Cutco Foundation Inc
Cutco Foundation Inc is a private foundation based in Olean, New York. Its 2025 filing states that awards are restricted to educational, health, and youth purposes under the corporation’s bylaws.
Cutco Foundation Inc at a glance
In short: Cutco Foundation Inc gave $798K across 85 grants in 2025 (avg $9K), mostly in New York. 19% of 2025 grantees were new. Source: 2025 IRS Form 990-PF.
- Annual giving (2025)
- $798,042
- +25.1% vs 2024
- Grants made (2025)
- 85
- +10.4% vs 2024
- Average grant
- $9,389
- +13.4% vs 2024
- Median grant
- $1,000
- Total assets
- $10,723,554
- +2.2% vs 2024
- New grantees (estimate)
- 19% first-time grantees (13 of 70, 2025)
- Primary geography
- New York (90% of itemized 2025 grant dollars)
- Latest 990 filing
- Form 990-PF, 2025 View filing
Data from IRS Form 990-PF, 2025; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).
How to apply to Cutco Foundation Inc
- How to Apply
-
The foundation does not restrict giving to preselected organizations. Contact Mr. James M. Stitt with a formal written request and supporting documentation. Awards are restricted to educational, health, and youth purposes as set by the corporation’s bylaws.
- Contact
Application contact: Mr James M Stitt
Mailing address: 1116 E State Street, Olean, NY 14760
Phone: (716) 372-3111
Application details from Grantable's research on the foundation's public materials; confirm on its website before applying.
Who Cutco Foundation Inc funds
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2025
The largest 2025 recipient was Jamestown Community College Foundation ($102K across 2 grants). Together the top 10 received $643K.
Grant Size Distribution
406 grants across all recorded years
The most common grant size was under $50K: 383 grants of 406 (94%).
Geographic Focus
Where this funder awards grants
The 2025 grants were concentrated in New York: the filing reports 90% of grant dollars going to recipients there. It reports additional shares of 7% for Ohio, 3% for Michigan, 1% for Florida, and 0% for Pennsylvania.
Grant Distribution by State
Share of 2025 grant dollars across all 85 itemized grants.
States
Cities
Is Cutco Foundation Inc open to new grantees?
19%
first-time grantees, 2025
In 2025, 13 of 70 grantees (19%) were first-time recipients. First grants averaged $2K; repeat grants $14K. How we count
Medians: $500 first-time, $1K repeat.
- 70% of 2025 grantees were also funded in 2024. Method
- Giving grew 26% from 2022 to 2025. Method
- In 2025 it paid out 128% of its IRS minimum distribution (the 5% rule). Method
Estimate from itemized grant lists in IRS Form 990-PF filings (2019–2025). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Giving History
Giving Over Time
Total grant dollars and number of grants per year
From 2019 to 2025, annual grant giving ranged from $552K (2021) to $957K (2023). In 2025 it made 85 grants totaling $798K.
Grants by year
Grant recipients and amounts by year
| Recipient | Purpose | Amount |
|---|---|---|
| Jamestown Community College Foundation Olean, NY | Annual Gift | $100,000 |
| Olean General Hospital Foundation Olean, NY | Annual Gift | $100,000 |
| St Bonaventure University St Bonaventure, NY | PLEDGE | $100,000 |
| YMCA of the Twin Tiers Olean, NY | PLEDGE | $100,000 |
| Cattaraugus Region Community Foundation Olean, NY | Annual Gift | $50,000 |
| University of Dayton Dayton, OH | PLEDGE | $50,000 |
| United Way of Cattaraugus & Allegany Counties Olean, NY | Annual Gift | $40,000 |
| Saint Bonaventure University St Bonaventure, NY | Annual Gift | $25,000 |
| Southern Tier Health Care Systems Olean, NY | Annual Gift | $25,000 |
| CA-Didi Olean, NY | Annual Gift | $20,000 |
Ready to take the next step with Cutco Foundation Inc?
Financial History
Multi-year comparison from IRS filings
| Filing year | Total Assets | Revenue | Expenses | Grants paid | Grants | Qualifying Distributions | Net Investment Income | Distributable Amount |
|---|---|---|---|---|---|---|---|---|
| 2025 | $10,723,554 | $1,044,806 | $826,442 | $798,042 | 85 | $798,042 | $1,016,406 | $624,605 |
| 2024 | $10,488,659 | $817,648 | $651,058 | $637,690 | 77 | $637,690 | $804,280 | $596,634 |
| 2023 | $10,303,830 | $1,592,713 | $974,595 | $957,412 | 81 | $957,412 | $271,749 | $527,132 |
| 2022 | $9,675,546 | $855,547 | $655,537 | $631,950 | 84 | $631,950 | $352,575 | $503,332 |
| 2021 | $9,475,536 | $1,933,604 | $569,270 | $551,690 | 79 | $551,690 | $688,032 | $533,877 |
| 2020 | $8,111,202 | $3,806,623 | $582,045 | $581,340 | 73 | — | $193,718 | $334,187 |
| 2019 | $4,886,624 | $863,402 | $569,175 | $560,981 | 72 | — | $251,467 | $261,756 |
Under IRS private-foundation payout rules, Cutco Foundation Inc reported a distributable amount of $625K for 2025 — the minimum it must pay out in qualifying distributions.
Research compiled by Grantable AI from public sources. Last updated September 2026.
Mission & Focus Areas
No mission statement for the foundation is provided. Its filing lists educational, health, and youth purposes as restrictions on awards.
