Olean Business Development Corporation
- Assets
- $1.9m
- Revenue
- $499.6k
- Investments
- $0.0
- Employees
- 2
- Location
- Olean, NY
- Founding
- 12/2013
- Data as of
- 12/2021
- EIN
- 45-5371087
Organization Overview
Olean Business Development Corporation is located in Olean, NY. The organization was established in 2013. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Olean Business Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Olean Business Development Corporation 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 Business Development Corporation generated $499.6k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.7% each year . All expenses for the organization totaled $341.4k during the year ending 12/2021. While expenses have increased by 22.7% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO BENEFIT YOUTH THROUGH MENTORING AND SKILLS DEVELOPMENT; TO BENEFIT FAMILIES BY CREATING A CONNECTION TO COMMUNITY LEADERS, RESOURCES, AND SERVICE OPPORTUNITIES; TO BENEFIT SMALL BUSINESSES BY PROVIDING TRAINING, COACHING, RESOURCE CONNECTIONS, NETWORKING, AND COLLABORATION; AND TO BENEFIT THE COMMUNITY BY RETENTION OF YOUTH, SUPPORTING THE DEVELOPMENT OF A BETTER PREPARED LABOR FORCE, ENCOURAGING STRONGER BUSINESSES, AND IMPROVING REGIONAL ECONOMIC CONDITIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO BENEFIT YOUTH THROUGH MENTORING AND SKILLS DEVELOPMENT; TO BENEFIT FAMILIES BY CREATING A CONNECTION TO COMMUNITY LEADERS, RESOURCES, AND SERVICE OPPORTUNITIES; TO BENEFIT SMALL BUSINESSES BY PROVIDING TRAINING, COACHING, RESOURCE CONNECTIONS, NETWORKING, AND COLLABORATION; AND TO BENEFIT THE COMMUNITY BY RETENTION OF YOUTH, SUPPORTING THE DEVELOPMENT OF A BETTER PREPARED LABOR FORCE, ENCOURAGING STRONGER BUSINESSES, AND IMPROVING REGIONAL ECONOMIC CONDITIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Michael Fischer Treasurer | OfficerTrustee | 1 | $0 |
Mike Smith 2nd Vice Chair | OfficerTrustee | 1 | $0 |
Evelyn Sabina Secretary | OfficerTrustee | 1 | $0 |
Bob Forness President | OfficerTrustee | 1 | $0 |
Brent Driscoll Secretary | OfficerTrustee | 1 | $0 |
James E Stitt Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $88,542 |
| All other contributions, gifts, grants, and similar amounts not included above | $261,337 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $349,879 |
| Total Program Service Revenue | $0 |
| Investment income | $15,988 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $133,753 |
| 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 | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $499,620 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $124,600 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $38,040 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,260 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $349 |
| Office expenses | $19,748 |
| Information technology | $9,075 |
| Royalties | $0 |
| Occupancy | $49,175 |
| Travel | $3,606 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $21,242 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $54,672 |
| Insurance | $8,056 |
| All other expenses | $0 |
| Total functional expenses | $341,386 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $148,185 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,024 |
| 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 | $643 |
| Net Land, buildings, and equipment | $1,464,773 |
| Investments—publicly traded securities | $271,956 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $10,532 |
| Other assets | $1 |
| Total assets | $1,902,114 |
| Accounts payable and accrued expenses | $10,330 |
| Grants payable | $0 |
| Deferred revenue | $4,476 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $11,048 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $377,846 |
| Unsecured mortgages and notes payable | $75,000 |
| Other liabilities | $0 |
| Total liabilities | $478,700 |
| Net assets without donor restrictions | $1,423,414 |
| 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 | $1,902,114 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Olean Business Development Corporation has recieved totaling $403,000.
| Awarding Organization | Amount |
|---|---|
Cutco Foundation Inc Olean, NY PURPOSE: GENERAL PLEDGE | $250,000 |
Greater Olean Community Foundation Olean, NY PURPOSE: GENERAL SUPPORT | $153,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Urban Affairs Coalition Philadelphia, PA | $25,704,306 | $97,554,481 |
Brooklyn Navy Yard Development Corporation Brooklyn, NY | $543,633,704 | $68,378,369 |
Cent For Urban Community Svcs New York, NY | $78,734,129 | $72,768,234 |
The Community Preservation Corporation New York, NY | $1,407,109,282 | $65,839,600 |
Quincy Community Action Programs Inc Quincy, MA | $14,865,186 | $43,148,267 |
Westchester Community Opportunity Program Inc Elmsford, NY | $7,932,264 | $37,716,573 |
Reinvestment Fund Inc Philadelphia, PA | $609,259,384 | $44,624,452 |
St Nicks Alliance Corp Brooklyn, NY | $44,353,994 | $35,596,992 |
National Council For Community Development Inc Brooklyn, NY | $24,193,687 | $38,165,020 |
The Community Action Organization Of Western New York Inc Buffalo, NY | $11,956,609 | $31,001,421 |
Community Action Pioneer Valley Inc Greenfield, MA | $7,969,732 | $29,838,934 |
Citizens For Citizens Inc Fall River, MA | $12,279,316 | $29,399,731 |