Worclab Inc

Nonprofit profile at a glance

EIN
900542706
IRS 990 coverage
2022–2025
Forms available
Form 990 2025, Form 990-EZ 2020
Location
Worcester, MA, USA
Phone
5087514639
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Energy Resources Conservation and Development

Reported finances

Revenue
$241,973
Expenses
$247,629
Assets
$158,371
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • LARRY GENOVESI (CHAIRMAN & EXECUTIVE DIRECTOR)

People named in this filing

  • LARRY GENOVESI (CHAIRMAN & EXECUTIVE DIRECTOR)
  • LINDA LOOFT (TREASURER)
  • JACK FOLEY (CLERK)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

We aim to be a collaborative, diverse and inspiring community where innovators can launch and grow their business. Worclab's incubator facilities lower the barrier to success for startups by providing cost-effective offices and prototyping space, equipment, resources and programming.

What it reported doing in 2025

Provide a range of services and development opportunities to early stage organizations, including cost effective offices and prototyping space, equipment, and programming.

Operating model

Revenue model
Membership-supported. 64% of the money available for current operations came from membership dues.
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.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 92
  • Accountability: 70
  • Sustainability: 40
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.7%; rating input score 73
  • Program expense ratio: 71.1%; rating input score 71
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • 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; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -2.3%; rating input score 30; 30th percentile among comparable filings
  • Total-asset coverage ratio: 0.64; rating input score 30; 30th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 77; 77th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 67; 67th percentile among comparable filings

Growth

  • Program expense growth: 1% per year; rating input score 100; 32nd percentile among comparable filings
  • Revenue growth: 4.5% per year; rating input score 100; 45th percentile among comparable filings
  • Asset growth: 11.6% per year; rating input score 100; 67th percentile among comparable filings

Details

  • Where the money goes: 72.7% of revenue deployed · 71.1% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $176K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 4 filing years from 2022 to 2025
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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.

  • High — Accountability: Governance controls: 4 of 6 not reported.
  • Moderate — Sustainability: Operating margin scored 30/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 30/100.