Petroleum Club of Houston

“The club has multiple levels of members. The active members are entitled to voting rights and rights to elect and remove the officers and board of directors.”

“The club has multiple levels of members. The active members are entitled to voting rights and rights to elect the officers and board of directors. The active members may elect to remove a board member at any time by two-third majority votes.”

“THE FORM 990 IS PREPARED BY AN OUTSIDE PUBLIC ACCOUNTING FIRM that collaborates with management in completion of an accurate return. DURING THE RETURN PREPARATION AND REVIEW PROCESS, THE PUBLIC ACCOUNTING FIRM COLLABORATES WITH MANAGEMENT FOR ASSISTANCE IN PREPARING A COMPLETE AND ACCURATE RETURN. UPON COMPLETION THE RETURN IS REVIEWED WITH THE REPORTING ORGANIZATION'S SENIOR FINANCIAL OFFICER PRIOR TO FILING.”

“Key employees sign the conflict of interest policy. The club's policy states that no director or volunteer receives compensation from the club.”

“THE COMPENSATION COMMITTEE recommends THE GENERAL MANAGER'S COMPENSATION to the board of directors for approval. THE COMPENSATION WAS SET IN FISCAL YEAR 2016 using comparability data. THE COMPENSATION WAS ADJUSTED in MARCH 2020 DUE TO the pandemic and was reinstated back to the pre-pandemic rate in January 2022. The committee contemporaneously substantiated the deliberation and decision.”

“Authorized members, auditors and individuals can see the documents in the office of the club.”

“CONTRACT LABOR - Total Expense: 273164, Program Service Expense: , Management and General Expenses: , Fundraising Expenses: ; PAYROLL FEES - Total Expense: 12329, Program Service Expense: , Management and General Expenses: , Fundraising Expenses: ; FINANCE FEES - Total Expense: 826, Program Service Expense: , Management and General Expenses: , Fundraising Expenses: ; PROFESSIONAL - Total Expense: 142800, Program Service Expense: , Management and General Expenses: , Fundraising Expenses: ;”