Loop Lab Inc

Organization Overview

Loop Lab Inc is located in Cambridge, MA. The organization was established in 2018. According to its NTEE Classification (J22) the organization is classified as: Job Training, under the broad grouping of Employment and related organizations. As of 12/2021, Loop Lab Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Loop Lab Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 12/2021, Loop Lab Inc generated $870.1k in total revenue. All expenses for the organization totaled $632.2k during the year ending 12/2021. While expenses have increased by 46.8% per year over the past 3 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

THE LOOP LAB IS A NON-PROFIT SOCIAL ENTERPRISE SPECIALIZING IN WORKFORCE DEVELOPMENT AND DIGITAL STORYTELLING FOUNDED TO SERVE THE PORT NEIGHBORHOOD OF CAMBRIDGE. COMMITTED TO EMPOWERING WOMAN AND ADULTS OF COLOR FROM LOW INCOME BACKGROUNDS TO JOIN THE DIGITAL ECONOMY THROUGH CAREERS IN VIDEO, PHOTOGRAPHY, AND AUDIO. WE SUPPORT WITH ALUMNI AND STAFF WORKING ON THESE PROJECTS.

Describe the Organization's Program Activity:

Part 3 - Line 4a

LOOP LAB ACADEMY- OUR ORGANIZATION OPERATES A FREE HIGH SCHOOL PRE-APPRENTICESHIP PROGRAM WHICH PREPARES STUDENTS FOR CAREERS IN THE MEDIA ARTS/AV INDUSTRIES. WE ALSO RUN A STATE-REGISTERED MEDIA ARTS APPRENTICESHIP FOR 18-26 YEAR OLDS THAT PROVIDES PAID INTERNSHIPS AND ON-THE -JOB TRAINING FOR PARTICIPANTS.


LOOP LAB STUDIO- OUR ORGANIZATION OPERATES A VIDEO PRODUCTION STUDIO THAT PROVIDES LOW COST AND HIGH-QUALITY VIDEO SERVICES TO CULTURAL ARTS ORGANIZATIONS AND COMPANIES IN GREATER BOSTON. THE STUDIO HIRES MANY OF OUR ALUMNI, FUTHERS THEIR TRAINING, AND GENERATES REVENUE FOR THE ORGANIZATION.


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Board, Officers & Key Employees

Name (title)Compensation
Christopher Hope
Executive Director
$63,077
Troy Ellerbee
Clerk
$0
Paul Lannon
Board Chair
$0
Dawna Johnson
Director
$0
Geoff Keith
Director
$0
Jan Houston Smith
Secretary
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$0
Government grants $64,100
All other contributions, gifts, grants, and similar amounts not included above$676,535
Noncash contributions included in lines 1a–1f $70,000
Total Revenue from Contributions, Gifts, Grants & Similar$740,635
Total Program Service Revenue$129,340
Investment income $16
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 $870,079

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Loop Lab Inc has recieved totaling $15,000.

Awarding OrganizationAmount
A C Ratshesky Foundation

Needham, MA

PURPOSE: PROGRAM SUPPORT

$15,000
View Grant Recipient Profile

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