Olean Foundation
- Assets
- $907.7k
- Revenue
- $53.4k
- Investments
- $904.6k
- Employees
- 0
- Location
- Westerly, RI
- Founding
- 11/1984
- Data as of
- 12/2023
- EIN
- 22-2496957
Organization Overview
Olean Foundation is located in Westerly, RI. The organization was established in 1984. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Olean Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2023, Olean Foundation generated $53.4k 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 (3.5%) each year. All expenses for the organization totaled $60.2k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (8.3%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE FUNDS TO PROVIDERS OF HABILITATION AND REHABILITATION SERVICES SO THAT THEY CAN OPTIMALLY MEET THE NEEDS OF PERSONS WITH PHYSICAL, EMOTIONAL, MENTAL, SOCIAL, AND/OR VOCATIONAL DISABILITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce Olean President | 2 | $0 | |
Ralph Abruzzese Vice Pres. | 2 | $0 | |
Margaret Steele Director | 2 | $0 | |
Bob Hoffman Treasurer | 2 | $0 | |
Raymond Walsh Finance Dire | 2 | $0 | |
Ruth Tureckova Executive Di | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $2 |
| Dividends & Interest | $34,562 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $18,799 |
| Capital Gain Net Income | $18,799 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $53,363 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $761 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $13,231 |
| Contributions, gifts, grants paid | $46,990 |
| Total expenses and disbursements | $60,221 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $99 |
| Savings and temporary cash investments | $2,002 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $975 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $907,722 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
Grants Awarded
Over the last fiscal year, Olean Foundation has awarded $42,340 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
FRANK OLEAN CENTER INC PURPOSE: CONSUMER NEEDS, ACTIVITIES, PROGRAMS | $35,840 |
WARM SHELTER INC PURPOSE: CONSUMER NEEDS, ACTIVITIES, PROGRAMS | $1,000 |
COMMUNITY VOCATIONAL SERVICES PURPOSE: CONSUMER NEEDS, ACTIVITIES, PROGRAMS | $5,500 |