Liberty Science Center Inc
- Assets
- $130.7m
- Revenue
- $29.3m
- Investments
- $0.0
- Employees
- 127
- Location
- Jersey City, NJ
- Founding
- 12/1982
- Data as of
- 06/2022
- EIN
- 22-2302253
Organization Overview
Liberty Science Center Inc is located in Jersey City, NJ. The organization was established in 1982. According to its NTEE Classification (A57) the organization is classified as: Science & Technology Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 06/2022, Liberty Science Center Inc employed 127 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Liberty Science Center Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Liberty Science Center Inc generated $29.3m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $24.0m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (1.3%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO INSPIRE THE NEXT GENERATION OF SCIENTISTS AND ENGINEERS AND EXCITE LEARNERS OF ALL AGES ABOUT THE POWER, PROMISE, AND PURE FUN OF SCIENCE AND TECHNOLOGY.LSC OFFERS EXCEPTIONAL SCIENCE LEARNING ONSITE, OFFSITE, AND ONLINE AS WELL AS PROFESSIONAL DEVELOPMENT FOR TEACHERS.
Describe the Organization's Program Activity:
LIBERTY SCIENCE CENTER HAS BROAD AMBITIONS AND SOUND STRATEGIES TO CHANGE THE FACE OF SCIENCE EDUCATION IN NEW JERSEY AND BEYOND. IN ADDITION TO ITS ENGAGING EXHIBITION AND THEATER OFFERINGS, AN IMPORTANT TOOL IN ACHIEVING THAT OBJECTIVE IS THE CENTER FOR LEARNING AND TEACHING. THE 19,000-SQUARE-FOOT FACILITY IS DEDICATED TO DELIVERING EDUCATIONAL PROGRAMMING FOR STUDENTS, GUESTS, TEACHERS, AND VISITORS. IT IS THE HOME OF LSC'S INTERNATIONALLY ACCLAIMED "LIVE FROM SURGERY" PROGRAM, WHERE STUDENTS OBSERVE AND DISCUSS PROCEDURES AND RISK FACTORS WITH OPERATING STAFF VIA VIDEOCONFERENCING DURING LIVE SURGERY. IT ALSO FEATURES SEVEN WORKING LABS INCLUDING THE MAKERLAB, AS WELL AS THE STUDIO FOR ELECTRONIC FIELD TRIPS. IN THIS SPACE, LSC PROVIDES OUTSTANDING AND AFFORDABLE EDUCATOR PROFESSIONAL DEVELOPMENT OPPORTUNITIES. SCHOOL RESIDENCIES ARE AVAILABLE THERE FOR SPECIAL NEEDS, HOME SCHOOLERS, AND OTHER STUDENTS. LIBERTY SCIENCE CENTER ALSO CONDUCTS CURRICULUM-LINKED ONSITE, OFFSITE, AND ONLINE PROGRAMS INCLUDING FIELD TRIPS, CLASSROOM AND LAB INSTRUCTION, INTERPRETIVE PROGRAMS IN BOTH FORMAL AND INFORMAL SETTINGS, TRAVELING SCIENCE PRESENTATIONS, AND EARLY CHILDHOOD SCIENCE PROGRAMMING. THE INSTITUTION ANNUALLY HOSTS HUNDREDS OF PRIVATE EVENTS FROM BIRTHDAY PARTIES TO HIGH-END PRODUCT LAUNCHES, HOSTS WORKFORCE DEVELOPMENT INITIATIVES, AND SHOWCASES PUBLIC SCIENCE- AND TECHNOLOGY- RELATED EVENTS FROM ROBOTICS COMPETITIONS TO LIVE ANIMAL SHOWS TO ROCKETRY LESSONS.
