Form 990 for tax year 2023
Filed by FOUNDATION FOR FREE ENTERPRISE EDUCATION.
Totals
- Total revenue
- $2,107,197
- Total expenses
- $1,538,563
- Contributions and grants received
- $1,275,185
- Grants paid
- $0
- Program service revenue
- $546,671
- Investment income
- $285,341
- Other revenue
- $0
- Total assets, end of year
- $7,935,592
- Total liabilities, end of year
- $444,602
- Net assets or fund balances, end of year
- $7,490,990
- Program services expenses (Part IX)
- $871,415
- Management and general expenses
- $445,688
- Fundraising expenses
- $221,460
- Program service expenses (Part III)
- $871,415
Program services were 56.6% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Line items
Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.
Revenue
Part VIII, the statement of revenue.
-
1f · All other contributions, gifts and grants
$1,275,185
-
1g · Noncash contributions included above
$19,999
-
2a · Program service revenue: REGISTRATION FEES
total $539,953 · related or exempt $539,953
-
2b · Program service revenue: OTHER INCOME
total $6,718 · related or exempt $6,718
-
3 · Investment income
total $240,444 · excluded $240,444
-
7a · Gross sales of assets other than inventory
securities $508,370 · other assets $500
-
7b · Less cost or other basis and sales expenses
securities $463,973 · other assets $0
-
7c · Gain or loss
securities $44,397 · other assets $500
-
7d · Net gain or loss
total $44,897 · excluded $44,897
Functional expenses
Part IX, the statement of functional expenses.
-
5 · Compensation of officers, directors and key employees
total $189,213 · program services $75,685 · management and general $56,764 · fundraising $56,764
-
7 · Other salaries and wages
total $524,830 · program services $295,604 · management and general $124,060 · fundraising $105,166
-
8 · Pension plan contributions
total $40,456 · program services $18,790 · management and general $14,743 · fundraising $6,923
-
9 · Other employee benefits
total $28,579 · program services $13,273 · management and general $10,415 · fundraising $4,891
-
10 · Payroll taxes
total $54,118 · program services $24,353 · management and general $18,942 · fundraising $10,823
-
11f · Fees: investment management
total $45,038 · management and general $45,038
-
11g · Fees: other
total $12,409 · management and general $12,409
-
12 · Advertising and promotion
total $70,336 · program services $195 · management and general $50,700 · fundraising $19,441
-
13 · Office expenses
total $34,231 · program services $4,132 · management and general $17,597 · fundraising $12,502
-
14 · Information technology
total $14,555 · program services $41 · management and general $14,514
-
16 · Occupancy
total $3,845 · management and general $3,845
-
19 · Conferences, conventions and meetings
total $35,188 · program services $21,440 · management and general $13,592 · fundraising $156
-
20 · Interest
total $250 · management and general $250
-
22 · Depreciation, depletion and amortization
total $28,282 · management and general $28,282
-
23 · Insurance
total $20,524 · management and general $20,524
-
24a · Other expenses: STUDENT ROOM AND BOARD
total $381,280 · program services $381,280 · management and general $0 · fundraising $0
-
24b · Other expenses: COMPANY ADVISORS
total $35,212 · program services $35,212 · management and general $0 · fundraising $0
-
24c · Other expenses: CONTRACT LABOR
total $16,514 · program services $1,410 · management and general $10,310 · fundraising $4,794
-
24d · Other expenses: UNCOLLECTIBLE PLEDGES
total $2,085 · program services $0 · management and general $2,085 · fundraising $0
-
24e · All other expenses
total $1,618 · management and general $1,618
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $492,156 · end of year $556,660
-
2 · Savings and temporary cash investments
beginning of year $245,888 · end of year $276,822
-
3 · Pledges and grants receivable
beginning of year $31,040 · end of year $30,939
-
9 · Prepaid expenses and deferred charges
beginning of year $32,325 · end of year $30,280
-
10a · Land, buildings and equipment: cost or other basis
$652,112
-
10b · Land, buildings and equipment: accumulated depreciation
$240,431
-
10c · Land, buildings and equipment, net
beginning of year $328,938 · end of year $411,681
-
11 · Investments: publicly traded securities
beginning of year $5,320,638 · end of year $6,629,210
-
17 · Accounts payable and accrued expenses
beginning of year $421,069 · end of year $444,602
-
27 · Net assets without donor restrictions
beginning of year $5,656,098 · end of year $7,055,552
-
28 · Net assets with donor restrictions
beginning of year $373,818 · end of year $435,438
Mission and programs · 2023
Mission
SEE PROGRAM SERVICE ACCOMPLISHMENTS BELOW
Activities or mission (Part I)
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.
