Virginia Council on Economic Education

Investing in Teachers. Empowering Students.

aka Virginia Council on Economic Education   |   Richmond, VA   |  vcee.org

Mission

The mission of the Virginia Council on Economic Education is to provide Virginia's K-12 students with the economic knowledge and financial skills they need to thrive in our dynamic economy.

Ruling year info

1970

President & CEO

Mr. Daniel R. Mortensen

Main address

301 W. Main St., Box 844000

Richmond, VA 23284-4000 USA

Show more contact info

EIN

23-7087052

NTEE code info

Educational Services and Schools - Other (B90)

IRS filing requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Sign in or create an account to view Form(s) 990 for 2019, 2018 and 2017.
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Communication

Programs and results

What we aim to solve

SOURCE: Self-reported by organization

There is a desperate need for economic and financial education in the United States. Most Americans know little about economics and are not financially literate, or at least their behaviors would suggest. The Virginia Department of Education cites more students drop-out of college because of debt than for academic reasons. The National Endowment for Financial Education summarizes the fallout: [college drop-outs] may not be able to complete a college degree or post-secondary credential, they may be precluded from certain jobs, and because they are unable to “continually acquire new skills," they create an uncompetitive and unattractive workforce. But the bigger challenge is more fundamental: Most K-12 teachers responsible for teaching economics and personal finance are not subject-matter experts. In states that have financial education standards, including Virginia, about 67% of teachers say they are not qualified to teach these subjects, nor are they comfortable. VCEE is here to help.

Our programs

SOURCE: Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Professional Development for K-12 Teachers

Teacher education is the Virginia Council's primary means for reaching students, on the premise that by educating a teacher, one can reach hundreds or even thousands of students over the span of the teacher's career. It's undisputed in the research that having an effective teacher is a significant factor in student learning and achievement. VCEE and its affiliated university-based centers for economic education seek to be a strong partner for Virginia's K-12 teachers by providing resources and professional development opportunities, at little to no charge, around Virginia's economics related SOLs. VCEE and affiliated centers build and nurture ongoing relationships with school divisions and their teachers to promote and enhance economics education. In 2010, more than 2,500 teachers (totaling more than 18,000 contact hours) participated in programs to gain the background and receive materials to effectively deliver the essentials of economics and personal finance that today's students need.

Population(s) Served
Adults

The Stock Market Game™ is a competition for grades 4-12, allowing student teams to invest and manage a virtual $100,000 portfolio. Students research stocks, study how capital markets work, and learn about saving and investing. This online program is valuable teaching tool in math, social studies, business, economics, and language skills while also focusing on the importance of long-term saving and investment. The program includes 10-week competitions each semester and a year-long option that allow student teams to compare the performance of their portfolios with other teams in Virginia and their region. Several studies have shown the value of this program for student learning. For example, an independent study released in August 2009 by Learning Point Associates found that participation in the Stock Market Game™ substantially improved student math scores on standardized tests and improved student investor knowledge. The study also showed increased financial literacy for teachers.

Population(s) Served
Children and youth

The greatest challenge for any teacher is motivating students to learn. VCEE and its network of centers offer student programs that help teachers achieve this goal. Mini-Economy and Market Day programs offer elementary and middle school students the chance to act out real-life experiences in entrepreneurship. Conducted as a unit of study, this high energy simulation focuses on economic and financial literacy, classroom management, and "real-world" market situations.

Population(s) Served
Children and youth

Each year, VCEE encourages teachers to submit original and creative lesson plans that promote student understanding of economic principles and help make economic and financial decision-making skills come alive in the classroom. The top two lesson plans deemed outstanding in their ability to infuse economic and financial literacy concepts into the classroom curriculum are selected for the elementary level and the secondary level. Similar selections are made for units. Cash awards of $300 to $1,000 are provided. An Outstanding Economic Educator is also selected by each VCEE affiliated center to recognize the educator's sustained history of commitment and contribution to economic and financial education. Each receives $100 and from these, Virginia's Outstanding Economic Educator of the Year is selected and awarded $1,000. All economic educators are recognized at a luncheon held at the Federal Reserve Bank of Richmond.

Population(s) Served
Adults

The Governor's Challenge in Economics and Personal Finance is open to every high school student and gives students an opportunity to demonstrate their understanding of economics concepts and personal finance in an academic competition.

Population(s) Served
Children and youth

Where we work

Awards

Public Private Partnership Award 2008

Excellence in Virginia Government Awards

Virginia Torchbearer Award Finalist 2010

Virginia Chamber of Commerce

Albert Beekhuis Award for outstanding Center for Economic Education 2019

Council for Economic Education

Affiliations & memberships

Council for Economic Education 1970

Our results

SOURCE: Self-reported by organization

How does this organization measure their results? It's a hard question but an important one.

