Overview
What is Pearl M & Julia J Harmon Foundation Inc?
Pearl M & Julia J Harmon Foundation Inc is a nonprofit organization with a specific purpose of managing and holding the record title to oil and gas mineral interests. This foundation, based in Tulsa, Oklahoma, operates in a passive manner, allowing all income generated from these interests to flow directly to the foundation without any expenses being charged to this entity. The foundation's primary role is to preserve the mineral interests, and any depletion costs are claimed by the Foundation Trust. The organization's activities limit itself to this single mission, making it a specialized and focused nonprofit entity in the realm of oil and gas mineral management.
Is Pearl M & Julia J Harmon Foundation Inc legitimate?
Pearl M & Julia J Harmon Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(2) entity. Pearl M & Julia J Harmon Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Pearl M & Julia J Harmon Foundation Inc?
The Pearl M & Julia J Harmon Foundation Inc serves a specific purpose, primarily to maintain the legal ownership of its oil and gas minerals interests. This entity is designed to channel all income generated directly to the foundation, without incurring any expenses. In essence, its role is passive, with its primary function being the management of its mineral interests' title deeds. It is important to note that any depletion of the underlying mineral interests for tax purposes was claimed by the foundation's trust.
Who is the CEO of Pearl M & Julia J Harmon Foundation Inc?
Ck Owens is the President of Pearl M & Julia J Harmon Foundation Inc.
What is the revenue of Pearl M & Julia J Harmon Foundation Inc?
Pearl M & Julia J Harmon Foundation Inc's revenue in 2023 was $2,054,125.
Who are the executives of Pearl M & Julia J Harmon Foundation Inc and what are their salaries?
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $67,349
- Other: $16,443
- Compensation: $0
- Related: $88,910
- Other: $17,122
- Compensation: $0
- Related: $66,567
- Other: $30,539
- Compensation: $0
- Related: $3,300
- Other: $0
- Compensation: $0
- Related: $3,300
- Other: $0
Where can I find the form 990 for Pearl M & Julia J Harmon Foundation Inc?
Pearl M & Julia J Harmon Foundation Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Pearl M & Julia J Harmon Foundation Inc
The Pearl M & Julia J Harmon Foundation Inc serves as a passive entity, solely holding the record title to its oil and gas minerals interests. The primary function of this foundation is to facilitate the flow of income derived from these minerals interests, without incurring any expenses. It's important to note that any depletion of the underlying mineral interests is claimed by the Foundation Trust itself, as per tax regulations. The Pearl M & Julia J Harmon Foundation Inc's role is essentially that of a custodian, ensuring the smooth transfer of revenue generated from its oil and gas minerals interests to the Pearl M. & Julia J. Harmon Foundation.
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Impact
October, 2024
The Pearl M & Julia J Harmon Foundation Inc plays a crucial role in managing and preserving the oil and gas mineral interests associated with its namesake. By holding the record title to these assets, it ensures that all revenue generated from oil and gas activities is seamlessly passed through to the Foundation. This structure allows for efficient management of resources, without incurring additional expenses, thereby maximizing the financial benefits that can be redirected to support the Foundation's initiatives. Although the mineral interests are fully depleted and do not contribute to ongoing revenue, the entity's function safeguards the interests of the Foundation, ensuring the legacy of Pearl M. and Julia J. Harmon continues to impact its beneficiaries. The strategic management of these assets within Tulsa, Oklahoma, reinforces the Foundation's commitment to maintaining its financial stability and supporting its mission.
This information is meant to be a general summary of Pearl M & Julia J Harmon Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Gross Receipts: $2,054,125
Assets and Liabilities:
- Total Assets: $2,795,993
- Total Liabilities: $0
- Net Assets: $2,795,993
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Organization Details
Founding Year
1968
Phone
(918) 743-6191Principal Officer
Ck Owens
Main Address
PO BOX 52568, TULSA, OK, 741520568
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