Five One Labs Inc

Nonprofit profile at a glance

EIN
821623382
IRS 990 coverage
2017–2024
Forms available
Form 990 2024, Form 990-N 2016
Location
Salem, NH, USA
Rating
68
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$2,299,585
Expenses
$1,194,211
Assets
$1,333,895
Liabilities
$202,124

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

Leadership & pay

7 people listed

Executive titles in this filing

  • PATRICIA LETAYF (EXECUTIVE DIRECTOR)
  • ALICE BOSLEY (PRESIDENT OF THE BOARD)

Highest reported compensation

  • PATRICIA LETAYF (EXECUTIVE DIRECTOR): $83,876 total reported compensation
  • ALICE BOSLEY (PRESIDENT OF THE BOARD): $14,500 total reported compensation

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

Overview

Mission

Five one labs is an international, impact-driven 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 entrepreneurship to enable individuals to rebuild

What it reported doing in 2024

During five one labs eighth year of operations in the kurdistan region of iraq, we expanded our impact through core intensive programming and new thematic activities to address local challenges relating to climate and sustainability, rural economic development and digital skills building for youth. We continued our orange corners partnership with the incubation of 41 startups, including a first-ever fully kurdish language cohorts. Through our business backing program we promoted market access and business growth for nearly 100 forcibly displaced populations-related enterprises. We launched techlana, a six-month development sprint for 16 it students and graduates in sulaimani. Through additional programs, we convened 16 women leaders for capacity building workshops related to business and climate resilience and began research for programming to find innovative ways to tackle food waste in erbil. Beyond entrepreneurship, we introduced digital explorers, a six-month

Operating model

Revenue model
Donor-supported. 98% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 93% 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 available resources goes toward mission work and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 57
  • Transparency & Controls: 70
  • Accountability: 78
  • Sustainability: 65
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 41%; rating input score 41
  • Program expense ratio: 78.8%; rating input score 79
  • Fundraising efficiency: $34.39 raised per $1 spent on fundraising; rating input score 72; 72nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 81.2%; rating input score 81; 0th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: 0 of 8 controls in place; rating input score 0
    • Claims monitoring procedures: Fail
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 71.4%; rating input score 71; 12th 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 48.1%; rating input score 92; 92nd percentile among comparable filings
  • Total-asset coverage ratio: 1.12; rating input score 41; 41st percentile among comparable filings
  • Liabilities to assets ratio: 0.15; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: 8.2%; rating input score 36; 36th percentile among comparable filings

Growth

  • Program expense growth: 15.6% per year; rating input score 100; 79th percentile among comparable filings
  • Revenue growth: 21.1% per year; rating input score 100; 89th percentile among comparable filings
  • Asset growth: 27.4% per year; rating input score 100; 91st percentile among comparable filings

Details

  • Where the money goes: 41% of revenue deployed · 78.8% of spending went to programs
  • Governance: 5 of 7 board members independent · 7 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $941K in reported program spending
  • Leadership: top reported pay $84K · 7 people listed
  • Consistency: 27 of 29 current checks pass · 2 findings to review
  • Schedules: 6 filed schedules · includes major donors and foreign activity
  • Filing history: 7 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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.

Key Signals

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

  • Moderate — Financial Efficiency: Mission deployment rate scored 41/100.
  • High — Transparency & Controls: Foreign activity oversight: 8 of 8 not reported.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 41/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Foreign grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 36/100.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.