Virginia Council On Economic Education
- Assets
- $1.8m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 3
- Location
- Richmond, VA
- Founding
- 12/1970
- Data as of
- 06/2022
- 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 06/2022, Virginia Council On Economic Education employed 3 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 06/2022, Virginia Council On Economic Education generated $1.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.7% each year. All expenses for the organization totaled $898.0k during the year ending 06/2022. While expenses have increased by 0.4% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2022
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. IN FY22, VCEE PROVIDED 71 SESSIONS RANGING FROM ONE HOUR TO 45 HOURS IN LENGTH TO 1,353 TEACHERS.
THE PERSONAL FINANCE TEACHER FELLOWSHIP PROGRAM SUPPORTS SCHOOL DIVISIONS BY INCREASING ACCESS TO QUALITY PERSONAL FINANCE EDUCATION. EDUCATORS ARE TAUGHT BY VCEE, AND THIS COHORT OF HIGHLY-QUALIFIED PERSONAL FINANCE TEACHER FELLOWS WILL THEN OFFER PERSONAL FINANCE PROFESSIONAL DEVELOPMENT AND RESOURCES TO OTHER TEACHERS IN THEIR SCHOOL, SCHOOL DIVISION, AND REGION. IN THIS WAY, THE VCEE IS ABLE TO DEPLOY MORE PERSONAL FINANCE RESOURCES WHERE THEY WILL HAVE A MEANINGFUL IMPACT. THIS INVESTMENT WILL HELP IMPROVE EDCUATION OPPORTUNITIES AND ECONOMIC EQUITY IN VIRGINIAS UNDERSERVED COMMUNITIES BY ULTIMATELY IMPROVING THE FINANCIAL KNOWLEDGE AND SKILLS OF MIDDLE AND HIGH SCHOOL STUDENTS.
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 FY22, 4,071 TEAMS REPRESENTING 16,394 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 |
Neil Amin Board Member | Trustee | 1 | $0 |
Kartik Athreya Board Member | Trustee | 3 | $0 |
James W Dyke Board Member | Trustee | 1 | $0 |
Rasheeda Creighton Board Member | Trustee | 1 | $0 |
Erica Billingslea Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $404,792 |
| All other contributions, gifts, grants, and similar amounts not included above | $691,520 |
| Noncash contributions included in lines 1a–1f | $5,383 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,096,312 |
| Total Program Service Revenue | $19,760 |
| Investment income | $11,624 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $33,250 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,160,946 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 of current officers, directors, key employees. | $77,880 |
| Compensation to disqualified persons | $261,468 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $43,766 |
| Payroll taxes | $31,011 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $29,660 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $6,843 |
| Fees for services: Other | $107,396 |
| Advertising and promotion | $0 |
| Office expenses | $1,023 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,020 |
| Travel | $2,184 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,565 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,028 |
| Insurance | $0 |
| All other expenses | $6,233 |
| Total functional expenses | $898,016 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,305 |
| Savings and temporary cash investments | $532,377 |
| 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 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $438,415 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $781,153 |
| Total assets | $1,753,250 |
| Accounts payable and accrued expenses | $5,270 |
| 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 | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,270 |
| Net assets without donor restrictions | $614,389 |
| Net assets with donor restrictions | $1,133,591 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,753,250 |