Qubic Labs Inc

Analysis

Qubic Labs Inc is a registered charity in United States, based in Quincy, MA. It received its IRS tax-exemption ruling in November 2021, 5 years ago. 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, Qubic Labs Inc reported income of $1.0m and spending of $799k, leaving 23% of income unspent that year. Across the 3 years on record, from December 2021 to December 2023, income grew from $134k to $1.0m (+681%), an average of +180% a year. The sharpest change came in the year to December 2022, when income rose by 226%. Over the whole period it spent 93% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Qubic Labs Inc sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 80th percentile, and in the 79th percentile within MA. Charities of a similar size with the same main cause include Mount Carmel Senior Housing Development Fund Corporation ($1.0m), Trenton Downtown Association Inc ($1.0m) and Womens Community Center Inc ($1.0m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 94% and program service revenue 6.0% of the total. Compensation of current officers, directors and key employees was $185k (23% of expenses). Other salaries and wages came to $105k. At year end it held assets of $224k against liabilities of $111k, net assets of $113k. It reported 4 employees.