Olean General Hospital Foundation
- Assets
- $48.1m
- Revenue
- $6.1m
- Investments
- $6.1m
- Employees
- 5
- Location
- Olean, NY
- Founding
- 11/1996
- Data as of
- 12/2021
- EIN
- 16-1497087
Organization Overview
Olean General Hospital Foundation is located in Olean, NY. The organization was established in 1996. As of 12/2021, Olean General Hospital Foundation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Olean General Hospital 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 General Hospital Foundation generated $6.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 23.3% each year . All expenses for the organization totaled $2.3m during the year ending 12/2021. While expenses have increased by 3.5% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE MISSION STATEMENT CAN BE FOUND ON SCHEDULE O.
Describe the Organization's Program Activity:
SEE SCHEDULE O FOR A DESCRIPTION OF THE PROGRAM SERVICE ACCOMPLISHMENTS.MISSION STATEMENT:THE MISSION OF THE OLEAN GENERAL HOSPITAL FOUNDATION IS TO DEVELOP AND GENERATE ONGOING PHILANTHROPIC SUPPORT FOR OLEAN GENERAL HOSPITAL'S CONTINUED DEVELOPMENT AND GROWTH. SINCE ITS INCEPTION, THE FOUNDATION HAS RAISED OVER $59 MILLION FROM PEOPLE IN OUR COMMUNITY WHO CARE ABOUT THE MISSION OF OUR HOSPITAL AND WHO TAKE PRIDE IN THE CARE THAT IT PROVIDES. THIS GOAL HAS REMAINED CONSTANT SINCE THE INCEPTION OF THE FOUNDATION. WE ARE GRATEFUL TO EACH AND EVERY INDIVIDUAL AND CORPORATION WHO HAS SO GENEROUSLY SUPPORTED OUR HOSPITAL AND FOUNDATION AND WHO HAVE HELPED ENSURE THAT OUR HOSPITAL IS ABLE AND EQUIPPED TO OFFER EXCEPTIONAL CARE TO THE PEOPLE IN OUR COMMUNITY.AS IN THE PAST, OUR FOUNDATION WAS ALSO PLEASED TO SUPPORT A VARIETY OF OTHER PROGRAMS AND SERVICES AS WELL AS EDUCATIONAL PROGRAMS FOR OUR STAFF.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Jackson President | Officer | 40 | $131,145 |
James Bardenett Chairman | OfficerTrustee | 1 | $0 |
Muhammed Javed MD Secretary | OfficerTrustee | 1 | $0 |
Kelly Lent-Paul Vice-Chairman | OfficerTrustee | 1 | $0 |
David Ditanna Treasurer | OfficerTrustee | 1 | $0 |
Ronald Cecchi Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $73,171 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,599,855 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,673,026 |
| Total Program Service Revenue | $0 |
| Investment income | $1,601,775 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,806,456 |
| Net Income from Fundraising Events | -$4,316 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,076,941 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,750,671 |
| 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. | $140,905 |
| Compensation of current officers, directors, key employees. | $28,181 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $76,225 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $23,327 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $194,926 |
| Fees for services: Other | $32,794 |
| Advertising and promotion | $0 |
| Office expenses | $3,326 |
| Information technology | $8,447 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,178 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $513 |
| Insurance | $0 |
| All other expenses | $8,892 |
| Total functional expenses | $2,281,611 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,650 |
| Savings and temporary cash investments | $2,727,896 |
| Pledges and grants receivable | $647,376 |
| Accounts receivable, net | $0 |
| 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 | $4,584 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $38,530,426 |
| Investments—other securities | $6,142,208 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $48,066,140 |
| Accounts payable and accrued expenses | $57,780 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $57,780 |
| Net assets without donor restrictions | $16,423,923 |
| Net assets with donor restrictions | $31,584,437 |
| 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 | $48,066,140 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Olean General Hospital Foundation has recieved totaling $561,234.
| Awarding Organization | Amount |
|---|---|
Greater Olean Community Foundation Olean, NY PURPOSE: GENERAL SUPPORT | $210,234 |
Jeanette Dermitt Trust Uw 101060067360 Brooklyn, OH PURPOSE: SATISFY EXEMPT PURPOSE OF | $194,000 |
Cutco Foundation Inc Olean, NY PURPOSE: GENERAL | $106,000 |
Constance And Carl Ferrischartiable Foundation Inc Baltimore, MD PURPOSE: YR 3 OF 4 - PATIENT | $32,000 |
Margaret Dermitt Estate Char Trust Brooklyn, OH PURPOSE: GENERAL OPERATING | $15,000 |
Cutco Foundation Inc Olean, NY PURPOSE: MATCH | $4,000 |
Endowment Analysis
| Beg. Balance | $40,819,719 |
| Earnings | $3,931,892 |
| Net Contributions | $234,314 |
| Other Expense | $1,166,444 |
| Ending Balance | $43,819,481 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Friends Of Mayanot Institute Inc New York, NY | $1,023,168 | $4,053,714 |
Four-Four Foundation Inc New York, NY | $21,732,131 | $6,162,056 |
Jkw Foundation Tr Ua 092597 New York, NY | $38,873,662 | $1,124,358 |
New England Region Volleyball Association Inc North Andover, MA | $1,524,058 | $3,442,158 |
Bristol County Savings Charitable Foundation Inc Taunton, MA | $0 | $5,133,523 |
Olean General Hospital Foundation Olean, NY | $48,066,140 | $6,076,941 |
Agudath Israel Of America Foundation New York, NY | $3,877,624 | $1,631,561 |
Cranaleith Spiritual Center Philadelphia, PA | $5,535,511 | $615,387 |
Adam R Rose Foundation New York, NY | $2,822,495 | $728,738 |
Westmoreland Human Services Inc Greensburg, PA | $2,474,468 | $644,876 |
Martha Lloyd Services Inc Troy, PA | $1,951,761 | $271,501 |
Harold D Wetterberg Foundation Morristown, NJ | $2,164,308 | $366,268 |