Overview
What is Olean Business Development Corporation?
The Olean Business Development Corporation is a nonprofit organization situated in OLEAN, NEW YORK (14760). Its primary mission is to positively impact various sectors of the community. This includes fostering youth development through mentorship and skill enhancement, establishing connections between families and community leaders, resources, and opportunities for service, promoting the growth of small businesses through training, coaching, networking, and resource provision, and ultimately, contributing to the community's prosperity by retaining youth, enhancing the workforce, fostering stronger businesses, and improving the regional economy. The organization currently employs a team of three individuals.
Official website here: www.oleanbd.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88%, Three-Star out of Four Star rating.
The Olean Business Development Corporation has been rated with an 88% score, indicating a solid performance in accountability and finance. The organization boasts a high percentage of independent board members and has received full marks for its financial statements, demonstrating strong governance practices. Additionally, its program expense ratio of 85.01% suggests that a significant portion of its resources is directed towards fulfilling its mission.
However, there are notable areas for improvement. The organization lacks a whistleblower policy and a document retention and destruction policy, which are essential for ensuring transparency and accountability. Furthermore, the tax form is not available on its website, which could lead to questions regarding its financial practices and accessibility of information for stakeholders. Overall, while the organization shows strengths in governance and financial management, it would benefit from addressing these gaps.
This AI summary has been generated from information found on Charity Navigator.
Is Olean Business Development Corporation legitimate?
Olean Business Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Olean Business Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $75,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $84,028
For more financial information, click here
Official website here: www.oleanbd.com
What is the mission statement of Olean Business Development Corporation?
The Olean Business Development Corporation is committed to contributing positively to various sectors of the community. Its mission is primarily focused on benefiting youth by offering mentorship and skill development opportunities. Additionally, the organization aims to establish a connection between families and community leaders, providing them with essential resources and service opportunities. Furthermore, the corporation supports small businesses by offering training, coaching, resource connections, networking, and collaboration opportunities. Lastly, it strives to improve regional economic conditions by promoting youth retention, fostering a better-prepared workforce, strengthening businesses, and encouraging overall community development.
Official website here: www.oleanbd.com
Who is the CEO of Olean Business Development Corporation?
Bob Forness is the President of Olean Business Development Corporation.
Official website here: www.oleanbd.com
What is the revenue of Olean Business Development Corporation?
Olean Business Development Corporation's revenue in 2022 was $709,773.
Official website here: www.oleanbd.com
Who are the executives of Olean Business Development Corporation and what are their salaries?
The average compensation at Olean Business Development Corporation during 2022 was $53,009. There are 3 employees at Olean Business Development Corporation.
Here are 13 key members and their salaries:
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Official website here: www.oleanbd.com
Where can I find the form 990 for Olean Business Development Corporation?
Olean Business Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.oleanbd.com
Learn more at the official website: www.oleanbd.com
Mission Statement of Olean Business Development Corporation
The Olean Business Development Corporation is an organization dedicated to serving various sectors of its community. Its mission is multifaceted, aiming to benefit three primary groups: youth, families, and small businesses, as well as the community at large. For the youth, the corporation offers mentoring and skill development programs to empower them. It also strives to create a connection between young people and community leaders, resources, and service opportunities, fostering a sense of belonging and engagement.
Regarding families, the Olean Business Development Corporation aims to establish a strong bond by connecting them with community leaders, resources, and service opportunities. This approach encourages family growth and development, ensuring that they have access to the necessary tools and support to thrive.
In terms of small businesses, the corporation provides essential training, coaching, resource connections, networking, and collaboration opportunities. By doing so, it supports the growth and success of local businesses, contributing to a stronger and more resilient regional economy. Ultimately, the Olean Business Development Corporation's mission is geared towards retaining youth, developing a more skilled and prepared workforce, encouraging stronger businesses, and improving the overall economic conditions of the community.
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Impact
July, 2024
Olean Business Development Corporation's impact can be seen in various aspects. It benefits youth by providing mentoring and skills development programs, which help them build a foundation for future success. By creating connections to community leaders, resources, and service opportunities, the organization also benefits families, strengthening community ties and support networks.
Moreover, Olean Business Development Corporation contributes to the growth of small businesses by offering training, coaching, resource connections, networking opportunities, and fostering collaborations. This support enhances the capabilities of local enterprises, leading to a more robust economy and job market in the region.
Overall, the organization plays a crucial role in the community by retaining youth, preparing a skilled labor force, bolstering businesses, and ultimately improving regional economic conditions. Through its multifaceted approach to community improvement, Olean Business Development Corporation leaves a positive and lasting impact on its constituents and the area as a whole.
This information is meant to be a general summary of Olean Business Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$1,720
- Program Service Revenue: $54,750
- Gross Receipts: $709,773
Assets and Liabilities:
- Total Assets: $1,903,210
- Total Liabilities: $601,367
- Net Assets: $1,301,843
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Program services
Revenue
$54,750
Organization Details
Founding Year
2013
Phone
(716) 701-4009Principal Officer
Bob Forness
Main Address
301 N UNION ST, OLEAN, NY, 14760
Website
www.oleanbd.comNTEE Category
Code: S20 - Community improvement
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