Olean Business Development Corporation
- Assets
- $1.9m
- Revenue
- $709.8k
- Investments
- $0.0
- Employees
- 3
- Location
- Olean, NY
- Founding
- 12/2013
- Data as of
- 12/2022
- 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 12/2022, Olean Business Development Corporation employed 3 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 12/2022, Olean Business Development Corporation generated $709.8k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $815.8k during the year ending 12/2022. 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
2022
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 |
|---|---|---|---|
Bob Forness President | OfficerTrustee | 40 | $75,000 |
Dr Michael Fischer Treasurer | OfficerTrustee | 1 | $0 |
Mike Smith 2nd Vice Chair | OfficerTrustee | 1 | $0 |
Dan Demarte Director | Trustee | 1 | $0 |
Tom Buttafarro Director | Trustee | 1 | $0 |
Corey Wiktor Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $349,723 |
| All other contributions, gifts, grants, and similar amounts not included above | $161,272 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $510,995 |
| Total Program Service Revenue | $54,750 |
| Investment income | -$1,720 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $143,624 |
| 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 | $709,773 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $349,723 |
| 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. | $75,000 |
| Compensation of current officers, directors, key employees. | $18,750 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $84,028 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,990 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $18,629 |
| Office expenses | $49,232 |
| Information technology | $9,260 |
| Royalties | $0 |
| Occupancy | $59,751 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,414 |
| Interest | $23,690 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $61,670 |
| Insurance | $10,467 |
| All other expenses | $0 |
| Total functional expenses | $815,835 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $111,160 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,274 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $30,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $643 |
| Net Land, buildings, and equipment | $1,504,370 |
| Investments—publicly traded securities | $241,082 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $9,681 |
| Other assets | $0 |
| Total assets | $1,903,210 |
| Accounts payable and accrued expenses | $16,685 |
| Grants payable | $0 |
| Deferred revenue | $73,367 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $6,048 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $505,267 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $601,367 |
| Net assets without donor restrictions | $1,301,843 |
| 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 | $1,903,210 |