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Nonprofiteer
← TULSA ROYALTIES COMPANY

Form 990 for tax year 2024

Filed by TULSA ROYALTIES COMPANY.

Totals

Total revenue
$1,629,284
Total expenses
$1,629,358
Contributions and grants received
$0
Grants paid
$1,444,525
Program service revenue
$0
Investment income
$2,397
Other revenue
$1,626,887
Total assets, end of year
$71
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$71
Program services expenses (Part IX)
$1,444,525
Management and general expenses
$184,833
Fundraising expenses
$0
Program service expenses (Part III)
$1,444,525

Program services were 88.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 3 · Investment income

    total $2,397 · related or exempt $0 · unrelated business $0 · excluded $2,397

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $1,626,887 · related or exempt $0 · unrelated business $0 · excluded $1,626,887

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,444,525 · program services $1,444,525

  • 11f · Fees: investment management

    total $68,973 · management and general $68,973

  • 24a · Other expenses: Production Taxes

    total $107,822 · program services $0 · management and general $107,822 · fundraising $0

  • 24b · Other expenses: Ad Valorem Taxes

    total $8,038 · program services $0 · management and general $8,038 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $145 · end of year $71

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $145 · end of year $71

Mission and programs · 2024

Mission

Tulsa Royalties Company is a supporting organization, created to provide financial support for Oklahoma Baptist University, an exempt organization. Oklahoma Baptist University is a Christian liberal arts university which transforms lives by equipping students to pursue academic excellence, integrate faith with all areas of knowledge, engage a diverse world and live worthy of the high calling of God in Christ.

Activities or mission (Part I)

To provide financial support for Oklahoma Baptist University, an exempt organization providing Christian higher education to approximately 1,400 students from all over the United States and many other countries.

  • Contributions of financial support for Oklahoma Baptist University. Financial support funds special projects, including campus improvement projects, capital expenditures and retirement of debt.

    Expenses $1,444,525 · Grants $1,444,525

As filed on the 2024 return.

Listed in Part VII

  • Heath Thomas

    Vice President

    Total calculated
    $281,429
    From this org
    $0
    From related orgs
    $213,894
    Other
    $67,535
    Hours/week
    0.5 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $213,894 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $14,687 related
    Nontaxable benefits
    $0 + $54,107 related
    Filer's total
    $0 + $282,688 related

  • Randy L Smith

    Vice President for Operations/Treasurer

    Total calculated
    $170,907
    From this org
    $0
    From related orgs
    $151,669
    Other
    $19,238
    Hours/week
    0.5 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $151,669 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $4,870 related
    Nontaxable benefits
    $0 + $15,378 related
    Filer's total
    $0 + $171,917 related

  • Lester Kasterke

    Assistant Secretary

    Total calculated
    $157,962
    From this org
    $0
    From related orgs
    $104,110
    Other
    $53,852
    Hours/week
    0.5 + 5 related

  • Robert Morris

    President

    Total calculated
    $2,700
    From this org
    $0
    From related orgs
    $2,700
    Other
    $0
    Hours/week
    0.5 + 0.5 related

  • John Lee

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Joshua Wells

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Matt Brown

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Aubrey Chapin

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Steve Hall

    Director

    Total calculated
    $0
    Hours/week
    0.5

  • Justin Sampler

    Director

    Total calculated
    $0
    Hours/week
    0.5

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
15 April 2025
IRS schema version
2024v5.0
Source object
202541339349308049

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