Overview
What is Lab Central Inc?
Lab Central Inc is a Cambridge, Massachusetts-based nonprofit organization that fosters the development of innovative biotech startups. By offering entrepreneurs and emerging life sciences companies a fully functional laboratory within the Kendall Square Innovation Hub, Lab Central provides an ideal environment to test, challenge, and nurture early ideas. With a team of 108 individuals, Lab Central's mission is to support the creation of groundbreaking biotechnology companies and contribute to the growth of the scientific community.
Official website here: www.labcentral.org/
What are the reviews and ratings of this charity?
Charity Navigator Rating 88% - Three-Star out of Four Star rating
Lab Central Inc has earned an 88% score, reflecting solid performance in accountability and finance, which is the sole metric evaluated by Charity Navigator. This high score indicates that the organization adheres to best practices in financial management and transparency, as evidenced by their strong scores in areas like the independent board size and the absence of material asset diversion.
The organization demonstrates a commitment to good governance with a comprehensive set of policies, including conflict of interest, whistleblower, and document retention policies. Furthermore, they maintain proper oversight through an audit and oversight committee, ensuring that their financial practices are both sound and accountable.
However, the absence of majority independent board members is noted as a limitation in their governance structure. This aspect could be an area for improvement, as having independent members can enhance the organization’s credibility and oversight. Overall, Lab Central Inc shows a strong commitment to financial accountability and program spending.
This AI summary has been generated from information found on Charity Navigator.
Is Lab Central Inc legitimate?
Lab Central Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lab Central 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: $877,180
Professional Fundraising Fees: $0
Other Salaries and Wages: $5,607,726
For more financial information, click here
Official website here: www.labcentral.org/
What is the mission statement of Lab Central Inc?
Lab Central Inc is dedicated to fostering the development of innovative biotechnology startups by offering entrepreneurs a top-notch environment and a fully-equipped life sciences laboratory. Situated within an innovation hub, the organization provides essential space and resources for early-stage biotech companies to test, challenge, and nurture their ideas. The ultimate goal is to help bring the next generation of biotech firms to life. The laboratory setting offers numerous advantages, enabling entrepreneurs to collaborate, experiment, and advance their research in a supportive and dynamic community. By offering access to vital resources and a conducive environment, Lab Central Inc plays a pivotal role in driving the growth and success of innovative biotech startups.
Official website here: www.labcentral.org/
Who is the CEO of Lab Central Inc?
Johannes Fruehauf is the Secretary/Director of Lab Central Inc.
Official website here: www.labcentral.org/
What is the revenue of Lab Central Inc?
Lab Central Inc's revenue in 2022 was $22,629,616.
Official website here: www.labcentral.org/
Who are the executives of Lab Central Inc and what are their salaries?
The average compensation at Lab Central Inc during 2022 was $60,045. There are 108 employees and 4 volunteers at Lab Central Inc.
Here are 13 key members and their salaries:
- Compensation: $1
- Related: $0
- Other: $0
- Compensation: $331,505
- Related: $0
- Other: $47,783
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $20,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $269,119
- Related: $0
- Other: $43,641
- Compensation: $256,554
- Related: $0
- Other: $43,292
- Compensation: $350,544
- Related: $0
- Other: $34,510
- Compensation: $203,061
- Related: $0
- Other: $40,007
- Compensation: $254,901
- Related: $0
- Other: $15,145
- Compensation: $316,746
- Related: $0
- Other: $46,882
- Compensation: $205,164
- Related: $0
- Other: $24,370
Official website here: www.labcentral.org/
Where can I find the form 990 for Lab Central Inc?
Lab Central Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.labcentral.org/
Learn more at the official website: www.labcentral.org/
Mission Statement of Lab Central Inc
Lab Central Inc, a pioneering nonprofit organization, is dedicated to fostering the growth of innovative biotechnology startups by offering entrepreneurs and fledgling life sciences companies a world-class environment and a fully functional laboratory. Nestled within the Innovation Hub, Lab Central provides the essential space and resources necessary for entrepreneurs to put early ideas to the test, challenge their concepts, and nurture burgeoning businesses in the biotech sector. By offering these vital resources, Lab Central plays a pivotal role in ushering in the next generation of groundbreaking biotech companies.
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Impact
October, 2024
Lab Central Inc significantly impacts the biotechnology landscape by fostering the growth of innovative startup companies. By offering a world-class environment and fully functional life sciences laboratories in the heart of Kendall Square, it provides entrepreneurs with the essential resources and infrastructure needed to develop and refine their ideas. This support not only accelerates the testing and challenging of early-stage concepts but also helps nurture the next generation of biotech companies. As a key player in the innovation hub of Cambridge, MA, Lab Central effectively catalyzes scientific research and entrepreneurship, contributing to advancements in the field of life sciences.
This information is meant to be a general summary of Lab Central 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 2022.
- Investment Income: $87,946
- Program Service Revenue: $16,282,014
- Gross Receipts: $22,629,616
Assets and Liabilities:
- Total Assets: $112,390,390
- Total Liabilities: $88,243,847
- Net Assets: $24,146,543
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INCUBATOR INCOME
Revenue
$13,897,538
MANAGEMENT FEE
Revenue
$1,219,856
HARVARD LIFE LAB SERVICES
Revenue
$1,164,620
Organization Details
Founding Year
2012
Phone
(617) 863-3650Principal Officer
Johannes Fruehauf
Main Address
700 MAIN STREET, CAMBRIDGE, MA, 02139
Website
www.labcentral.org/NTEE Category
Code: U02 - Science research
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