Number of teachers trained

This metric is no longer tracked.
Totals By Year
Population(s) Served

Adults

Related Program

Professional Development for K-12 Teachers

Type of Metric

Output - describing our activities and reach

Direction of Success

Decreasing

Context Notes

Referring to teachers who complete our professional learning programs. Registration data and survey results indicate others sign up to access our instructional materials and networks.

Number of students who demonstrate improved overall literacy

This metric is no longer tracked.
Totals By Year
Population(s) Served

Children and youth

Type of Metric

Output - describing our activities and reach

Direction of Success

Decreasing

Context Notes

Combo of those reached by a VCEE-trained teacher (in the same year as training) and who participated in a VCEE-led program (i.e., Stock Market Game, Governor's Challenge, or Reading Makes Cents).

Our Sustainable Development Goals

SOURCE: Self-reported by organization

Learn more about Sustainable Development Goals.

Goals & Strategy

SOURCE: Self-reported by organization

Learn about the organization's key goals, strategies, capabilities, and progress.

Charting impact

Four powerful questions that require reflection about what really matters - results.

VCEE envisions a Virginia in which every citizen is economically and financially literate.

We aim to accomplish this bold vision by providing access to and support for:

-Well-designed curriculum adopted statewide that integrates economics and personal finance concepts, skills and experiences starting in kindergarten and building a little bit each year through grade 12;
-One-credit, full-year Economics and Personal Finance high school course that is required for a standard Virginia diploma;
-Comprehensive training and professional certifications so every student learns economics concepts and personal finance skills from a competent, confident, and qualified instructor;
-High-quality, standards-aligned instructional resources for teachers to use in their own classes;
-Experiential learning opportunities that align with VDOE's Profile of a Graduate so students gain the essential life skills which will benefit them, regardless of personal circumstances or future vocation;

...all at no cost to the teacher, student or school. Each year, we rely on the generosity of donors, sponsors and partners to make this impact possible.

To ensure all Virginia students graduate economically and financially literate, they must learn from qualified teachers. As the critical resource for teachers in Virginia, the Virginia Council on Economic Education addresses this need by “teaching the teacher," who then reach and teach hundreds of thousands of students over their teaching careers -- a strong multiplier effect.

Educators who complete VCEE training are armed with content knowledge, curriculum, and instructional resources to more effectively teach students immediately and each year they continue to teach. Our teacher training programs are provided at no cost to teachers or their schools thanks to donations to VCEE's Fund for Teaching Excellence.

The Virginia Council's integration with both public and private partners means that we are better equipped to provide engaging content that is strong, up-to-date, and relevant. The Council works in collaboration with the Governor's Office, the Department of Education, universities, local school divisions, and community partners in the private sector to develop, promote, and maintain a system for economic and financial literacy.

Theses partnerships, along with the most effective model to reach the greatest number of students, allow VCEE to be an advocate and a resource for economic and financial education for the benefit of all Virginians.

Starting in 2009, VCEE advocated for, then privately funded, the now state-mandated one-credit Economics and Personal Finance high school course, such that starting with students entering ninth grade in 2011, completion of this course would be required for a standard diploma.

Teaching real-world life lessons in a world that's constantly evolving meant the course grew outdated. And with no course textbook, a second generation course was sorely needed.

VCEE once again sought private investment in order to redesign, rewrite and test the 2nd gen course. Working with the Virginia Department of Education's Virtual Virginia, our content was turned into an updated course that was released in time for the 2020-21 academic year, when most of Virginia's schools were operating remotely in response to the covid-19 pandemic.

The revised course features:
• Videos and interactives
• Big idea callouts
• Discussion board for each module
• Homework assignments with rubrics for teacher grading
• Exit slips for each lesson (NOT all multiple choice)
• End-of-module exams (NOT all multiple choice)
• End-of-course-exams (NOT all multiple choice)

As part of the rollout of the revised course, VCEE provided free training to nearly 200 high school educators so they could explore the modules and familiarize themselves with how to use it in-person, online, or hybrid.

With a required high school course under our belts, VCEE turned its attention to ensuring all educators are qualified to teach economics and personal finance curriculum before stepping into a classroom. We are partnering with the Virginia Board of Education to pass an add-on endorsement that requires teachers of these subjects to get the training before they teach.

How we listen

SOURCE: Self-reported by organization

Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.

done We shared information about our current feedback practices.
  • How is your organization collecting feedback from the people you serve?

    Electronic surveys (by email, tablet, etc.), Paper surveys, Focus groups or interviews (by phone or in person), Community meetings/Town halls, Constituent (client or resident, etc.) advisory committees,

  • How is your organization using feedback from the people you serve?

    To inform the development of new programs/projects, To strengthen relationships with the people we serve,

  • What significant change resulted from feedback?

