Large Binocular Telescope Corporation
- Assets
- $101.6m
- Revenue
- $24.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Tucson, AZ
- Founding
- 06/1997
- Data as of
- 12/2023
- EIN
- 86-0724677
Organization Overview
Large Binocular Telescope Corporation is located in Tucson, AZ. The organization was established in 1997. According to its NTEE Classification (U31) the organization is classified as: Astronomy, under the broad grouping of Science & Technology and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Large Binocular Telescope Corporation 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 12/2023, Large Binocular Telescope Corporation generated $24.1m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 10.2% each year . All expenses for the organization totaled $22.6m during the year ending 12/2023. While expenses have increased by 5.4% per year over the past 9 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
TO CONSTRUCT AND OPERATE A RESEARCH FACILITY KNOWN AS THE LARGE BINOCULAR TELESCOPE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
A TOTAL OF 274 NIGHTS WERE OFFERED TO THE LBTO PARTNERS AND SCIENCE STAFF IN 2023 FOR SCIENTIFIC OBSERVATIONS, WHILE 27 WERE DEVOTED TO ENGINEERING WORK AND COMMISSIONING OF NEW INSTRUMENTATION. POOR WEATHER CONDITIONS RESULTED IN A LOSS OF 40% OF SCIENCE OBSERVING TIME DURING 2023, SIMILAR TO THE AVERAGE OVER THE PAST DECADE.A TOTAL OF 59 SCIENTIFIC PAPERS BASED ON LBT DATA WERE PUBLISHED IN 2023 IN REFERRED JOURNALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Adriano Fontana Chairman & President | OfficerTrustee | 2 | $20,000 |
Evan Kirby Director | Trustee | 2 | $0 |
Andreas Quirrenbach Director | Trustee | 2 | $0 |
Roberto Ragazzoni Director | Trustee | 2 | $0 |
Matthias Steinmetz Director | Trustee | 2 | $0 |
Dennis Zaritsky Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Leibniz-institute Fur Astrophysik Potsda Annual Maintenance And Repairs | 12/30/23 | $172,699 |
Ads International Design/fabrication & Shell Cleaning/coat | 12/30/23 | $162,397 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $11,982,216 |
| All other contributions, gifts, grants, and similar amounts not included above | $12,096,474 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $24,078,690 |
| Total Program Service Revenue | $0 |
| Investment income | $13,149 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $28,023 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $24,120,428 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $10,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $20,000 |
| Compensation of current officers, directors, key employees. | $20,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $631,347 |
| Advertising and promotion | $47,465 |
| Office expenses | $117,043 |
| Information technology | $24,451 |
| Royalties | $0 |
| Occupancy | $1,405,655 |
| Travel | $114,477 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,152 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,902,580 |
| Insurance | $3,645 |
| All other expenses | $0 |
| Total functional expenses | $22,571,536 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,011,888 |
| Savings and temporary cash investments | $1,035,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $73,022 |
| Net Land, buildings, and equipment | $97,459,680 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $101,579,590 |
| Accounts payable and accrued expenses | $311,737 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,411,187 |
| Total liabilities | $7,722,924 |
| Net assets without donor restrictions | $93,856,666 |
| 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 | $101,579,590 |