Petroleum Club Of Midland
- Assets
- $8.7m
- Revenue
- $4.5m
- Investments
- $0.0
- Employees
- 105
- Location
- Midland, TX
- Founding
- 08/1949
- Data as of
- 10/2020
- EIN
- 75-0750687
Organization Overview
Petroleum Club Of Midland is located in Midland, TX. The organization was established in 1949. According to its NTEE Classification (N60) the organization is classified as: Amateur Sports, under the broad grouping of Recreation & Sports and related organizations. As of 10/2020, Petroleum Club Of Midland employed 105 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Petroleum Club Of Midland is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 10/2020, Petroleum Club Of Midland generated $4.5m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $5.4m during the year ending 10/2020. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
THE IMPROVEMENT AND DEVELOPMENT OF THE HUMAN MIND THROUGH READING, DISCUSSION, EXCHANGE OR IDEAS, LECTURES, INFORMATION & SOCIAL CONTACTS AND ALL OTHER MEANS THAT WILL CONTRIBUTE TO IMPROVEMENT OF MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE PRIVATE CLUB DINING FACILITIES FOR ITS MEMBERS AND THEIRGUESTS IN AN ATMOSPHERE THAT IS CONDUCIVE TO THE EXCHANGE OFBUSINESS IDEAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bradford Miller General Manager | Officer | 40 | $328,683 |
Melanie Lancaster Office Manager | 40 | $103,842 | |
Chip Smith President | Officer | 2 | $0 |
Pamela Feist Vice-President | Officer | 2 | $0 |
Tom Brandt Secretary-Treasurer | Officer | 2 | $0 |
Frank Mccabe Ex-Officio | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $166,655 |
| Investment income | $32,375 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$2,121 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,525,020 |
| Statement of Expenses | |
|---|---|
| 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. | $325,802 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $339,101 |
| Pension plan accruals and contributions | $38,919 |
| Other employee benefits | $105,655 |
| Payroll taxes | $55,298 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $32,349 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $24,759 |
| Royalties | $0 |
| Occupancy | $161,539 |
| Travel | $1,871 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $536,256 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,380,128 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $309,801 |
| Savings and temporary cash investments | $101,599 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $183,864 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $98,016 |
| Prepaid expenses and deferred charges | $49,466 |
| Investments—publicly traded securities | $1,258,409 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,749,464 |
| Accounts payable and accrued expenses | $171,639 |
| Grants payable | $0 |
| Deferred revenue | $11,545 |
| 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 | $82,399 |
| Total liabilities | $265,583 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $8,483,881 |
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