Civic Intelligence

Five One Labs Inc.

990 • Fiscal year 2024 • EIN 82-1623382

Jul 01, 2023 to Jun 30, 2024 • Filed on May 13, 2025

Organization Profilefiveonelabs.org
11 Hitching Post LnSalem, NH 03079

(610) 400-4088

Siviq Scores

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

Liabilities / Assets

20th percentile

0.03x

Higher debt load relative to assets than 20% of similar nonprofits.

2024 filings • NTEE S41 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

17th percentile

0.01x

Higher debt load relative to revenue than 17% of similar nonprofits.

2024 filings • NTEE S41 • $1M-$5M nonprofits • Source year 2024

Net Margin

42nd percentile

1.7%

Higher net margin than 42% of similar nonprofits.

2024 filings • NTEE S41 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

33rd percentile

$90,000

Higher top officer pay than 33% of similar nonprofits.

Top officer pay equals 7.1% of source-year revenue.

2024 filings • NTEE S41 • $1M-$5M nonprofits • Source year 2024

Asset Growth

34th percentile

4.6%

Faster asset growth than 34% of similar nonprofits.

2024 filings • NTEE S41 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

26th percentile

-1.7%

Faster revenue growth than 26% of similar nonprofits.

2024 filings • NTEE S41 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets20th percentile

Assets

Up

$347,441

Up $15,306 (+4.6%) from 2023

Net Assets

Up

$338,312

Up $22,465 (+7.1%) from 2023

Liabilities

Down

$9,129

Down $7,159 (-44%) from 2023

Revenue And Expenses
Liabilities / Revenue17th percentileNet Margin42nd percentile

Revenue

Down

$1,262,924

Down $21,303 (-1.7%) from 2023

Expenses

Down

$1,242,045

Down $83,822 (-6.3%) from 2023

Net Income

Up

$20,879

Up $62,519 (+150%) from 2023

Historical Trend

Balance Sheet Trend

Asset Growth34th percentile

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

$400K$300K$200K$100K$0-$100KAssets 2018: $25,538Liabilities 2018: $0Net Assets 2018: $25,5382018Assets 2019: $284,151Liabilities 2019: -$5,307Net Assets 2019: $289,4582019Assets 2020: $278,058Liabilities 2020: $5,363Net Assets 2020: $272,6952020Assets 2021: $367,900Liabilities 2021: $8,584Net Assets 2021: $359,3162021Assets 2022: $370,442Liabilities 2022: $12,956Net Assets 2022: $357,4862022Assets 2023: $332,135Liabilities 2023: $16,288Net Assets 2023: $315,8472023Assets 2024: $347,441Liabilities 2024: $9,129Net Assets 2024: $338,3122024

Highlighted filing

2024

Assets$347,441
Liabilities$9,129
Net Assets$338,312
Open 2024 Filing

Operations Trend

Revenue Growth26th percentile

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

$1.5M$1.0M$500K$0-$500KRevenue 2018: $182,825Expenses 2018: $164,186Net Income 2018: $18,6392018Revenue 2019: $688,900Expenses 2019: $416,055Net Income 2019: $272,8452019Revenue 2020: $741,850Expenses 2020: $759,088Net Income 2020: -$17,2382020Revenue 2021: $1,178,234Expenses 2021: $1,091,260Net Income 2021: $86,9742021Revenue 2022: $1,119,447Expenses 2022: $1,121,277Net Income 2022: -$1,8302022Revenue 2023: $1,284,227Expenses 2023: $1,325,867Net Income 2023: -$41,6402023Revenue 2024: $1,262,924Expenses 2024: $1,242,045Net Income 2024: $20,8792024

Highlighted filing

2024

Revenue$1,262,924
Expenses$1,242,045
Net Income$20,879
Open 2024 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
May 13, 2025
Return Version
2023v6.0
Gross Receipts
$1,262,924
Mission and Program Overview

Mission

Five one labs is a startup incubator in the kurdistan region of iraq that helps displaced and conflict-affected entrepreneurs start and grow their business.

