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Offshore Technology Conference INC FY2024 filing

Not tax-deductible

Richardson, TX501(c)(6)Since 1969Mutual / membership EIN 75-1992631Revenue $20.5M in FY2024

On file with the IRSotcnet.org222 Palisades Creek Dr, 75080-2040 · Richardson, TXTax-exempt since Dec 1984

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The Offshore Technology Conference (otc) is where energy professionals meet to exchange ideas and opinions to advance scientific and technical knowledge for Offshore resources and environmental matters.

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average surplus $6.7M a year · 52% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 1.6 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$8.8M
99% of total assets
Concern: liabilities are 99% of assets; over 80%.
Pt X · Ln 26
Independent board members
14
of 14 voting members
Looks good: 14 of 14 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$20.5M
+31% vs prior year
Spent
$9.3M
To programs
0%
Net assets
$100K
By yearFY2020–FY2025
Revenue
$20.5M
FY2024▲ +31%
Tap a bar for its year
Revenue by fiscal year
FY2020$3.1M
FY2021$984K
FY2022$23.8M
FY2023$15.7M
FY2024$20.5M
FY2025$13.6M
Expenses
$9.3M
FY2024▲ +70%
Tap a bar for its year
Expenses by fiscal year
FY2020$3.3M
FY2021$2.6M
FY2022$10.2M
FY2023$5.4M
FY2024$9.3M
FY2025$6.5M
Net assets
$100K
FY20240%
Tap a bar for its year
Net assets by fiscal year
FY2020$60K
FY2021−$1.7M
FY2022$100K
FY2023$100K
FY2024$100K
FY2025$100K

From the FY2024 Form 990 (year ending July 2024) · figures checked against the IRS filing · see the original

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 1984.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

16 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
$0Pt VII · Sec A
Dan McConnell
Vice Chair
$0Pt VII · Sec A
Bob Warren
Director
$0Pt VII · Sec A
Brian Miller
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Doreen Chin
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Offshore Technology Conference INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Promotes scientific and technical knowledge of offshore resources and environmental matters.

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Provided by the organization

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3 programs · in their own filed words · FY2023
01

Otc Houston

The offshore technology conference (otc) is where energy professionals meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters. The otc event was held in houston, TX may 6-9, 2024.

Pt IX · col B
02

Otc Brasil

The offshore technology conference (otc) is where energy professionals meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources and environmental matters. The event was conducted october 24-26, 2023.

Pt IX · col B
03

Otc Asia

The offshore technology conference (otc) where energy professionals meet to exchange ideas and opinions to advance scientific and technical knowledge for offshore resources. The event occurred february 27 - march 1, 2024.

Pt IX · col B

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 4 grants · $72K · 2021–2024
Energy Education FoundationTX · FY2024$10,000
Houston Community Toolbank INCTX · FY2023$10,000
The Houston Food BankTX · FY2022$25,000
United Against Human TraffickingTX · FY2021$26,986

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$20.5M
Ln 12
Fees for servicesLn 2g$20.2M
Investment incomeLn 3$276K
Gifts and grantsLn 1h$45K
Money outPt IX
$9.3M
Ln 25
Owns and owesPt X
$100K
net assets · Ln 32
Cash and savingsLn 1–2$1.3M
Total assetsLn 16$8.9M
LiabilitiesLn 26$8.8M
PeoplePt VI, VII
16
listed · VII A
PaidVII A0
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$45K
Fees for servicesLn 2g$20.2M
Investment incomeLn 3$276K
Total revenueLn 12$20.5M
Assets in detailPt X, end of year
CashLn 1$1.2M
SavingsLn 2$96K
Cash and savings togetherLn 1–2$1.3M
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$987K
Total assetsLn 16$8.9M
LiabilitiesLn 26$8.8M
Net assetsLn 32$100K
OperationsPt I, VI
EmployeesI 50
VolunteersI 6150
Fiscal year endsHeaderJuly
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$2.7M$1.3M
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$12.5M$8.9M
LiabilitiesLn 26$12.4M$8.8M
Net assetsLn 32$100K$100K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$10K
Management feesLn 11a$3.2M
Legal feesLn 11b$40K
Accounting feesLn 11c$41K
Other fees for servicesLn 11g$42K
Advertising and promotionLn 12$732K
Office expensesLn 13$406K
TravelLn 17$285K
Conferences, conventions and meetingsLn 19$4.4M
InsuranceLn 23$69K
All other expensesLn 24e$0
Total functional expensesLn 25$9.3M