    In response to Virginia Senate Bill 1245, VCEE partnered with the Virginia Department of Education to review the current standards of learning for the high school Economics and Personal Finance course, as well as to propose new standards. Those standards pertain to college and career readiness, including the responsible use of student debt. The Board of Education reviewed this effort, followed by public comment in late 2019. The next step is for VCEE to update its professional development programming and resources - including the Economics Institute, Personal Finance Institute, and Life After High School Workshop - to reflect these changes.

  • With whom is the organization sharing feedback?

    Our staff, Our board, Our funders, Our community partners,

  • Which of the following feedback practices does your organization routinely carry out?

  • What challenges does the organization face when collecting feedback?

    We don’t have the right technology to collect and aggregate feedback efficiently, It is difficult to find the ongoing funding to support feedback collection,

Financials

Virginia Council on Economic Education
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Operations

The people, governance practices, and partners that make the organization tick.

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Connect with nonprofit leaders

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  • Analyze a variety of pre-calculated financial metrics
  • Access beautifully interactive analysis and comparison tools
  • Compare nonprofit financials to similar organizations

Want to see how you can enhance your nonprofit research and unlock more insights? Learn More about GuideStar Pro.

Virginia Council on Economic Education

Board of directors
as of 7/1/2021
SOURCE: Self-reported by organization
Board co-chair

Mr. Christopher M. Shockley

Virginia Credit Union

Term: 2021 - 2022


Board co-chair

Dr. A. Fletcher Mangum

Mangum Economics

Term: 2021 - 2022

Suzanne Gallagher

Retired, VCU Center for Economic Education

Lynne Mallory-Winter

Edgewater Asset Management

E.G. Miller

Retired, VCU School of Business

Bruce Whitehurst

Virginia Bankers Association

Kenneth Blaisdell

Retired, VCU School of Business

J. Alfred Broaddus

Retired, The Fed. Res. Bank of Richmond

Roger "Jack" Frost

Retired, Goodman & Company, CPA

Bradley Gunter

Investment Management of VA

A. Eric Kauders

Bank of America

Leigh Middleditch

McGuire Woods Consulting LLC, retired

Susan Dewey

Virginia Housing

Jeffrey Leopold

UVA McIntire School of Commerce

Kartik Athreya

Federal Reserve Bank of Richmond

Philip Brooks

McNeil Street

Stephanne Byrd

YES Your Economic Success

Shawn McLaughlin

McLaughlin Ryder Investments

Stephanie Peters

VA Society of CPAs

Rob Shinn

Capital Results

Patricia Wright

Retired, VDOE

Christopher Shockley

VACU

A. Fletcher Mangum

Mangum Economics

Christopher Lucy

Accenture

William Casey

Community Volunteer

Derwood Chase

Chase Investments

Tapan Gandhi

Cambridge Associates

L. Borges

Guilford Company

Bryan Cram

Truist

D. Elder

Truist

Jeffrey Lacker

VCU School of Business

James Lane

VDOE

Robert Martin

Dixon, Hubard, Feinour & Brown, Inc.

Keith Martin

Virginia Chamber of Commerce

Mary Morris

Virginia College Savings Plan

Thomas Palmer

Wells Fargo

Gary Thomson

Retired, Dixon Hughes Goodman

Chung Ma

Virginia Retirement System

Jan Roche

State Department FCU

Neil Amin

Shamin Hotels

Katharine Bond

Dominion Resources

James Dyke

McGuireWoods

Frank Carter

Member One FCU

O. Scott

George Mason University

David Mullins

Mullins Wealth Management

Ozlem Yaylaci

Altria

Thomas Phillips

UBS

Daniel Mortensen

VCEE

Board leadership practices

SOURCE: Self-reported by organization

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.

  • Board orientation and education
    Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes
  • CEO oversight
    Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes
  • Ethics and transparency
    Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes
  • Board composition
    Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes
  • Board performance
    Has the board conducted a formal, written self-assessment of its performance within the past three years? No

Organizational demographics

SOURCE: Self-reported; last updated 01/27/2021

Who works and leads organizations that serve our diverse communities? GuideStar partnered on this section with CHANGE Philanthropy and Equity in the Center.

Leadership

The organization's leader identifies as:

Race & ethnicity
White/Caucasian/European
Gender identity
Male, Not transgender (cisgender)
Sexual orientation
Heterosexual or Straight
Disability status
Person without a disability

Race & ethnicity

Gender identity

 

Sexual orientation

No data

Disability

No data

Equity strategies

Last updated: 01/27/2021

Policies and practices developed in partnership with Equity in the Center, a project that works to shift mindsets, practices, and systems within the social sector to increase racial equity. Learn more

Policies and processes
  • We have community representation at the board level, either on the board itself or through a community advisory board.