American Association Of Petroleum Geologists Foundation
- Assets
- $58.6m
- Revenue
- $5.5m
- Investments
- $5.4m
- Employees
- 0
- Location
- Tulsa, OK
- Founding
- 06/1987
- Data as of
- 06/2022
- EIN
- 73-1298684
Organization Overview
American Association Of Petroleum Geologists Foundation is located in Tulsa, OK. The organization was established in 1987. According to its NTEE Classification (U30) the organization is classified as: Physical & Earth Sciences, under the broad grouping of Science & Technology and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Association Of Petroleum Geologists Foundation 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 06/2022, American Association Of Petroleum Geologists Foundation generated $5.5m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 15.2% each year . All expenses for the organization totaled $2.3m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, American Association Of Petroleum Geologists Foundation has awarded 106 individual grants totaling $6,723,226. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE DISSEMINATION OF SCIENTIFIC KNOWLEDGE IN THE FIELD OF GEOLOGY.
Describe the Organization's Program Activity:
THE L. AUSTIN WEEKS MEMORIAL FUND IS UTILIZED TO SUPPORT PROGRAMS AND PROJECTS AS DETERMINED BY THE FOUNDATION TRUSTEES WHICH ADVANCE THE SCIENCE OF PETROLEUM GEOLOGY. DURING THE YEAR, THIS FUND SUPPORTS THE GEOLEGENDS VIDEO PROJECT, GEOSCIENTISTS WITHOUT BORDERS, SUPPLEMENTAL GRANT TO DISTINGUISHED LECTURER ACTIVITIES, PIONEERING WOMEN GEOSCIENTIST PROJECT, AS WELL AS GEOFORCE AND A DIGITAL IMMERSIVE GEOLOGY PROJECT.
THE STUDENT SCHOLARSHIP PROGRAM INCLUDES GRANTS-IN-AID PROVIDING FINANCIAL ASSISTANCE TO GRADUATE STUDENTS (CURRENTLY ENROLLED IN MASTERS OR PH.D. PROGRAMS) WHOSE THESIS RESEARCH HAS APPLICATION TO THE SEARCH FOR AND DEVELOPMENT OF PETROLEUM AND ENERGY-MINERAL RESOURCES AND/OR RELATED TO ENVIRONMENTAL GEOLOGY ISSUES. ADDITIONALLY, THE STUDENT SCHOLARSHIP PROGRAM SUPPORTS EDUCATIONAL EXPENSES OF UNDERGRADUATE GEOSCIENCE STUDENTS AND THE DEPARTMENTS OF THEIR SCHOOL OR UNIVERSITY THROUGH THE L. AUSTIN WEEKS UNDERGRADTUATE PROGRAM.
THE BULLETIN IS THE FLAGSHIP TECHNICAL JOURNAL OF THE AMERICAN ASSOCIATION OF PETROLEUM GEOLOGISTS. AAPG FOUNDATION PROVIDES FUNDING TO HELP SUPPORT PUBLISHING THE MONTHLY ISSUES OF THE BULLETIN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry L Jones Vice Chairman | Trustee | 1 | $0 |
Michael Wisda Secretary | Trustee | 1 | $0 |
Lee B Backsen Treasurer | Trustee | 1 | $0 |
James Mcghay Chairman | Trustee | 1 | $0 |
Valary L West Trustee | Trustee | 1 | $0 |
C Scott Cameron Trusteee | 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 | $658,343 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $658,343 |
| Total Program Service Revenue | $0 |
| Investment income | $2,626,944 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $33,107 |
| Net Rental Income | -$228,150 |
| Net Gain/Loss on Asset Sales | $2,580,643 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,505,100 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $832,932 |
| Grants and other assistance to domestic individuals. | $6,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $209,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $208,359 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $46,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $71,571 |
| Fees for services: Other | $98,915 |
| Advertising and promotion | $21,836 |
| Office expenses | $5,581 |
| Information technology | $2,331 |
| Royalties | $0 |
| Occupancy | $279,097 |
| Travel | $104,662 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $232,217 |
| Insurance | $18,914 |
| All other expenses | $27,681 |
| Total functional expenses | $2,285,065 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,364 |
| Savings and temporary cash investments | $3,437,159 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $28,311 |
| 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 | $50,272 |
| Net Land, buildings, and equipment | $2,378,874 |
| Investments—publicly traded securities | $46,896,160 |
| Investments—other securities | $5,439,857 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $329,492 |
| Total assets | $58,608,489 |
| Accounts payable and accrued expenses | $53,643 |
| 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 | $303,797 |
| Total liabilities | $357,440 |
| Net assets without donor restrictions | $45,932,947 |
| Net assets with donor restrictions | $12,318,102 |
| 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 | $58,608,489 |
Grants Awarded
Over the last fiscal year, American Association Of Petroleum Geologists Foundation has awarded $577,538 in support to 7 organizations.
| Grant Recipient | Amount |
|---|---|
HARDIN-SIMMONS UNIVERSITY PURPOSE: AWARDS - HOLLAND AWARD OF EXCELLENCE | $290,872 |
FRIENDS OF DINOSAUR RIDGE PURPOSE: GRANT FOR INTERPRETIVE SIGNS | $25,000 |
AMERICAN ASSOCIATION OF PETROLEUM GEOLOGISTS PURPOSE: SUPPORT OF THE VISITING GEOSCIENTIST PROGRAM | $33,268 |
AMERICAN ASSOCIATION OF PETROLEUM GEOLOGISTS PURPOSE: SUPPORT OF AAPG BULLETIN | $141,000 |
AMERICAN ASSOCIATION OF PETROLEUM GEOLOGISTS PURPOSE: SUPPORT OF THE DISTINGUISHED LECTURER PROGRAM | $45,698 |
MID CONTINENT GEOLOGICAL LIBRARY PURPOSE: AWARDS - L. AUSTIN WEEKS FUND | $6,700 |