Labfour Career Training Institute
- Assets
- $2.3m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 22
- Location
- Memphis, TN
- Founding
- 12/2016
- Data as of
- 12/2022
- EIN
- 26-4178652
Organization Overview
Labfour Career Training Institute is located in Memphis, TN. The organization was established in 2016. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. As of 12/2022, Labfour Career Training Institute employed 22 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Labfour Career Training Institute is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Labfour Career Training Institute generated $2.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $3.4m during the year ending 12/2022. While expenses have increased by 10.9% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
LAB FOUR'S MISSION S TO BECOME A KEY WORKFORCE DEVELOPMENT PARTNER IN THREE WAYS: BY PROVIDING THE BEST POSSIBE TECHNOLOGY TRAINING TO HELP BUSINESSES BECOME MORE SUCESSFUL; BY PROVIDING THE SKILLS AND CREDENTIALS NECESARY FOR INDIVIDUALS TO SECURE STABLE EMPLOYMENT OR PURSUE ENTREPRENEURSHIP OPPORTUNITIES IN A HIGH-DEMANDING INDUSTRY; AND PARTNERING WITH NONPROFIT ORGANIZATIONS TO HELP OUR COMMUNITY FULFILL ITS VAST POTENTIAL.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDUCATIONAL SERVICES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tony Okhiria President | OfficerTrustee | 40 | $351,154 |
Stephanie Okhira Director | Trustee | 40 | $211,538 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $2,711,471 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,711,471 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $562,692 |
| Compensation of current officers, directors, key employees. | $176,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $645,481 |
| Pension plan accruals and contributions | $20,683 |
| Other employee benefits | $12,982 |
| Payroll taxes | $77,416 |
| Fees for services: Management | $47,205 |
| Fees for services: Legal | $67,513 |
| Fees for services: Accounting | $21,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,255 |
| Office expenses | $107,374 |
| Information technology | $82,774 |
| Royalties | $0 |
| Occupancy | $573,320 |
| Travel | $18,197 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,586 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $148,513 |
| Insurance | $46,975 |
| All other expenses | $525,803 |
| Total functional expenses | $3,350,457 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $223,354 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $707,078 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,250,251 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $137,469 |
| Total assets | $2,318,152 |
| Accounts payable and accrued expenses | $170,483 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $170,483 |
| Net assets without donor restrictions | $2,147,669 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,318,152 |