Westminster Economic Development Initiative Inc

Nonprofit profile at a glance

EIN
204230463
IRS 990 coverage
2014–2024
Forms available
Form 990 2024, Form 990-EZ 2013
Location
Buffalo, NY, USA
Phone
7163934088
Rating
82
Verdict
STRONG
Rating confidence
Standard
Sector
Public, Societal Benefit

Official website

Reported finances

Revenue
$2,171,800
Expenses
$2,183,617
Assets
$11,712,530
Liabilities
$1,675,296

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • KRISTA SCHWARTZOTT (BOARD MEMBER/PRESIDENT)
  • CAROLYNN WELCH (EXECUTIVE DIRECTOR)

Highest reported compensation

  • CAROLYNN WELCH (EXECUTIVE DIRECTOR): $95,920 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Wedi strenghtens communities through a continuum of educational and financial resources for all western new yorkers.

What it reported doing in 2024

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.

Operating model

Revenue model
Grant-funded. 68% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 68
  • Transparency & Controls: 90
  • Accountability: 100
  • Sustainability: 52
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.3%; rating input score 72
  • Program expense ratio: 72.3%; rating input score 72
  • Fundraising efficiency: $8.64 raised per $1 spent on fundraising; rating input score 33; 33rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 87.5%; rating input score 88; 2nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -0.5%; rating input score 31; 31st percentile among comparable filings
  • Total-asset coverage ratio: 5.36; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: 0.14; rating input score 51; 51st percentile among comparable filings
  • Officer compensation ratio: 4.4%; rating input score 58; 58th percentile among comparable filings

Growth

  • Program expense growth: 16.3% per year; rating input score 100; 80th percentile among comparable filings
  • Revenue growth: 20.8% per year; rating input score 100; 89th percentile among comparable filings
  • Asset growth: 24.8% per year; rating input score 100; 89th percentile among comparable filings

Details

  • Where the money goes: 72.3% of revenue deployed · 72.3% of spending went to programs
  • Governance: 14 of 14 board members independent · 8 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $1.6M in reported program spending
  • Leadership: top reported pay $96K · 17 people listed
  • Consistency: 33 of 34 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 33/100.
  • Moderate — Sustainability: Operating margin scored 31/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Review — Sustainability: Liabilities to assets ratio scored 51/100.
  • Review — Sustainability: Officer compensation ratio scored 58/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.