Greater Olean Community Foundation

Analysis

Greater Olean Community Foundation is a registered charity in United States, based in Olean, NY. It received its IRS tax-exemption ruling in September 1995, 31 years ago. Its declared purposes cover philanthropy, voluntarism and grantmaking foundations, which this site groups under grant-making and general purposes. 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, Greater Olean Community Foundation reported income of $2.3m and spending of $2.2m, spending 96% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $3.1m to $2.3m (-24%), an average of -6.5% a year. The sharpest change came in the year to December 2021, when income rose by 131%. Over the whole period it spent 65% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Greater Olean Community Foundation sits at the 88th percentile: it is larger than about 88% of them. Against every charity in United States with reported income it ranks in the 87th percentile, and in the 84th percentile within NY. Charities of a similar size with the same main cause include Bartlesville Regional United Way Inc ($2.3m), American Friends of Le Korsa Inc ($2.3m) and Samaritan Counseling Services of the Gulf Coast Inc ($2.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 83% and program service revenue 2.5% of the total. Compensation of current officers, directors and key employees was $163k (7.3% of expenses). Other salaries and wages came to $182k. At year end it held assets of $30.6m against liabilities of $4.9m, net assets of $25.7m. It reported 5 employees.