WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC (EIN 204230463) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2006

Legal Domicile

Principal Officer

CAROLYNN WELCH

Phone

7163934088

Tax Period

2024-01-01 to 2024-12-31

WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC, founded in 2006, is a community nonprofit in the Community Improvement sector that reported $2.2M in total revenue in fiscal year 2024. Revenue fell 69% from the prior year — a significant decline worth monitoring. Net assets of $10.0M represent 55 months of operating reserves.

Mission

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

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,557,693

Program Service Revenue $331,763

Investment Income $-11,210

Other Revenue $293,554

TOTAL REVENUE $2,171,800

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,079,735

Fundraising Expenses $180,195

Program Expenses $1,578,186

Other Expenses $1,103,882

TOTAL EXPENSES $2,183,617

Year-over-Year Comparison

	2024	2023	Change
Revenue	$2,171,800	$6,918,706	-0.7%
Expenses	$2,183,617	$2,473,537	-0.1%
Net Income	$-11,817	$4,445,169	-1.0%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$95,920

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
STEPHEN ZENGER	BOARD MEMBER	1.00	Director	$0	$0	$0
KRISTA SCHWARTZOTT	BOARD MEMBER/PRESIDENT	10.00	Officer Director	$0	$0	$0
CONCETTA FERGUSON	BOARD MEMBER	1.00	Director	$0	$0	$0
MELANIE JASKOLKA	BOARD MEMBER/VICE PRESIDEN	10.00	Officer Director	$0	$0	$0
LUKE DONIGAN	BOARD MEMBER/ASSIST SECRET (TO 12/31/24)	1.00	Officer Director	$0	$0	$0
JOANN BELLIOTTI	BOARD MEMBER (TO 9/30/24)	1.00	Director	$0	$0	$0
INDU DEWAN	BOARD MEMBER	1.00	Director	$0	$0	$0
ZELALEM GEMMEDA	BOARD MEMBER (TO 12/31/24)	1.00	Director	$0	$0	$0
DONNA GENESKY	BOARD MEMBER (TO 8/31/24)	1.00	Director	$0	$0	$0
MICHAEL KENLINE	BOARD MEMBER	1.00	Director	$0	$0	$0
GUSTAVO LIMA	BOARD MEMBER	1.00	Director	$0	$0	$0
CATHERINE MARCH	BOARD MEMBER	1.00	Director	$0	$0	$0
BETSY MITCHELL	BOARD MEMBER (TO 12/31/24)	1.00	Director	$0	$0	$0
KATIE O'CONNOR	BOARD MEMBER	1.00	Director	$0	$0	$0
MIMI STEADMAN	BOARD MEMBER/SECRETARY	1.00	Officer Director	$0	$0	$0
CHRISTINE UWIMBABAZI	BOARD MEMBER	1.00	Director	$0	$0	$0
CAROLYNN WELCH	EXECUTIVE DIRECTOR	40.00	Officer	$84,845	$11,075	$95,920

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$2,171,800	$2,183,617	$11,712,530	$-11,817
2023	$6,918,706	$2,473,537	$12,601,013	$4,445,169
2022	$3,247,167	$2,295,731	$10,403,298	$951,436
2021	$4,824,412	$2,069,904	$5,287,806	$2,754,508
2020	$2,118,673	$1,763,082	$2,609,168	$355,591
2019	$1,715,793	$1,600,557	$2,379,628	$115,236
2018	$1,313,235	$990,167	$2,024,093	$323,068

WESTMINSTER ECONOMIC DEVELOPMENT INITIATIVE INC