Cutco Foundation Inc
- Assets
- $9.5m
- Revenue
- $1.9m
- Investments
- $9.2m
- Employees
- 0
- Location
- Olean, NY
- Founding
- 02/1996
- Data as of
- 12/2021
- EIN
- 16-1491450
Organization Overview
Cutco Foundation Inc is located in Olean, NY. The organization was established in 1996. 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. Cutco Foundation Inc 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, Cutco Foundation Inc generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 49.2% each year . All expenses for the organization totaled $569.3k during the year ending 12/2021. While expenses have increased by 3.8% per year over the past 6 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.
Since 2015, Cutco Foundation Inc has awarded 417 individual grants totaling $3,265,227. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ENTITY INTENDS TO SUPPORT THE CHARITABLE, RELIGIOUS, SCIENTIFIC AND EDUCATIONAL PURPOSES OF ANY ORGANIZATION, SO LONG AS SUCH ORGANIZATION IS DESCRIBED IN SECTIONS 170 (B) (1) 501 (C) (3), 2055 AND 2522 OF THE INTERNAL REVENUE CODE OF 1983.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James M Stitt Treasurer | 1 | $0 | |
John Stitt Director | 1 | $0 | |
John Whelpley Secretary | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $1,230,000 |
| Interest on Savings | $1,523 |
| Dividends & Interest | $633,165 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $43,069 |
| Capital Gain Net Income | $43,069 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $25,847 |
| Total Revenue | $1,933,604 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $0 |
| Pension plans, employee benefits | $0 |
| Interest | $0 |
| Taxes | $3,418 |
| Depreciation | $0 |
| Occupancy | $0 |
| Travel, conferences, and meetings | $0 |
| Printing and publications | $0 |
| Other expenses | $14,162 |
| Total operating and administrative expenses | $17,580 |
| Contributions, gifts, grants paid | $551,690 |
| Total expenses and disbursements | $569,270 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $275,894 |
| Savings and temporary cash investments | $0 |
| 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 | $9,199,642 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $0 |
| Total assets | $9,475,536 |
| 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, Cutco Foundation Inc has awarded $902,690 in support to 82 organizations.
| Grant Recipient | Amount |
|---|---|
Olean, NY PURPOSE: GENERAL PLEDGE | $250,000 |
JAMESTOWN COMMUNITY COLLEGE FOUNDATION PURPOSE: PLEDGE | $115,000 |
Olean, NY PURPOSE: GENERAL | $106,000 |
SAINT BONAVENTURE UNIVERSITY PURPOSE: PLEDGE | $100,000 |
ST BONAVENTURE UNIVERSITY PURPOSE: GENERAL PLEDGE | $100,000 |
Olean, NY PURPOSE: ANNUAL GIFT | $40,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Druckenmiller Foundation New York, NY | $1,579,806,367 | $402,828,458 |
Rockefeller Brothers Fund Inc New York, NY | $1,654,004,790 | $94,665,303 |
Adelson Family Foundation Needham, MA | $5,626,414 | $49,822,227 |
Anna Maria And Stephen Kellen Foundation Inc New York, NY | $1,287,407,560 | $57,361,611 |
The Wallace Foundation New York, NY | $1,815,949,042 | $114,535,478 |
Oberkotter Foundation Philadelphia, PA | $83,021,123 | $23,009,013 |
Stephen A Schwarzman Foundation New York, NY | $124,156,635 | $61,557,254 |
Pepsico Foundation Inc Purchase, NY | $25,033,678 | $1,734,936 |
Pnc Foundation Pittsburgh, PA | $218,373,148 | $3,451,991 |
Foundation Mireille And James Levy Usa New York, NY | $36,878,233 | $277,701 |
The Bat Hanadiv Foundation No 3 New York, NY | $1,717,297,999 | $245,079,951 |
Big East Conference Inc New York, NY | $25,429,264 | $59,716,596 |