Lovelace Biomedical
Legal name: Lovelace Biomedical Research Institute
Nonprofit profile at a glance
- EIN
- 850110669
- IRS 990 coverage
- 2009–2024
- Official website data refreshed
- Aug 2026
- Forms available
- Form 990 2024, Form 990-T 2021
- Location
- Albuquerque, NM, US
- Phone
- (505) 348-9400
- Rating
- 78
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Biomedicine, Bioengineering Research
Reported finances
- Revenue
- $83,397,041
- Expenses
- $87,744,696
- Assets
- $255,478,512
- Liabilities
- $48,316,899
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
19 people listed
Executive titles in this filing
- ALAN KADISH (PRESIDENT AND CHAIRMAN OF THE BOARD)
- ROBERT W RUBIN PHD (CEO (THROUGH 5/31/25))
- SALOMON AMAR (CEO (STARTING 6/1/25))
Highest reported compensation
- ALAN KADISH (PRESIDENT AND CHAIRMAN OF THE BOARD): $1,387,128 total reported compensation
- ROBERT W RUBIN PHD (CEO (THROUGH 5/31/25)): $845,514 total reported compensation
- SHANNON L TOMA (EXEC VP, COO, CFO): $770,069 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To advance biomedical science through nonclinical and clinical research focused on toxicology, drug development, and characterization of disease.
What it reported doing in 2024
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.
Operating model
- Revenue model
- Earned-program. 79% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filed totals do not add up.
Rating breakdown
- Financial Efficiency: 83
- Transparency & Controls: 75
- Accountability: 77
- Sustainability: 39
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 97.1%; rating input score 97
- Program expense ratio: 87.9%; rating input score 88
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 92.9%; rating input score 93; 17th percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 60%; rating input score 60; 16th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -5.2%; rating input score 12; 12th percentile among comparable filings
- Total-asset coverage ratio: 2.91; rating input score 75; 75th percentile among comparable filings
- Liabilities to assets ratio: 0.19; rating input score 70; 70th percentile among comparable filings
- Officer compensation ratio: 4.3%; rating input score 23; 23rd percentile among comparable filings
Growth
- Program expense growth: 17% per year; rating input score 100; 89th percentile among comparable filings
- Revenue growth: 7% per year; rating input score 100; 60th percentile among comparable filings
- Asset growth: 6.6% per year; rating input score 100; 48th percentile among comparable filings
Details
- What they do: 9 programs and campaigns described on the official site · 1 operating location identified
- Where the money goes: 97.1% of revenue deployed · 87.9% of spending went to programs
- Governance: 6 of 10 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $77.1M in reported program spending
- Leadership: top reported pay $1.4M · 19 people listed · 2 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $10.3M reported
- Consistency: 34 of 35 current checks pass · 1 finding to review
- Schedules: 7 filed schedules · includes major donors and executive pay
- Filing history: 12 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: 7 filed money-flow records
- Related organizations: 24 filed related-organization links
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
- Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Operating margin scored 12/100.
- Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
- High — Sustainability: Officer compensation ratio scored 23/100.