Westminster Economic Development Initiative Inc

Westminster Economic Development Initiative Inc shows significant revenue and asset growth with no reported officer compensation.

EIN: 204230463 · Buffalo, NY · NTEE: S30 · Updated: 2026-03-28

$2.2MRevenue

$11.7MAssets

90/100Mission Score (Excellent)

S30

About Westminster Economic Development Initiative Inc

Westminster Economic Development Initiative Inc (EIN: 204230463) is a nonprofit organization based in Buffalo, NY, classified under NTEE code S30. The organization reported total revenue of $2.2M and total assets of $11.7M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Westminster Economic Development Initiative Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

Westminster Economic Development Initiative Inc (WEDI) demonstrates strong financial health and growth, particularly in recent years. The organization's revenue has seen substantial increases, jumping from $2,118,673 in 2020 to $6,918,706 in 2023, indicating robust fundraising or grant acquisition. Their asset base has also grown significantly, from $2,609,168 in 2020 to $12,601,013 in 2023, suggesting effective asset management and investment in their mission. The consistent reporting of 0% officer compensation across all available filings is a notable indicator of transparency and a commitment to directing funds towards programs rather than executive salaries.

Spending efficiency appears strong, with expenses generally well below revenue, allowing for asset accumulation. For instance, in 2023, expenses were $2,473,537 against revenue of $6,918,706. While a detailed breakdown of program, administrative, and fundraising expenses isn't provided in the summary data, the absence of officer compensation suggests a lean operational structure at the top. The organization's growth trajectory, coupled with its financial reporting, points to a well-managed and transparent entity focused on its economic development mission in Buffalo, NY.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Westminster Economic Development Initiative Inc with a Mission Score of 90 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 10%
programs: 85%
fundraising: 5%

According to IRS 990 filings, Westminster Economic Development Initiative Inc allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

Executive compensation is reported as 0% across all available filings, indicating that no salaries were paid to officers, which is highly unusual for an organization of this size with assets exceeding $12 million and revenue nearing $7 million.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Westminster Economic Development Initiative Inc's IRS 990 filings:

Unusually low (0%) reported officer compensation for an organization of this size, which may warrant further investigation into how leadership is compensated or structured.

Strengths

The following positive indicators were identified for Westminster Economic Development Initiative Inc:

Exceptional revenue growth, increasing from $2,118,673 in 2020 to $6,918,706 in 2023.
Strong asset accumulation, growing from $2,609,168 in 2020 to $12,601,013 in 2023.
Consistent reporting of 0% officer compensation, suggesting a high dedication of funds to programs.
Healthy financial position with assets significantly exceeding liabilities across all reported periods.

Frequently Asked Questions about Westminster Economic Development Initiative Inc

How does WEDI manage to operate without officer compensation?

The filings consistently show 0% officer compensation, which is highly unusual for an organization of WEDI's scale. This could imply that executive leadership is compensated through other means not classified as 'officer compensation' on the 990, or that leadership roles are filled by volunteers or staff whose compensation is categorized differently (e.g., program staff).

What is driving WEDI's significant revenue growth in recent years?

WEDI's revenue surged from $2,118,673 in 2020 to $6,918,706 in 2023. This substantial increase suggests successful grant applications, major donor contributions, or expansion of revenue-generating programs, indicating strong financial support for their initiatives.

Is WEDI financially stable given its asset and liability trends?

WEDI appears financially stable. Its assets have consistently grown, reaching $12,601,013 in 2023, while liabilities, though fluctuating, are well-covered by assets. For example, in 2023, liabilities were $2,551,962 against assets of $12,601,013, demonstrating a healthy balance sheet.

Filing History

IRS 990 filing history for Westminster Economic Development Initiative Inc showing financial trends over 13 years of public records:

Over 13 years of IRS 990 filings (2011–2023), Westminster Economic Development Initiative Inc's revenue has grown by 7944.7%, moving from $86K to $6.9M. Total assets increased by 4414.8% over the same period, from $279K to $12.6M. Total functional expenses rose by 2463.8%, from $96K to $2.5M. In its most recent filing year (2023), Westminster Economic Development Initiative Inc reported a surplus of $4.4M, with revenue exceeding expenses. The organization holds $2.6M in liabilities against $12.6M in assets (debt-to-asset ratio: 20.3%), resulting in net assets of $10.0M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$6.9M	$2.5M	$12.6M	$2.6M	—	—
2022	$3.2M	$2.3M	$10.4M	$4.8M	—	View 990
2021	$4.8M	$2.1M	$5.3M	$880K	—	View 990
2020	$2.1M	$1.8M	$2.6M	$956K	—	View 990
2019	$1.7M	$1.6M	$2.4M	$1.1M	—	View 990
2018	$1.3M	$990K	$2.0M	$841K	—	View 990
2017	$1.1M	$754K	$1.7M	$884K	—	View 990
2016	$659K	$539K	$1.0M	$522K	—	View 990
2015	$335K	$465K	$473K	$75K	—	View 990
2014	$538K	$331K	$576K	$53K	—	View 990
2013	$141K	$158K	$312K	$1K	—	View 990
2012	$163K	$109K	$337K	$9K	—	View 990
2011	$86K	$96K	$279K	$5K	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $6.9M, expenses of $2.5M, and assets of $12.6M (revenue +113.1% year-over-year).
2022: Revenue of $3.2M, expenses of $2.3M, and assets of $10.4M (revenue -32.7% year-over-year).
2021: Revenue of $4.8M, expenses of $2.1M, and assets of $5.3M (revenue +127.7% year-over-year).
2020: Revenue of $2.1M, expenses of $1.8M, and assets of $2.6M (revenue +23.5% year-over-year).
2019: Revenue of $1.7M, expenses of $1.6M, and assets of $2.4M (revenue +30.7% year-over-year).
2018: Revenue of $1.3M, expenses of $990K, and assets of $2.0M (revenue +19.9% year-over-year).
2017: Revenue of $1.1M, expenses of $754K, and assets of $1.7M (revenue +66.1% year-over-year).
2016: Revenue of $659K, expenses of $539K, and assets of $1.0M (revenue +96.6% year-over-year).
2015: Revenue of $335K, expenses of $465K, and assets of $473K (revenue -37.7% year-over-year).
2014: Revenue of $538K, expenses of $331K, and assets of $576K (revenue +282.5% year-over-year).
2013: Revenue of $141K, expenses of $158K, and assets of $312K (revenue -13.8% year-over-year).
2012: Revenue of $163K, expenses of $109K, and assets of $337K (revenue +89.8% year-over-year).
2011: Revenue of $86K, expenses of $96K, and assets of $279K.

Data Sources and Methodology

This transparency report for Westminster Economic Development Initiative Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.