← WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC

Form 990 for tax year 2023

Filed by WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC.

Totals

Total revenue: $6,918,706
Total expenses: $2,473,537
Contributions and grants received: $6,714,496
Grants paid: $1,763
Program service revenue: $186,939
Investment income: $24,756
Other revenue: -$7,485
Total assets, end of year: $12,601,013
Total liabilities, end of year: $2,551,962
Net assets or fund balances, end of year: $10,049,051
Program services expenses (Part IX): $1,830,834
Management and general expenses: $366,005
Fundraising expenses: $276,698
Program service expenses (Part III): $1,830,834

Program services were 74.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

1c · Fundraising events

$86,578
1e · Government grants (contributions)

$3,504,676
1f · All other contributions, gifts and grants

$3,123,242
2a · Program service revenue: COMMUNITY DEVELOPMENT

total $105,928 · related or exempt $105,928
2b · Program service revenue: RENTAL INCOME

total $55,398 · related or exempt $55,398
2c · Program service revenue: ECONOMIC DEVELOPMENT

total $25,613 · related or exempt $25,613
3 · Investment income

total $24,756 · excluded $24,756
8a · Fundraising events: gross income

$11,561
8a · Fundraising events: contributions included on line 1c

$86,578
8b · Fundraising events: direct expenses

$25,321
8c · Net income from fundraising events

total -$13,760 · excluded -$13,760
11a · Other revenue: MISCELANEOUS

total $6,275 · excluded $6,275
11e · Other revenue, total

$6,275

Functional expenses

Part IX, the statement of functional expenses.

1 · Grants to domestic organizations and governments

total $1,763 · program services $1,763
5 · Compensation of officers, directors and key employees

total $83,045 · program services $57,472 · management and general $12,681 · fundraising $12,892
7 · Other salaries and wages

total $1,109,999 · program services $768,187 · management and general $169,500 · fundraising $172,312
8 · Pension plan contributions

total $43,963 · program services $29,581 · management and general $7,132 · fundraising $7,250
9 · Other employee benefits

total $74,259 · program services $49,967 · management and general $12,046 · fundraising $12,246
10 · Payroll taxes

total $64,704 · program services $45,500 · management and general $9,523 · fundraising $9,681
11b · Fees: legal

total $10,825 · program services $5,732 · management and general $4,332 · fundraising $761
11c · Fees: accounting

total $37,825 · program services $20,030 · management and general $15,137 · fundraising $2,658
11g · Fees: other

total $249,317 · program services $132,027 · management and general $99,769 · fundraising $17,521
12 · Advertising and promotion

total $4,197 · program services $3,397 · fundraising $800
13 · Office expenses

total $95,128 · program services $60,333 · management and general $16,700 · fundraising $18,095
14 · Information technology

total $7,509 · program services $5,053 · management and general $1,218 · fundraising $1,238
16 · Occupancy

total $72,798 · program services $70,351 · management and general $1,895 · fundraising $552
17 · Travel

total $55,935 · program services $53,697 · management and general $1,025 · fundraising $1,213
20 · Interest

total $200,500 · program services $200,500
22 · Depreciation, depletion and amortization

total $16,309 · program services $13,047 · management and general $1,631 · fundraising $1,631
23 · Insurance

total $55,239 · program services $37,168 · management and general $8,961 · fundraising $9,110
24a · Other expenses: FOOD

total $109,133 · program services $109,133
24b · Other expenses: BAD DEBT EXPENSE

total $75,187 · program services $75,187
24c · Other expenses: REPAIRS AND MAINTENANCE

total $65,330 · program services $58,798 · fundraising $6,532
24d · Other expenses: SUPPLIES

total $30,550 · program services $26,558 · management and general $2,920 · fundraising $1,072
24e · All other expenses

total $10,022 · program services $7,353 · management and general $1,535 · fundraising $1,134

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $2,136,997 · end of year $933,710
3 · Pledges and grants receivable

beginning of year $1,293,857 · end of year $3,221,126
4 · Accounts receivable

beginning of year $114,240 · end of year $4,310
7 · Other notes and loans receivable

beginning of year $197,323 · end of year $302,684
9 · Prepaid expenses and deferred charges

beginning of year $15,296 · end of year $11,876
10a · Land, buildings and equipment: cost or other basis

