Overview
What is Nova Labs Inc?
Nova Labs Inc, located in Reston, Virginia, is a community-focused nonprofit organization. Their primary mission lies in fostering education and innovation. They offer a facility where individuals can design and manufacture technical and industrial projects. To support this, Nova Labs Inc. provides educational programs, such as classes, training sessions, and hands-on workshops, all led by dedicated volunteers. Annually, they organize a Maker Faire event in the Northern Virginia region, showcasing makers and their projects, aiming to promote competence in technical and industrial arts. With a team of 11 dedicated individuals, Nova Labs Inc. is committed to nurturing creativity and knowledge-sharing within the community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Very poor, 49% (Zero-Star out of Four Star rating)
Nova Labs Inc has received a very poor rating from Charity Navigator, primarily due to its low accountability and financial performance scores. With a concerning Accountability & Finance Score of 31, the organization lacks essential financial transparency, as it did not provide financial statements and failed to meet several governance standards, such as having a conflict of interest policy and a whistleblower policy.
Despite these financial shortcomings, Nova Labs Inc demonstrates strengths in community culture and leadership, achieving the highest possible scores in both categories. The organization is fully compliant with having an independent board of directors, showcasing a commitment to strong governance in terms of leadership and adaptability. Additionally, they have provided evidence of investment in leadership development and a strategic plan for youth programs, indicating a focus on long-term growth and community impact.
However, the significant liabilities to assets ratio of 74.43% raises concerns about financial stability, and the program expense ratio of 41.05% suggests that a smaller portion of their budget is directed toward their programs. Overall, while Nova Labs Inc shows promise in leadership and community engagement, its financial practices need substantial improvement to enhance its accountability and overall effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Nova Labs Inc legitimate?
Nova Labs Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Nova Labs Inc 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: $144,360
Professional Fundraising Fees: $0
Other Salaries and Wages: $48,623
For more financial information, click here
What is the mission statement of Nova Labs Inc?
Nova Labs Inc's mission is centered around education and innovation. They offer a facility for community members to design and manufacture technical and industrial projects. The organization's volunteers also provide educational programs through classes, training, and hands-on workshops. Nova Labs is committed to fostering competence in technical and industrial arts, as evidenced by their annual Maker Faire event in the Northern Virginia region, which showcases makers and their projects. The event aims to promote the exchange of ideas and skills in these areas.
Who is the CEO of Nova Labs Inc?
Jim Sweeney is the President of Nova Labs Inc.
What is the revenue of Nova Labs Inc?
Nova Labs Inc's revenue in 2023 was $1,333,246.
Who are the executives of Nova Labs Inc and what are their salaries?
The average compensation at Nova Labs Inc during 2023 was $17,544. There are 11 employees and 10 volunteers at Nova Labs Inc.
Here are 13 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $39,693
- Related: $0
- Other: $0
- Compensation: $29,475
- Related: $0
- Other: $0
- Compensation: $75,192
- Related: $0
- Other: $0
Where can I find the form 990 for Nova Labs Inc?
Nova Labs Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Nova Labs Inc
Nova Labs Inc, a community-oriented organization, is dedicated to the promotion of education and innovation. It offers a facility where individuals can design and manufacture technical and industrial projects. The organization's volunteer force extends their commitment beyond the fabrication space by providing educational programs. These programs are delivered through a variety of channels, including classes, training sessions, and hands-on workshops, aimed at fostering competence in technical and industrial arts.
Nova Labs Inc's mission is multifaceted, encompassing both practical and theoretical aspects. By providing a space for community members to design and fabricate, the organization encourages creativity and innovation. Simultaneously, the educational programs offered by Nova Labs Inc serve to equip individuals with the necessary skills and knowledge in these areas. This holistic approach to education and innovation aims to empower the community, enabling its members to contribute to and benefit from technological advancements.
In addition to its primary mission, Nova Labs Inc also engages in outreach activities. One such initiative is the annual Maker Faire event in the Northern Virginia region. This event showcases the works of makers and their projects, aiming to promote competence in technical and industrial arts. By hosting this event, Nova Labs Inc is able to extend its reach beyond its facility, fostering a larger community of individuals interested in these fields.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
Nova Labs Inc's impact is significant in promoting education and innovation within the community. By providing a collaborative facility for designing and fabricating technical and industrial works, Nova Labs empowers individuals to explore their creativity and engage in hands-on learning experiences. Through educational programs such as classes, training sessions, and workshops facilitated by dedicated volunteers, Nova Labs equips individuals with valuable skills and knowledge in technical and industrial arts.
Additionally, Nova Labs contributes to the outreach efforts by sponsoring an annual Maker Faire event in the Northern Virginia region. This event serves as a platform for makers to showcase their projects and talents, fostering a sense of competence and enthusiasm for technical disciplines among participants and attendees.
Overall, Nova Labs Inc plays a pivotal role in nurturing a culture of innovation, learning, and community engagement, making a positive impact on individuals seeking to develop their skills and creativity in the fields of technology and industry.
This information is meant to be a general summary of Nova Labs Inc. 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.
- Investment Income: $689
- Program Service Revenue: $227,225
- Gross Receipts: $1,333,246
Assets and Liabilities:
- Total Assets: $5,600,611
- Total Liabilities: $4,168,740
- Net Assets: $1,431,871
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
EDUCATION INCOME
Revenue
$227,225
Organization Details
Founding Year
2011
Phone
(703) 437-5780Principal Officer
Jim Sweeney
Main Address
1916 ISAAC NEWTON SQUARE WEST, RESTON, VA, 20190
NTEE Category
Code: T30 - Philanthropy
If you are a representative of Nova Labs Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.