2017-11-15T07:37:18-06:00 2016-12-31 WOLF & COMPANY PC 99 HIGH STREET 21ST FLOOR BOSTON MA 02110 990 2016-01-01 461031913 Lab Central Inc % LISA VELARDO CPA LABC 6178633650 700 main street cambridge MA 02139 JOHANNES FRUEHAUF president 6178633650 2017-11-14 true Michael J Rowe CPA P00535831 6174399700 2017-11-13 74.92.33.29 04102520173195000001 2017-11-15 P FC2C3B3E33F5728E88F8F1C970CCBE89E423E2A2 AB4632533840A799C2F045CE9F5D9B6D33CBA32F 2016 2017-02-10 21:41:12Z Johannes Fruehauf 700 Main Street cambridge MA 02139 10258360 false X http://labcentral.org/ X 2012 DE see part iii, line 1 5 2 22 3 0 1554947 1818992 6508850 8402521 608 26169 97376 10678 8161781 10258360 0 0 0 0 1445666 1942608 0 0 0 6463808 8182386 7909474 10124994 252307 133366 7285867 8437532 4262166 4551256 3023701 3886276 LAB CENTRAL SUPPORTS CREATION OF INNOVATIVE STARTUP BIOTECHNOLOGY COMPANIES BY PROVIDING A WORLD-CLASS ENVIRONMENT FOR ENTREPRENEURS, AND A FULLY FUNCTIONAL LIFE SCIENCES LABORATORY WITHIN THE KENDALL SQUARE INNOVATION HUB. false false 8740377 help create the next generation of biotech companies by providing entrepreneurs and innovative life sciences startups with the space and resources needed to test out, challenge, and nurture early ideas 8740377 true true false false false false false false false false true false false false true true true false false false false false false false false false false false false true false false false false false true false true false false false false false false false false false true 6 0 true 22 true false false false false false false false false false false false false X 5 2 true false true false false false false true true false false true true true true true true true true false DE MA X LISA VELARDO CPA 6177972363 ASPEN CONSULTING LLC 28 VERA ROAD middleton MA 02139 Peter D Parker director 20.0 0.0 X X 54864 0 23174 Johannes Fruehauf md phd President 32.0 0.0 X X 274320 0 33603 Timothy Rowe director 1.0 0.0 X 0 0 0 John Harthorne Director 1.0 0.0 X 0 0 0 Steven Trejay phd Director 1.0 0.0 X 0 0 0 Lisa Velardo CFO/Treasurer 8.0 0.0 X 0 0 0 Margaret E O'Toole VP of Operations 40.0 0.0 X 215733 0 15040 Celina C Chang lab manager 40.0 0.0 X 126230 0 29783 Krista Licata Director of Operations 40.0 0.0 X 108817 0 27950 Alexander T Redd Facilities Manager 40.0 0.0 X 77644 0 25312 857608 0 154862 4 false true false Fisher Scientific po box 3648 BOSTON MA 02241 lab supplies/equip 421147 Life Technologies 5791 VAn Allen Way CARLSBAD CA 92008 lab supplies/equip 644128 VWR International 100 Matsonford Road RADNOR PA 19087 lab supplies/equip 585564 Eppendorf North America Inc 102 Motor Parkway HAUPPAUGE NY 11788 lab supplies/equip 405860 4 1818992 1818992 INCUBATOR INCOME 900099 7959788 7959788 HARVARD LIFE LAB SERVICE 900099 442733 442733 8402521 26169 26169 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 EVENT REVENUE 900099 10678 10678 10678 10258360 8413199 26169 0 0 0 0 544917 264535 280382 0 875534 425036 450498 0 408346 251001 157345 113811 66611 47200 0 367915 204646 163269 22627 12586 10041 0 0 0 13332 7416 5916 76182 25920 50262 209344 190326 19018 32492 30867 1625 0 2064116 1961091 103025 0 0 0 0 0 721689 685605 36084 36666 5516 31150 ENVIRONMENTAL SVCS & PERMITS 259275 259275 LAB SUPPLIES & CONSUMABLE 2682157 2682157 LAB BUILDOUT 1422583 1422583 REPAIRS & MAINTENANCE 189064 189064 84944 56142 28802 10124994 8740377 1384617 0 3947239 4754938 10008 0 0 0 353478 1233452 0 0 0 0 0 0 0 0 91150 162597 3862021 1906773 2552695 1955248 0 0 0 0 0 0 0 0 331297 331297 7285867 8437532 2134762 2481830 0 0 1851505 1772176 0 0 0 0 0 0 0 0 0 0 275899 297250 4262166 4551256 X 3023701 3886276 0 0 0 0 3023701 3886276 7285867 8437532 133366 729209 X false true X true false X 0 5145220 2358633 1554947 1818992 10877792 0 0 0 5145220 2358633 1554947 1818992 10877792 2081061 8796731 1323 200 608 26169 28300 0 0 10906092 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 867219 240313 626906 2344579 1277693 1066886 650223 388767 261456 1955248 0 CURRENT PORTION OF CAPITAL LEA 0 TENANT DEPOSITS 297250 297250 X 10987569 729209 729209 10258360 10258360 10124994 10124994 10124994 Schedule D, Part X, Line 2 - Uncertain Tax Positions The Company is exempt from federal income taxes under Section 501(c)(3) of the Internal Revenue Code and therefore has made no provision for federal or state income taxes. The Company follows accounting guidance regarding recognition, measurement, presentation, and disclosure of uncertain tax positions in the financial statements. Tax positions taken or expected to be taken in the course of preparing the Companys tax returns, including the position that the Company qualifies as a tax exempt entity, are required to be evaluated to determine whether the tax positions are "more-likely-than-not" to be upheld under regulatory review. In January 2013, the Company submitted its application for tax exempt status under Section 501(c)(3) to the IRS. The Company received favorable determination of its status from the IRS in a letter dated June 26, 2014. Management has analyzed the tax positions taken by the Company, and has concluded that as of December 31, 2016 and 2015, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Companys income tax returns are subject to review