$106,979
10b · Land, buildings and equipment: accumulated depreciation

$54,554
10c · Land, buildings and equipment, net

beginning of year $52,414 · end of year $52,425
15 · Other assets

beginning of year $6,593,171 · end of year $8,074,882
17 · Accounts payable and accrued expenses

beginning of year $403,915 · end of year $131,250
19 · Deferred revenue

beginning of year $55,138 · end of year $30,876
23 · Secured mortgages and notes payable

beginning of year $3,382,523 · end of year $2,313,193
25 · Other liabilities

beginning of year $952,840 · end of year $76,643
27 · Net assets without donor restrictions

beginning of year $548,391 · end of year $9,356,101
28 · Net assets with donor restrictions

beginning of year $5,060,491 · end of year $692,950

Mission and programs · 2023

Mission

WEDI STRENGTHENS COMMUNITIES THROUGH A CONTINUUM OF EDUCATIONAL AND FINANCIAL RESOURCES, REMOVING SYSTEMIC BARRIERS TO ECONOMIC EQUITY FOR ALL WESTERN NEW YORKERS.

Activities or mission (Part I)

FOR ALL RESIDENTS OF WNY TO SUCCEED AND THRIVE IN A CULTURALLY INCLUSIVE COMMUNITY.

COMMUNITY DEVELOPMENT - WEST SIDE BAZAAR AND DOWNTOWN 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.

Expenses $796,189 · Grants $1,763 · Revenue $161,326
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 $708,623 · Revenue $25,613
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 $326,022

As filed on the 2023 return.

Listed in Part VII

Stephen ZengerSTEPHEN ZENGER

BOARD MEMBER/PRESIDENT

Total calculated

$0

Hours/week

10
Krista SchwartzottKRISTA SCHWARTZOTT

BOARD MEMBER/VICE PRESIDENT

Total calculated

$0

Hours/week

10
Concetta FergusonCONCETTA FERGUSON

BOARD MEMBER

Total calculated

$0

Hours/week

2
Melanie JaskolkaMELANIE JASKOLKA

BOARD MEMBER/SECRETARY

Total calculated

$0

Hours/week

2
Luke DoniganLUKE DONIGAN

BOARD MEMBER/ASSIST SECRETARY

Total calculated

$0

Hours/week

2
Joann BelliottiJOANN BELLIOTTI

BOARD MEMBER

Total calculated

$0

Hours/week

2
India DewanINDIA DEWAN

BOARD MEMBER

Total calculated

$0

Hours/week

2
Zelalem GemmedaZELALEM GEMMEDA

BOARD MEMBER

Total calculated

$0

Hours/week

2
Donna GeneskyDONNA GENESKY

BOARD MEMBER

Total calculated

$0

Hours/week

2
Michael KenlineMICHAEL KENLINE

BOARD MEMBER

Total calculated

$0

Hours/week

2
Gustavo LimaGUSTAVO LIMA

BOARD MEMBER

Total calculated

$0

Hours/week

2
Catherine MarchCATHERINE MARCH

BOARD MEMBER

Total calculated

$0

Hours/week

2
Betsy MitchellBETSY MITCHELL

BOARD MEMBER

Total calculated

$0

Hours/week

2
Katie O'ConnorKATIE O'CONNOR

BOARD MEMBER

Total calculated

$0

Hours/week

2
Louise SanoLOUISE SANO

BOARD MEMBER

Total calculated

$0

Hours/week

2
Mimi SteadmanMIMI STEADMAN

BOARD MEMBER

Total calculated

$0

Hours/week

2
Melissa WoodsMELISSA WOODS

BOARD MEMBER (TO 6/30/23)

Total calculated

$0

Hours/week

2
Carolynn WelchCAROLYNN WELCH

EXECUTIVE DIRECTOR

Total calculated

$96,150

From this org

$83,045

From related orgs

$0

Other

$13,105

Hours/week

40

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

WEST SIDE BAZAAR INC (WSBI)

501(C)(3) · RESIDENTIAL SERVICES · NY · controlled entity

Directly controlled by WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

1432 NIAGARA BUFFALO LLC

RELATED · RESIDENTIAL REAL ESTATE · NY · 1% owned · share of assets $8,423,442 · general or managing partner

Directly controlled by WSB BUFFALO MM LLC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

WSB BUFFALO MM LLC (WSB BUFFALO)

C · RESIDENTIAL REAL ESTATE · NY · 95% owned · share of assets $4,482,572 · controlled entity

Directly controlled by WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC

Provenance

Return type: form_990
Tax year: 2023
Filed: 13 November 2024
IRS schema version: 2023v5.1
Source object: 202413189349305106

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