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $13.6M$6.5M$7.1M$100K 990 PDF
FY2024 Viewing $20.5M$9.3M$11.2M$100K 990 PDF
FY2023 $15.7M$5.4M$10.2M$100K 990 PDF
FY2022 $23.8M$10.2M$13.6M$100K 990 PDF
FY2021 $984K$2.6M−$1.6M−$1.7M 990 PDF
FY2020 $3.1M$3.3M−$190K$60K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $20,472,558 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $87,600$45,000
I-9 Program service revenuePrior year $15,397,137$20,151,344
I-10 Investment incomePrior year $174,918$276,214
I-11 Other revenuePrior year $86$0
I-12 Total revenuePrior year $15,659,741$20,472,558
I-13 Grants and similar amounts paidPrior year $25,000$10,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $5,414,248$9,240,499
I-18 Total expensesPrior year $5,439,248$9,250,499
I-19 Revenue less expensesPrior year $10,220,493$11,222,059
Part VI · Governance 14 of 14 board members independent, 1 to look at
VI-1a Voting members of the governing body14
VI-1b Independent voting members14
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $20,472,558 across 5 lines filed
VIII-1f All other contributions, gifts and grants$45,000
VIII-1h Total contributions, gifts and grants$45,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $20,151,344$20,151,344
VIII-3 Investment incomeExcluded from tax $276,214$276,214
VIII-12 Total revenueRelated to mission $20,151,344 · Unrelated business $0 · Excluded from tax $276,214$20,472,558
Part IX · Statement of functional expenses $9,250,499 across 11 lines filed
IX-1 Grants to domestic organizations$10,000
IX-11a Management fees$3,219,349
IX-11b Legal fees$39,542
IX-11c Accounting fees$41,475
IX-11g Other fees for services$42,250
IX-12 Advertising and promotion$731,694
IX-13 Office expenses$406,304
IX-17 Travel$284,708
IX-19 Conferences, conventions and meetings$4,405,999
IX-23 Insurance$69,178
IX-24e All other expenses$0
IX-25 Total functional expenses$9,250,499
Part X · Balance sheet $8,922,150 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $2,602,113$1,171,731
X-2 Savings and temporary cash investmentsStart of year $70,183$95,901
X-4 Accounts receivableStart of year $7,682,331$6,376,188
X-9 Prepaid expenses and deferred chargesStart of year $1,003,969$291,120
X-10c Land, buildings and equipment, net$0
X-15 Other assetsStart of year $1,127,319$987,210
X-16 Total assetsStart of year $12,485,915$8,922,150
X-17 Accounts payable and accrued expensesStart of year $384,501$240,045
X-19 Deferred revenueStart of year $11,547,310$7,789,756
X-25 Other liabilitiesStart of year $454,104$792,349
X-26 Total liabilitiesStart of year $12,385,915$8,822,150
X-27 Net assets without donor restrictionsStart of year $100,000$100,000
X-32 Total net assets or fund balancesStart of year $100,000$100,000
X-33 Total liabilities and net assetsStart of year $12,485,915$8,922,150
Part XI · Reconciliation of net assets $100,000 net assets at year end
XI-1 Total revenue$20,472,558
XI-2 Total expenses$9,250,499
XI-3 Revenue less expenses$11,222,059
XI-4 Net assets at start of year$100,000
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets−$11,222,059
XI-10 Net assets at end of year$100,000

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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