and examination by federal and state taxing authorities. Beginning with the year ended December 31, 2014, the Company is open to audit under the applicable statutes of limitations by the Internal Revenue Service and state taxing authorities. The Companys policy is to recognize any interest and penalties related to tax matters as an expense when paid. No interest or penalties were recorded during 2016 and 2015. X X X false false false false false false false false false Johannes Fruehauf md phd President 274320 0 0 0 0 0 10993 0 22610 0 307923 0 0 0 Margaret E O'Toole VP of Operations 215733 0 0 0 0 0 5647 0 9393 0 230773 0 0 0 Celina C Chang lab manager 126230 0 0 0 0 0 7886 0 21897 0 156013 0 0 0 Cambridge Bio Lab Johannes Fruehauf exe dir 3000 management services false Cambridge Innovation Center Tim Rowe, CEO 1911 IT consulting services false Aspen Consulting LLC Lisa Velardo, Man Dir 26070 Accounting services false Business Relationships Johannes Fruehauf, the CEO & President of Lab Central, Inc., is also the Executive Director of Cambridge Bio Lab, which provides management sevices to Lab Central, Inc. Tim Rowe, a Board Member of Lab Central, Inc., is also the CEO of the Cambridge Innovation Center, which provides IT consulting servies to Lab Central, inc. Lisa Velardo, the CFo/Treasurer of Lab Central, Inc. is also the managing director of Aspen Consulting, LLC which provides financial and accounting services to Lab Central, inc. 990, PART VI, SECTION B, LINE 11 - REVIEW OF 990 RETURN a full copy of Form 990 is made available to the board of directors prior filing with the IRS. 990, PART VI, SECTION B, LINE 12C - Conflict of Interest Policy Lab Central, Inc. has a written conflict of interest policy that requires the board to review all related party transactions to ensure no conflicts exist. 990, PART VI, SECTION B, LINE 15 - Compensation Determination The board of directors determines the compensation for the organization's president, executive directors and officers. The process includes using various sources to evaluate the compensation for each individual. The board must approve the written agreement. 990, PART VI, SECTION C, LINE 19 - Availability of Documents Lab Central, Inc.'s governing documents, financial statements and form 990 are available upon request to the general public. 990, Part VI, Line 2 - Relationships Two board members are partners of BIOinnovation, LLC. 990, part VI, section A, Line - changes to governing documents The following sections of the by-laws amended in 2016: Article IV Directors Section 4.18 Compensation (a)Except as provided in Section 4.18( c) and Article VIII, no Director shall be permitted to receive any commissions or other compensation to which such Director may otherwise be entitled for the performance of his or her duties as a Director of the Corporation. For the avoidance of doubt, the foregoing shall not preclude a Director who is also an employee or consultant of the Corporation from receiving compensation for services actually rendered to the Corporation in good faith and on an arms-length basis in his or her capacity as an employee or consultant. Article VII officers Section 7.7 Compensation (a) Except as provided in Section 7.7(c) and Atiicle VIII, no officer shall be entitled to receive any commissions or other compensation to which such officer may otherwise be entitled for the performance of his or her duties as an officer of the Corporation. For the avoidance of doubt, the foregoing shall not preclude an officer who is also an employee or consultant of the Corporation from receiving compensation for services actually rendered to the Corporation in good faith and on an armslength basis in his or her capacity as an employee or consultant. Article XI Commercial Transactions Section 11.3 Approvals All Corporate Obligations to a payee: (a) that (i) do not exceed Ten Thousand ($10,000) Dollars, or (ii) that over a twelve (12) month period do not exceed Ten Thousand ($10,000) Dollars in the aggregate, may be approved by the Vice President of Operations or any other officer designated by the President or the Executive Director. (b) that (i) exceed Ten Thousand ($10,000) Dollars, or (ii) that over a twelve (12) month period exceed Ten Thousand ($10,000) Dollars in the aggregate, shall require the signature of the President, the Executive Director, or another officer designated by either of such officers. (c) that (i) exceed One Hundred Thousand ($100,000) Dollars, or (ii) that over a twelve (12) month period exceed One Hundred Thousand ($100,000) Dollars in the aggregate, shall require prior approval of the Board. Article XIV Miscellaneous Section 14.2 Notices (d) Waiver of Notice. Any notice required to be given under these By-laws may be waived by the person entitled thereto. Such waiver shall be in writing and may be given either before or after the meeting or other action for which said notice was required and shall be delivered to the Secretary for inclusion with the records for the meeting. Attendance at any meeting for which notice was required shall be deemed to (e) be a waiver of such notice unless the person entitled to such notice specifically states in the minutes of such meeting that such person disputes having received notice.