Loop Lab Inc
- Assets
- $796.2k
- Revenue
- $788.6k
- Investments
- $0.0
- Employees
- 8
- Location
- Cambridge, MA
- Founding
- 03/2018
- Data as of
- 12/2023
- EIN
- 82-3829806
Organization Overview
Loop Lab Inc is located in Cambridge, MA. The organization was established in 2018. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. As of 12/2023, Loop Lab Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Loop Lab 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 12/2023, Loop Lab Inc generated $788.6k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 42.7% each year . All expenses for the organization totaled $1.1m during the year ending 12/2023. While expenses have increased by 41.6% per year over the past 5 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE LOOP LAB IS A NON-PROFIT SOCIAL ENTERPRISE SPECIALIZING IN WORKFORCE DEVELOPMENT AND DIGITAL STORYTELLING FOUNDED TO SERVE THE PORT NEIGHBORHOOD OF CAMBRIDGE. COMMITTED TO EMPOWERING WOMAN AND ADULTS OF COLOR FROM LOW INCOME BACKGROUNDS TO JOIN THE DIGITAL ECONOMY THROUGH CAREERS IN VIDEO, PHOTOGRAPHY, AND AUDIO. WE SUPPORT WITH ALUMNI AND STAFF WORKING ON THESE PROJECTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOOP LAB ACADEMY- OUR ORGANIZATION OPERATES A FREE HIGH SCHOOL PRE-APPRENTICESHIP PROGRAM WHICH PREPARES STUDENTS FOR CAREERS IN THE MEDIA ARTS/AV INDUSTRIES. WE ALSO PROVIDE SUMMER PROGRAMMING FOR HIGH SCHOOL STUDENTS. WE ALSO RUN A STATE-REGISTERED MEDIA ARTS APPRENTICESHIP FOR 18-26 YEAR OLDS THAT PROVIDES PAID INTERNSHIPS AND ON-THE-JOB TRAINING FOR PARTICIPANTS.
LOOP LAB STUDIO- OUR ORGANIZATION OPERATES A VIDEO PRODUCTION STUDIO THAT PROVIDES LOW COST AND HIGH-QUALITY VIDEO SERVICES TO CULTURAL ARTS ORGANIZATIONS AND COMPANIES IN GREATER BOSTON. THE STUDIO HIRES MANY OF OUR ALUMNI, FUTHERS THEIR TRAINING, AND GENERATES REVENUE FOR THE ORGANIZATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Christopher Hope Executive Director | OfficerTrustee | 40 | $105,000 |
Troy Ellerbee Managing Director | Trustee | 8 | $57,711 |
Paul Lannon Board Chair | Trustee | 5 | $0 |
Geoff Keith Director | Trustee | 2 | $0 |
Jonathan Wyner Director | Trustee | 2 | $0 |
Bayo Adebiy Director | Trustee | 2 | $0 |
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 | $707,694 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $707,694 |
| Total Program Service Revenue | $80,683 |
| Investment income | $183 |
| 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 | $788,597 |
| 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. | $105,000 |
| Compensation of current officers, directors, key employees. | $52,500 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $361,775 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $35,271 |
| Payroll taxes | $34,821 |
| Fees for services: Management | $62,570 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,489 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $26,582 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $117,394 |
| Advertising and promotion | $26,909 |
| Office expenses | $0 |
| Information technology | $29,033 |
| Royalties | $0 |
| Occupancy | $79,691 |
| Travel | $31,076 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,059 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $14,587 |
| Insurance | $2,952 |
| All other expenses | $9,473 |
| Total functional expenses | $1,138,955 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $384,623 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $188,333 |
| Accounts receivable, net | $8,600 |
| 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 | $6,076 |
| Net Land, buildings, and equipment | $62,687 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $145,846 |
| Total assets | $796,165 |
| Accounts payable and accrued expenses | $46,760 |
| 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 | $61,993 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $146,759 |
| Total liabilities | $255,512 |
| Net assets without donor restrictions | $337,320 |
| Net assets with donor restrictions | $203,333 |
| 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 | $796,165 |