Permian Basin Petroleum Museum Library and Hall of Fame

Nonprofit profile at a glance

EIN
756085378
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Midland, TX, USA
Phone
4326834403
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Science and Technology Museums

Reported finances

Revenue
$3,777,600
Expenses
$3,141,435
Assets
$50,796,315
Liabilities
$31,651

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

23 people listed

Executive titles in this filing

  • MARK CARR (President)
  • WILL PORTER (PAST President)
  • MIKE OESTMANN (Vice President)

Highest reported compensation

  • BRYAN GRANT (Executive Dir.): $97,600 total reported compensation
  • LISA WORDEN (FINANCE DIREC): $60,906 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

We will share the petroleum and energy story and its impact on our lives.

What it reported doing in 2024

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.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 65
  • Transparency & Controls: 87
  • Accountability: 95
  • Sustainability: 79
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.3%; rating input score 69
  • Program expense ratio: 74.1%; rating input score 74
  • Fundraising efficiency: $6 raised per $1 spent on fundraising; rating input score 22; 22nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 20th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 16.8%; rating input score 73; 73rd percentile among comparable filings
  • Total-asset coverage ratio: 16.17; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 93; 93rd percentile among comparable filings
  • Officer compensation ratio: 5%; rating input score 53; 53rd percentile among comparable filings

Growth

  • Program expense growth: 6.7% per year; rating input score 100; 49th percentile among comparable filings
  • Revenue growth: -2.1% per year; rating input score 0; 6th percentile among comparable filings
  • Asset growth: 4.4% per year; rating input score 100; 31st percentile among comparable filings

Details

  • Where the money goes: 69.3% of revenue deployed · 74.1% of spending went to programs
  • Governance: 21 of 21 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $2.3M in reported program spending
  • Leadership: top reported pay $98K · 23 people listed
  • Consistency: 28 of 29 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 22/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Sustainability: Officer compensation ratio scored 53/100.