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← FOUNDATION FOR ECONOMIC EDUCATION INC

Form 990 for tax year 2023

Filed by FOUNDATION FOR ECONOMIC EDUCATION INC.

Totals

Total revenue
$8,193,047
Total expenses
$7,805,668
Contributions and grants received
$7,055,995
Grants paid
$0
Program service revenue
$103,577
Investment income
$231,624
Other revenue
$801,851
Total assets, end of year
$16,156,268
Total liabilities, end of year
$1,189,002
Net assets or fund balances, end of year
$14,967,266
Program services expenses (Part IX)
$5,591,022
Management and general expenses
$891,139
Fundraising expenses
$1,323,507
Program service expenses (Part III)
$5,591,022

Program services were 71.6% 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

    $7,055,995

  • 1g · Noncash contributions included above

    $19,268

  • 2a · Program service revenue: Publications

    total $103,577 · related or exempt $103,577

  • 3 · Investment income

    total $203,423 · excluded $203,423

  • 5 · Royalties

    total $36,311 · excluded $36,311

  • 7a · Gross sales of assets other than inventory

    securities $202,214

  • 7b · Less cost or other basis and sales expenses

    securities $174,013

  • 7c · Gain or loss

    securities $28,201

  • 7d · Net gain or loss

    total $28,201 · excluded $28,201

  • 11a · Other revenue: S-Corporation net K-1

    total $751,732 · unrelated business $751,732

  • 11b · Other revenue: Other revenue

    total $13,808 · excluded $13,808

  • 11e · Other revenue, total

    $765,540

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $444,705 · program services $266,823 · management and general $88,941 · fundraising $88,941

  • 7 · Other salaries and wages

    total $3,100,619 · program services $2,350,900 · management and general $127,826 · fundraising $621,893

  • 8 · Pension plan contributions

    total $55,327 · program services $38,004 · management and general $8,090 · fundraising $9,233

  • 9 · Other employee benefits

    total $77,772 · program services $53,816 · management and general $11,128 · fundraising $12,828

  • 10 · Payroll taxes

    total $261,906 · program services $179,470 · management and general $38,562 · fundraising $43,874

  • 11b · Fees: legal

    total $14,731 · management and general $14,731

  • 11c · Fees: accounting

    total $72,954 · management and general $72,954

  • 11e · Fees: professional fundraising services

    total $59,124 · fundraising $59,124

  • 11g · Fees: other

    total $1,548,966 · program services $1,455,951 · management and general $47,129 · fundraising $45,886

  • 13 · Office expenses

    total $217,920 · program services $52,586 · management and general $28,936 · fundraising $136,398

  • 14 · Information technology

    total $349,480 · program services $241,270 · management and general $43,573 · fundraising $64,637

  • 16 · Occupancy

    total $219,341 · program services $99,240 · management and general $96,489 · fundraising $23,612

  • 17 · Travel

    total $560,895 · program services $357,798 · management and general $11,732 · fundraising $191,365

  • 19 · Conferences, conventions and meetings

    total $467,016 · program services $447,189 · management and general $5,963 · fundraising $13,864

  • 22 · Depreciation, depletion and amortization

    total $13,058 · program services $9,140 · management and general $1,306 · fundraising $2,612

  • 23 · Insurance

    total $43,062 · program services $31,009 · management and general $4,675 · fundraising $7,378

  • 24a · Other expenses: UBI Taxes

    total $268,000 · management and general $268,000

  • 24b · Other expenses: Licenses and permits

    total $18,978 · management and general $18,978

  • 24c · Other expenses: Dues and subscriptions

    total $11,814 · program services $7,826 · management and general $2,126 · fundraising $1,862

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $834,641 · end of year $851,239