-
THE FOUNDATION FOR FREE ENTERPRISE EDUCATION SUCCESSFULLY OPERATED THREE EXPERIENTIAL YOUTH EDUCATION PROGRAMS THAT IMPACTED MORE THAN 16,000 YOUNG PENNSYLVANIANS IN 2024. PENNSYLVANIA FREE ENTERPRISE WEEK (PFEW) TEACHES HIGH SCHOOL STUDENTS ABOUT MODERN 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 1,853 STUDENTS STATEWIDE. THE STOCK MARKET GAME (SMG) CONTINUED TO GROW, EDUCATING A RECORD 10,077 STUDENTS DURING THE 2023-2024 SCHOOL YEAR. SMG TEACHES STUDENTS ABOUT INVESTING, CAPITAL MARKETS AND FINANCIAL LITERACY. THE SPEAKER SERIES GREW AGAIN IN 2024, ADDING MORE CAREER EXPLORATION VIDEOS AND REGIONAL PROGRAMS. IN TOTAL, THE SPEAKER SERIES, OUR YOUTUBE CHANNEL, PFEW PLAYLISTS AND SMG DIGITAL CONTENT HAS ACCUMULATED MORE THAN 75,000 VIEWS. IN 2024, THE SPEAKER SERIES ADDED A REGIONAL OPPORTUNITIES SECTION FEATURING SCHOLARSHIP, INTERNSHIP, LEADERSHIP, AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES AVAILABLE IN 56 COUNTIES OF PA.
Expenses $871,415 · Revenue $546,671
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
CHAD M AMOND
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
DARLENE J ROBBINS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
DAVID A CAMPBELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
DAVID N TAYLOR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
GARY M GOSS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
GENE BARR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
GEORGE M BOOK JR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
JAMES KILGALLON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
JASON C FINK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
JON G WHITEMAN
VICE CHAIRMAN/ASSISTANT TR
- Total calculated
- $0
- Hours/week
- 1
-
JOSEPH D HURD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
KATIE E CLARKE
VICE CHAIRPERSON
- Total calculated
- $0
- Hours/week
- 1
-
KEVIN SHIVERS
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
KEVIN W DAVIS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
KYLE P WHERRITY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
LAWRENCE E RYBACKI
EMERITUS DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
LINDSAY GRIFFIN-BOYLAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
LOWMAN S HENRY
SECRETARY
- Total calculated
- $0
- Hours/week
- 1
-
MARK A KARENCHAK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
MARK J PIETRUSINSKI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
NICK N SCOTT JR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
PATRICIA A BAUN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
PAUL J WARD ESQ
TREASURER
- Total calculated
- $0
- Hours/week
- 1
-
ROBERT J WETZEL ESQ
EMERITUS DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
RUDOLPH D FRANK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
RUSSELL P BROOKS
IMMEDIATE PAST CHAIRMAN
- Total calculated
- $0
- Hours/week
- 1
-
RYAN L NEWMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
SCOTT R WYMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
THOMAS PALISIN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
DAVIE J GILMOUR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
CARL A MARRARA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
TARA MURRAY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 1
-
KAREN M MUSANTE
PRESIDENT & CEO
- Total calculated
- $187,502
- From this org
- $167,094
- From related orgs
- $0
- Other
- $20,408
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $142,459
- Bonus
- $20,885
- Other
- $3,750
- Deferred
- $14,651
- Nontaxable benefits
- $5,757
- Filer's total
- $187,502
Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Compensation committee
- 3 · Written employment contract
- 3 · Compensation survey or study
- 3 · Approval by the board or compensation committee
Answered no
- 4a · Severance or change-of-control payment
- 4b · Supplemental nonqualified retirement plan
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 7 · Other non-fixed payments
- 8 · Paid under the initial-contract exception
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
No itemized grants to organizations on this return.
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 15 January 2025
- IRS schema version
- 2023v6.0
- Source object
- 202500169349300635
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