Greater Olean Inc
- Assets
- $1.3m
- Revenue
- $497.3k
- Investments
- $0.0
- Employees
- 6
- Location
- Olean, NY
- Founding
- 09/1994
- Data as of
- 12/2023
- EIN
- 16-1450163
Organization Overview
Greater Olean Inc is located in Olean, NY. The organization was established in 1994. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Greater Olean Inc employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Olean Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2023, Greater Olean Inc generated $497.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (5.2%) each year. All expenses for the organization totaled $515.9k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (5.5%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE COMMUNITY/ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT - PROMOTE ECONOMIC DEVELOPMENT AMONG NEW AND EXISTING BUSINESSES. INCLUDES PROVIDING SUPPORT FOR THE OPERATION OF ECONOMIC DEVELOPMENT ZONE.
TANF SERVICES - UNDER CONTRACT WITH CATTARAUGUS COUNTY, AN ON-THE-JOB TRAINING PROGRAM IS OPERATED TO INCREASE THE SKILLS OF AREA RESIDENTS.
PROMOTION & MARKETING - THROUGH SPECIAL EVENTS AND ADVERTISING CAMPAIGNS, PURSUE ECONOMIC DEVELOPMENT AND REVITILIZATION IN THE OLEAN AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Paula Bernstein Director | Trustee | 1 | $0 |
Richard Yaeger Treasurer | OfficerTrustee | 1 | $0 |
Genelle Morris Director | Trustee | 1 | $0 |
Rob Defazio Director | Trustee | 1 | $0 |
Terry Brairton Director | Trustee | 1 | $0 |
Paula Snyder Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $116,296 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $116,296 |
| Total Program Service Revenue | $365,639 |
| Investment income | $18,481 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | -$3,095 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $497,321 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,252 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $77,538 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $107,262 |
| Pension plan accruals and contributions | $3,011 |
| Other employee benefits | $15,627 |
| Payroll taxes | $13,917 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,218 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $57,091 |
| Office expenses | $23,855 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $24,000 |
| Travel | $426 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $12,262 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,655 |
| Insurance | $4,349 |
| All other expenses | $0 |
| Total functional expenses | $515,916 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $232,446 |
| Savings and temporary cash investments | $712,458 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $55,180 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,519 |
| Net Land, buildings, and equipment | $6,944 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $260,117 |
| Total assets | $1,268,664 |
| Accounts payable and accrued expenses | $331,428 |
| Grants payable | $0 |
| Deferred revenue | $80,306 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $148,392 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $266,318 |
| Total liabilities | $826,444 |
| Net assets without donor restrictions | $442,220 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,268,664 |