Petroleum Equipment Institute
- Assets
- $8.6m
- Revenue
- $3.8m
- Investments
- $0.0
- Employees
- 14
- Location
- Tulsa, OK
- Founding
- 02/1953
- Data as of
- 03/2023
- EIN
- 73-0593344
Organization Overview
Petroleum Equipment Institute is located in Tulsa, OK. The organization was established in 1953. According to its NTEE Classification (N52) the organization is classified as: Fairs, under the broad grouping of Recreation & Sports and related organizations. As of 03/2023, Petroleum Equipment Institute employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Petroleum Equipment Institute 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 03/2023, Petroleum Equipment Institute generated $3.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $4.1m during the year ending 03/2023. While expenses have increased by 3.6% per year over the past 8 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 BE THE LEADING AUTHORITY AND SOURCE OF INFORMATION FOR THE PETROLEUM HANDLING EQUIPMENT INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE INSTITUTE SUCCESSFULLY HELD ITS ANNUAL CONVENTION IN CONJUNCTION WITH THE NATIONAL ASSOCIATION OF CONVENIENCE STORES. THE PURPOSE OF THE CONVENTION IS TO FACILITATE INFORMATION SHARING AND LEARNING RELATED TO THE LATEST ADVANCEMENTS IN PETROLEUM HANDLING EQUIPMENT AND GOOD BUSINESS PRACTICES. THE CONVENTION PROVIDES EXPOSURE TO VENDORS AND INSTITUTE MEMBERS.
THE INSTITUTE PUBLISHES A DIRECTORY OF MEMBERS AND A MAGAZINE TO FACILITATE COMMUNICATION AND PROMOTE COMMERCE. THE INSTITUTE PUBLISHES "RECOMMENDED PRACTICE" MANUALS TO PROMOTE SAFETY AND GOOD BUSINESS PRACTICES.
ALL OTHER TRAINING, SUPPORT AND ORGANIZING ACTIVITIES PERFORMED BY THE INSTITUTE ON BEHALF OF THEIR MEMBERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Keller Chair | OfficerTrustee | 1 | $0 |
James Ether Vice Chair | OfficerTrustee | 1 | $0 |
Sara Hitchcock Beck Vice President Of Finance | OfficerTrustee | 1 | $0 |
Ron Sledd Immediate Past Chair | OfficerTrustee | 1 | $0 |
Brent Ruga - District 1 Director | Trustee | 1 | $0 |
Buddy Bayliss - District 2 Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $3,778,583 |
| Investment income | $226,439 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $29,166 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$214,795 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,823,453 |
| 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. | $659,790 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $813,777 |
| Pension plan accruals and contributions | $20,442 |
| Other employee benefits | $133,753 |
| Payroll taxes | $103,534 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $26,368 |
| Fees for services: Accounting | $68,523 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $43,386 |
| Fees for services: Other | $59,203 |
| Advertising and promotion | $8,000 |
| Office expenses | $35,464 |
| Information technology | $73,846 |
| Royalties | $0 |
| Occupancy | $89,459 |
| Travel | $251,859 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,226,578 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $77,642 |
| Insurance | $0 |
| All other expenses | $49,384 |
| Total functional expenses | $4,136,739 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $243,794 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,700 |
| 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 | $135,999 |
| Net Land, buildings, and equipment | $1,711,977 |
| Investments—publicly traded securities | $6,388,490 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $147,195 |
| Other assets | $0 |
| Total assets | $8,633,155 |
| Accounts payable and accrued expenses | $163,341 |
| Grants payable | $0 |
| Deferred revenue | $1,243,129 |
| 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 | $1,406,470 |
| Net assets without donor restrictions | $7,226,685 |
| 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 | $8,633,155 |