philanthropy.org | 990 Resource | FAQ Verify yourself
Sign in

Olean Local Development Corporation FY2023 filing

Tax-deductible

Olean, NY501(c)(3)Community Development EIN 26-2740849Revenue $3K in FY2023

On file with the IRScityofolean.org/oldc101 E State Street, 14760-2776 · Olean, NYTax-exempt since Jan 2021Publicly supported charity — 170(b)(1)(A)(vi)

Claim this org

(tell your story, add context, and more)

What claiming does How does your 990 look to donors? Take the 10-Question Audit

The redevelopment of Bradner Stadium as a multi-sport, multi-recreational event center as well as the development of other community based projects by using a public/private partnership model to promote economic development to benefit the Olean and surrounding area. Development of community based projects using public/private partnership model to promote economic development to benefit the City of Olean and surrounding area. Promote redevelopment, revitalization and reuse of Bradner Stadium as a multi-use recreational/cultural facility.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
3 of 3
filings with a surplus
Average surplus $6K a year · 7% of revenue · last 3 filings
Looks good: a surplus in 3 of the last 3 filings.
Pt I · Ln 19 · 3 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
620 mo
of spending, in cash
Looks good: 620.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2K
0.7% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3K
-99% vs prior year
Spent
$2K
To programs
100%
Net assets
$204K
By yearFY2022–FY2025
Revenue
$3K
FY2023▼ -99%
Tap a bar for its year
Revenue by fiscal year
FY2022$218K
FY2023$3K
FY2024$43K
FY2025$44K
Expenses
$2K
FY2023▼ -99%
Tap a bar for its year
Expenses by fiscal year
FY2022$216K
FY2023$2K
FY2024$28K
FY2025Not on file
Net assets
$204K
FY2023▲ +0.7%
Tap a bar for its year
Net assets by fiscal year
FY2022$202K
FY2023$204K
FY2024$180K
FY2025$179K

From the FY2023 Form 990 (year ending May 2023) · see the original

Give Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Exemption reinstated (2020-05-15). Per the IRS revocation list. Latest filing on record: FY2025. IRS ruling in Jan 2021.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $2K

Form 990 Part IX, line 25. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

11 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Dave Carucci
President
$0Pt VII · Sec A
Colleen Taggerty
Vice President
$0Pt VII · Sec A
Genelle Morris
Oscd Superintendent
$0Pt VII · Sec A
Meme Yanetsko
Treasurer
$0Pt VII · Sec A
John Crawford
Council President
$0Pt VII · Sec A
$0Pt VII · Sec A
Keri Kerper
Cd Program Coordinator
$0Pt VII · Sec A
Robert Thompson
Director of Public Work
$0Pt VII · Sec A
See Olean Local Development Corporation executive salaries →

On this list? Claim this org

Something off? Claim to add context

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Rebuilds Bradner Stadium into a multi-sport center and develops community projects to boost local economy.

Questions for Olean Local Development Corporation

Tap to ask. Olean Local Development Corporation sees how many people are interested.

Your first name shows with your question. Olean Local Development Corporation answers here, for everyone.

Provided by the organization

Know this org? Add your story

3 programs · $2K · in their own filed words · FY2022
01

The purpose of the audit committee shall be to (1) assure that the authority's board fulfills its responsibilities for the authority's internal and external audit process, the financial reporting process and the system of risk assessment and internal controls over financial reporting; and (2) provide an avenue of communication between…

$2Kprogram expense
02

The purpose of the audit committee shall be to (1) assure that the authority's board fulfills its responsibilities for the authority's internal and external audit process, the financial reporting process and the system of risk assessment and internal controls over financial reporting; and (2) provide an avenue of communication between…

Pt IX · col B
03

The purpose of the audit committee shall be to (1) assure that the authority's board fulfills its responsibilities for the authority's internal and external audit process, the financial reporting process and the system of risk assessment and internal controls over financial reporting; and (2) provide an avenue of communication between…

