship. Through the creation of mobile Fab Labs, The Fab Foundation has reached underserved areas, addressing immediate needs while promoting sustainable development.
Moreover, The Fab Foundation disseminates best practices and supports research that evaluates the impact of these labs across various social and educational contexts. Their global map of Fab Labs and makerspaces enhances connectivity between users and resources, ensuring that those in need of fabrication facilities can easily find and access them.
Overall, The Fab Foundation plays a vital role in promoting digital fabrication as a means of improving lives and livelihoods, driving both local and global innovation.
This information is meant to be a general summary of The Fab Foundation. 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.
- Investment Income: $82
- Program Service Revenue: $1,553,428
- Gross Receipts: $2,649,329
Assets and Liabilities:
- Total Assets: $3,453,460
- Total Liabilities: $1,487,679
- Net Assets: $1,965,781
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TUITION
Revenue
$833,188
CONTRACTS
Revenue
$634,152
CONFERENCE FEES
Revenue
$86,088
Organization Details
Founding Year
2009
Phone
(857) 333-7777Principal Officer
Sherry Lassiter
Main Address
50 MILK ST 16TH FLOOR, BOSTON, MA, 02109
Website
www.fabfoundation.orgNTEE Category
Code: U42 - Science research
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