Civic Intelligence

Lab Central Inc.

990 • Fiscal year 2014 • EIN 46-1031913

Jan 01, 2014 to Dec 31, 2014 • Filed on Oct 14, 2015

Organization Profilelabcentral.org

View Organization Page

700 main streetcambridge, MA 02139

(617) 863-3650

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

80th percentile

0.64x

Higher debt load relative to assets than 80% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Liabilities / Revenue

75th percentile

0.67x

Higher debt load relative to revenue than 75% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Net Margin

59th percentile

5.6%

Higher net margin than 59% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Top Officer Pay

88th percentile

$307,000

Higher top officer pay than 88% of similar nonprofits.

Top officer pay equals 4.7% of source-year revenue.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Asset Growth

91st percentile

37%

Faster asset growth than 91% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2013 to 2014

Revenue Growth

88th percentile

46%

Faster revenue growth than 88% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets80th percentile

Assets

Up

$6,864,839

Up $1,843,754 (+37%) from 2013

Net Assets

Up

$2,484,658

Up $587,119 (+31%) from 2013

Liabilities

Up

$4,380,181

Up $1,256,635 (+40%) from 2013

Revenue And Expenses
Liabilities / Revenue75th percentileNet Margin59th percentile

Revenue

Up

$6,508,350

Up $2,058,930 (+46%) from 2013

Expenses

Up

$6,144,568

Up $4,016,152 (+189%) from 2013

Net Income

Down

$363,782

Down $1,957,222 (-84%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth91st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$150M$100M$50M$0Assets 2013: $5,021,085Liabilities 2013: $3,123,546Net Assets 2013: $1,897,5392013Assets 2014: $6,864,839Liabilities 2014: $4,380,181Net Assets 2014: $2,484,6582014Assets 2015: $7,285,867Liabilities 2015: $4,262,166Net Assets 2015: $3,023,7012015Assets 2016: $8,437,532Liabilities 2016: $4,551,256Net Assets 2016: $3,886,2762016Assets 2017: $19,414,893Liabilities 2017: $10,617,502Net Assets 2017: $8,797,3912017Assets 2018: $28,162,457Liabilities 2018: $15,628,830Net Assets 2018: $12,533,6272018Assets 2019: $30,786,060Liabilities 2019: $13,458,175Net Assets 2019: $17,327,8852019Assets 2020: $31,440,783Liabilities 2020: $11,821,772Net Assets 2020: $19,619,0112020Assets 2021: $43,646,817Liabilities 2021: $20,867,704Net Assets 2021: $22,779,1132021Assets 2022: $112,390,390Liabilities 2022: $88,243,847Net Assets 2022: $24,146,5432022Assets 2023: $109,041,639Liabilities 2023: $84,873,666Net Assets 2023: $24,167,9732023Assets 2024: $110,671,425Liabilities 2024: $83,200,569Net Assets 2024: $27,470,8562024

Highlighted filing

2014

Assets$6,864,839
Liabilities$4,380,181
Net Assets$2,484,658
Open 2014 Filing

Operations Trend

Revenue Growth88th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0-$20MRevenue 2013: $4,449,420Expenses 2013: $2,128,416Net Income 2013: $2,321,0042013Revenue 2014: $6,508,350Expenses 2014: $6,144,568Net Income 2014: $363,7822014Revenue 2015: $8,161,781Expenses 2015: $7,909,474Net Income 2015: $252,3072015Revenue 2016: $10,258,360Expenses 2016: $10,124,994Net Income 2016: $133,3662016Revenue 2017: $21,709,971Expenses 2017: $17,303,175Net Income 2017: $4,406,7962017Revenue 2018: $43,676,728Expenses 2018: $40,352,623Net Income 2018: $3,324,1052018Revenue 2019: $25,967,111Expenses 2019: $21,701,537Net Income 2019: $4,265,5742019Revenue 2020: $20,436,198Expenses 2020: $18,194,883Net Income 2020: $2,241,3152020Revenue 2021: $21,795,021Expenses 2021: $19,092,023Net Income 2021: $2,702,9982021Revenue 2022: $22,629,616Expenses 2022: $21,652,194Net Income 2022: $977,4222022Revenue 2023: $24,500,358Expenses 2023: $24,876,840Net Income 2023: -$376,4822023Revenue 2024: $27,342,387Expenses 2024: $24,529,205Net Income 2024: $2,813,1822024

Highlighted filing

2014

Revenue$6,508,350
Expenses$6,144,568
Net Income$363,782
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Oct 14, 2015
Return Version
2014v5.0
Gross Receipts
$6,508,350
Mission and Program Overview

Mission

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.