Pt IX · col B

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3K
Ln 12
Fees for servicesLn 2g$3K
Money outPt IX
$2K
Ln 25
Programscol B$2K
Owns and owesPt X
$204K
net assets · Ln 32
Cash and savingsLn 1–2$80K
Total assetsLn 16$205K
LiabilitiesLn 26$2K
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$3K
Total revenueLn 12$3K
Assets in detailPt X, end of year
CashLn 1$80K
SavingsLn 2$0
Cash and savings togetherLn 1–2$80K
InvestmentsLn 11–13$0
Land, buildings, equipmentLn 10c$0
Other assetsLn 15$0
Total assetsLn 16$205K
LiabilitiesLn 26$2K
Net assetsLn 32$204K
OperationsPt I, VI
EmployeesI 50
VolunteersI 611
Fiscal year endsHeaderMay
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$202K$80K
InvestmentsLn 11–13$0$0
Land, buildings, equipmentLn 10c$0
Total assetsLn 16$202K$205K
LiabilitiesLn 26$0$2K
Net assetsLn 32$202K$204K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$2K$2K
Other fees for servicesLn 11g$41$41
InsuranceLn 23$0
All other expensesLn 24e$0$0
Total functional expensesLn 25$2K$2K$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $44K$179K 990 PDF
FY2024 $43K$28K$15K$180K 990 PDF
FY2023 Viewing $3K$2K$1K$204K 990 PDF
FY2022 $218K$216K$2K$202K 990 PDF

More to add? Claim this org

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $2,938 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $213,225$0
I-9 Program service revenuePrior year $3,374$2,938
I-10 Investment incomePrior year $0$0
I-11 Other revenuePrior year $1,000$0
I-12 Total revenuePrior year $217,599$2,938
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $15,837$1,541
I-18 Total expensesPrior year $15,837$1,541
I-19 Revenue less expensesPrior year $201,762$1,397
Part VI · Governance 8 of 8 board members independent, no flags
VI-1a Voting members of the governing body8
VI-1b Independent voting members8
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $2,938 across 2 lines filed
Lines not itemized here account for $2,938 of total revenue; see the IRS return.
VIII-1h Total contributions, gifts and grants$0
VIII-12 Total revenueRelated to mission $2,938 · Unrelated business $0 · Excluded from tax $0$2,938
Part IX · Statement of functional expenses $1,541 across 4 lines filed
IX-11c Accounting feesPrograms $1,500$1,500
IX-11g Other fees for servicesPrograms $41$41
IX-23 Insurance$0
IX-24e All other expensesPrograms $0$0
IX-25 Total functional expensesPrograms $1,541 · Management $0 · Fundraising $0$1,541
Part X · Balance sheet $205,360 assets, 24 lines filed
X-1 Cash, non-interest-bearingStart of year $202,463$79,675
X-2 Savings and temporary cash investmentsStart of year $0$0
X-3 Pledges and grants receivableStart of year $0$39,917
X-4 Accounts receivableStart of year $0$85,768
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $0$0
X-10c Land, buildings and equipment, net$0
X-11 Publicly traded securitiesStart of year $0$0
X-12 Other securitiesStart of year $0$0
X-13 Program-related investmentsStart of year $0$0
X-14 Intangible assetsStart of year $0$0
X-15 Other assetsStart of year $0$0
X-16 Total assetsStart of year $202,463$205,360
X-17 Accounts payable and accrued expensesStart of year $0$1,500
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $0$0
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $0$0
X-26 Total liabilitiesStart of year $0$1,500
X-27 Net assets without donor restrictionsStart of year $202,463$203,860
X-28 Net assets with donor restrictionsStart of year $0$0
X-32 Total net assets or fund balancesStart of year $202,463$203,860
X-33 Total liabilities and net assetsStart of year $202,463$205,360
Part XI · Reconciliation of net assets $203,860 net assets at year end
XI-1 Total revenue$2,938
XI-2 Total expenses$1,541
XI-3 Revenue less expenses$1,397
XI-4 Net assets at start of year$202,463
XI-5 Net unrealized gains (losses) on investments$0
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$203,860

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

Similar organizations you could support · Compare with another nonprofit

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

Your org? Add context

Made it to the end? Claim this org

All figures are derived from public IRS Form 990 filings and are presented without evaluation of any organization. philanthropy.org does not rate, score, or rank organizations, including the pay comparisons above.