Midland Energy Library
- Assets
- $1.5m
- Revenue
- $422.5k
- Investments
- $0.0
- Employees
- 4
- Location
- Midland, TX
- Founding
- 02/1985
- Data as of
- 12/2022
- EIN
- 75-1985827
Organization Overview
Midland Energy Library is located in Midland, TX. The organization was established in 1985. As of 12/2022, Midland Energy Library employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midland Energy Library 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 12/2022, Midland Energy Library generated $422.5k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $344.5k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.9%) per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
MIDLAND ENERGY LIBRARY WAS ESTABLISHED TO HOUSE AND PRESERVE SCIENTIFIC PETROLEUM DATA FOR PRESENT AND FUTURE RESEARCHERS AND EXPLORATIONISTS IN THE OIL AND GAS INDUSTRY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ENTITY IS A GEOLOGICAL LIBRARY AND CONDUCTS NORMAL LIBRARY OPERATIONS INCLUDING PRESERVING AND MAKING AVAILABLE ONE OF A KIND DATA FOR USE IN THE EXPLORATION FOR OIL AND GAS AND CERTAIN MINERAL RESOURCES WITHIN THE PERMIAN BASIN. THE LIBRARY ESTIMATES THAT IT BENEFITS 200-300 PEOPLE A MONTH.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Dally Treasurer | OfficerTrustee | 1 | $0 |
Nick Mastin Director | Trustee | 1 | $0 |
Ronald Fredrick Director | Trustee | 1 | $0 |
Cherry Matchus Director | Trustee | 1 | $0 |
Tom King Director | Trustee | 1 | $0 |
Alan Lefever President | OfficerTrustee | 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 | $28,942 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $28,942 |
| Total Program Service Revenue | $283,585 |
| Investment income | $4,593 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $102,511 |
| Net Rental Income | $2,400 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $422,534 |
| 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 | $129,784 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $49,667 |
| Payroll taxes | $10,037 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,696 |
| 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 | $4,953 |
| Information technology | $11,937 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $57,925 |
| Insurance | $18,616 |
| All other expenses | $9,702 |
| Total functional expenses | $344,545 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $197,996 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,660 |
| 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 | $21,665 |
| Net Land, buildings, and equipment | $937,146 |
| Investments—publicly traded securities | $308,848 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,470,315 |
| Accounts payable and accrued expenses | $1,278 |
| 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 | $19,200 |
| Total liabilities | $20,478 |
| Net assets without donor restrictions | $1,449,837 |
| 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 | $1,470,315 |