see part iii, line 1

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,073,074$3,425,837▲ $2,352,763
Land, Buildings, and Equipment, Net$2,236,921$2,604,315▲ $367,394
Accounts Receivable$1,354,416$459,675▼ $894,741
Savings and Temporary Cash Investments$25,000$25,000→ $0
Prepaid Expenses and Deferred Charges$5,377$18,715▲ $13,338
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$5,021,085$6,864,839▲ $1,843,754
Other Assets Total$326,297$331,297▲ $5,000
Liabilities
Accounts Payable and Accrued Expenses$1,931,146$2,076,888▲ $145,742
Deferred Revenue$1,075,422$2,021,425▲ $946,003
Other Liabilities$116,978$281,868▲ $164,890
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$3,123,546$4,380,181▲ $1,256,635
Net Assets / Fund Balance
Unrestricted Net Assets$1,897,539$2,484,658▲ $587,119
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$1,897,539$2,484,658▲ $587,119
Total Liabilities and Net Assets / Fund Balance$5,021,085$6,864,839▲ $1,843,754

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$1,481,722$360,635$1,842,357
Leasehold Improvements$733,455$84,889$818,344
Other Land Buildings$389,138$106,156$495,294
Compensation and Service Providers
Top Officer Pay88th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Johannes Fruehauf md phdPresidentPT$200,000$107,000$307,000
Margaret E O'TooleVP of OperationsFT$177,000$35,200$212,200
Celina C ChangAsst. Director of Lab OperationsFT$109,080$3,463$112,543
Peter D ParkerSecretaryPT$65,000$1,400$66,400

Board Members and Trustees

NameTitle
John HarthorneDirector
Steven Tregay phdDirector
Timothy Rowedirector
Lisa VelardoCFO/Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
The Richmond Group Inclab buildout/contr77 Main St 8, Hopkinton, MA 01748$217,129
Revenue and Support

Revenue Composition

Contributions and Grants
$2,358,633
Program Service Revenue
$4,149,517
Investment Income
$200
Other Revenue
$0
All Other Contributions
$1,188,529
Change in Net Assets
$363,782

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table4$248,498Fair Market Value (FMV)
Total Noncash Contributions4$248,498-

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,508,350
Revenue Not Reported on Form 990
$223,337
Total Revenue per Audited Statements
$6,731,687
Total Revenue per Form 990
$6,508,350
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$4,994,397
Salaries, Compensation, and Employee Benefits$1,150,171
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$1,679,546--$1,679,546
Current Officers, Directors, Trustees, and Key Employees$331,253$238,747-$570,000
Depreciation Depletion$495,186--$495,186
Other Salaries and Wages$178,498$128,651-$307,149
Fees for Services Legal$61,555$162,267-$223,822
Other Employee Benefits$130,793$81,714-$212,507
Office Expenses$107,038$41,179-$148,217
Other Expenses$119,860$167,495$0$119,860
Advertising$17,944$53,063-$71,007
Payroll Taxes$37,480$23,035-$60,515
All Other Expenses$25,485$4,792-$30,277
Insurance$11,902$14,090-$25,992
Fees for Services Accounting-$25,020-$25,020
Information Technology$16,943--$16,943
Fees for Services Other-$10,142-$10,142
Interest$1,342--$1,342
Total Functional Expenses$5,194,373$950,195$0$6,144,568

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$6,144,568
Total Expenses per Audited Statements$6,144,568
Total Expenses per Form 990$6,144,568
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Cambridge Bio LabJohannes Fruehauf exe dirmanagement servicesNo$86,921
Aspen Consulting LLCLisa Velardo, Man DirAccounting servicesNo$41,323
Cambridge Innovation CenterTim Rowe, CEOIT consulting servicesNo$15,470

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Deposits$263,550
Current Portion of Capital Lea$9,868
Non-current Portion of Capital$8,450
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

990, Part VI, Section B, Line 11 - Review of 990 Return

“a full copy of Form 990 is made available to the board of directors prior filing with the IRS.”

990, PART VI, SECTION B, LINE 12C - Conflict of Interest Policy

“Lab Central, Inc. has a written conflict of interest policy that requires the board to review all related party transactions to ensure no conflicts exist.”

990, PART VI, SECTION B, LINE 15 - Compensation Determination

“The board of directors determines the compensation for the organization's president, executive directors and officers. The process includes using various sources to evaluate the compensation for each individual. The board must approve the written agreement.”

990, PART VI, SECTION C, LINE 19 - Availability of Documents

“Lab Central, Inc.'s governing documents, financial statements and form 990 are available upon request to the general public.”

990, Part VI, Line 2 - Relationships

“Two board member are both partners of BIOinnovation, LLC.”

