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New York · Nonprofit

WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC

WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC (New York) receives grants from 36 organizations whose IRS filings report $8,061,770 to it, the largest being COMMUNITY FOUNDATION FOR GREATER BUFFALO INC ($1,951,811). 17 of them have funded it in more than one year.

Revenue FY2024
$2.2M
Funders on record
36
Grants received
$8.1M
Net assets
$10M
17/36 repeat funderspeak grant-dependency 54%
01What it does

What Westminster Economic Development Initiative Inc does

Mission

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

As stated on its FY2024 Form 990.

Programs

  1. 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.

    $426,110 spent$292,432 earned by the program
    27% of program spending

  2. 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.

    $836,439 spent$39,331 earned by the program
    53% of program spending

  3. 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.

    $315,637 spent
    20% of program spending

  4. All other related revenues

    $188,192 earned by the program

The 4 programs described on its FY2024 Form 990, listed largest first by expense. Program spending in total: $1,578,186.

02The organization over time

The organization over time

Each line starts at 100 in 2017, so what you read is the shape rather than the size: 150 means half as much again as 2017, 50 means half. The number beside each label in the key is where it ended. The shaded band is where the middle 50% of its peers' revenue would sit, given their growth.

100 = 20172017 Revenue 100 ($1.1M) Expenses 100 ($754k) Net assets 100 ($860k)2018 Revenue 120 ($1.3M) Expenses 131 ($990k) Net assets 138 ($1.2M)2019 Revenue 157 ($1.7M) Expenses 212 ($1.6M) Net assets 151 ($1.3M)2020 Revenue 193 ($2.1M) Expenses 234 ($1.8M) Net assets 192 ($1.7M)2021 Revenue 441 ($4.8M) Expenses 275 ($2.1M) Net assets 513 ($4.4M)2022 Revenue 297 ($3.2M) Expenses 305 ($2.3M) Net assets 652 ($5.6M)2023 Revenue 632 ($6.9M) Expenses 328 ($2.5M) Net assets 1169 ($10M)2024 Revenue 198 ($2.2M) Expenses 290 ($2.2M) Net assets 1167 ($10M)
'17'18'19'20'21'22'23'24
Revenue (198)Expenses (290)Net assets (1167)Peer revenue range

Balance sheet

Total assets and total liabilities at each year end, in dollars. The largest one-year move in total assets was 2021 to 2022, from $5.3M to $10M (+97%).

$1.7M
$2.0M
$2.4M
$2.6M
$5.3M
$10M
$13M
$12M
'17'18'19'20'21'22'23'24
Total assetsTotal liabilities

How it's funded, over time

Each bar is one year's revenue split into where it came from, and every bar is the same height — these are shares, not amounts, so a year that raised twice as much looks the same size. Hover a bar for the split.

2017
2018
2019
2020
2021
2022
2023
2024
ContributionsProgram revenueInvestmentOther

Government-grant reliance: 2017 35% · 2018 33% · 2019 33% · 2020 45% · 2021 16% · 2022 10% · 2023 51% · 2024 69%. Grants only. Government contracts and fees sit inside program revenue.

72% of WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC’s revenue is contributions — more donation-reliant than the typical peer (61% for the typical peer).

This organization
Typical peer · 4,434 orgs

Surplus & reserves

Operating surplus or deficit each year, and months of liquidity in hand. 1 of the last 8 reported years ran a deficit.

$341k
’17
$323k
’18
$115k
’19
$356k
’20
$2.8M
’21
$951k
’22
$4.4M
’23
−$12k
’24
4.4
months of
reserve

Leadership and staff

The officers, directors, trustees and key employees listed on each return. Joined and no longer listed compare each filing with the year before, matching people by surname and first initial; a year after a gap, or a roster under three people, has no comparison.

Chief executive

Carolynn Welch

Executive director

As listed on its FY2024 Form 990.

The chief executive listed changed between the FY2018 and FY2019 filings.

'17'18'19'20'21'22'23'24
Listed1819171521201817
Joined·+5+4+1+6+5+0+1
No longer listed·4630622
03Who funds it

Who funds it, year by year

2017 → 2023: the base broadened from 6 funders to 18 funders, grant income rose $186k → $2.0M.

Funder
'17
'18
'19
'20
'21
'22
'23
'24*
'25*
total
Jumpstart Incunclassified
$380k
AARP Foundationunclassified
$28k
funders
6
5
6
14
8
17
18
9
4

8 of 36 of your funders are donor-advised or pass-through sponsors (tagged DAF) — 30% of grant dollars received. That money is really individual donors directing a sponsor; the institutions to cultivate are the non-DAF funders.

From the IRS filings of WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC’s funders (the co-funder graph). Top 30 of 36 funders by total. Association, not causation. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.

How concentrated its funding is

WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC has a broad base — no single funder exceeds 24% of grant income, and it takes 3 funders to reach half.

the vertical line marks half of all grant income — 3 funders to its left

45% of the income these shares are computed over arrives through pass-through sponsors or from payers whose filings do not say what kind of payment it is. Concentration is still measured over all of it, because the money is real; what it does not support is a claim about how many institutions have chosen to fund WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC.

24%
largest funder
59%
top three
~7
effective funders

Largest funder’s share by year: 2017 53% · 2018 53% · 2019 44% · 2020 25% · 2021 61% · 2022 40% · 2023 50% — diversifying over time.