Five One Labs is an international organization that supports entrepreneurs from conflict-affected and underserved communities to launch and grow scalable businesses that drive positive change. Our mission is to use etrepreneurship to enable individuals to rebuild and thrive.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$327,215$343,371▲ $16,156
Rtn Earn Endowment Incm Other Fnds$315,847$338,312▲ $22,465
Land, Buildings, and Equipment, Net$4,070$4,070→ $0
Accounts Receivable-$0-
Total Assets$332,135$347,441▲ $15,306
Other Assets Total$850$0▼ $850
Liabilities
Other Liabilities$16,288$6,872▼ $9,416
Accounts Payable and Accrued Expenses-$2,257-
Deferred Revenue-$0-
Total Liabilities$16,288$9,129▼ $7,159
Net Assets / Fund Balance
Total Net Assets Fund Balance$315,847$338,312▲ $22,465
Total Liabilities and Net Assets / Fund Balance$332,135$347,441▲ $15,306

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,693$5,675$9,368
Other Land Buildings$377$239$616
Land$0--
Compensation and Service Providers
Top Officer Pay33rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Alice BosleyExecutive DirectorFT$90,000$90,000
Qasim HasnainHead of OperationsFT$69,000$69,000

Board Members and Trustees

NameTitle
Patricia LetayfPresident of the Board
David SiegelBoard Member
Holly LevowBoard Member
Ricardo Plata SarbiaBoard Member
Jane LeuTreasurer of the Board
Revenue and Support

Revenue Composition

Contributions and Grants
$1,238,748
Program Service Revenue
$24,176
Investment Income
$0
Other Revenue
$0
All Other Contributions
$1,054,358
Change in Net Assets
$20,879

Audited Revenue Reconciliation

Revenue per Audited Statements
$951,012
Total Revenue per Audited Statements
$951,012
Total Revenue per Form 990
$951,012
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$609,079
Salaries, Compensation, and Employee Benefits$550,510
Total Fundraising Expense$96,565
Grants and Similar Amounts Paid$82,456
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$317,846$25,232$10,610$353,688
Current Officers, Directors, Trustees, and Key Employees$57,312$59,402$42,286$159,000
Foreign Grants$82,456--$82,456
Occupancy$61,554$10,332$6,458$78,344
Fees for Services Accounting$0$70,189$0$70,189
Travel$34,309$19,070$0$53,379
Other Expenses$35,633$0$0$35,633
Advertising$31,267$0$0$31,267
Office Expenses$24,014$4,088$2,555$30,657
Fees for Services Legal$0$29,677$0$29,677
Other Employee Benefits$13,908$3,138$1,961$19,007
Payroll Taxes$13,768$3,106$1,941$18,815
All Other Expenses$3,937$9,938$27$13,902
Information Technology$4,514$1,019$637$6,170
Depreciation Depletion$0$1,586$0$1,586
Total Functional Expenses$849,763$295,717$96,565$1,242,045

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,243,069
Total Expenses per Audited Statements$1,243,069
Total Expenses per Form 990$1,243,069
International Activity

International Summary

Offices
3
Employees
24
Spending
$494,657

International Compliance

Foreign grant records maintained
Yes
Activity in boycott countries
No
Foreign corporation ownership
No
Foreign partnership interest
No
Interest in foreign trust
No
Passive foreign investment company interest
No
Transfers to foreign corporations
No

International Activities

RegionActivityServicesOfficesEmployeesSpending
Middle EastProgram servicesEntrepreneurship programs219$256,442
South AmericaProgram servicesEntrepreneurship programs15$238,215
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Iraq Payroll Tax Payable$6,872
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
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
Filing and Contact Details

Filer

Filer Name
Five One Labs Inc
EIN
82-1623382
Phone
6104004088
Address
11 Hitching Post Ln, Salem, NH 03079

Signing Officer

Name
Patricia B Letayf
Title
President
Phone
6104004088
Signed
2025-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patricia B Letayf
Formed
2017
Legal Domicile
Nh
Voting Board Members
7
Independent Board Members
5
Employees
3
Volunteers
50

Preparer

Firm
Mounier Letayf EA
Address
11 Hitching Post Lane, Salem, NH 03079
Preparer
Mounier Letayf EA
Phone
9788075140
Supplemental Narrative

Additional Explanations

Pt VI, Line 8A

“The governing body takes and distributes meeting minutes electronically.”

Pt VI, Line 8B

“The organization does not have any committees”

Pt VI, Line 11B

“The organizations governing body received a copy of form 990 by email for review”

Pt VI, Line 12C

“Yes. Members of the governing body are asked to disclose conflicts of interests”

Pt VI, Line 15A

“The executive director is not present for any discussions of her salary and the determinations are made by the other members of the governing board”

Pt VI, Line 15B

“Yes. Officers who are employed by the organization in key roles are not present for any discussions of their salary, and the determinations are made by the other members of the governing board”

Pt X

“The depreciation method for tax purposes is double declining and the depreciation method used in the books is the straight line method”

Form 990, Part III, Line 4D

“Other program services 30850. 0. 0.”

