Colab

Nonprofit profile at a glance

EIN
263934828
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Chattanooga, TN, USA
Phone
4232810811
Rating
68
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Arts, Cultural Organizations - Multipurpose

Official website

Reported finances

Revenue
$1,203,929
Expenses
$1,386,959
Assets
$528,414
Liabilities
$234,152

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

16 people listed

Executive titles in this filing

  • TASIA MALAKASIS (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • TASIA MALAKASIS (CHIEF EXECUTIVE OFFICER): $225,038 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Our vision is to put chattanooga at the forefront of cutting-edge technologies to improve our ecosystem with advances in sustainable mobility, to be the best sustainable mobility startup accelerator in the world, and to build a diverse and inclusive future by supporting scalable businesses in the greater chattanooga region. Co.lab is recognized as a top 10 accelerator in the country.

What it reported doing in 2024

Intrapreneurship workshop: co.lab is developing a custom-made workshop aimed at helping innovators within a large organization learn more about the necessary business tools needed to ideate, refine, and implement organizational innovations. This is a full-day workshop tailored to each organization based on their specific internal needs, keeping in mind the nuances within change management. The first pilot program had a fantastic reception from tva with 60 participants. Co.starters: we offer a program to ten counties, providing entrepreneurs with a supportive community, an organized framework, and a sense of responsibility as they transform their ideas into reality. This program facilitates the journey from conceptualization to business launch through a series of bootcamp sessions guided by co.lab and respected local business professionals, who impart valuable knowledge on various business concepts to the participants. Kiva: co.lab is the only kiva hub in the state of Tennessee. Kiva is a nontraditional online lending platform that uses crowdfunded microloans as a force for good. Kiva creates a space where people can have a tangible impact on each other and ultimately financial access for all. Entrepreneurs can be connected to lenders across the globe and can apply for crowdfunded loans of up to $15,000.00 at 0% interest for terms up to 36 months.

Operating model

Revenue model
Donor-supported. 62% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of total spending goes to programs and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 59
  • Transparency & Controls: 74
  • Accountability: 95
  • Sustainability: 15
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 67.3%; rating input score 67
  • Program expense ratio: 58.9%; rating input score 59
  • Fundraising efficiency: $6.19 raised per $1 spent on fundraising; rating input score 23; 23rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -15.2%; rating input score 12; 12th percentile among comparable filings
  • Total-asset coverage ratio: 0.38; rating input score 18; 18th percentile among comparable filings
  • Liabilities to assets ratio: 0.44; rating input score 18; 18th percentile among comparable filings
  • Officer compensation ratio: 16.2%; rating input score 20; 20th percentile among comparable filings

Growth

  • Program expense growth: 0.1% per year; rating input score 100; 18th percentile among comparable filings
  • Revenue growth: -0.8% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: -3% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 67.3% of revenue deployed · 58.9% of spending went to programs
  • Governance: 15 of 15 board members independent · 7 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $817K in reported program spending
  • Leadership: top reported pay $225K · 16 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $175K reported
  • Consistency: 34 of 34 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 8 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Financial Efficiency: Program expense ratio scored 59/100.
  • High — Financial Efficiency: Fundraising efficiency scored 23/100.
  • High — Sustainability: Operating margin scored 12/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 18/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 18/100.
  • High — Sustainability: Officer compensation ratio scored 20/100.