Foundation For Free Enterprise Education
- Assets
- $5.6m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 21
- Location
- Erie, PA
- Founding
- 04/1981
- Data as of
- 09/2022
- EIN
- 25-1394365
Organization Overview
Foundation For Free Enterprise Education is located in Erie, PA. The organization was established in 1981. According to its NTEE Classification (O53) the organization is classified as: Youth Development - Business, under the broad grouping of Youth Development and related organizations. As of 09/2022, Foundation For Free Enterprise Education employed 21 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foundation For Free Enterprise 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 09/2022, Foundation For Free Enterprise Education generated $1.9m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.5% each year. All expenses for the organization totaled $1.4m during the year ending 09/2022. 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
TO HEIGHTEN THE AWARENESS OF PENNSYLVANIA'S YOUTH ABOUT THEIR FUTURE ROLE IN THE AMERICAN FREE ENTERPRISE SYSTEM BY DELIVERING HIGH-QUALITY AND PRACTICAL HANDS-ON EDUCATIONAL EXPERIENCES. THE FOUNDATION ALSO BECAME THE EXCLUSIVE PENNSYLVANIA COORDINATOR FOR THE STOCK MARKET GAME (SMG). SMG IS AN INTERNATIONALLY ACCLAIMED INTERACTIVE IN-SCHOOL PROGRAM THAT TEACHES STUDENTS IN GRADES 4-12 ABOUT GLOBAL CAPITAL MARKETS, INVESTING AND PERSONAL FINANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FOUNDATION FOR FREE ENTERPRISE EDUCATION SUCCESSFULLY OPERATED THREE HANDS-ON YOUTH EDUCATION PROGRAMS THAT IMPACTED MORE THAN 10,000 YOUNG PENNSYLVANIANS IN 2022. PENNSYLVANIA FREE ENTERPRISE WEEK (PFEW) TEACHES HIGH SCHOOL STUDENTS ABOUT BUSINESS AND FREE ENTERPRISE AND HELPS THEM DEVELOP RELEVANT, JOB-READY SKILLS. PFEW OPERATED FIVE WEEK-LONG SUMMER SESSIONS ON THE CAMPUSES OF LYCOMING COLLEGE AND PENNSYLVANIA COLLEGE OF TECHNOLOGY IN WILLIAMSPORT, PA, EDUCATING 1,556 STUDENTS STATEWIDE. THE STOCK MARKET GAME (SMG) GREW SIGNIFICANTLY FROM 2021, EDUCATING 8,646 STUDENTS IN GRADES 4-12 STATEWIDE DURING THE 2021-2022 SCHOOL YEAR. SMG TEACHES STUDENTS ABOUT INVESTING, CAPITAL MARKETS AND FINANCIAL LITERACY. THE SPEAKER SERIES CONTINUED ITS STEADY GROWTH, ACCUMULATING A TOTAL OF MORE THAN 7,400 UNIQUE VIEWS SINCE 2020. THIS SERIES OF CAREER EXPLORATION AND WORKFORCE DEVELOPMENT VIDEOS AND RESOURCES IS NOW BEING USED BY A GROWING NUMBER OF CHAMBER AND BUSINESS ASSOCIATIONS AS PART OF THEIR EXISTING WORKFORCE DEVELOPMENT INITIATIVES. A NEW SERIES OF SHORT VIDEOS FOCUSING ON SPECIFIC JOBS AND EMPLOYERS IN VARIOUS AREAS OF THE STATE IS PLANNED FOR 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen M Musante President & CEO | Officer | 40 | $173,966 |
Katie E Clarke Vice Chairperson | OfficerTrustee | 1 | $0 |
Jon G Whiteman Vice Chairman/assistant Tr | OfficerTrustee | 1 | $0 |
Chad M Amond Secretary | OfficerTrustee | 1 | $0 |
Kevin Shivers Treasurer | OfficerTrustee | 1 | $0 |
Vincent J Matteo Chairman | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,197,846 |
| Noncash contributions included in lines 1a–1f | $15,600 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,197,846 |
| Total Program Service Revenue | $474,822 |
| Investment income | $284,626 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$91,653 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,865,641 |
| 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. | $181,346 |
| Compensation of current officers, directors, key employees. | $54,404 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $447,210 |
| Pension plan accruals and contributions | $40,632 |
| Other employee benefits | $29,906 |
| Payroll taxes | $45,369 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $35,344 |
| Fees for services: Other | $14,000 |
| Advertising and promotion | $61,569 |
| Office expenses | $32,818 |
| Information technology | $13,122 |
| Royalties | $0 |
| Occupancy | $3,277 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $36,705 |
| Interest | $1,662 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,869 |
| Insurance | $19,216 |
| All other expenses | $3,049 |
| Total functional expenses | $1,353,168 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $48,839 |
| Savings and temporary cash investments | $1,132,985 |
| Pledges and grants receivable | $49,130 |
| 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 | $31,050 |
| Net Land, buildings, and equipment | $350,250 |
| Investments—publicly traded securities | $4,002,332 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,614,586 |
| Accounts payable and accrued expenses | $395,182 |
| 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 | $21,663 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $416,845 |
| Net assets without donor restrictions | $4,847,629 |
| Net assets with donor restrictions | $350,112 |
| 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 | $5,614,586 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Foundation For Free Enterprise Education has recieved totaling $3,125.
| Awarding Organization | Amount |
|---|---|
Samuel And Edith@justus Charitable Trust Pittsburgh, PA PURPOSE: PFEW VENANGO COUNTY | $3,125 |
Endowment Analysis
| Beg. Balance | $257,736 |
| Earnings | -$45,037 |
| Admin Expense | $2,127 |
| Net Contributions | $12,014 |
| Other Expense | $7,500 |
| Ending Balance | $215,086 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Youth Opportunities Unlimited The Hale Building Cleveland, OH | $8,032,160 | $12,914,615 |
Bergens Promise Inc Hackensack, NJ | $6,748,894 | $14,251,992 |
Network For Teaching Entrepreneurship New York, NY | $9,589,884 | $12,214,690 |
Reel Stories Teen Filmmaking Inc Brooklyn, NY | $1,349,194 | $2,572,031 |
Foundation For Free Enterprise Education Erie, PA | $5,614,586 | $1,865,641 |
Glassroots Inc Newark, NJ | $2,953,448 | $1,078,025 |
Interalliance Of Greater Cincinnati Cincinnati, OH | $209,405 | $889,890 |
Columbus Fashion Initiative Columbus, OH | $260,125 | $700,402 |
Forge Leadership Network Dayton, OH | $160,330 | $662,968 |
Young Entrepreneurs Academy Inc Pittsford, NY | $192,804 | $326,928 |
Omicelo Cares Pittsburgh, PA | $951,389 | $343,389 |
Partners For Education And Business Inc Syracuse, NY | $12,469 | $270,994 |