“Effective funders” = inverse Herfindahl index (1 / Σ shareᵢ²) — the number of equal-sized funders that would give the same concentration. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.

How long its funders stay

59% of WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC's funders are still giving 3 years after their first grant; 47% give in more than one year at all.

first grant+1y+2y+3y+4y+5y+6y

Share of funders still giving k years after their first recorded grant, pooled across every acquisition cohort. A funder counts as retained in a year only if it made a grant that year. Measured to FY2023, the last fiscal year that has finished arriving — a funder cannot be counted as lapsed in a year most filers have not reached.

Where its funders are

69% of WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC's grant income comes from New York funders.

MI
NY
OH
CA
DE
TN
NC
DC

In-state vs out-of-state, by year

’17
’18
’19
’20
’21
’22
’23
New York out of state home

Funder states come from each funder’s own filing. $2.4M arriving through sponsors registered in 6 states is excluded from the map and the split above: a sponsor holds money on a donor’s behalf, so its registered address would place those dollars somewhere no donor need ever have been. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.

04Its place in the field

Against its field

WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC has grown faster than half of the 4,203 community improvement nonprofits its size.

Operating margin−1% · below the median
Months of reserve4.4mo · below the median
Revenue growth (annualized)10% · above the median

this organization peer median middle 50% of peers· 4,203 community improvement nonprofits $1M–$10M, FY2024

Government funding WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC receives

Grants and contracts to this organization from federal (USASpending) and state checkbooks, reconciled to its EIN. $4.9M on record.

Federal$4.9M
grants $4.9Mcontracts $0
17
18
19
20
21
22
23
24
25
Top agencies
  • Department of Health and Human Services$1.7M
  • Small Business Administration$1.7M
  • Department of the Treasury$1.1M
  • Department of Agriculture$375k

Federal grants vs contracts are distinguished; state line items keep their reported category. Matched by name + geography (the BMF), so coverage is partial and precision-first.

Organizations like WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC

Organizations whose mission and program text most resemble this one, by semantic similarity over every organization in the US filings — the closest peers, and often the clearest route to shared or prospective funders.

In New York

Western New York Technology Development Center Inc88%Women's Enterprise Development Center In84%Westchester Institute for Human Development84%United Way of Westchester and Putnam84%Working in Support of Education Inc83%Wraparound Services of the Hudson Valley Inc83%Family Ties of Westchester Inc82%The Downtownwaterfront Business Improvement Dist Inc of Yonkers Ny82%

Nationally

Western New York Technology Development Center Inc88%Women's Enterprise Development Center In84%Westchester Institute for Human Development84%United Way of Westchester and Putnam84%Working in Support of Education Inc83%Wraparound Services of the Hudson Valley Inc83%Winchester Economic Development Corp83%Wayne Economic Development Council Inc83%
05Profile & governance

Read directly from this organization’s own Form 990, as neutral context.

Where the money goes

72% of spending goes to programs.

Program 72%Management 19%Fundraising 8%

Governance

14
board members
100%
independent
✓Conflict-of-interest policy✓Whistleblower policy✓Document retention✓Board reviewed the 990✓Audited financials

Public support

89%

Share of support from the public (Schedule A) — the basis for its public-charity status.

Footprint & structure

Files a return copy in 1 state

NY

Part of a family of 3 related entities

  • West Side Bazaar Inc (Wsbi) · exempt
  • 1432 Niagara Buffalo LLC · partnership
  • Wsb Buffalo Mm LLC (Wsb Buffalo) · corp_trust

Screen this organization

A dated, signed PDF of the compliance screen for WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC: IRS status (Business Master File, Publication 78, auto-revocation), the OFAC sanctions lists, the Internal Revenue Bulletin, and California registration, with the Rev. Proc. 2018-32 §8.01 reliance elements stated element by element. Generated from the current files at the moment you download it.

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Screens are triage, not determinations; a source that cannot be read reports not screened, never clear. Screen this nonprofit · How the screen works · on the API as GET /api/screening/{ein}?format=pdf

Questions and answers

Who funds WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC?
WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC (New York) receives grants from 36 organizations whose IRS filings report $8,061,770 to it, the largest being COMMUNITY FOUNDATION FOR GREATER BUFFALO INC ($1,951,811). 17 of them have funded it in more than one year.
How many funders does WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC have?
IRS filings report 36 organizations giving $8,061,770 in grants to WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC, 17 of which have funded it in more than one year.
Who is the largest funder of WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC?
COMMUNITY FOUNDATION FOR GREATER BUFFALO INC is the largest funder on record, with $1,951,811 in grants. The full list of funders is on this page.
How can an organization like WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC find more funders?
Start with the funders already giving here, then look at the foundations that back similar organizations in New York. The funding by cause and by state pages list the largest funders for a given area and how to approach them.

These figures are read directly from IRS Form 990 / 990-PF e-file XML: this organization’s own return for FY2024 (financials across 2017–2024), and the filings of 36 funders that report grants to it. “On record” means captured in the filings we have parsed — a funder that does not e-file, or whose grant detail is not itemized, will not appear. Filings run roughly 12–24 months behind. Trends on this page end at FY2023, the last fiscal year that has finished arriving; later years are shown and marked, and move no figure. Data on this page was exported October 14, 2026. What this page cannot tell you · view filing