Filing and Contact Details

Filer

Filer Name
Lab Central Inc
EIN
46-1031913
In Care Of
% LISA VELARDO CPA
Phone
6178633650
Address
700 main street, cambridge, MA 02139

Signing Officer

Name
Johannes Fruehauf
Title
President
Phone
6178633650
Signed
2015-10-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Johannes Fruehauf
Formed
2012
Legal Domicile
De
Voting Board Members
5
Independent Board Members
2
Employees
13
Volunteers
3

Preparer

Firm
Wolf & Company Pc
Address
99 HIGH STREET 21ST FLOOR, BOSTON, MA 02110
Preparer
Anthony T Carideo JR CPA
Phone
6174399700
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2 - Uncertain Tax Positions

“The Company is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and therefore has made no provision for federal or state income taxes. The Company follows accounting guidance regarding recognition, measurement, presentation, and disclosure of uncertain tax positions in the financial statements. Tax positions taken or expected to be taken in the course of preparing the Companys tax returns, including the position that the Company qualifies as a tax exempt entity, are required to be evaluated to determine whether the tax positions are "more-likely-than-not" to be upheld under regulatory review. In January 2013, the Company submitted its application for tax exempt status under Section 501(c)(3) to the IRS. The Company received favorable determination of its status from the IRS in a letter dated June 26, 2014. Management has analyzed the tax positions taken by the Company, and has concluded that as of December 31, 2014, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Companys income tax returns are subject to review and examination by federal and state taxing authorities. Beginning with the year ended December 31, 2013, the Company is open to audit under the applicable statutes of limitations by the Internal Revenue Service and state taxing authorities. The Companys policy is to recognize any interest and penalties related to tax matters as an expense when paid. No interest or penalties were recorded during 2014 and 2013.”

Raw XML AppendixShowing 400 of 573 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt2director
IRS990/Form990PartVIISectionAGrp/TitleTxt3Director
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
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IRS990/MissionDesc0LABCENTRAL 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.
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IRS990/OtherExpensesGrp/ProgramServicesAmt11761500
IRS990/OtherExpensesGrp/ProgramServicesAmt2119860
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IRS990/OtherExpensesGrp/TotalAmt11761500
IRS990/OtherExpensesGrp/TotalAmt2167495
IRS990/OtherExpensesGrp/TotalAmt3119860
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IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt023035
IRS990/PayrollTaxesGrp/ProgramServicesAmt037480
IRS990/PayrollTaxesGrp/TotalAmt060515
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IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt05377
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt018715
IRS990/PrincipalOfficerNm0Johannes Fruehauf
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IRS990/PYTotalExpensesAmt02128416
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IRS990/ReconcilationRevenueExpnssAmt0363782
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0false
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt025000
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt00
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2TENANT DEPOSITS
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IRS990ScheduleD/RevenueSubtotalAmt06508350
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Company is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and therefore has made no provision for federal or state income taxes. The Company follows accounting guidance regarding recognition, measurement, presentation, and disclosure of uncertain tax positions in the financial statements. Tax positions taken or expected to be taken in the course of preparing the Companys tax returns, including the position that the Company qualifies as a tax exempt entity, are required to be evaluated to determine whether the tax positions are "more-likely-than-not" to be upheld under regulatory review. In January 2013, the Company submitted its application for tax exempt status under Section 501(c)(3) to the IRS. The Company received favorable determination of its status from the IRS in a letter dated June 26, 2014. Management has analyzed the tax positions taken by the Company, and has concluded that as of December 31, 2014, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Companys income tax returns are subject to review and examination by federal and state taxing authorities. Beginning with the year ended December 31, 2013, the Company is open to audit under the applicable statutes of limitations by the Internal Revenue Service and state taxing authorities. The Companys policy is to recognize any interest and penalties related to tax matters as an expense when paid. No interest or penalties were recorded during 2014 and 2013.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 - Uncertain Tax Positions
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Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$6,864,839
Liabilities
$4,380,181
Net assets
$2,484,658
Revenue
$6,508,350
Expenses
$6,144,568
Net income
$363,782
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$111$83.2$27.5$27.3$24.5$2.81
2023Detailed filing. Detailed filing data is available for this year.$109$84.9$24.2$24.5$24.9$0.38
2022Detailed filing. Detailed filing data is available for this year.$112$88.2$24.1$22.6$21.7$0.98
2021Detailed filing. Detailed filing data is available for this year.$43.6$20.9$22.8$21.8$19.1$2.70
2020Detailed filing. Detailed filing data is available for this year.$31.4$11.8$19.6$20.4$18.2$2.24
2019Detailed filing. Detailed filing data is available for this year.$30.8$13.5$17.3$26.0$21.7$4.27
2018Detailed filing. Detailed filing data is available for this year.$28.2$15.6$12.5$43.7$40.4$3.32
2017Detailed filing. Detailed filing data is available for this year.$19.4$10.6$8.80$21.7$17.3$4.41
2016Detailed filing. Detailed filing data is available for this year.$8.44$4.55$3.89$10.3$10.1$0.13
2015Detailed filing. Detailed filing data is available for this year.$7.29$4.26$3.02$8.16$7.91$0.25
2014Detailed filing. Detailed filing data is available for this year.$6.86$4.38$2.48$6.51$6.14$0.36
2013Summary only. Only limited summary data is available for this year.$5.02$3.12$1.90$4.45$2.13$2.32