Virginia Council On Economic Education
- Assets
- $1.6m
- Revenue
- $909.6k
- Investments
- $0.0
- Employees
- 2
- Location
- Richmond, VA
- Founding
- 12/1970
- Data as of
- 06/2021
- EIN
- 23-7087052
Organization Overview
Virginia Council On Economic Education is located in Richmond, VA. The organization was established in 1970. According to its NTEE Classification (V22) the organization is classified as: Economics, under the broad grouping of Social Science and related organizations. As of 06/2021, Virginia Council On Economic Education employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Virginia Council On Economic Education is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2021, Virginia Council On Economic Education generated $909.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $841.2k during the year ending 06/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
VCEE IS THE CRITICAL RESOURCE FOR VIRGINIAS K-12 TEACHERS AND SCHOOL DIVISIONS WHO ARE SEEKING PROFESSIONAL DEVELOPMENT, CURRICULUM AND RESOURCES TO HELP TEACH ECONOMICS AND PERSONAL FINANCE EFFECTIVELY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TEACHER EDUCATION - PROVIDE QUALITY PROFESSIONAL DEVELOPMENT WORKSHOPS AND INSTITUTES AND CLASSROOM MATERIALS TO K-12 TEACHERS TO ENABLE THEM TO MORE EFFECTIVELY TEACH THEIR STUDENTS THE ECONOMICS AND PERSONAL FINANCE KNOWLEDGE AND SKILLS NEEDED TO BE SUCCESSFUL IN OUR DYNAMIC ECONOMY. AS A RESULT OF THE FINANCIAL SUPPORT WE RECEIVE FROM OUR PARTNERS, THIS PROFESSIONAL DEVELOPMENT IS PROVIDED AT NO COST TO THE TEACHERS OR THEIR SCHOOLS. UNDER CHALLENGING CIRCUMSTANCES FOR EVERYONE, DUE TO THE PANDEMIC, IN FY21, VCEE PROVIDED 61 SESSIONS RANGING FROM ONE HOUR TO 42 HOURS IN LENGTH TO OVER 1,275 TEACHERS.
REVISED ONLINE ECONOMICS AND PERSONAL FINANCE COURSE - PROJECT TO CREATE AND OFFER AND UPDATED SECOND GENERATION ONLINE COURSE IN ECONOMICS AND PERSONAL FINANCE FOR VIRGINIA HIGH SCHOOL STUDENTS. THE REVISED ONLINE COURSE ALIGNS WITH VIRGINIAS STANDARDS OF LEARNING CURRICULUM FRAMEWORK, IS COMPATIBLE WITH VARIOUS ADMINISTRATIVE REQUIREMENTS, INCLUDES UPDATED DATA AND EXAMPLES, INTEGRATES THE SIX CORE ECONOMIC PRINCIPLES, FACILITATES MAXIMUM ENGAGEMENT AND INTERACTION, AND CORRELATES WITH COMPONENTS OF TYPICAL FACE-TO-FACE COURSES. THE COURSE IS OFFERED THROUGH PARTNER VIRTUAL VIRGINIA HOWEVER, VCEE REMAINS RESPONSIBLE FOR THE CONTENT.
STOCK MARKET GAME - A PROGRAM FOR GRADES 4-12 WHICH PROVIDES TEACHERS WITH A REAL WORLD SIMULATION TO USE WITH THEIR STUDENTS TO TEACH MATH, SOCIAL STUDIES, BUSINESS, ECONOMICS AND LANGUAGE ARTS WHILE ALSO LEARNING ABOUT THE STOCK MARKET AND HOW TO INVEST WISELY. STUDENT TEAMS INVEST 100,000 AND TRACK HOW THEIR INVESTMENTS PERFORM OVER THE LIFE OF THE PROGRAM. IN FY21, 1,750 TEAMS REPRESENTING 5920 STUDENTS ACROSS VIRGINIA PARTICIPATED IN THE STOCK MARKET GAME. WORKSHOPS AND WEBINARS WERE HELD FOR TEACHERS TO ASSIST THEM IN INTEGRATING THIS PROGRAM INTO THEIR CURRICULUM. VCEE ALSO MANAGES THE STATEWIDE PARTIPATION IN INVESTWRITE, A WRITING COMPETITION AROUND SAVING, INVESTING AND THE STOCK MARKET.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel R Mortensen President And CEO | Officer | 40 | $132,000 |
A Fletcher Mangum Vice Chairman | OfficerTrustee | 3 | $0 |
Eg Miller Secretary/treasurer | OfficerTrustee | 7 | $0 |
Christopher M Shockley Chairman | OfficerTrustee | 7 | $0 |
Neil Amin Board Member | Trustee | 1 | $0 |
Kartik Athreya Board Member | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $871,644 |
| Investment income | $9,820 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $18,948 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $909,613 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $132,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $256,827 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $54,347 |
| Payroll taxes | $30,328 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $26,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,492 |
| Fees for services: Other | $110,033 |
| Advertising and promotion | $3,754 |
| Office expenses | $367 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,196 |
| Travel | $107 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,001 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,028 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $841,151 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,442 |
| Savings and temporary cash investments | $363,455 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $441,395 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $777,820 |
| Total assets | $1,591,140 |
| Accounts payable and accrued expenses | $4,334 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $33,600 |
| Other liabilities | $0 |
| Total liabilities | $37,934 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $1,553,206 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Virginia Council On Economic Education has recieved totaling $24,000.
| Awarding Organization | Amount |
|---|---|
Calvin K Kazanjian Economics Foundation Inc Scottsdale, AZ PURPOSE: SUPPORT "A RESOURCE FOR CULTIVATING GREAT ECONOMIC MINDS" PROJECT | $24,000 |
Endowment Analysis
| Beg. Balance | $582,527 |
| Earnings | $189,413 |
| Net Contributions | $5,880 |
| Ending Balance | $777,820 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Brookings Institution Washington, DC | $492,547,778 | $79,395,655 |
Mercatus Center Inc Arlington, VA | $43,899,623 | $50,106,510 |
Atlas Economic Research Foundation Arlington, VA | $16,820,562 | $19,446,645 |
Institute For Operations Research And The Management Sciences Catonsville, MD | $26,434,538 | $15,117,457 |
Economic Policy Institute Washington, DC | $19,510,723 | $16,459,436 |
Washington Center For Equitable Growth Inc Washington, DC | $11,979,868 | $8,578,592 |
The Economic Club Of Washington Dc Washington, DC | $12,647,182 | $5,525,813 |
Imagine North Carolina First Raleigh, NC | $1,746,999 | $4,219,239 |
Better Markets Inc Washington, DC | $2,865,112 | $2,225,155 |
Partnership For A New American Economy Research Fund Inc Washington, DC | $0 | $2,102,379 |
The Institute For Financial Markets Washington, DC | $6,341,875 | $527,039 |
Virginia Council On Economic Education Richmond, VA | $1,591,140 | $909,613 |