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Worclab INC FY2023 filing

Tax-deductible

Worcester, MA501(c)(3)Since 2010Environment EIN 90-0542706Revenue $232K in FY2023Latest return filed Jul 8, 2026

On file with the IRSworclab.comWorcester, MATax-exempt since Mar 2011Publicly supported charity — 170(b)(1)(A)(vi)

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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.

501(c)(3) charity; gifts are tax-deductible.
84¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 5
filings with a surplus
Average surplus $20K a year · 9% of revenue · last 5 filings
Worth a look: a surplus in 3 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
84%
of spending
Looks good: 84% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 3.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$0
0% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$232K
+34% vs prior year
Spent
$189K
To programs
84%
Net assets
$146K
By yearFY2020–FY2025
Revenue
$232K
FY2023▲ +34%
Tap a bar for its year
Revenue by fiscal year
FY2020$126K
FY2021$211K
FY2022$173K
FY2023$232K
FY2024$210K
FY2025$242K
Expenses
$189K
FY2023▲ +3%
Tap a bar for its year
Expenses by fiscal year
FY2020Not on file
FY2021$157K
FY2022$184K
FY2023$189K
FY2024$192K
FY2025$248K
Net assets
$146K
FY2023▲ +42%
Tap a bar for its year
Net assets by fiscal year
FY2020$61K
FY2021$115K
FY2022$103K
FY2023$146K
FY2024$164K
FY2025$158K

From the FY2023 Form 990 · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Mar 2011.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

84 cents of each dollar spent went to programs.

Program services 84% · $160K Management & general 14% · $26K Fundraising 2% · $3K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

7 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Julian Wade
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Greg Cronin
Director
$0Pt VII · Sec A
Linda Looft
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
See Worclab INC executive salaries →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Helps startups launch and grow by providing affordable office, prototyping space, and resources.

Questions for Worclab INC

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3 programs · $160K · in their own filed words · FY2023
01

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

$159Kprogram expense
02

Marketing and outreach by maintaining a website with information on news, resources, and events. Meet with organizations and businesses within new england to collaborate on startups. Host events and conferences to bring leaders in the community together to discuss and collaborate on projects.

$131program expense
03

Not applicable.

Pt IX · col B

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$232K
Ln 12
Gifts and grantsLn 1h$232K
Money outPt IX
$189K
Ln 25
Programscol B$160K
Managementcol C$26K
Fundraisingcol D$3K
Owns and owesPt X
$146K
net assets · Ln 32
Cash and savingsLn 1–2$60K
Total assetsLn 16$146K
LiabilitiesLn 26$0
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$232K
Government grantsLn 1e$15K
Total revenueLn 12$232K
Assets in detailPt X, end of year
CashLn 1$60K
Cash and savings togetherLn 1–2$60K
Accounts receivableLn 4$26K
Land, buildings, equipmentLn 10c$60K
Total assetsLn 16$146K
LiabilitiesLn 26$0
Net assetsLn 32$146K
OperationsPt I, VI
EmployeesI 51
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$34K$60K
Land, buildings, equipmentLn 10c$69K$60K
Total assetsLn 16$103K$146K
LiabilitiesLn 26$0$0
Net assetsLn 32$103K$146K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$53K$53K
Other employee benefitsLn 9$1K$1K
Payroll taxesLn 10$5K$5K
Accounting feesLn 11c$3K$3K
Professional fundraising feesLn 11e$319$319
Other fees for servicesLn 11g$3K$3K$23
Advertising and promotionLn 12$3K$131$3K
Office expensesLn 13$9K$9K
OccupancyLn 16$88K$80K$8K
TravelLn 17$9K$9K
Depreciation, depletion and amortizationLn 22$9K$8K$887
InsuranceLn 23$6K$6K
Total functional expensesLn 25$189K$160K$26K$3K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 LatestFiled with the IRS Jul 8, 2026 $242K$248K−$6K$158K 990 PDF
FY2024Filed with the IRS Nov 16, 2025 $210K$192K$18K$164K 990 PDF
FY2023 ViewingFiled with the IRS Nov 17, 2025 $232K$189K$43K$146K 990 PDF
FY2022Filed with the IRS Nov 16, 2023 $173K$184K−$11K$103K 990 PDF
FY2021Filed with the IRS Nov 15, 2022 $211K$157K$54K$115K 990 PDF
FY2020Filed with the IRS Nov 15, 2021 $126K$61K 990 PDF

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $231,873 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $172,546$231,873
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $172,546$231,873
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $55,895$59,802
I-16a Professional fundraising feesPrior year $0$319
I-17 Other expensesPrior year $128,107$128,978
I-18 Total expensesPrior year $184,002$189,099
I-19 Revenue less expensesPrior year −$11,456$42,774
Part VI · Governance 7 of 7 board members independent, 4 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $231,873 across 5 lines filed
VIII-1b Membership dues$184,896
VIII-1e Government grants$15,000
VIII-1f All other contributions, gifts and grants$31,977
VIII-1h Total contributions, gifts and grants$231,873
VIII-12 Total revenueRelated to mission $0 · Unrelated business $0 · Excluded from tax $0$231,873
Part IX · Statement of functional expenses $189,099 across 12 lines filed
IX-7 Other salaries and wagesPrograms $52,885$52,885
IX-9 Other employee benefitsPrograms $1,446$1,446
IX-10 Payroll taxesPrograms $5,471$5,471
IX-11c Accounting feesManagement $2,525$2,525
IX-11e Professional fundraising feesFundraising $319$319
IX-11g Other fees for servicesPrograms $2,811 · Management $23$2,834
IX-12 Advertising and promotionPrograms $131 · Fundraising $2,839$2,970
IX-13 Office expensesManagement $9,389$9,389
IX-16 OccupancyPrograms $79,867 · Management $7,994$87,861
IX-17 TravelPrograms $9,028$9,028
IX-22 Depreciation, depletion and amortizationPrograms $7,981 · Management $887$8,868
IX-23 InsuranceManagement $5,503$5,503
IX-25 Total functional expensesPrograms $159,620 · Management $26,321 · Fundraising $3,158$189,099
Part X · Balance sheet $145,821 assets, 8 lines filed
X-1 Cash, non-interest-bearingStart of year $34,425$59,906
X-4 Accounts receivable$26,161
X-10c Land, buildings and equipment, netStart of year $68,622$59,754
X-16 Total assetsStart of year $103,047$145,821
X-26 Total liabilitiesStart of year $0$0
X-27 Net assets without donor restrictionsStart of year $103,047$145,821
X-32 Total net assets or fund balancesStart of year $103,047$145,821
X-33 Total liabilities and net assetsStart of year $103,047$145,821
Part XI · Reconciliation of net assets $145,821 net assets at year end
XI-1 Total revenue$231,873
XI-2 Total expenses$189,099
XI-3 Revenue less expenses$42,774
XI-4 Net assets at start of year$103,047
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$145,821

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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