Loop Lab Inc

Analysis

Loop Lab Inc is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in March 2018, 8 years ago. Its declared purposes cover employment, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Loop Lab Inc reported income of $789k and spending of $1.1m, spending 144% of what it took in. Across the 4 years on record, from December 2020 to December 2023, income grew from $382k to $789k (+107%), an average of +27% a year. The sharpest change came in the year to December 2021, when income rose by 128%. Over the whole period it spent 86% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Loop Lab Inc sits at the 74th percentile: it is larger than about 74% of them. Against every charity in United States with reported income it ranks in the 76th percentile, and in the 76th percentile within MA. Charities of a similar size with the same main cause include Orange County Shared Spaces Foundation ($788k), Hope Thru Soap Inc ($789k) and Sheet Metal Workers Local 63-Educational Fund ($788k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 90% and program service revenue 10% of the total. Compensation of current officers, directors and key employees was $105k (9.2% of expenses). Other salaries and wages came to $362k. It paid $27k in professional fundraising fees. At year end it held assets of $796k against liabilities of $256k, net assets of $541k. It reported 8 employees.