Mission: The purpose of the lbt corporation is to maintain instrument and operate a large optical observatory for the purpose of conducting astronomical research, this expanding mankind's knowledge of its environment from the vicinity of the earth to the edge of the observable universe.
Programs: The observatory offered to the partners a regular allocation of roughly 50% of the available telescope time for scientific observing with the pair of large binocular cameras, an optical imager and spectograph (mods1), and an infrared imager and spectograph (luci1). The rest was used for commissioning activities. Work continued with the lbt interferometer as well as the adaptive secondary mirrors. Spectacular results were obtained using adapting optics, auguring well of the future of the observatory in high spatial resolution astronomy. Lbt work has resulted in 169 articles published in refereed scientific journals as of the end of 2014.
in 2014, the organization received in-kind contributions from its members which were recorded as revenue on the audited financial statements for operational support revenue in the amount of $3,269,000 and capital construction revenue in the amount of $2,333,171. Donated services are not recorded as revenues or expenses on the 990 but can be seen in schedule d of the 990 in the reconciliation between the organization's audited financial statements and the organization's 990.