Nonprofit · EIN 20-4230463
WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC
Tax-exempt · BUFFALO, NY 14213
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $2,171,800 | $2,183,617 | -$11,817 | $11,712,530 | $1,675,296 | $10,037,234 |
| December 31, 2023 | 990 | $6,918,706 | $2,473,537 | $4,445,169 | $12,601,013 | $2,551,962 | $10,049,051 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $1,557,693
- of which government grants
- $1,490,461
- Program service revenue
- $331,763
- Investment income
- -$11,210
- Net gain from sales of assets
- -$11,265
- Net income from fundraising events
- $105,362
- Other revenue
- $293,554
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $82,051
- Other salaries and wages
- $831,466
- Salaries, compensation and benefits (total)
- $1,079,735
- Professional fundraising fees
- $0
- Legal fees
- $1,861
- Accounting fees
- $153,891
- Occupancy
- $89,717
- Travel
- $2,906
- Depreciation
- $15,711
- Program services (functional)
- $1,578,186
- Management and general (functional)
- $425,236
- Fundraising (functional)
- $180,195
Balance sheet and other
- Total assets, start of year
- $12,601,013
- Total assets, end of year
- $11,712,530
- Total liabilities, end of year
- $1,675,296
- Net assets, end of year
- $10,037,234
- Land, buildings and equipment
- $507,224
- Net assets without donor restrictions
- $9,552,642
- Net assets with donor restrictions
- $484,592
- Gross receipts
- $2,190,817
- Employees
- 53
- Volunteers
- 50
- Year formed
- 2006
- State of legal domicile
- NY
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| CAROLYNN WELCH | EXECUTIVE DIRECTOR Officer | 40 | $84,845 | $11,075 |
| STEPHEN ZENGER | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| KRISTA SCHWARTZOTT | BOARD MEMBER/PRESIDENT Trustee or director, Officer | 10 | $0 | $0 |
| CONCETTA FERGUSON | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| MELANIE JASKOLKA | BOARD MEMBER/VICE PRESIDEN Trustee or director, Officer | 10 | $0 | $0 |
| LUKE DONIGAN | BOARD MEMBER/ASSIST SECRET (TO 12/31/24) Trustee or director, Officer | 1 | $0 | $0 |
| JOANN BELLIOTTI | BOARD MEMBER (TO 9/30/24) Trustee or director | 1 | $0 | $0 |
| INDU DEWAN | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| ZELALEM GEMMEDA | BOARD MEMBER (TO 12/31/24) Trustee or director | 1 | $0 | $0 |
| DONNA GENESKY | BOARD MEMBER (TO 8/31/24) Trustee or director | 1 | $0 | $0 |
| MICHAEL KENLINE | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| GUSTAVO LIMA | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| CATHERINE MARCH | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
| BETSY MITCHELL | BOARD MEMBER (TO 12/31/24) Trustee or director | 1 | $0 | $0 |
| KATIE O'CONNOR | BOARD MEMBER Trustee or director | 1 | $0 | $0 |
2 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| MIMI STEADMAN | BOARD MEMBER/SECRETARY Trustee or director, Officer | 1 | $0 |
| CHRISTINE UWIMBABAZI | BOARD MEMBER Trustee or director | 1 | $0 |
990 for the year ended December 31, 2023: 18 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| CAROLYNN WELCH | EXECUTIVE DIRECTOR Officer | 40 | $83,045 | $13,105 |
| STEPHEN ZENGER | BOARD MEMBER/PRESIDENT Trustee or director, Officer | 10 | $0 | $0 |
| KRISTA SCHWARTZOTT | BOARD MEMBER/VICE PRESIDENT Trustee or director, Officer | 10 | $0 | $0 |
| CONCETTA FERGUSON | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| MELANIE JASKOLKA | BOARD MEMBER/SECRETARY Trustee or director, Officer | 2 | $0 | $0 |
| LUKE DONIGAN | BOARD MEMBER/ASSIST SECRETARY Trustee or director, Officer | 2 | $0 | $0 |
| JOANN BELLIOTTI | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| INDIA DEWAN | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| ZELALEM GEMMEDA | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| DONNA GENESKY | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| MICHAEL KENLINE | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| GUSTAVO LIMA | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| CATHERINE MARCH | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| BETSY MITCHELL | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| KATIE O'CONNOR | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| LOUISE SANO | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| MIMI STEADMAN | BOARD MEMBER Trustee or director | 2 | $0 | $0 |
| MELISSA WOODS | BOARD MEMBER (TO 6/30/23) Trustee or director | 2 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 1432 NIAGARA ST, BUFFALO, NY 14213-1302
- In care of
- % COURTNEY YONCE-SWAIN
- Principal officer (990 for 2024)
- CAROLYNN WELCH, 1432 NIAGARA STREET, BUFFALO, NY 14213
- Signed the 990
- CAROLYNN WELCH, EXECUTIVE DIRECTOR
- Phone
- (716) 393-4088
- Website
- WWW.WEDIBUFFALO.ORG
- Return prepared by
- WITHUM SMITH & BROWN PC
Mission
WEDI STRENGHTENS COMMUNITIES THROUGH A CONTINUUM OF EDUCATIONAL AND FINANCIAL RESOURCES FOR ALL WESTERN NEW YORKERS.
Program accomplishments
- COMMUNITY DEVELOPMENT - WEST SIDE BAZAAR AND DOWNTOWN BAZAAR SMALL BUSINESS INCUBATOR LOCATED IN GROWING COMMERCIAL DISTRICTS IN BUFFALO, NEW YORK. WESTMINISTER ECONOMIC DEVELOPMENT INITIATIVE (WEDI) IS DEDICATED TO OFFERING MERCHANTS A STABLE 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.Expenses $426,110 · revenue $292,432
- ECONOMIC DEVELOPMENT - PROVIDED 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.Expenses $836,439 · revenue $39,331
- EDUCATION, NURTURE, ENCOURAGEMENT, READINESS, AND GROWTH FOR YOUTH (ENERGY), LAUNCH, AND FOCUSED LEARNING FOR YOUTH (FLY) - THE 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.Expenses $315,637
- ALL OTHER RELATED REVENUESrevenue $188,192
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 20-4230463
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (170(b)(1)(A)(vi))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2007
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S30)
- Assets (IRS master file)
- $11,712,530
- Income (IRS master file)
- $2,190,817
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $2,171,800 | $2,183,617 | $11,712,530 | XML |
| 990 | December 2023 | $6,918,706 | $2,473,537 | $12,601,013 | XML |
| 990 | December 2022 | $3,247,167 | $2,295,731 | $10,403,298 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 20-4230463).
Questions about WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC
- What is the EIN of WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC?
- The employer identification number (EIN) of WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC is 20-4230463.
- Is WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2007.
- Are donations to WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC?
- The 990 for the year ended December 31, 2024 names CAROLYNN WELCH.
- Who are the officers and directors of WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC?
- The 990 for the year ended December 31, 2024 lists 17 people; 1 received compensation from the organization, the highest $84,845 (CAROLYNN WELCH, EXECUTIVE DIRECTOR).
- How much revenue does WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $2,171,800, expenses of $2,183,617 and total assets of $11,712,530 at year end.
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