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← FOUNDATION FOR ECONOMIC EDUCATION INC

Form 990 for tax year 2022

Filed by FOUNDATION FOR ECONOMIC EDUCATION INC.

Totals

Total revenue
$8,382,470
Total expenses
$7,341,550
Contributions and grants received
$6,997,690
Grants paid
$0
Program service revenue
$0
Investment income
$508,775
Other revenue
$876,005
Total assets, end of year
$12,889,735
Total liabilities, end of year
$1,035,653
Net assets or fund balances, end of year
$11,854,082
Program services expenses (Part IX)
$5,373,862
Management and general expenses
$672,832
Fundraising expenses
$1,294,856
Program service expenses (Part III)
$5,373,862

Program services were 73.2% 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

    $6,997,690

  • 1g · Noncash contributions included above

    $60,660

  • 3 · Investment income

    total $122,872 · excluded $122,872

  • 5 · Royalties

    total $35,090 · excluded $35,090

  • 7a · Gross sales of assets other than inventory

    securities $1,253,834 · other assets $1,007,100

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

    securities $1,197,227 · other assets $677,804

  • 7c · Gain or loss

    securities $56,607 · other assets $329,296

  • 7d · Net gain or loss

    total $385,903 · unrelated business $329,296 · excluded $56,607

  • 10a · Gross sales of inventory

    $52,533

  • 10b · Cost of goods sold

    $93,206

  • 10c · Net income from sales of inventory

    total -$40,673 · related or exempt -$40,673

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

    total $850,017 · unrelated business $850,017

  • 11b · Other revenue: Other revenue

    total $31,571 · excluded $31,571

  • 11e · Other revenue, total

    $881,588

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $456,419 · program services $273,852 · management and general $91,284 · fundraising $91,283

  • 7 · Other salaries and wages

    total $2,917,486 · program services $2,264,535 · management and general $108,402 · fundraising $544,549

  • 8 · Pension plan contributions

    total $48,182 · program services $36,749 · management and general $1,238 · fundraising $10,195

  • 9 · Other employee benefits

    total $132,358 · program services $98,911 · management and general $5,587 · fundraising $27,860

  • 10 · Payroll taxes

    total $242,872 · program services $179,337 · management and general $12,567 · fundraising $50,968

  • 11b · Fees: legal

    total $30,347 · management and general $30,347

  • 11c · Fees: accounting

    total $24,617 · management and general $24,617

  • 11e · Fees: professional fundraising services

    total $165,921 · fundraising $165,921

  • 11g · Fees: other

    total $966,482 · program services $843,019 · management and general $96,011 · fundraising $27,452

  • 13 · Office expenses

    total $456,946 · program services $211,853 · management and general $49,222 · fundraising $195,871

  • 16 · Occupancy

    total $192,508 · program services $145,843 · management and general $17,789 · fundraising $28,876

  • 17 · Travel

    total $254,114 · program services $125,706 · management and general $2,833 · fundraising $125,575

  • 19 · Conferences, conventions and meetings

    total $1,077,566 · program services $1,077,566

  • 22 · Depreciation, depletion and amortization

    total $35,363 · program services $23,175 · management and general $4,338 · fundraising $7,850

  • 23 · Insurance

    total $36,003 · program services $27,001 · management and general $3,600 · fundraising $5,402

  • 24a · Other expenses: UBI Taxes

    total $158,400 · management and general $158,400

  • 24b · Other expenses: Dues and subscriptions

    total $88,464 · program services $66,315 · management and general $9,095 · fundraising $13,054

  • 24c · Other expenses: Bad debt

    total $50,000 · management and general $50,000

  • 24d · Other expenses: Licenses and permits

    total $7,502 · management and general $7,502

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $745,573 · end of year $834,641

  • 2 · Savings and temporary cash investments

    beginning of year $500 · end of year $0

  • 3 · Pledges and grants receivable

    beginning of year $75,000 · end of year $238,609

  • 8 · Inventories for sale or use

    beginning of year $169,287 · end of year $76,081

  • 9 · Prepaid expenses and deferred charges

    beginning of year $99,752 · end of year $24,000

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

    $955,469

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

    $929,962

  • 10c · Land, buildings and equipment, net

    beginning of year $62,389 · end of year $25,507

  • 11 · Investments: publicly traded securities

    beginning of year $6,154,292 · end of year $6,597,349

  • 12 · Investments: other securities

    beginning of year $4,028,400 · end of year $3,798,750

  • 15 · Other assets

    beginning of year $1,775,864 · end of year $1,294,798

  • 17 · Accounts payable and accrued expenses

    beginning of year $653,966 · end of year $348,338

  • 19 · Deferred revenue

    beginning of year $126,252 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $99,191 · end of year $83,744

  • 25 · Other liabilities

    beginning of year $0 · end of year $603,571

  • 27 · Net assets without donor restrictions

    beginning of year $9,139,400 · end of year $9,481,996

  • 28 · Net assets with donor restrictions

    beginning of year $3,092,248 · end of year $2,372,086

Mission and programs · 2022

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 $3,073,505

  • 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 $1,279,475

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

    Expenses $1,020,882

As filed on the 2022 return.

Listed in Part VII

  • Wayne Olson

    Interim COO through June 2022/ Chair

    Total calculated
    $0
    Hours/week
    40

  • 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

  • Jake Lilley

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Roger R Ream

    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

  • Sarah Atkins

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Chris Talley

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Nathan Bond

    Trustee

    Total calculated
    $0
    Hours/week
    1

  • Zilvinas Silenas

    President

    Total calculated
    $224,356
    From this org
    $212,406
    From related orgs
    $0
    Other
    $11,950
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $190,000
    Bonus
    $22,406
    Other
    $0
    Deferred
    $4,000
    Nontaxable benefits
    $7,950
    Filer's total
    $224,356

  • Elisa Bishop

    COO beginning June 2022

    Total calculated
    $80,159
    From this org
    $80,159
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Reid Benson

    Controller

    Total calculated
    $112,755
    From this org
    $110,086
    From related orgs
    $0
    Other
    $2,669
    Hours/week
    40

  • Larry Reed

    President Emeritus

    Total calculated
    $131,370
    From this org
    $124,790
    From related orgs
    $0
    Other
    $6,580
    Hours/week
    40

  • Tekoa Coleman

    Director of Entreprenurial Education

    Total calculated
    $135,000
    From this org
    $135,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Samuel Moses

    Development Manager

    Total calculated
    $126,083
    From this org
    $122,083
    From related orgs
    $0
    Other
    $4,000
    Hours/week
    40

  • Alexander Miller

    Senior Major Gifts Officer

    Total calculated
    $129,262
    From this org
    $122,082
    From related orgs
    $0
    Other
    $7,180
    Hours/week
    40

  • Daniel Sanchez

    Director of Content

    Total calculated
    $126,264
    From this org
    $115,644
    From related orgs
    $0
    Other
    $10,620
    Hours/week
    40

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
2022
Filed
25 January 2024
IRS schema version
2022v5.0
Source object
202410269349300341

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