Permian Basin Petroleum Museum Library & Hall of Fame

Analysis

Permian Basin Petroleum Museum Library & Hall of Fame is a registered charity in United States, based in Midland, TX. It received its IRS tax-exemption ruling in November 1968, 58 years ago. Its declared purposes cover arts, culture and humanities, which this site groups under arts, culture, heritage and science. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Permian Basin Petroleum Museum Library & Hall of Fame reported income of $2.7m and spending of $2.9m, spending 106% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $4.5m to $2.7m (-40%), an average of -12% a year. The sharpest change came in the year to December 2020, when income dropped by 41%. Over the whole period it spent 79% of the income it received.

Among 45,478 United States charities whose main cause is arts, culture, heritage and science and that reported income, Permian Basin Petroleum Museum Library & Hall of Fame sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 91st percentile within TX. Charities of a similar size with the same main cause include Dance USA ($2.7m), Northern Sky Theater Inc ($2.7m) and Nevada Test Site Historical Foundation ($2.7m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 34% and program service revenue 11% of the total. Compensation of current officers, directors and key employees was $208k (7.3% of expenses). Other salaries and wages came to $586k. At year end it held assets of $49.9m against liabilities of $60k, net assets of $49.8m. It reported 21 employees.