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Nonprofiteer
← WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC

Form 990 for tax year 2024

Filed by WESTMINSTER ECONOMIC DEVELOPMENTINITIATIVE INC.

Totals

Total revenue
$2,171,800
Total expenses
$2,183,617
Contributions and grants received
$1,557,693
Grants paid
$0
Program service revenue
$331,763
Investment income
-$11,210
Other revenue
$293,554
Total assets, end of year
$11,712,530
Total liabilities, end of year
$1,675,296
Net assets or fund balances, end of year
$10,037,234
Program services expenses (Part IX)
$1,578,186
Management and general expenses
$425,236
Fundraising expenses
$180,195
Program service expenses (Part III)
$1,578,186

Program services were 72.3% 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

    $14,450

  • 1e · Government grants (contributions)

    $1,490,461

  • 1f · All other contributions, gifts and grants

    $52,782

  • 2a · Program service revenue: COMMUNITY DEVELOPMENT

    total $209,613 · related or exempt $209,613

  • 2b · Program service revenue: RENTAL INCOME

    total $82,819 · related or exempt $82,819

  • 2c · Program service revenue: ECONOMIC DEVELOPMENT

    total $39,331 · related or exempt $39,331

  • 3 · Investment income

    total $55 · excluded $55

  • 7b · Less cost or other basis and sales expenses

    securities $11,265

  • 7c · Gain or loss

    securities -$11,265

  • 7d · Net gain or loss

    total -$11,265 · excluded -$11,265

  • 8a · Fundraising events: gross income

    $113,114

  • 8a · Fundraising events: contributions included on line 1c

    $14,450

  • 8b · Fundraising events: direct expenses

    $7,752

  • 8c · Net income from fundraising events

    total $105,362 · excluded $105,362

  • 11a · Other revenue: MISCELANEOUS

    total $188,192 · related or exempt $188,192

  • 11e · Other revenue, total

    $188,192

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $82,051 · program services $55,795 · management and general $14,769 · fundraising $11,487

  • 7 · Other salaries and wages

    total $831,466 · program services $565,397 · management and general $149,664 · fundraising $116,405

  • 8 · Pension plan contributions

    total $17,971 · program services $12,220 · management and general $3,235 · fundraising $2,516

  • 9 · Other employee benefits

    total $67,207 · program services $45,701 · management and general $12,097 · fundraising $9,409

  • 10 · Payroll taxes

    total $81,040 · program services $55,107 · management and general $14,587 · fundraising $11,346

  • 11b · Fees: legal

    total $1,861 · program services $91 · management and general $1,740 · fundraising $30

  • 11c · Fees: accounting

    total $153,891 · program services $7,538 · management and general $143,873 · fundraising $2,480

  • 11g · Fees: other

    total $51,790 · program services $2,537 · management and general $48,418 · fundraising $835

  • 12 · Advertising and promotion

    total $2,542 · program services $2,542

  • 13 · Office expenses

    total $67,694 · program services $29,414 · management and general $31,693 · fundraising $6,587

  • 14 · Information technology

    total $38,270 · program services $38,270

  • 16 · Occupancy

    total $89,717 · program services $89,618 · management and general $99

  • 17 · Travel

    total $2,906 · program services $2,906

  • 20 · Interest

    total $174,524 · program services $174,524

  • 22 · Depreciation, depletion and amortization

    total $15,711 · program services $15,711

  • 23 · Insurance

    total $42,650 · program services $42,650

  • 24a · Other expenses: FOOD

    total $200,422 · program services $200,262 · management and general $160

  • 24b · Other expenses: BAD DEBT EXPENSE

    total $130,172 · program services $125,422 · fundraising $4,750

  • 24c · Other expenses: PROGRAM EXPENSE

    total $56,786 · program services $56,786

  • 24d · Other expenses: REPAIRS AND MAINTENANCE

    total $25,267 · program services $20,466 · management and general $4,801

  • 24e · All other expenses

    total $49,679 · program services $35,229 · management and general $100 · fundraising $14,350

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $933,710 · end of year $793,847

  • 3 · Pledges and grants receivable

    beginning of year $3,221,126 · end of year $2,234,087

  • 4 · Accounts receivable

    beginning of year $4,310 · end of year $185,760

  • 7 · Other notes and loans receivable

    beginning of year $302,684 · end of year $168,428

  • 9 · Prepaid expenses and deferred charges

    beginning of year $11,876 · end of year $26,525

  • 10a · Land, buildings and equipment: cost or other basis

    $572,278

  • 10b · Land, buildings and equipment: accumulated depreciation

    $65,054

  • 10c · Land, buildings and equipment, net

    beginning of year $52,425 · end of year $507,224

  • 15 · Other assets

    beginning of year $8,074,882 · end of year $7,796,659

  • 17 · Accounts payable and accrued expenses

    beginning of year $131,250 · end of year $511,483

  • 19 · Deferred revenue

    beginning of year $30,876 · end of year $60,876

  • 23 · Secured mortgages and notes payable

    beginning of year $2,313,193 · end of year $1,022,764

  • 25 · Other liabilities

    beginning of year $76,643 · end of year $80,173

  • 27 · Net assets without donor restrictions

    beginning of year $9,356,101 · end of year $9,552,642

  • 28 · Net assets with donor restrictions

    beginning of year $692,950 · end of year $484,592

Mission and programs · 2024

Mission

WEDI STRENGHTENS COMMUNITIES THROUGH A CONTINUUM OF EDUCATIONAL AND FINANCIAL RESOURCES FOR ALL WESTERN NEW YORKERS.

  • 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 REVENUES

    Revenue $188,192

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • STEPHEN ZENGER

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • KRISTA SCHWARTZOTT

    BOARD MEMBER/PRESIDENT

    Total calculated
    $0
    Hours/week
    10

  • CONCETTA FERGUSON

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MELANIE JASKOLKA

    BOARD MEMBER/VICE PRESIDEN

    Total calculated
    $0
    Hours/week
    10

  • LUKE DONIGAN

    BOARD MEMBER/ASSIST SECRET (TO 12/31/24)

    Total calculated
    $0
    Hours/week
    1

  • JOANN BELLIOTTI

    BOARD MEMBER (TO 9/30/24)

    Total calculated
    $0
    Hours/week
    1

  • INDU DEWAN

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • ZELALEM GEMMEDA

    BOARD MEMBER (TO 12/31/24)

    Total calculated
    $0
    Hours/week
    1

  • DONNA GENESKY

    BOARD MEMBER (TO 8/31/24)

    Total calculated
    $0
    Hours/week
    1

  • MICHAEL KENLINE

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • GUSTAVO LIMA

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • CATHERINE MARCH

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • BETSY MITCHELL

    BOARD MEMBER (TO 12/31/24)

    Total calculated
    $0
    Hours/week
    1

  • KATIE O'CONNOR

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • MIMI STEADMAN

    BOARD MEMBER/SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • CHRISTINE UWIMBABAZI

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • CAROLYNN WELCH

    EXECUTIVE DIRECTOR

    Total calculated
    $95,920
    From this org
    $84,845
    From related orgs
    $0
    Other
    $11,075
    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 $7,880,605 · 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 income $4,903 · share of assets $5,862,512 · controlled entity

    Directly controlled by WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC

Provenance

Return type
form_990
Tax year
2024
Filed
15 November 2025
IRS schema version
2024v5.2
Source object
202503209349301060

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