Lab Central Inc
- Assets
- $43.6m
- Revenue
- $21.8m
- Investments
- $0.0
- Employees
- 77
- Location
- Cambridge, MA
- Founding
- 06/2014
- Data as of
- 12/2021
- EIN
- 46-1031913
Organization Overview
Lab Central Inc is located in Cambridge, MA. The organization was established in 2014. According to its NTEE Classification (U02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Science & Technology and related organizations. As of 12/2021, Lab Central Inc employed 77 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lab Central Inc 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 12/2021, Lab Central Inc generated $21.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.1% each year . All expenses for the organization totaled $19.1m during the year ending 12/2021. While expenses have increased by 13.4% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
LAB CENTRAL SUPPORTS CREATION OF INNOVATIVE STARTUP BIOTECHNOLOGY COMPANIES BY PROVIDING A WORLD-CLASS ENVIRONMENT FOR ENTREPRENEURS, AND A FULLY FUNCTIONAL LIFE SCIENCES LABORATORY WITHIN THE KENDALL SQUARE INNOVATION HUB.
Describe the Organization's Program Activity:
HELP CREATE THE NEXT GENERATION OF BIOTECH COMPANIES BY PROVIDING ENTREPRENEURS AND INNOVATIVE LIFE SCIENCES STARTUPS WITH THE SPACE AND RESOURCES NEEDED TO TEST OUT, CHALLENGE, AND NURTURE EARLY IDEAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margaret E O'toole Chief Operating Officer | 40 | $342,095 | |
Johannes Fruehauf MD PHD President | OfficerTrustee | 26 | $321,907 |
Peter Shanley Cfo/treasurer | Officer | 30 | $288,857 |
Mike Larhette Chief Business Officer | 36 | $259,897 | |
Celina C Chang Vp, Science Operation & Strategic Relationships | Officer | 40 | $250,466 |
Shawn Ayube Dir. Of Harvard Life Lab | 40 | $212,810 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Mitimco Construction | 12/30/21 | $7,623,268 |
Turner Construction Company Construction | 12/30/21 | $4,262,014 |
Emcor Services Northeast Inc Hvac | 12/30/21 | $2,665,530 |
Triumvirate Enviornmental Ehs Services | 12/30/21 | $467,399 |
Perkins & Will Architectural Services | 12/30/21 | $352,429 |
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 | $6,081,659 |
| Noncash contributions included in lines 1a–1f | $1,550,698 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,081,659 |
| Total Program Service Revenue | $15,565,479 |
| Investment income | $44,818 |
| 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 | $21,795,021 |
| 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. | $881,245 |
| Compensation of current officers, directors, key employees. | $348,363 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,029,937 |
| Pension plan accruals and contributions | $296,848 |
| Other employee benefits | $1,120,228 |
| Payroll taxes | $412,649 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $60,421 |
| Fees for services: Accounting | $76,868 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $281,101 |
| Advertising and promotion | $323,794 |
| Office expenses | $380,741 |
| Information technology | $225,414 |
| Royalties | $0 |
| Occupancy | $5,481,820 |
| Travel | $6,059 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $10,155 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,709,103 |
| Insurance | $92,724 |
| All other expenses | $40,687 |
| Total functional expenses | $19,092,023 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,808,149 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,245,382 |
| 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 | $796,938 |
| Net Land, buildings, and equipment | $13,301,198 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $12,495,150 |
| Total assets | $43,646,817 |
| Accounts payable and accrued expenses | $11,231,722 |
| Grants payable | $0 |
| Deferred revenue | $2,830,791 |
| 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 | $6,805,191 |
| Total liabilities | $20,867,704 |
| Net assets without donor restrictions | $22,779,113 |
| 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 | $43,646,817 |
Grants Awarded
Over the last fiscal year, Lab Central Inc has awarded $185,000 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
Boston, MA PURPOSE: GRANT | $40,000 |
Cambridge, MA PURPOSE: GRANT | $40,000 |
Boston, MA PURPOSE: GRANT | $40,000 |
Gloucester, MA PURPOSE: GRANT | $15,000 |
Cambridge, MA PURPOSE: GRANT | $15,000 |
Cambridge, MA PURPOSE: GRANT | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lab Central Inc has recieved totaling $5.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lab Central Inc Cambridge, MA | $43,646,817 | $21,795,021 |
American Council Of Engineering Companies Of New York Inc Albany, NY | $2,215,445 | $2,540,731 |
Mansfield Bio-Incubator Inc Mansfield, MA | $4,316,078 | $3,352,003 |
Jonathan F Reichert Foundation Inc Buffalo, NY | $2,784,945 | $134,464 |
Medilytix Inc Lincoln, MA | $485 | $0 |