Lovelace Biomedical Research Institute
- Assets
- $259.2m
- Revenue
- $112.1m
- Investments
- $4.7m
- Employees
- 503
- Location
- Albuquerque, NM
- Founding
- 10/1969
- Data as of
- 06/2023
- EIN
- 85-0110669
Organization Overview
Lovelace Biomedical Research Institute is located in Albuquerque, NM. The organization was established in 1969. According to its NTEE Classification (H92) the organization is classified as: Biomedicine & Bioengineering Research, under the broad grouping of Medical Research and related organizations. As of 06/2023, Lovelace Biomedical Research Institute employed 503 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lovelace Biomedical Research Institute 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 06/2023, Lovelace Biomedical Research Institute generated $112.1m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 48.3% each year . All expenses for the organization totaled $94.7m during the year ending 06/2023. While expenses have increased by 29.0% per year over the past 6 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE LOVELACE BIOMEDICAL RESEARCH INSTITUTE (LBRI) IS A PRIVATE, BIOMEDICAL RESEARCH ORGANIZATION DEDICATED TO IMPROVING PUBLIC HEALTH THROUGH RESEARCH ON THE PREVENTION, TREATMENT AND CURE OF DISEASES. LBRI IS COMMITTED TO CURING DISEASES THROUGH RESEARCH AIMED AT UNDERSTANDING THEIR CAUSES AND BIOLOGICAL MECHANISMS; ASSESSING AND ELIMINATING EXPOSURES TO RESPIRATORY, NEUROLOGICAL AND OTHER HEALTH HAZARDS; AND DEVELOPING IMPROVED THERAPEUTICS, VACCINES, AND DIAGNOSTICS. LBRI IS BASED IN ALBUQUERQUE, NEW MEXICO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEDICAL RESEARCH AND EDUCATIONAL ACTIVITY IN THE AREAS OF BASIC BIOMEDICAL RESEARCH, HEALTH AND POPULATION STUDIES, INCLUDING RESPIRATORY DISEASES SUCH AS ASTHMA, COPD, ALLERGY AND TOXIC EFFECTS OF ENVIRONMENTAL FACTORS. ADDITIONAL AREAS INCLUDE NEUROLOGIC CONDITIONS SUCH AS TRAUMATIC BRAIN INJURY, ADDICTION AND PSYCHOPATHY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan Kadish President And Chairman Of The Board | OfficerTrustee | 2 | $37,907 |
Jackie Lovelace Johnson Director | Trustee | 2 | $0 |
Jane Delgado Director | Trustee | 2 | $0 |
Chris Spencer CPA Dir Chair Budget & Finance(thru 7/5/22) | OfficerTrustee | 2 | $0 |
Pamela Sullivan Dir Chair Audit & Compensation (thru 7/5/22) | OfficerTrustee | 2 | $0 |
Matthew F Bonilla Special Appointee | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Sdv Construction Inc Construction Services | 6/29/23 | $3,509,146 |
Dkg And Associates Inc Construction Services | 6/29/23 | $1,887,839 |
Capstone Corporate Finance Llc Broker | 6/29/23 | $1,516,411 |
Universal Protection Services Lp Outsourced Security Services | 6/29/23 | $420,174 |
Summit Construction Inc Construction Services | 6/29/23 | $399,097 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $12,739,560 |
| All other contributions, gifts, grants, and similar amounts not included above | $20,166 |
| Noncash contributions included in lines 1a–1f | $2,191,647 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,759,726 |
| Total Program Service Revenue | $97,269,762 |
| Investment income | $1,470,866 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $123,659 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $444,959 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $112,131,523 |
| 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. | $2,470,362 |
| Compensation of current officers, directors, key employees. | $2,066,234 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,433,767 |
| Pension plan accruals and contributions | $2,073,049 |
| Other employee benefits | $9,465,908 |
| Payroll taxes | $1,924,483 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $40,905 |
| Fees for services: Accounting | $401,055 |
| Fees for services: Lobbying | $64,380 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $110,633 |
| Fees for services: Other | $5,214,097 |
| Advertising and promotion | $89,327 |
| Office expenses | $395,752 |
| Information technology | $1,597,351 |
| Royalties | $0 |
| Occupancy | $3,923,727 |
| Travel | $1,470,162 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $282,522 |
| Interest | $698,935 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,089,866 |
| Insurance | $1,113,133 |
| All other expenses | $16,932 |
| Total functional expenses | $94,680,185 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $24,133 |
| Savings and temporary cash investments | $224,736 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $30,472,739 |
| 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 | $2,532,703 |
| Net Land, buildings, and equipment | $108,221,793 |
| Investments—publicly traded securities | $62,459,772 |
| Investments—other securities | $4,652,495 |
| Investments—program-related | $0 |
| Intangible assets | $43,779,545 |
| Other assets | $6,833,368 |
| Total assets | $259,201,284 |
| Accounts payable and accrued expenses | $8,788,431 |
| Grants payable | $0 |
| Deferred revenue | $16,675,339 |
| 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 | $20,914,691 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,488,303 |
| Total liabilities | $51,866,764 |
| Net assets without donor restrictions | $207,334,520 |
| Net assets with donor restrictions | $0 |
| 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 | $259,201,284 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Lovelace Biomedical Research Institute Albuquerque, NM | $259,201,284 | $112,131,523 |
Oklahoma Medical Research Foundation Oklahoma City, OK | $499,810,540 | $126,016,814 |
Lovelace Biomedical & Environmental Research Institute Inc Albuquerque, NM | $86,733,655 | $36,706,942 |
Steadman Philippon Research Institute Vail, CO | $15,741,993 | $13,892,440 |
Biomedical Research Foundation Of Southern Arizona Tucson, AZ | $383,333 | $237,867 |
Biomedical Research Foundation Of Colorado Denver, CO | $424,012 | $945 |
Biomedical Research Foundation Houston, TX | $0 | $7,631 |
International Foundation For Biomedical Aging Research Temple, TX | $0 | $0 |