Olean Foundation
- Assets
- $1.1m
- Revenue
- $49.4k
- Investments
- $1.1m
- Employees
- 0
- Location
- Westerly, RI
- Founding
- 11/1984
- Data as of
- 12/2021
- 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 12/2021, Olean Foundation generated $49.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (5.6%) each year. All expenses for the organization totaled $56.0k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (11.5%) per year over the past 7 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
2021
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 | |
Margaret Steele Director | 2 | $0 | |
Bob Hoffman Treasurer | 2 | $0 | |
Dick Mansfield Director | 2 | $0 | |
Michele Walsh Finance Dire | 2 | $0 | |
Ruth Tureckova Executive Di | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $10 |
| Dividends & Interest | $29,131 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $20,196 |
| Capital Gain Net Income | $20,196 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $23 |
| Total Revenue | $49,360 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $556 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $0 |
| Total operating and administrative expenses | $13,660 |
| Contributions, gifts, grants paid | $42,340 |
| Total expenses and disbursements | $56,000 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $3,053 |
| 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 | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $1,091,421 |
| Accounts payable and accrued expenses | $76 |
| 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 | $76 |
Grants Awarded
Over the last fiscal year, Olean Foundation has awarded $42,340 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Westerly, RI PURPOSE: CONSUMER NEEDS, ACTIVITIES, PROGRAMS | $35,840 |
COMMUNITY VOCATIONAL SERVICES PURPOSE: CONSUMER NEEDS, ACTIVITIES, PROGRAMS | $5,500 |
WARM SHELTER INC PURPOSE: CONSUMER NEEDS, ACTIVITIES, PROGRAMS | $1,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Olean Foundation has recieved totaling $550.
| Awarding Organization | Amount |
|---|---|
Marian Schwartz Family Foundation Trust Warwick, RI PURPOSE: CHILDREN | $550 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Richard K Lubin Family Foundation Boston, MA | $152,996,918 | $13,537,947 |
William J & Lia G Poorvu Family Foundation Cambridge, MA | $120,261,343 | $11,453,242 |
Shapiro Foundation Needham, MA | $157,349,001 | $11,545,549 |
New Balance Foundation Boston, MA | $152,561,164 | $17,219,252 |
Dorot Foundation Providence, RI | $152,678,758 | $11,417,261 |
Linde Family Foundation Boston, MA | $189,813,343 | $18,266,253 |
Nancy Lurie Marks Family Foundation Wellesley, MA | $0 | $8,374,794 |
Abrams Foundation Inc Boston, MA | $0 | $18,931,017 |
James S Mcdonnell Family Foundation Inc Lincoln, MA | $112,136,511 | $18,539,492 |
The Childrens Investment Fund Foundation West Hartford, CT | $147,469,388 | $4,068,315 |
Highland Street Connection Newton, MA | $74,050,006 | $4,748,542 |
Leir Foundation Inc Ridgefield, CT | $108,810,861 | $16,743,415 |