Offshore Rig Museum Inc
- Assets
- $6.7m
- Revenue
- $720.9k
- Investments
- $0.0
- Employees
- 20
- Location
- Houston, TX
- Founding
- 09/1989
- Data as of
- 12/2021
- EIN
- 76-0280571
Organization Overview
Offshore Rig Museum Inc, operating under the name Oilfield Energy Center, is located in Houston, TX. The organization was established in 1989. According to its NTEE Classification (A50) the organization is classified as: Museums, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 12/2021, Oilfield Energy Center employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oilfield Energy Center 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, Oilfield Energy Center generated $720.9k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (11.6%) each year. All expenses for the organization totaled $1.3m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (7.8%) 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
TO PROMOTE THE OILFIELD ENERGY INDUSTRY THROUGH DISSEMINATION OF LITERATURE; EDUCATIONAL PRESENTATIONS FOR SCHOOLS AND OTHER INSTITUTIONS, CIVIC AND PRIVATE GROUPS; AND TO PROVIDE A MUSEUM HOUSING INTERACTIVE EXHIBITS AND DISPLAYS OF OFFSHORE EXPLORATION AND PRODUCTION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2021, 27,271 PEOPLE VISITED THE OCEAN STAR OFFSHORE DRILLING RIG MUSEUM AND EDUCATION CENTER WHICH INCLUDES FAMILY DAYS, TOUR PLUS PROGRAMS, EDUCATION TOURS, SENIOR TOURS, SCOUT DAYS, ETC.
THE ORGANIZATION PROVIDES ENERGY EDUCATION THROUGH THE ORGANIZATION'S MOBILE OILFIELD LEARNING UNIT (MOLU) THAT IS OFFERED TO SCHOOLS FOR FREE OR A MODEST FEE. THE MOLU IS OFFERED TO FIFTH GRADE CLASSES OR ABOVE AND CONTAINS ACTIVITIES ALIGNED WITH NATIONAL AND STATES SCIENCE STANDARDS. 25 SCHOOLS WERE VISITED THROUGHOUT TEXAS AND PENNSYLVANIA, IMPACTING ALMOST 5,014 STUDENTS. IN ADDITION, 268 TEACHERS WERE TRAINED IN 22 TEACHER WORKSHOPS CONDUCTED BY OEC STAFF AND OEC FACILITATORS ACROSS TEXAS ON THE PROJECT E3 KNOWLEDGE BOX AND PLAYING WITH PETROLEUM KIT POTENTIALLY IMPACTING 6,514 STUDENTS. THE ORGANIZATION HAS 45 TRAVELING TRUNKS AVAILABLE IN HOUSTON AND IN OTHER STATES FOR TEACHERS TO UTILIZE IN THEIR CLASSROOMS FOR GRADES K-12.
THE ORGANIZATION SUPPORTS THE EDUCATION AND PUBLIC SUPPORT OBJECTIVES THROUGH THE OEC SOCIETY, HALL OF FAME, AND EXECUTIVE SPEAKER SERIES - A FORUM FOR EDUCATION AND NETWORKING IN THE OILFIELD ENERGY INDUSTRY.
THE ORGANIZATION RUNS A GIFT SHOP AND HAD NET SALES OF $40,094.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Chairman, Hall Of Fame | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $22,659 |
| Fundraising events | $297,435 |
| Related organizations | $0 |
| Government grants | $114,300 |
| All other contributions, gifts, grants, and similar amounts not included above | $102,801 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $537,195 |
| Total Program Service Revenue | $258,801 |
| Investment income | $1,738 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$116,940 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $40,094 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $720,888 |
| 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. | $190,348 |
| Compensation of current officers, directors, key employees. | $14,080 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $357,798 |
| Pension plan accruals and contributions | $15,088 |
| Other employee benefits | $26,770 |
| Payroll taxes | $50,303 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,566 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $101,031 |
| Advertising and promotion | $16,724 |
| Office expenses | $20,186 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $41,266 |
| Travel | $6,009 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,273 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $171,346 |
| Insurance | $175,977 |
| All other expenses | $0 |
| Total functional expenses | $1,313,230 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $110,867 |
| Savings and temporary cash investments | $3,749,992 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $67,880 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $49,516 |
| Prepaid expenses and deferred charges | $74,725 |
| Net Land, buildings, and equipment | $2,366,615 |
| Investments—publicly traded securities | $249,000 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $125 |
| Total assets | $6,668,720 |
| Accounts payable and accrued expenses | $95,615 |
| 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 | $0 |
| Total liabilities | $95,615 |
| Net assets without donor restrictions | $4,996,798 |
| Net assets with donor restrictions | $1,576,307 |
| 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 | $6,668,720 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Offshore Rig Museum Inc has recieved totaling $54,250.
| Awarding Organization | Amount |
|---|---|
Tulsa Community Foundation Tulsa, OK PURPOSE: GENERAL OPERATIONS | $54,250 |
Endowment Analysis
| Beg. Balance | $1,567,126 |
| Ending Balance | $1,567,126 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Witte Museum San Antonio, TX | $80,577,156 | $11,273,075 |
American Airpower Heritage Museum Inc Dallas, TX | $14,350,324 | $12,462,262 |
National Cowboy And Western Heritage Museum Inc Oklahoma City, OK | $111,505,092 | $15,269,819 |
Science Museum Oklahoma Inc Oklahoma City, OK | $87,882,272 | $6,278,809 |
Fort Worth Museum Of Science And History Fort Worth, TX | $55,575,767 | $8,824,812 |
Holocaust Museum Houston Houston, TX | $41,860,555 | $7,348,837 |
Gilcrease Museum Management Trust Tulsa, OK | $58,936,912 | $9,269,478 |
Lady Lex Museum On The Bay Association Corpus Christi, TX | $13,577,755 | $8,975,317 |
Medal Of Honor Museum Foundation Arlington, TX | $99,959,490 | $88,628,383 |
Indian Pueblo Cultural Center Inc Albuquerque, NM | $8,961,229 | $4,518,580 |
Battleship Texas Foundation Inc Houston, TX | $9,923,977 | $4,711,164 |
Childrens Museum Of Northwestarkansas Bentonville, AR | $23,218,828 | $2,416,188 |