Olean Business Development Corporation

Nonprofit profile at a glance

EIN
455371087
IRS 990 coverage
2016–2025
Forms available
Form 990 2025, Form 990-EZ 2014
Location
Olean, NY, USA
Phone
7167014009
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Reported finances

Revenue
$1,407,964
Expenses
$1,003,914
Assets
$2,950,671
Liabilities
$496,131

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • BOB FORNESS (PRESIDENT/CEO)

Highest reported compensation

  • BOB FORNESS (PRESIDENT/CEO): $114,893 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

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.

Operating model

Revenue model
Donor-supported. 86% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 76% for direct work, and 24% for grants.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 61
  • Transparency & Controls: 82
  • Accountability: 84
  • Sustainability: 67
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59.6%; rating input score 60
  • Program expense ratio: 82%; rating input score 82
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 25th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 65.4%; rating input score 65; 35th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 28.7%; rating input score 81; 81st percentile among comparable filings
  • Total-asset coverage ratio: 2.94; rating input score 74; 74th percentile among comparable filings
  • Liabilities to assets ratio: 0.17; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 11.4%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: 15% per year; rating input score 100; 71st percentile among comparable filings
  • Revenue growth: 15.3% per year; rating input score 100; 75th percentile among comparable filings
  • Asset growth: 10.6% per year; rating input score 100; 57th percentile among comparable filings

Details

  • Where the money goes: 59.6% of revenue deployed · 82% of spending went to programs
  • Governance: 9 of 9 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $823K in reported program spending
  • Leadership: top reported pay $115K · 10 people listed
  • Consistency: 30 of 31 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors and grants
  • Filing history: 10 filing years from 2016 to 2025
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.