Westminster Economic Developmentinitiative Inc
- Assets
- $5.3m
- Revenue
- $4.8m
- Investments
- $0.0
- Employees
- 50
- Location
- Buffalo, NY
- Founding
- 01/2007
- Data as of
- 12/2021
- EIN
- 20-4230463
Organization Overview
Westminster Economic Developmentinitiative Inc is located in Buffalo, NY. The organization was established in 2007. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Westminster Economic Developmentinitiative Inc employed 50 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westminster Economic Developmentinitiative Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Westminster Economic Developmentinitiative Inc generated $4.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 46.4% each year . All expenses for the organization totaled $2.1m during the year ending 12/2021. While expenses have increased by 23.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
FOR ALL RESIDENTS OF WNY TO SUCCEED AND THRIVE IN A CULTURALLY INCLUSIVE COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
COMMUNITY DEVELOPMENT - WEST SIDE BAZAAR - SMALL BUSINESS INCUBATOR LOCATED IN AN ETHNICALLY DIVERSE NEIGHBORHOOD IN A COMMERCIAL DISTRICT IN BUFFALO, NEW YORK. WESTMINISTER ECONOMIC DEVELOPMENT INITIATIVE (WEDI) IS DEDICATED TO OFFERING MERCHANTS A SAFE, NURTURING, AND AFFORDABLE ENVIRONMENT TO GROW THEIR "GRASSROOTS" BUSINESSES. WEDI IS COMMITTED TO OFFERING CLIENTS BUSINESS COACHING, FINANCIAL MENTORING, LOW INTEREST LOANS, NETWORKING/MARKETING OPPORTUNITIES, AND STEADY CUSTOMER TRAFFIC.
ECONOMIC DEVELOPMENT - PROVIDES A COMPREHENSIVE MODEL FOR GENERATING WEALTH FOR MOTIVATED INDIVIDUALS THROUGH THE CREATION OR EXPANSION OF A SMALL BUSINESS. WEDI'S PROGRAM IS UNIQUE IN ITS ABILITY TO PROVIDE A BROAD RANGE OF SERVICES, UTILIZING EXISTING COMMUNITY RESOURCES WHEN AVAILABLE, AND MOLD THE PROCESS TO EACH INDIVIDUAL. THIS IS DONE THROUGH MENTORS, WHO WORK WITH CLIENTS INDIVIDUALLY AND THROUGH PARTNERSHIPS WITH LOCAL ORGANIZATIONS. WEDI CAN PROVIDE A RANGE OF SERVICE FROM BASIC FINANCIAL LITERACY TO SPECIALIZED TRAINING AND TECHNICAL ASSISTANCE. WEDI OFFERS A MICRO LOAN PROGRAM THAT OFFERS SMALL, TARGETED LOANS FOR BUSINESS CREATION OR EXPANSION IN WEDI'S TARGET AREA THAT CAN DIRECTLY RESULT IN INCREASED INCOME AND WEALTH GENERATION.
EDUCATION, NURTURE, ENCOURAGEMENT, READINESS, AND GROWTH FOR YOUTH (ENERGY), LAUNCH, AND FOCUSED LEARNING FOR YOUTH (FLY) - FOCUS OF THESE PROGRAMS IS TO HELP ENGLISH LANGUAGE LEARNERS (ELLS) SPECIFICIALLY STUDENTS WITH INTERRUPTED FORMAL EDUCATION (SIFE) TO IMPROVE MORE QUICKLY ACADEMICALLY AND SOCIALLY THAN THEY WOULD WITHOUT ENERGY, LAUNCH, OR FLY'S INPUT OUTSIDE OF SCHOOL. CHILDREN RECEIVE HOMEWORK AND ACADEMIC SUPPORT, ENJOY A SHARED FAMILY STYLE MEAL AND GAIN ACCESS TO INDIVIDUAL ADULT MENTORS AND TUTORS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carolynn Welch Executive Director | Officer | 40 | $90,600 |
Stephen Zenger President | OfficerTrustee | 2 | $0 |
Melissa Woods Treasurer | OfficerTrustee | 2 | $0 |
Krista Schwartzott Vice President | OfficerTrustee | 2 | $0 |
Emily Oaks Secretary | OfficerTrustee | 2 | $0 |
Luke Donigan Assistant Secretary | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $84,635 |
| Related organizations | $0 |
| Government grants | $793,875 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,836,164 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,714,674 |
| Total Program Service Revenue | $138,400 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$7,091 |
| Net Income from Fundraising Events | -$21,902 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,824,412 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $99,462 |
| Compensation of current officers, directors, key employees. | $19,892 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,163,452 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $84,552 |
| Payroll taxes | $109,701 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $204,516 |
| Advertising and promotion | $32,807 |
| Office expenses | $57,138 |
| Information technology | $27,010 |
| Royalties | $0 |
| Occupancy | $75,974 |
| Travel | $26,951 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,813 |
| Interest | $16,840 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $26,782 |
| Insurance | $19,884 |
| All other expenses | $16,197 |
| Total functional expenses | $2,069,904 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,721,536 |
| Savings and temporary cash investments | $173,043 |
| Pledges and grants receivable | $1,446,527 |
| Accounts receivable, net | $6,367 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $120,626 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $14,210 |
| Net Land, buildings, and equipment | $805,497 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,287,806 |
| Accounts payable and accrued expenses | $147,080 |
| Grants payable | $0 |
| Deferred revenue | $82,620 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $649,969 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $879,669 |
| Net assets without donor restrictions | $973,763 |
| Net assets with donor restrictions | $3,434,374 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,287,806 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Westminster Economic Developmentinitiative Inc has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Helen Dent Lenahan Foundation Inc Buffalo, NY PURPOSE: WEST SIDE BAZAAR | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |
Greater Pittsburgh Convention & Visitors Bureau Inc Pittsburgh, PA | $10,210,665 | $8,196,256 |