Olean Local Development Corporation
Nonprofit profile at a glance
- EIN
- 262740849
- IRS 990-EZ coverage
- 2024–2024
- Forms available
- Form 990 2023, Form 990-EZ 2024, Form 990-N 2014
- Location
- Olean, NY, USA
- Phone
- 7163765613
- Rating
- 37
- Verdict
- REVIEW
- Rating confidence
- Moderate
- Sector
- Community, Neighborhood Development
Reported finances
- Revenue
- $43,811
- Expenses
- $6,416
- Assets
- $179,052
- Liabilities
- $0
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
9 people listed
Executive titles in this filing
- COLLEEN TAGGERTY (PRESIDENT)
- JOHN CRAWFORD (COUNCIL PRESIDENT)
People named in this filing
- JAMES SPRAGUE (SECRETARY)
- COLLEEN TAGGERTY (PRESIDENT)
- MEME YANETSKO (TREASURER)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
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.
What it reported doing in 2024
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 management, the independent auditors, the internal auditors, and the board of directors
Operating model
- Revenue model
- Earned-program. 100% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
REVIEW - The filed numbers largely add up and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 0
- Transparency & Controls: 82
- Sustainability: 89
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 0%; rating input score 0
- Program expense ratio: 0%; rating input score 0
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
- Major donor itemization: Limited
Sustainability
- Operating margin: 85.4%; rating input score 98; 98th percentile among comparable filings
- Total-asset coverage ratio: 27.91; rating input score 97; 97th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 68; 68th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: -62.6% per year; rating input score 0; 4th percentile among comparable filings
- Asset growth: -5.1% per year; rating input score 0; 24th percentile among comparable filings
Details
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 3 filed program accomplishments
- Leadership: top reported pay $0 · 9 people listed
- Consistency: 8 of 9 current checks pass · 1 finding to review
- Schedules: 2 filed schedules
- Contacts: How to reach this organization
- 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.
- High — Financial Efficiency: Mission deployment rate scored 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- Moderate — Transparency & Controls: Part III transfer expenses within program total did not reconcile in the filed values.
- High — Growth: Revenue growth scored 0/100.
- High — Growth: Asset growth scored 0/100.
- Review — Sustainability: Officer compensation ratio scored 56/100.