LIBERTY SCIENCE CENTER'S SCITECH SCITY WILL BE A "BUSINESS OPTIMIZER", A NEW BREED OF INNOVATION CENTER THAT MAXIMIZES COMMERCIAL SUCCESS AND SOCIAL IMPACT OF SCIENCE AND TECHNOLOGY STARTUPS. THE WORD SCITY (PRONOUNCED "CITY"), FROM SCIENCE + CITY, IS LSC'S PORTMANTEAU FOR A CITY INFUSED WITH SCIENTIFIC CREATIVITY AND ACTIONABLE OPTIMISM ABOUT BUILDING A BETTER FUTURE FOR ALL OF US. ENVISAGED AS A SMALL-SCALE "CITY OF TOMORROW", SCITECH SCITY ASPIRES TO BE AN INTERNATIONALLY RECOGNIZED COMMUNITY WHERE BUSINESSES TEST - AND RESIDENTS AND VISITORS EXPERIENCE - NEW PRODUCTS AND SERVICES BEFORE THEY COME TO MARKET. THE 30-ACRE INNOVATION CAMPUS WILL CONSIST OF: LIBERTY SCIENCE CENTER, THE MOST VISITED CULTURAL INSTITUTION IN NEW JERSEY AND THE LARGEST IMMERSIVE SCIENCE LEARNING CENTER IN THE NJ-NYC METROPOLITAN AREA, EDGE WORKS, THE ECONOMIC AND CREATIVE HUB FOR SCITECH SCITY CONSISTING OF 120,000 SQUARE FEET OF MULTI-FUNCTION WORKSPACE FOR TECHNOLOGY STARTUPS, ENTREPRENEURS AND SKUNK WORKS PROJECTS OF ESTABLISHED COMPANIES, AND A STATE-OF-THE-ART CONFERENCE CENTER AND TECH EXHIBITION SPACE; LIBERTY SCIENCE HIGH SCHOOL, A PUBLIC HIGH SCHOOL FOR SCIENCE-INTERESTED STUDENTS IN HUDSON COUNTY, NEW JERSEY, SCHOLARS VILLAGE, RESIDENTIAL HOUSING FOR ENTREPRENEURS, TEACHERS, STUDENTS, AND TECH-SAVVY FAMILIES, AND A PUBLIC COMMONS AND PLAZA, CONSISTING OF A LARGE OUTDOOR AREA AND COMMON AREA SPACE FOR SOCIALIZING AND ENJOYMENT THAT WILL BE OPEN TO THE PUBLIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paul Hoffman President & CEO | Officer | 70 | $864,510 |
Christine Arnold-Schroeder VP External Affairs | Officer | 60 | $246,790 |
Tamour Kousha Evp, Chief Financial Officer | Officer | 60 | $271,994 |
Iowaka Barber Chief People Officer | Officer | 60 | $217,388 |
Amanda Cunningham Chief Operating Officer (thru Feb 2022) | Officer | 60 | $214,030 |
Ivory Williams VP Stem Education | 50 | $143,079 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Art Guild Exhibit Design | 6/29/22 | $1,234,484 |
Iss Facility Services Building Engineers | 6/29/22 | $1,154,007 |
Hlw International Architecture And Engin Architecture / Engineering | 6/29/22 | $807,405 |
Concrete Design Services | 6/29/22 | $446,807 |
Bala Csi Consulting Engineers Pllc Building Design | 6/29/22 | $415,496 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,722,369 |
| Fundraising events | $2,962,212 |
| Related organizations | $0 |
| Government grants | $10,383,706 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,735,713 |
| Noncash contributions included in lines 1a–1f | $1,852,684 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $18,804,000 |
| Total Program Service Revenue | $9,155,018 |
| Investment income | $141,083 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $1,171,170 |
| Net Gain/Loss on Asset Sales | $181,163 |
| Net Income from Fundraising Events | -$395,521 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $29,310,016 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,078,584 |
| Compensation of current officers, directors, key employees. | $777,088 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $5,642,692 |
| Pension plan accruals and contributions | $208,966 |
| Other employee benefits | $757,977 |
| Payroll taxes | $522,105 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $90,580 |
| Fees for services: Accounting | $97,775 |
| Fees for services: Lobbying | $126,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $32,195 |
| Fees for services: Other | $879,811 |
| Advertising and promotion | $320,689 |
| Office expenses | $568,394 |
| Information technology | $273,224 |
| Royalties | $80,287 |
| Occupancy | $4,445,684 |
| Travel | $63,205 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $67,746 |
| Interest | $350,157 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,900,058 |
| Insurance | $380,374 |
| All other expenses | $0 |
| Total functional expenses | $23,968,927 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $12,230,617 |
| Savings and temporary cash investments | $25,380,723 |
| Pledges and grants receivable | $2,975,383 |
| Accounts receivable, net | $310,104 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $801,301 |
| Net Land, buildings, and equipment | $85,045,657 |
| Investments—publicly traded securities | $3,897,436 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $19,000 |
| Total assets | $130,660,221 |
| Accounts payable and accrued expenses | $4,714,870 |
| Grants payable | $0 |
| Deferred revenue | $1,405,079 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $7,848,275 |
| Unsecured mortgages and notes payable | $149,900 |
| Other liabilities | $2,000,000 |
| Total liabilities | $16,118,124 |
| Net assets without donor restrictions | $74,063,952 |
| Net assets with donor restrictions | $40,478,145 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $130,660,221 |