Cutco Foundation Inc is a corporate foundation established in 1995 and based in Olean, New York. The foundation supports nonprofit organizations through grants and charitable giving programs, with a particular focus on enhancing quality of life for residents of the Olean area.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$10.5M
+1.8% YoY
Annual Giving
$638K
-33.4% YoY
Grant Count
77
-4.9% YoY
Avg Grant Size
$8K
-29.9% YoY
Under IRS private-foundation payout rules, Cutco Foundation Inc reported a distributable amount of $597K for 2024 — the minimum it must pay out in qualifying distributions.
Mission & Focus Areas
The foundation supports the charitable, religious, scientific, and educational purposes of organizations described under sections 170(b)(1), 501(c)(3), 2055, and 2522 of the Internal Revenue Code.
Primary funding areas include:
- Arts and culture
- Children and youth
- Community development
- Education
- Health
- Human services
The foundation also supports hospitals, community foundations, and organizations involved with higher education.
Grantmaking
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Geographic Focus
Where this funder awards grants
The foundation primarily supports nonprofit organizations in Olean, New York and the surrounding region.
Grant Distribution by State
States
Cities
Financial History
Multi-year comparison from IRS filings
As of 2024
- Total assets: $10,488,659
- Total revenues: $817,648
- Total expenses: $651,058
- Number of employees: 0
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $10,488,659 | $10,303,830 | $9,675,546 |
| Revenue | $817,648 | $1,592,713 | $855,547 |
| Expenses | $651,058 | $974,595 | $655,537 |
| Qualifying Distributions | $637,690 | $957,412 | $631,950 |
| Net Investment Income | $804,280 | $271,749 | $352,575 |
| Distributable Amount | $596,634 | $527,132 | $503,332 |
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
250 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest include Jamestown Community College Foundation ($100,000), United Way of Cattaraugus & Allegany Counties ($40,000), Ca-didi ($20,000).
| Recipient | Purpose | Amount |
|---|---|---|
| FRIENDS OF THE LIBRARY OF OLEAN NY OLEAN, NY | ANNUAL GIFT | $1,000 |
| OLEAN LIONS CLUB OLEAN, NY | ANNUAL GIFT | $250 |
| MERCYFLIGHT OF WNY BUFFALO, NY | ANNUAL GIFT | $1,000 |
| ALLEGANY COUNTY ASSOCIATION FOR THE BLIND & VISUALLY HANDICAPPED WELLSVILLE, NY | ANNUAL GIFT | $250 |
| OTTO-ELDRED SPORTS BOOSTERS DUKE CENTER, PA | ANNUAL GIFT | $500 |
| GIRLS SCOUTS OF WNY BUFFALO, NY | ANNUAL GIFT | $2,000 |
| MOUNT VIEW CEMETERY OLEAN, NY | ANNUAL GIFT | $500 |
| CATTARAUGUS HOMELESS VETERANS SALAMANCA, NY | ANNUAL GIFT | $2,000 |
| ALZHEIMER'S ASSOCIATION PHILADELPHIA, PA | ANNUAL GIFT | $500 |
| OLEAN COMMUNITY THEATRE OLEAN, NY | ANNUAL GIFT | $500 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| JAMES E STITT | PRESIDENT | 1 | — |
| JOHN STITT | DIRECTOR | 0.5 | — |
| JAMES M STITT | TREASURER/SECRETARY | 1 | — |
| CAROL STITT | DIRECTOR | 0.5 | — |
Recent News & Activity
Recent developments and announcements
The foundation has been active in awarding scholarships and grants to local organizations. Recent grant activity includes support for youth philanthropy initiatives and community organizations across the tri-county region.
Five Tri-County Nonprofit Organizations Share $25,000 in Youth PhilanthropyContact Information
- Address: 1116 E State St, Olean, NY 14760-3814
- Telephone: 716-372-3111
- Website: www.cutcofoundation.org
Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Cutco Foundation Inc fund?
The foundation supports the charitable, religious, scientific, and educational purposes of organizations described under sections 170(b)(1), 501(c)(3), 2055, and 2522 of the Internal Revenue Code. Primary funding areas include: • Arts and culture • Children and youth • Community development • Education • Health • Human services The foundation also supports hospitals, community foundations, and organizations involved with higher education.
How do I apply for a grant from Cutco Foundation Inc?
**Grant Activity (2024)** • Number of grants: 81 grants awarded • Total annual giving: $637,690 • Total expenses: $651,058 **Recent Notable Grants (2024)** • Olean General Hospital Foundation: $100,000 (New Linear Accelerator Equipment) • St Bonaventure University: $100,000 (Pledge) • Young Mens Christian Association of Olean NY and Bradford PA: $100,000 (Pledge) **Types of Support** • General operating support • Project support • Annual gifts • Matching programs • Specific project funding
Where does Cutco Foundation Inc make grants?
The foundation primarily supports nonprofit organizations in Olean, New York and the surrounding region.
What size grants does Cutco Foundation Inc award?
In 2024, Cutco Foundation Inc awarded 77 grants totaling $638K — an average of about $8K per grant, based on its IRS Form 990 filings.
How much is Cutco Foundation Inc required to give away each year?
Private foundations must generally distribute about 5% of their assets annually. For 2024, Cutco Foundation Inc reported a distributable amount of $597K on its IRS Form 990-PF — the minimum it must pay out in qualifying distributions.
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 2020–2024.
Explore Open Grants
Browse active grant opportunities in Cutco Foundation Inc's focus areas in our free grants database
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Data last updated June 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.
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