International Petroleum Museum And Exposition Inc
- Assets
- $895.6k
- Revenue
- $136.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Morgan City, LA
- Founding
- 08/1994
- Data as of
- 12/2021
- EIN
- 72-1243629
Organization Overview
International Petroleum Museum And Exposition Inc, operating under the name The Rig Museum, is located in Morgan City, LA. The organization was established in 1994. 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, Rig Museum employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rig Museum 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, Rig Museum generated $136.7k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $142.6k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (9.6%) per year over the past 7 years. 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 MUSEUM GATHERS, SAVES, PRESERVES, AND INTERPRETS ARTIFACTS AND INFORMATION ABOUT THE OFFSHORE OIL AND GAS INDUSTRIES AND EDUCATES THE PUBLIC CONCERNING THE HISTORY, CULTURE, AND WORKING CONDITIONS OF THESE INDUSTRIES AND ON THE IMPACT & SIGNIFICANCE OF THESE INDUSTRIES UPON THE REST OF THE WORLD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MUSEUM EDUCATES THE PUBLIC IN THE HISTORY, CULTURE, AND WORKING CONDITIONS OF THE OFFSHORE OIL AND GAS INDUSTRIES UTILIZING THE HISTORIC OFFSHORE DRILLING RIG "MR. CHARLIE" AS A HANDS-ON LIVE ABOARD TRAINING AREA. STUDENTS WERE TRAINED ON THE RIG IN FORMAL CLASSROOM TRAINING. HANDS-ON TRAINING WAS DONE IN ACTUAL OFFSHORE WORK SETTINGS ON THE RIG. MANY STUDENTS ALSO LIVED ON THE RIG TO GIVE THEM A TRUE OFFSHORE WORKING AND LIVING EXPERIENCE.
THE MUSEUM EDUCATES THE PUBLIC IN THE HISTORY, CULTURE, AND WORKING CONDITIONS OF THE OFFSHORE OIL AND GAS INDUSTRIES BY RENOVATING AND PRESERVING THE HISTORIC OFFSHORE DRILLING RIG "MR. CHARLIE" FOR GENERATIONS TO COME TO VISIT AND TRAIN ON. THE RENOVATIONS AND PRESERVATION WORK IS A DAILY TASK BECAUSE OF THE ONGOING TOURS AND LIVE ABOARD TRAINING. SOME OF THE WORK IS DONE BY STUDENTS AS WELL AS BY VOLUNTEERS.
THE MUSEUM EDUCATES THE PUBLIC IN THE HISTORY, CULTURE, AND WORKING CONDITIONS OF THE OFFSHORE OIL AND GAS INDUSTRIES BY GIVING GUIDED TOURS OF THE HISTORIC OFFSHORE DRILLING RIG "MR. CHARLIE." OVER 800 TOURISTS FROM ACROSS THE COUNTRY AND AROUND THE WORLD VISITED THE MUSEUM. THE GUIDED TOURS BRING THE TOURISTS THROUGHOUT THE OFFSHORE DRILLING RIG INCLUDING THE LIVING AND WORKING AREAS OF THE RIG. WITH THE HANDS-ON, LIVE ABOARD TRAINING DONE ON THE RIG, THE TOURISTS GET TO VISIT AND ACTUAL WORKING RIG GIVING THEM A TRUE OFFSHORE RIG EXPERIENCE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Virgil Allen President/director | OfficerTrustee | 50 | $37,500 |
Katherine V Allen Secretary-Treasurer/director | OfficerTrustee | 20 | $9,600 |
Bryce Merrill Vice-President/director | OfficerTrustee | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $5,870 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $21,531 |
| All other contributions, gifts, grants, and similar amounts not included above | $55,952 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $83,353 |
| Total Program Service Revenue | $25,155 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $28,214 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $136,722 |
| 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. | $47,100 |
| Compensation of current officers, directors, key employees. | $16,492 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,402 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| 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 | $1,105 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $30,829 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $60 |
| Interest | $14,098 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $14,762 |
| All other expenses | $0 |
| Total functional expenses | $142,609 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $20,854 |
| Savings and temporary cash investments | $0 |
| 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 | $5,933 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $868,852 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $895,639 |
| 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 | $267,586 |
| Secured mortgages and notes payable | $94,361 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $361,947 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $533,692 |
| Total liabilities and net assets/fund balances | $895,639 |
Peer Organizations
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|---|---|---|
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Cavanaugh Flight Museum Addison, TX | $2,944,970 | -$123,262 |
Texas Energy Museum Inc Beaumont, TX | $3,862,946 | $575,239 |
International Petroleum Museum And Exposition Inc Morgan City, LA | $895,639 | $136,722 |
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Army Medical Department Museum Foundation Inc San Antonio, TX | $1,199,278 | $142,676 |