Overview
What is Westminster Economic Development Initiative Inc?
Westminster Economic Development Initiative Inc, situated in Buffalo, New York, is a nonprofit organization dedicated to fostering growth for small businesses in an ethnically diverse neighborhood. Based on Grant Street, this community development entity provides a secure, nurturing, and cost-effective environment for local entrepreneurs. Their services encompass business coaching, financial mentoring, low-interest loans, networking/marketing opportunities, and a consistent customer base. The initiative's ultimate goal is to contribute to the overall success and prosperity of Western New Yorkers, promoting a culturally inclusive community. WEDI further strengthens communities by offering a continuum of educational and financial resources, addressing systemic barriers to economic equality for all residents in the region.
Official website here: www.wedibuffalo.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 93% (Four-Star out of Four Stars)
Westminster Economic Development Initiative Inc (WEDI) has received a strong Four-Star rating from Charity Navigator, reflecting its high standards in accountability and finance with a score of 93%. The organization boasts a fully independent board and maintains rigorous financial oversight, showing commitment to transparency and responsible management of funds. A program expense ratio of over 71% indicates that the majority of resources are directed towards its programs, reinforcing its mission-driven approach.
User feedback highlights WEDI's significant impact on the community, especially through initiatives focused on education, entrepreneurship, and support for New Americans. Many reviewers express admiration for WEDI's genuine and compassionate staff, noting the organization's role as a vital community center that fosters diversity and inclusion. The West Side Bazaar, a project under WEDI, is frequently praised as a model for community engagement and economic empowerment.
Though the organization has received overwhelming positive feedback, users noted the importance of continued support and growth, especially in the wake of challenges posed by the pandemic. Overall, WEDI is recognized not only for its effective programs but also for its dedication to uplifting individuals and families in the Buffalo area, creating a lasting positive impact on the community.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
Is Westminster Economic Development Initiative Inc legitimate?
Westminster Economic Development Initiative Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Westminster Economic Development Initiative Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $99,304
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,265,336
For more financial information, click here
Official website here: www.wedibuffalo.org
What is the mission statement of Westminster Economic Development Initiative Inc?
Westminster Economic Development Initiative Inc's mission is centered around enhancing the success and well-being of all residents in Western New York, fostering a culturally inclusive community. They achieve this by providing a continuum of educational and financial resources, aiming to eliminate systemic barriers to economic equity for Western New Yorkers. The organization's activities include operating a small business incubator in a commercially viable district, offering merchants a safe, supportive, and affordable environment to grow their grassroots businesses. WEDI offers various resources such as business coaching, financial mentoring, low-interest loans, networking and marketing opportunities, and consistent customer traffic to its clients.
Official website here: www.wedibuffalo.org
Who is the CEO of Westminster Economic Development Initiative Inc?
Carolynn Welch is the Board Member/President of Westminster Economic Development Initiative Inc.
Official website here: www.wedibuffalo.org
What is the revenue of Westminster Economic Development Initiative Inc?
Westminster Economic Development Initiative Inc's revenue in 2022 was $3,247,167.
Official website here: www.wedibuffalo.org
Who are the executives of Westminster Economic Development Initiative Inc and what are their salaries?
The average compensation at Westminster Economic Development Initiative Inc during 2022 was $27,293. There are 50 employees and 128 volunteers at Westminster Economic Development Initiative Inc.
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- Compensation: $99,304
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- Other: $7,745
Official website here: www.wedibuffalo.org
Where can I find the form 990 for Westminster Economic Development Initiative Inc?
Westminster Economic Development Initiative Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.wedibuffalo.org
Learn more at the official website: www.wedibuffalo.org
Mission Statement of Westminster Economic Development Initiative Inc
Westminster Economic Development Initiative Inc, or WEDI, is committed to strengthening communities by providing a continuum of educational and financial resources. Their mission is to remove systemic barriers to economic equity for all Western New Yorkers, enabling them to succeed and thrive in a culturally inclusive community. WEDI achieves this by offering a supportive environment for grassroots businesses, providing tools such as business coaching, financial mentoring, low-interest loans, networking and marketing opportunities, and steady customer traffic through their West Side Bazaar Small Business Incubator. This initiative is located in an ethnically diverse neighborhood in a commercial district, offering merchants a safe and nurturing space to grow their businesses in Buffalo, New York.
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Impact
October, 2024
The Westminster Economic Development Initiative Inc (WEDI) significantly impacts the community by fostering economic growth and cultural inclusivity in Buffalo, New York. Its initiatives center around the West Side Bazaar, a small business incubator located in an ethnically diverse neighborhood. By providing a safe, nurturing, and affordable environment, WEDI empowers grassroots entrepreneurs to establish and grow their businesses.
Through a comprehensive approach that includes business coaching, financial mentoring, low-interest loans, and networking opportunities, WEDI equips local merchants with the tools they need for success. This support not only helps individual businesses thrive but also enhances community cohesion and vitality. The steady customer traffic generated through WEDI’s initiatives ensures that these small businesses can flourish, contributing to the overall economic health of the area.
WEDI is dedicated to removing systemic barriers to economic equity, ensuring that all residents of Western New York have the opportunity to participate in and benefit from the local economy. This commitment to community development has a ripple effect, strengthening the fabric of the neighborhood and promoting a culturally inclusive environment where everyone can succeed and thrive.
This information is meant to be a general summary of Westminster Economic Development Initiative Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$21,906
- Program Service Revenue: $172,878
- Gross Receipts: $3,297,128
Assets and Liabilities:
- Total Assets: $10,403,298
- Total Liabilities: $4,794,416
- Net Assets: $5,608,882
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$85,265
COMMUNITY DEVELOPMENT
Revenue
$62,504
ECONOMIC DEVELOPMENT
Revenue
$25,109
Organization Details
Founding Year
2006
Phone
(716) 393-4088Principal Officer
Carolynn Welch
Main Address
436 GRANT STREET, BUFFALO, NY, 14213
Website
www.wedibuffalo.orgNTEE Category
Code: S30 - Community improvement
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