  • 3 · Pledges and grants receivable

    beginning of year $238,609 · end of year $125,000

  • 8 · Inventories for sale or use

    beginning of year $76,081 · end of year $128,830

  • 9 · Prepaid expenses and deferred charges

    beginning of year $24,000 · end of year $3,000

  • 10a · Land, buildings and equipment: cost or other basis

    $1,059,581

  • 10b · Land, buildings and equipment: accumulated depreciation

    $943,019

  • 10c · Land, buildings and equipment, net

    beginning of year $25,507 · end of year $116,562

  • 11 · Investments: publicly traded securities

    beginning of year $6,597,349 · end of year $7,599,322

  • 12 · Investments: other securities

    beginning of year $3,798,750 · end of year $4,709,250

  • 15 · Other assets

    beginning of year $1,294,798 · end of year $2,623,065

  • 17 · Accounts payable and accrued expenses

    beginning of year $348,338 · end of year $454,210

  • 19 · Deferred revenue

    beginning of year $0 · end of year $100,770

  • 21 · Escrow or custodial account liability

    beginning of year $83,744 · end of year $108,843

  • 25 · Other liabilities

    beginning of year $603,571 · end of year $525,179

  • 27 · Net assets without donor restrictions

    beginning of year $9,481,996 · end of year $11,336,337

  • 28 · Net assets with donor restrictions

    beginning of year $2,372,086 · end of year $3,630,929

Mission and programs · 2023

Mission

The organization's mission is to educate students about the personal and social value of free-market economics, entrepreneurship, individual freedoms, self-responsibility, and high moral character in a free society.

Activities or mission (Part I)

To promote and educate in the principles of sound economics

  • Seminars and Lectures - Promoting entrepreneurship, self-responsibility, and a general understanding of economics and sound public policy.

    Expenses $2,115,924

  • Books and Publications - The dissemination of the results of research and study in the field of economics and the related branches of the social sciences.

    Expenses $590,086 · Revenue $103,577

  • Website Outreach - Promoting the study of free-market economics and the philosophy of self-responsibility.

    Expenses $2,885,012

As filed on the 2023 return.

Listed in Part VII

  • Zilvinas Silenas

    President

    Total calculated
    $188,642
    From this org
    $165,880
    From related orgs
    $0
    Other
    $22,762
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $165,880
    Bonus
    $0
    Other
    $0
    Deferred
    $11,582
    Nontaxable benefits
    $11,180
    Filer's total
    $188,642

  • Tekoa Coleman

    Dir. of Entreprenurial Education

    Total calculated
    $150,000
    From this org
    $150,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Daniel Sanchez

    Director of Content

    Total calculated
    $147,407
    From this org
    $117,227
    From related orgs
    $0
    Other
    $30,180
    Hours/week
    40

  • Elisa Bishop

    COO

    Total calculated
    $145,000
    From this org
    $145,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Larry Reed

    President Emeritus

    Total calculated
    $144,022
    From this org
    $131,373
    From related orgs
    $0
    Other
    $12,649
    Hours/week
    40

  • Alexander Miller

    Senior Gifts Officer

    Total calculated
    $141,252
    From this org
    $127,028
    From related orgs
    $0
    Other
    $14,224
    Hours/week
    40

  • Javier Perez Saavedra

    Business Dev & Research Associate - Strategic Proj

    Total calculated
    $130,610
    From this org
    $120,361
    From related orgs
    $0
    Other
    $10,249
    Hours/week
    40

  • Reid Benson

    Controller through 2/16/24

    Total calculated
    $108,734
    From this org
    $107,000
    From related orgs
    $0
    Other
    $1,734
    Hours/week
    40

  • Wayne Olson

    Chairman of the Board

    Total calculated
    $0
    Hours/week
    1

  • Dan Grossman

    Vice Chairman & Treasurer

    Total calculated
    $0
    Hours/week
    1

  • Fredric Fransen

    Secretary

    Total calculated
    $0
    Hours/week
    1

  • Martin Gallun

    Executive Committee At Large

    Total calculated
    $0
    Hours/week
    1

  • Thomas Graham

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Thomas Beach

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Fred Reams

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Scott Barbee

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Travis May

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Nathan Bond

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Andew Winner

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Richard Greenberg

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • David Nicholson

    Trustee

    Total calculated
    $0
    Hours/week
    1

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 · 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.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
18 September 2024
IRS schema version
2023v5.1
Source object
202422629349301257

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