Friends Of Drake Well Inc
- Assets
- $907.1k
- Revenue
- $284.4k
- Investments
- $0.0
- Employees
- 11
- Location
- Titusville, PA
- Founding
- 06/1984
- Data as of
- 06/2023
- EIN
- 25-1457038
Organization Overview
Friends Of Drake Well Inc is located in Titusville, PA. The organization was established in 1984. According to its NTEE Classification (T21) the organization is classified as: Corporate Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 06/2023, Friends Of Drake Well Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Of Drake Well Inc 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 06/2023, Friends Of Drake Well Inc generated $284.4k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $221.4k during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
FRIENDS OF DRAKE WELL INC., A NON-PROFIT 501(C)(3) COMMUNITY BASED ORGANIZATION, ACTIVELY SUPPORTS THE ADMINISTRATION AND OPERATION OF DRAKE WELL MUSEUM AND PARK, ENSURING IT CONTINUES TO GROW AND SUCCEED IN ITS EDUCATIONAL MISSION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
1. PROVIDES AN EDUCATIONAL OUTREACH PROGRAM WITH TRAVELING EXHIBITS AND INTERACTIVE ACTIVITIES. 2. VISITS SCHOOLS AND COMMUNITY EVENTS TO INFORM THE PUBLIC ABOUT THE HISTORIC AND MODERN USES OF ENERGY. 3. A FOCAL POINT OF A VISIT TO THE DRAKE WELL MUSEUM IS THE OPERATING REPLICA OF THE ORIGINAL DRAKE WELL ENGINE HOUSE. THE FULLY FUNCTIONING STEAM ENGINE DRIVEN WELL PUMP IS ON DISPLAY AND RUNNING DURING MUSEUM HOURS WITH THE ADDED BENEFIT OF LIVE INTERPRETERS PROVIDING INSTRUCTIVE HISTORICAL INFORMATION TO MUSEUM VISITORS. 4. PROVIDE EDUCATIONAL MATERIAL TO THE GENERAL PUBLIC AND ITS MEMBERS VIA THE ANNUAL PUBLICATION "THE OIL FIELD JOURNAL- AND BY REPRINTING HISTORICAL VOLUMES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Dubois Board Member | Trustee | 1 | $0 |
Richard Baker President | OfficerTrustee | 3 | $0 |
Ann Warner Board Member | Trustee | 1 | $0 |
Carole Hall Secretary | OfficerTrustee | 2 | $0 |
Art Jennings Board Member | Trustee | 1 | $0 |
Steve Coleman Treasurer | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $4,415 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $165,814 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $170,229 |
| Total Program Service Revenue | $41,210 |
| Investment income | $5,947 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $33,568 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $32,309 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $284,434 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $102,970 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,225 |
| Payroll taxes | $10,465 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,045 |
| 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 | $1,359 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,032 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,499 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,630 |
| All other expenses | $2,968 |
| Total functional expenses | $221,405 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $112,810 |
| Savings and temporary cash investments | $599,385 |
| Pledges and grants receivable | $0 |
| 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 | $25,973 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $168,939 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $907,107 |
| Accounts payable and accrued expenses | $0 |
| 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 | $2,384 |
| Total liabilities | $2,384 |
| Net assets without donor restrictions | $350,623 |
| Net assets with donor restrictions | $554,100 |
| 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 | $907,107 |