Westminster Economic Developmentinitiative Inc

Analysis

Westminster Economic Developmentinitiative Inc is a registered charity in United States, based in Buffalo, NY. It received its IRS tax-exemption ruling in January 2007, 19 years ago. Its declared purposes cover community improvement and capacity building, which this site groups under community and economic development. The IRS classifies it as a publicly supported organisation (donations from the general public) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Westminster Economic Developmentinitiative Inc reported income of $6.9m and spending of $2.5m, leaving 64% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $1.7m to $6.9m (+303%), an average of +42% a year. The sharpest change came in the year to December 2021, when income rose by 128%. Over the whole period it spent 54% of the income it received.

Among 19,475 United States charities whose main cause is community and economic development and that reported income, Westminster Economic Developmentinitiative Inc sits at the 94th percentile: it is larger than about 94% of them. Against every charity in United States with reported income it ranks in the 94th percentile, and in the 91st percentile within NY. Charities of a similar size with the same main cause include Southwestern Pennsylvania Human Services Inc ($6.9m), The Toy Foundation Inc ($6.9m) and West Central Indiana Economic Development District Inc ($6.9m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 97% and program service revenue 2.7% of the total. Compensation of current officers, directors and key employees was $83k (3.4% of expenses). Other salaries and wages came to $1.1m. At year end it held assets of $12.6m against liabilities of $2.6m, net assets of $10.0m. It reported 58 employees.