Olean General Hospital Foundation

Analysis

Olean General Hospital Foundation is a registered charity in United States, based in Olean, NY. It received its IRS tax-exemption ruling in November 1996, 30 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 supporting organisation under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Olean General Hospital Foundation reported income of $2.6m and spending of $3.2m, spending 122% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.9m to $2.6m (+34%), an average of +7.6% a year. The sharpest change came in the year to December 2020, when income rose by 429%. Over the whole period it spent 57% of the income it received.

Among 19,413 United States charities whose main cause is grant-making and general purposes and that reported income, Olean General Hospital Foundation sits at the 89th percentile: it is larger than about 89% of them. Against every charity in United States with reported income it ranks in the 88th percentile, and in the 85th percentile within NY. Charities of a similar size with the same main cause include West Florida Premier Soccer Club Inc ($2.6m), Cleveland Browns Foundation ($2.6m) and American Communities Trust Inc ($2.6m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 46% of the total. Compensation of current officers, directors and key employees was $156k (4.9% of expenses). Other salaries and wages came to $92k. At year end it held assets of $43.9m against liabilities of $74k, net assets of $43.8m. It reported 5 employees.