Overview
What is The Loop Lab Inc?
The Loop Lab Inc, a nonprofit organization based in Cambridge, Massachusetts, offers a free high school pre-apprenticeship program and summer programming, preparing students for careers in the media arts and AV industries. Their mission is to empower women and adults of color from low-income backgrounds to join the digital economy by providing them with opportunities in video, photography, and audio. The Loop Lab operates as a social enterprise specializing in workforce development and digital storytelling, running a state-registered media arts apprenticeship for individuals aged 18-26, offering paid internships and on-the-job training. Committed to their cause, they support their alumni and staff in various projects within the organization. With a team of six employees, The Loop Lab Inc aims to make a significant impact in the community.
Official website here: www.thelooplab.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 93% (Four-Star out of Four Star rating)
The Loop Lab Inc has achieved a commendable Four-Star rating from Charity Navigator, reflecting a strong commitment to accountability and finance. This rating is based entirely on its impressive Accountability & Finance score of 93%, indicating sound financial practices and transparency. The organization has a well-structured independent board, with 83% of its members being independent, which enhances governance and oversight.
Strengths noted include a perfect score for financial audits and the absence of any material diversion of assets, signifying that the organization is effectively managing its resources. Additionally, The Loop Lab has implemented essential policies such as conflict of interest, whistleblower protections, and a solid document retention and destruction policy. These measures contribute to a robust organizational framework that prioritizes ethical management.
However, while the program expense ratio stands at 67.34%, which is a positive indicator of funding allocation towards programs, there is slight room for improvement in maximizing this aspect. Overall, The Loop Lab Inc demonstrates strong financial health and governance, making it a trustworthy organization for potential donors and supporters.
This AI summary has been generated from information found on Charity Navigator.
Is The Loop Lab Inc legitimate?
The Loop Lab Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Loop Lab 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: $97,500
Professional Fundraising Fees: $38,907
Other Salaries and Wages: $197,975
For more financial information, click here
Official website here: www.thelooplab.org
What is the mission statement of The Loop Lab Inc?
The Loop Lab Inc, a non-profit social enterprise, is dedicated to empowering women and individuals of color from low-income backgrounds to join the digital economy, specifically in careers related to video, photography, and audio. Their mission is to equip these individuals with the necessary skills through job training and placement in the media arts sector. The organization operates a free high school pre-apprenticeship program, preparing students for careers in the media arts/AV industries. Additionally, they provide summer programming for high school students and run a state-registered media arts apprenticeship for 18-26-year-olds, offering paid internships and on-the-job training for participants.
Official website here: www.thelooplab.org
Who is the CEO of The Loop Lab Inc?
Christopher Hope is the Executive Director of The Loop Lab Inc.
Official website here: www.thelooplab.org
What is the revenue of The Loop Lab Inc?
The Loop Lab Inc's revenue in 2022 was $1,299,082.
Official website here: www.thelooplab.org
Who are the executives of The Loop Lab Inc and what are their salaries?
The average compensation at The Loop Lab Inc during 2022 was $49,246. There are 6 employees and 30 volunteers at The Loop Lab Inc.
Here are 12 key members and their salaries:
- Compensation: $97,500
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Official website here: www.thelooplab.org
Where can I find the form 990 for The Loop Lab Inc?
The Loop Lab Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.thelooplab.org
Learn more at the official website: www.thelooplab.org
Mission Statement of The Loop Lab Inc
The Loop Lab Inc, a non-profit social enterprise, is dedicated to empowering women and adults of color from low-income backgrounds to join the digital economy through careers in video, photography, and audio. Their mission, in simple terms, is to foster the growth of women and individuals of color in the media arts sector. By providing job training and placement opportunities, The Loop Lab Inc aims to equip these individuals with the necessary skills to thrive in the audio/video industry.
Established with a focus on the Port neighborhood of Cambridge, The Loop Lab Inc operates various programs to achieve its mission. One of its primary initiatives is the Loop Lab Academy, a free high school pre-apprenticeship program. This program prepares students for careers in the media arts/AV industries, equipping them with the essential skills required to excel in this field. Additionally, The Loop Lab Inc offers summer programming for high school students, further expanding its reach and providing opportunities for young minds to explore their interest in audio and video.
For individuals aged 18 to 26, The Loop Lab Inc operates a state-registered media arts apprenticeship. This program offers paid internships and on-the-job training, providing participants with practical experience and real-world exposure to the industry. By combining theoretical knowledge with hands-on experience, The Loop Lab Inc's apprenticeship program aims to equip its participants with the skills necessary to succeed in the media arts industry. Through its various programs, The Loop Lab Inc is committed to empowering women and people of color, enabling them to join the digital economy and forge successful careers in audio and video.
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Impact
July, 2024
The Loop Lab Inc's impact can be seen in its commitment to empowering women and adults of color from low-income backgrounds to join the digital economy through careers in video, photography, and audio. By providing workforce development and digital storytelling training, The Loop Lab Inc is creating opportunities for individuals to secure employment in the media arts industry. Through programs like the Loop Lab Academy, which offers pre-apprenticeship training for high school students, and the media arts apprenticeship for young adults, the organization is equipping participants with the skills and experience needed to pursue meaningful careers. This focus on job training and placement is not only beneficial for the individuals involved but also contributes to diversifying and strengthening the workforce in the media arts sector.
This information is meant to be a general summary of The Loop Lab 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: $42
- Program Service Revenue: $60,101
- Gross Receipts: $1,299,082
Assets and Liabilities:
- Total Assets: $1,062,451
- Total Liabilities: $171,440
- Net Assets: $891,011
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PRODUCTION SERVICES RE
Revenue
$60,101
Organization Details
Founding Year
2017
Phone
(857) 251-0843Principal Officer
Christopher Hope
Main Address
99 BISHOP ALLEN DRIVE 025, CAMBRIDGE, MA, 02139
Website
www.thelooplab.orgNTEE Category
Code: J22 - Employment
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