Michigan Petroleum Association
- Assets
- $1.7m
- Revenue
- $1.2m
- Investments
- $1.0k
- Employees
- 4
- Location
- Lansing, MI
- Founding
- 01/1944
- Data as of
- 12/2023
- EIN
- 38-1248376
Organization Overview
Michigan Petroleum Association is located in Lansing, MI. The organization was established in 1944. According to its NTEE Classification (H99) the organization is classified as: Medical Research N.E.C., under the broad grouping of Medical Research and related organizations. As of 12/2023, Michigan Petroleum Association employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Michigan Petroleum Association is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, Michigan Petroleum Association generated $1.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $1.1m during the year ending 12/2023. While expenses have increased by 1.4% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP MEMBERS STAY INFORMED OF LAW CHANGES AND COMPLIANCE REGULATIONS IN THE PETROLEUM INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBER SERVICES INCLUDING EDUCATION AND LEGISLATIVE SERVICES BENEFITING APPROXIMATELY 200 MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andy Mercer Board | Trustee | 1 | $0 |
Bill Mccarthy Board | Trustee | 1 | $0 |
Brian Mccarthy Board | Trustee | 1 | $0 |
Brian Mifsud Board | Trustee | 1 | $0 |
Bruce Baringer Board | Trustee | 1 | $0 |
Bruce Litchford Board | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $80,574 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $80,574 |
| Total Program Service Revenue | $908,865 |
| Investment income | $22,443 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$3,117 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,192,340 |
| 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. | $226,543 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $181,538 |
| Pension plan accruals and contributions | $9,345 |
| Other employee benefits | $24,692 |
| Payroll taxes | $29,640 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,373 |
| Fees for services: Accounting | $26,985 |
| Fees for services: Lobbying | $79,292 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $10,857 |
| Fees for services: Other | $12,788 |
| Advertising and promotion | $0 |
| Office expenses | $34,158 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $55,290 |
| Travel | $21,118 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $193,576 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,119 |
| Insurance | $0 |
| All other expenses | $67 |
| Total functional expenses | $1,092,388 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $520,109 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,474 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $32,484 |
| Net Land, buildings, and equipment | $333,676 |
| Investments—publicly traded securities | $820,280 |
| Investments—other securities | $1,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $30,091 |
| Total assets | $1,747,214 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $411,476 |
| 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 | $9,447 |
| Total liabilities | $420,923 |
| Net assets without donor restrictions | $1,326,291 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,747,214 |