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IRS990/ProgSrvcAccomActy2Grp/Desc0Five One Labs continued to scale our operations in Barranquilla, Colombia in FY24 and expanded our network of entrepreneurs supported through our intensive programs. The year commenced with our incubator, which reached 18 entrepreneurs lauching 16 businesses and was followed by our female-founder focused program which supported 11 growth-stage businesses. We implemented our Ignite bootcamps for 53 entrepreneurs launching 44 startups. We provided $85,000 in grant support to startups in the form of seed funding or stipends. Our ecosystem work included a Tech Bootcamp for 25 participants and a new initiative, InnPact Week, a curated migrant-lens invesor trip to Colombia with 15 VC firms and impact and angel investors from across Latin America and the USA that resulted in $65,000 in investment committed.
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IRS990/ProgSrvcAccomActy2Grp/GrantAmt082284
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt00
IRS990/ProgSrvcAccomActy3Grp/Desc0Five One Invest creates more efficient deal-making opportunities for investors and increases access to capital for entrepreneurs as they scale throughout Iraq. Invest uses knowledge-sharing, learning programs, and startup-investor facilitation to achieve this mission. This includes the publication of a monthly Iraq Investment Insider newsletter, masterclasses for later-stage startups, original research to expand knowledge of the investment ecosystem, and convening investors and ecosystem stakeholders. In FY24, we published our first in-depth State of Investments in Iraq research report to understand entrepreneurs financing and investment challenges and potential opportunities in Iraqs relatively limited financing landscape.
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IRS990/ProgSrvcAccomActyOtherGrp/Desc0Other program services
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0IRAQ PAYROLL TAX PAYABLE
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IRS990ScheduleF/ForeignIndividualsGrantsGrp/RegionTxt2South America
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RegionTxt3South America
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RegionTxt4South America
IRS990ScheduleF/ForeignIndividualsGrantsGrp/RegionTxt5Middle East
IRS990ScheduleF/ForeignIndividualsGrantsGrp/TypeOfAssistanceTxt0Seed funding
IRS990ScheduleF/ForeignIndividualsGrantsGrp/TypeOfAssistanceTxt1Need-based stipends
IRS990ScheduleF/ForeignIndividualsGrantsGrp/TypeOfAssistanceTxt2Prototyping stipends
IRS990ScheduleF/ForeignIndividualsGrantsGrp/TypeOfAssistanceTxt3Childcare stipends
IRS990ScheduleF/ForeignIndividualsGrantsGrp/TypeOfAssistanceTxt4Transportation stipends
IRS990ScheduleF/ForeignIndividualsGrantsGrp/TypeOfAssistanceTxt5Transportation stipends
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IRS990ScheduleF/SubtotalEmployeesCnt024
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IRS990ScheduleF/SupplementalInformationDetail/ExplanationTxt0For seed funding, Five One Labs requires grant recipients to submit a proposal for the seed funding. The Five One Labs team works with the grant recipients to establish milestones based on the recipients business. The funding is released in tranches that are linked to the various milestones. Once a series of milestones is met, the next tranche of funding is released. For other stipends, registered participants in the incubator, Ignite or FEM programs who have been vetted prior to admission to the program, receive the funds. For prototyping stipends, participants submit a budget and receipts for expenses, which are then reimbursed by the Five One Labs team. Funds are disbursed and overseen by Five One Labs team members in country.
IRS990ScheduleF/SupplementalInformationDetail/FormAndLineReferenceDesc0Pt I Line 2
IRS990ScheduleF/TotalEmployeeCnt024

Document Assets

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Filings

Displayed year

2024 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$347,441
Liabilities
$9,129
Net assets
$338,312
Revenue
$1,262,924
Expenses
$1,242,045
Net income
$20,879
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.35$0.01$0.34$1.26$1.24$0.02
2023Detailed filing. Detailed filing data is available for this year.$0.33$0.02$0.32$1.28$1.33$0.04
2022Detailed filing. Detailed filing data is available for this year.$0.37$0.01$0.36$1.12$1.12$0.00
2021Detailed filing. Detailed filing data is available for this year.$0.37$0.01$0.36$1.18$1.09$0.09
2020Detailed filing. Detailed filing data is available for this year.$0.28$0.01$0.27$0.74$0.76$0.02
2019Detailed filing. Detailed filing data is available for this year.$0.28$0.01$0.29$0.69$0.42$0.27
2018Detailed filing. Detailed filing data is available for this year.$0.03$0.00$0.03$0.18$0.16$0.02