Olean Business Development Corporation

Analysis

Olean Business Development Corporation is a registered charity in United States, based in Olean, NY. It received its IRS tax-exemption ruling in December 2013, 13 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. 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 Business Development Corporation reported income of $925k and spending of $834k, spending 90% of its income. Across the 5 years on record, from December 2019 to December 2023, income grew from $378k to $925k (+145%), an average of +25% a year. The sharpest change came in the year to December 2020, when income rose by 61%. Over the whole period it spent 84% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Olean Business Development Corporation sits at the 76th percentile: it is larger than about 76% of them. Against every charity in United States with reported income it ranks in the 78th percentile, and in the 74th percentile within NY. Charities of a similar size with the same main cause include Big River Economic and Agricultural Development Alliance ($925k), KC Common Good Inc ($926k) and Nevada Grantlab ($924k).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 70% and program service revenue 17% of the total. Compensation of current officers, directors and key employees was $75k (9.0% of expenses). Other salaries and wages came to $191k. At year end it held assets of $2.0m against liabilities of $657k, net assets of $1.4m. It reported 6 employees.