Olean Public Library

Analysis

Olean Public Library is a registered charity in United States, based in Olean, NY. It received its IRS tax-exemption ruling in August 1945, 81 years ago. Its declared purposes cover education, which this site groups under education and training. 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, Olean Public Library reported income of $1.2m and spending of $1.4m, spending 108% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.2m to $1.2m (+5.4%), an average of +1.3% a year. The sharpest change came in the year to December 2020, when income rose by 18%. Over the whole period it spent 91% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Olean Public Library sits at the 78th percentile: it is larger than about 78% of them. Against every charity in United States with reported income it ranks in the 82nd percentile, and in the 78th percentile within NY. Charities of a similar size with the same main cause include Childrens Center of the Faith United Methidist Church of Methuen ($1.2m), Boys Latin Foundation ($1.2m) and Field Middle School ($1.2m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 96% and program service revenue 1.9% of the total. Compensation of current officers, directors and key employees was $107k (7.9% of expenses). Other salaries and wages came to $811k. At year end it held assets of $4.3m against liabilities of $1.8m, net assets of $2.5m. It reported 33 employees.