Overview
What is New Markets Lab?
New Markets Lab (NML) is a nonprofit organization headquartered in Washington, D.C. Its mission is geared towards promoting sustainable and equitable commercial agriculture in Africa, particularly along its development corridors, with the ultimate aim of enhancing the income of small farmers and integrating them into a competitive global agricultural market. To achieve this objective, NML collaborates with various organizations, leveraging law and regulation as a tool for economic and social development. In 2022, NML worked on several projects, including partnering with Catholic Relief Services to bridge informal and formal seed sectors and aligning national seed laws with regional regulations through the Improved Regional Seed Trade project. Additionally, NML collaborated with Michigan State University and the African Fertilizer and Agribusiness Partnership to improve fertilizer policies and regulatory frameworks in Africa. Overall, NML's initiatives aim to create a more inclusive and equitable agricultural sector for small farmers in Africa.
Official website here: www.newmarketslab.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 54%, One-Star out of Four Stars
New Markets Lab has received a One-Star rating from Charity Navigator, with an overall score primarily reflecting its Accountability & Finance metrics. The organization scored well in areas such as having an entirely independent board and maintaining documented meeting minutes, but it faced significant challenges regarding financial transparency, which greatly impacted its overall score.
Key strengths include a solid program expense ratio of 76.75%, indicating that a significant portion of its resources is dedicated to its programs. However, the lack of critical financial statements and policies, such as a conflict of interest policy and whistleblower policy, raises concerns about its governance practices. The organization has also not posted its tax form on its website, further contributing to transparency issues.
In summary, while New Markets Lab demonstrates effective program spending and governance structure through independent board members, its overall performance is hampered by insufficient financial reporting and missing organizational policies. These limitations suggest that potential donors and supporters should approach with caution and seek more information regarding the nonprofit's financial health and operational practices.
This AI summary has been generated from information found on Charity Navigator.
Is New Markets Lab legitimate?
New Markets Lab is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Markets Lab 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: $240,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $70,467
For more financial information, click here
Official website here: www.newmarketslab.org
What is the mission statement of New Markets Lab?
New Markets Lab is organized with a charitable and educational purpose, aiming to advance sustainable and equitable commercial agriculture along Africa's "development corridors." Their goal is to significantly improve the income of small farmers and integrate them into a dynamic, internationally competitive agricultural sector. The organization leverages law and regulation as a tool to foster economic and social development in an evolving global market. In 2022, they collaborated with various organizations to further their mission, including projects focused on seed systems, fertilizer policies, and regional seed law alignment. Their work aims to enhance the agricultural sector, ultimately benefiting small farmers and communities in Africa.
Official website here: www.newmarketslab.org
What is the revenue of New Markets Lab?
New Markets Lab's revenue in 2023 was $723,860.
Official website here: www.newmarketslab.org
Who are the executives of New Markets Lab and what are their salaries?
The average compensation at New Markets Lab during 2023 was $155,234. There are 2 employees and 20 volunteers at New Markets Lab.
Here are 4 key members and their salaries:
- Compensation: $240,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.newmarketslab.org
Where can I find the form 990 for New Markets Lab?
New Markets Lab's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.newmarketslab.org
Learn more at the official website: www.newmarketslab.org
Mission Statement of New Markets Lab
New Markets Lab, a charitable and educational organization, is dedicated to advancing sustainable and equitable commercial agriculture along Africa's "development corridors." Their mission is to improve the income of small farmers and integrate them into a dynamic, internationally competitive agricultural sector. By doing so, they aim to catalyze economic and social development in an evolving global market. The corporation leverages law and regulation as a tool to achieve this goal, focusing on policy design, system efficiency, legal and regulatory gateways, stakeholder engagement, and system effectiveness. New Markets Lab collaborates with various organizations, including Agri Experience Ltd, Catholic Relief Services, Alliance for a Green Revolution in Africa, Michigan State University, the African Fertilizer and Agribusiness Partnership, Syngenta Foundation for Sustainable Agriculture, Initiative for Free Trade, International Economic Consulting Limited, and the International Food Policy Research Institute, to achieve its mission and promote sustainable agricultural growth in Africa.
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Impact
July, 2024
New Markets Lab has made a significant impact in advancing the spread of sustainable and equitable commercial agriculture in Africa. By partnering with various organizations such as Agri Experience Ltd, Catholic Relief Services, Alliance for a Green Revolution in Africa, Michigan State University, and others, New Markets Lab has been instrumental in designing legal, regulatory, and policy approaches to improve the income of small farmers and integrate them into a dynamic agricultural sector. Their work has contributed to the development of national and regional seed laws, regulatory frameworks, and capacity building initiatives that aim to enhance seed systems, facilitate trade, and support smallholder farmers in accessing improved agricultural technologies. Through collaboration and expertise in law and regulation, New Markets Lab is playing a vital role in fostering sustainable agricultural development and economic growth in Africa.
This information is meant to be a general summary of New Markets Lab. 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 2023.
- Gross Receipts: $723,860
Assets and Liabilities:
- Total Assets: $60,439
- Total Liabilities: $50,264
- Net Assets: $10,175
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SERVICES
Organization Details
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