Montgomery Techlab Inc
- Assets
- $743.1k
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 1
- Location
- Montgomery, AL
- Founding
- Data as of
- 12/2022
- EIN
- 85-2511814
Organization Overview
Montgomery Techlab Inc is located in Montgomery, AL. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Montgomery Techlab Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Since 2022, Montgomery Techlab Inc has awarded 11 individual grants totaling $179,830. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE INNOVATION AND ENTREPRENEURSHIP IN THE MONTGOMERY REGION THROUGH EDUCTION, ACCELERATION, AND INCUBATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THROUGH EDUCATION PROGRAMS WE HAVE SUPPORTED OVER 1500 STUDENTS AND YOUNG PROFESSIONALS IN THE REGION, THROUGH HACK-A-THONS, STEM WORKSHOPS, AND ENTREPRENEURSHIP TRAINING. SINCE INCEPTION MONTGOMERY TECHLAB HAS ACCELERATED OVER 25 COMPANIES. OUR PROGRAMS HAVE PROVIDED PARTICIPANTS WITH COACHING, INDUSTRY MENTORS FROM REGIONAL ORGANIZATIONS, AND SUPPORT IN POSITIONING THEIR TECHNOLOGY AND SERVICE SOLUTIONS AGAINST REAL-LIFE APPLICATIONS. COMPANIES PARTICIPATING IN OUR ACCELERATOR PROGRAMS ARE PROVIDED INCUBATION SUPPORT IN THE LAB ON DEXTER, A STATE-OF-THE-ART COWORKING FACILITY IN DOWNTOWN MONTGOMERY.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marcus Shaw Executive Di | OfficerTrustee | 10 | $46,083 |
Kevin Monds Director | Trustee | 2 | $0 |
Jabali Williams 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 | $1,487,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,487,500 |
| Total Program Service Revenue | $0 |
| 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 | $1,487,500 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $215,880 |
| 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. | $46,083 |
| Compensation of current officers, directors, key employees. | $11,521 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,460 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,040 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $520,282 |
| Advertising and promotion | $15,160 |
| Office expenses | $19,831 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $458 |
| Travel | $2,498 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $500 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $692 |
| All other expenses | $0 |
| Total functional expenses | $827,884 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $743,057 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $743,057 |
| Accounts payable and accrued expenses | $57,461 |
| 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 | $25,980 |
| Total liabilities | $83,441 |
| Net assets without donor restrictions | $375,496 |
| Net assets with donor restrictions | $284,120 |
| 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 | $743,057 |
Grants Awarded
Over the last fiscal year, Montgomery Techlab Inc has awarded $179,830 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
ADVANCE CONSULTING EXPERTS & SOLUTI PURPOSE: ACCELERATOR PARTICIP | $10,000 |
ANALOG AFRICA LLC PURPOSE: ACCELERATOR PARTICIP | $37,500 |
AT EASE RENTALS CORP PURPOSE: ACCELERATOR PARTICIP | $37,768 |
COLLEGE PREP U PURPOSE: ACCELERATOR PARTICIP | $5,620 |
LUCKY RABBITT PURPOSE: ACCELERATOR PARTICIP | $7,500 |
MEDTRANS CO PURPOSE: ACCELERATOR PARTICIP | $17,500 |