Permian Basin Petroleum Museum Library & Hall Of Fame
- Assets
- $51.3m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 18
- Location
- Midland, TX
- Founding
- 11/1968
- Data as of
- 12/2021
- EIN
- 75-6085378
Organization Overview
Permian Basin Petroleum Museum Library & Hall Of Fame is located in Midland, TX. The organization was established in 1968. According to its NTEE Classification (A57) the organization is classified as: Science & Technology Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Permian Basin Petroleum Museum Library & Hall Of Fame employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Permian Basin Petroleum Museum Library & Hall Of Fame 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 12/2021, Permian Basin Petroleum Museum Library & Hall Of Fame generated $3.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.1% each year. All expenses for the organization totaled $2.4m during the year ending 12/2021. While expenses have increased by 5.4% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE PETROLEUM MUSEUM, LIBRARY AND HALL OF FAME WAS ORGANIZED TO PROCURE, CARE FOR, AND DISPLAY OBJECTS RELATED TO THE PETROLEUM, ENERGY AND TRANSPORTATION INDUSTRIES. IN THIS REGARD,THE MUSEUM PROVIDES INTERIOR AND EXTERIOR EXHIBITS RELATING TO THE PETROLEUM, ENERGY AND TRANSPORTATION INDUSTRIES ALONG WITH EDUCATIONAL PROGRAMS AND MAINTAINS ARCHIVES AVAILABLE FOR RESEARCH.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PERMIAN BASIN PETROLEUM MUSEUM, LIBRARY AND HALL OF FAME WAS ORGANIZED TO PROCURE, CARE FOR, PRESERVE AND DISPLAY OBJECTS RELATED TO THE PETROLEUM, ENERGY AND TRANSPORTATION INDUSTRIES. IN THIS REGARD, THE MUSEUM PROVIDES INTERIOR AND EXTERIOR EXHIBITS RELATED TO THE PETROLEUM, ENERGY AND TRANSPORTATION INDUSTRIES ALONG WITH EDUCATIONAL PROGRAMS AND MAINTAINS ARCHIVES AVAILABLE FOR RESEARCH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Katherine G Shannon Executive Dir. | Officer | 40 | $106,400 |
Lisa Worden Finance Direc | Officer | 30 | $51,750 |
Billy Harris Secretary | OfficerTrustee | 2 | $0 |
Alan Krenek Treasurer | OfficerTrustee | 2 | $0 |
Eearl Baldridge III President | OfficerTrustee | 2 | $0 |
Will Porter Vice President | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rhotenberry Wellen Architects Architect Fee | 12/30/21 | $143,961 |
Lee Lewis Construction Construction Fee | 12/30/21 | $1,154,173 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $411,754 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,468,991 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,880,745 |
| Total Program Service Revenue | $296,598 |
| Investment income | $536,273 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $384,186 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $294,850 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $44,671 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,437,323 |
| 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. | $158,150 |
| Compensation of current officers, directors, key employees. | $94,310 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $471,147 |
| Pension plan accruals and contributions | $7,616 |
| Other employee benefits | $137,615 |
| Payroll taxes | $45,602 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,642 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,771 |
| Office expenses | $15,324 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,945 |
| 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 | $830,734 |
| Insurance | $87,606 |
| All other expenses | $42,172 |
| Total functional expenses | $2,381,287 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $850,720 |
| Pledges and grants receivable | $98,953 |
| 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 | $129,937 |
| Prepaid expenses and deferred charges | $88,291 |
| Net Land, buildings, and equipment | $22,608,598 |
| Investments—publicly traded securities | $14,056,366 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,444,076 |
| Total assets | $51,276,941 |
| Accounts payable and accrued expenses | $549,207 |
| 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 | $0 |
| Total liabilities | $549,207 |
| Net assets without donor restrictions | $37,790,658 |
| Net assets with donor restrictions | $12,937,076 |
| 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 | $51,276,941 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Permian Basin Petroleum Museum Library & Hall Of Fame has recieved totaling $112,472.
| Awarding Organization | Amount |
|---|---|
Abell-Hanger Foundation Midland, TX PURPOSE: FOR UNRESTRICTED GENERAL OPERATING SUPPORT | $50,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $18,500 |
Abell-Hanger Foundation Midland, TX PURPOSE: FOR THE 2022 ARLEN L. EDGAR LECTURE SERIES | $12,500 |
Yarborough Foundation Midland, TX PURPOSE: OPERATING EXPENSES | $10,000 |
Denver Foundation Denver, CO PURPOSE: 2021 STEAM SPROUTS PROGRAMS | $10,000 |
Communities Foundation Of Texas Dallas, TX PURPOSE: THIS GRANT IS DESIGNATED FOR GENERAL SUPPORT. | $6,383 |
Endowment Analysis
| Beg. Balance | $7,614,958 |
| Earnings | $1,012,692 |
| Net Contributions | $117,568 |
| Other Expense | $302,073 |
| Ending Balance | $8,443,145 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
John P Mcgovern Museum Of Health & Medical Science Houston, TX | $24,840,825 | $3,187,281 |
Permian Basin Petroleum Museum Library & Hall Of Fame Midland, TX | $51,276,941 | $3,437,323 |
Science Spectrum Lubbock, TX | $16,170,410 | $1,576,880 |
Don Harrington Discovery Center Foundation Inc Amarillo, TX | $11,557,284 | $2,641,973 |
Samsat San Antonio, TX | $2,066,200 | $1,357,551 |
Tulsa Air And Space Museum Inc Tulsa, OK | $6,390,793 | $1,036,013 |
Cavanaugh Flight Museum Addison, TX | $2,944,970 | -$123,262 |
The International Ufo Museum & Research Center At Roswell New Roswell, NM | $4,411,602 | $479,226 |
Texas Energy Museum Inc Beaumont, TX | $3,862,946 | $575,239 |
International Petroleum Museum And Exposition Inc Morgan City, LA | $895,639 | $136,722 |
Insights-El Paso Science Center Inc El Paso, TX | $282,474 | $199,396 |
Vishal Raju Bhagat Foundation Rockport, TX | $881,850 | $347,531 |