The grantees’ own descriptions illustrate the range of organizations supported. St. Bonaventure University describes its work as education in the Franciscan tradition, while the University of Dayton describes its purpose as providing postsecondary education. Olean General Hospital Foundation says it develops philanthropic support for the hospital’s continued growth. Roswell Park Alliance Foundation says it supports cancer research, treatment, prevention, and the psychosocial needs of patients and families.
Grantmaking
In 2025, the foundation reported 85 grants totaling $798,042. Grant amounts ranged from $100 to $100,000, with a median of $1,000. Among the largest awards were $100,000 each to Jamestown Community College Foundation, Olean General Hospital Foundation, St. Bonaventure University, and YMCA of the Twin Tiers. Other notable grants included $50,000 to Cattaraugus Region Community Foundation, $50,000 to the University of Dayton, and $40,000 to United Way of Cattaraugus & Allegany Counties.
Leadership & Key People
Leadership team and compensation from IRS filings
The 2025 filing lists James E. Stitt as president; John Stitt and Carol Stitt as directors; and James M. Stitt as treasurer/secretary.
Cutco Foundation Inc is led by James M. Stitt, President, Treasurer & Secretary since 2022 (on filings since 2019); none of the 3 officers listed in 2025 report compensation.
Officers on the 2025 filing
James M. Stitt
President, Treasurer & Secretary
President & Treasurer → President, Treasurer & Secretary, 2022
On filings since 2019
1 hr/week
No compensation reported
John Stitt
Director
On filings since 2019
0.5 hrs/week
No compensation reported
Carol Stitt
Director
On filings since 2022
0.5 hrs/week
No compensation reported
Former officers (1)
- Former: John Whelpley (2019–2021) — Secretary
Data from IRS Form 990 filings, 2019–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.
Frequently asked questions about Cutco Foundation Inc
How much does Cutco Foundation Inc give each year?
Cutco Foundation Inc gave $798K across 85 grants in 2025, according to its 2025 IRS Form 990-PF. In 2024 it gave $638K across 77 grants.
What is Cutco Foundation Inc's typical grant size?
Cutco Foundation Inc's median grant in 2025 was $1,000, and its average grant was $9,389, across 85 grants on its 2025 IRS Form 990-PF. Organizations receiving their first grant from Cutco Foundation Inc that year got $2K on average.
Where does Cutco Foundation Inc give grants?
Cutco Foundation Inc gives mostly in New York: 90% of the grant dollars itemized on its 2025 IRS Form 990-PF went to recipients there. The next largest state was Ohio (7%). The most frequent recipient cities were Olean, NY (44 grants), Buffalo, NY (6 grants), Allegany, NY (6 grants) and St Bonaventure, NY (5 grants).
Does Cutco Foundation Inc give general operating support?
Not in 2025: none of the 85 grants with a stated purpose on Cutco Foundation Inc's 2025 IRS Form 990-PF were described as general or operating support. Recurring purposes include "Annual Gift" (75 grants), "Match" (6 grants) and "Pledge" (4 grants).
Who are Cutco Foundation Inc's largest grantees?
Cutco Foundation Inc's largest 2025 grantees include Jamestown Community College Foundation ($102,000 across 2 grants), YMCA of the Twin Tiers ($100,250 across 2 grants) and Olean General Hospital Foundation ($100,000), according to its 2025 IRS Form 990-PF. Together they received 38% of its itemized 2025 grant dollars.
How large is Cutco Foundation Inc?
Cutco Foundation Inc reported $10.7M in total assets on its 2025 IRS Form 990-PF. It paid out $798K in qualifying distributions that year, against a required minimum of $625K (roughly 5% of its investment assets).
What does Cutco Foundation Inc fund?
No mission statement for the foundation is provided. Its filing lists educational, health, and youth purposes as restrictions on awards. See mission & focus areas ↑
How do I apply for a grant from Cutco Foundation Inc?
The foundation does not restrict giving to preselected organizations. Eligibility and process details are in the grantmaking section of this profile. See how to apply ↑
What is Cutco Foundation Inc's EIN?
Cutco Foundation Inc's EIN (Employer Identification Number) is 16-1491450. IRS Form 990 filing data is available on this page for 2019–2025.
Data last updated September 2026. Sourced from IRS Form 990-PF filings. Research dossier generated September 2026.
Data update history
(7)
When this profile's IRS filing data changed on Grantable
- Updated Form 990-PF for fiscal year 2024 (received by the IRS May 14, 2025)
- Updated Form 990-PF for fiscal year 2025 (received by the IRS May 11, 2026)
- Added Form 990-PF for fiscal year 2019 (received by the IRS July 13, 2020)
- Updated Form 990-PF for fiscal year 2020 (received by the IRS May 15, 2021)
- Updated Form 990-PF for fiscal year 2021 (received by the IRS May 12, 2022)
- Updated Form 990-PF for fiscal year 2022 (received by the IRS May 11, 2023)
- Updated Form 990-PF for fiscal year 2023 (received by the IRS May 10, 2024)
Explore Open Grants
Browse active grant opportunities in Cutco Foundation Inc's focus areas in our free grants database
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Cite this profile
Grantable. (2026). Cutco Foundation Inc funder profile. GrantGraph. Retrieved October 14, 2026, from https://grantable.co/funders/cutco-foundation-inc-morg_260dfbc9a6f94d5bba6fe1d69f481992
BibTeX
@misc{grantable_161491450_2026,
author = {{Grantable}},
title = {{Cutco Foundation Inc funder profile}},
howpublished = {GrantGraph},
year = {2026},
url = {https://grantable.co/funders/cutco-foundation-inc-morg_260dfbc9a6f94d5bba6fe1d69f481992},
note = {Accessed 2026-10-14. Data licensed CC BY 4.0}
}The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.
Figures come from Cutco Foundation Inc's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.
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