Offshore Rig Museum Inc
- Assets
- $5.9m
- Revenue
- $896.7k
- Investments
- $0.0
- Employees
- 29
- Location
- Houston, TX
- Founding
- 09/1989
- Data as of
- 12/2022
- EIN
- 76-0280571
Organization Overview
Offshore Rig Museum Inc, operating under the name Energy Education Foundation, 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 12/2022, Energy Education Foundation employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Energy Education 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 12/2022, Energy Education Foundation generated $896.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (7.7%) each year. All expenses for the organization totaled $1.8m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (3.1%) 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
TO PROMOTE AWARENESS, TEACHINGS AND UNDERSTANDING OF THE WORLD'S HYDROCARBON ENERGY RESOURCES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING 2022, 31,188 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. 48 SCHOOLS WERE VISITED THROUGHOUT TEXAS AND PENNSYLVANIA, IMPACTING ALMOST 5,554 STUDENTS. IN ADDITION, 469 TEACHERS WERE TRAINED IN 16 TEACHER WORKSHOPS CONDUCTED BY OEC STAFF AND OEC FACILITATORS ACROSS TEXAS ON THE PROJECT E3 KNOWLEDGE BOX AND PLAYING WITH PETROLEUM KIT POTENTIALLY IMPACTING OVER 87,500 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 THEVOILFIELD ENERGY INDUSTRY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Beverly Bascus Executive Director | Officer | 40 | $187,857 |
Lori Fremin Chairman Of The Board | OfficerTrustee | 1 | $0 |
James J Parr Vice Chair Of Board/finance | OfficerTrustee | 1 | $0 |
Jeffrey A Gorski Vice Chairman/exhibits & Programs | OfficerTrustee | 1 | $0 |
David Russell Vice Chairman/operations | OfficerTrustee | 1 | $0 |
Robert Eifler Vice Chairman/pr & Marketing | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $33,692 |
| Fundraising events | $549,876 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $152,286 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $735,854 |
| Total Program Service Revenue | $291,241 |
| Investment income | $21,991 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$181,100 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $28,678 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $896,664 |
| 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. | $187,857 |
| Compensation of current officers, directors, key employees. | $14,090 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $473,648 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $153,965 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $28,091 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $153,267 |
| Advertising and promotion | $17,154 |
| Office expenses | $29,011 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $49,524 |
| Travel | $18,912 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $13,392 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $266,031 |
| Insurance | $248,368 |
| All other expenses | $0 |
| Total functional expenses | $1,800,403 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $215,219 |
| Savings and temporary cash investments | $3,021,272 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $89,840 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $29,827 |
| Prepaid expenses and deferred charges | $13,376 |
| Net Land, buildings, and equipment | $2,272,208 |
| Investments—publicly traded securities | $249,000 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $205 |
| Total assets | $5,890,947 |
| Accounts payable and accrued expenses | $56,675 |
| 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 | $164,906 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $221,581 |
| Net assets without donor restrictions | $4,087,294 |
| Net assets with donor restrictions | $1,582,072 |
| 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 | $5,890,947 |