GOLD2024

Foundation for Free Enterprise Education

aka Pennsylvania Free Enterprise Week/The Stock Market Game/Speaker Series   |   Erie, PA   |  http://pfew.org
GuideStar Charity Check

Foundation for Free Enterprise Education

EIN: 25-1394365


Mission

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 learning experiences.

Ruling year info

1981

Principal Officer

Ms. Karen M. Musante

Main address

3076 W 12th Street

Erie, PA 16505 USA

Show more contact info

EIN

25-1394365

Subject area info

Business promotion

Youth organizing

Economics for youth

Population served info

Children and youth

Adolescents

NTEE code info

Youth Development Programs (O50)

Business, Youth Development (O53)

What we aim to solve

This profile needs more info.

If it is your nonprofit, add a problem overview.

Login and update

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?

Pennsylvania Free Enterprise Week

PFEW is a week-long immersion in business on a college campus that provides students the unique opportunity of operating fictitious manufacturing companies using a computer model developed and licensed specifically for FFEE. Participants form teams of approximately 18 students and one volunteer business executive-on-loan who become management teams of underperforming companies in direct competition with other student companies. A computer simulation requires each group to determine through 12 business quarters its selling prices, marketing costs, production budgets, research and development, banking decisions and more; in short, most of the decisions that managing a business typically requires. Teams are responsible for two formal judged presentations at the end of the week that test their understanding of everything they learned.

Students are mentored by volunteer business executives throughout the week and are encouraged to unleash skills and potential talents hidden until PFEW. Because students are not grouped with friends, classmates or even others from their area, they are free to be the best they can be and not hold back on ideas, talents, and skills. This unique collaboration between students and private sector volunteers provides a learning environment not found in traditional schooling. Students learn by doing. PFEW enables participants to learn how a business operates, and provides an environment where critical thinking, communication, leadership, and other skills vital to future success are developed.

Population(s) Served
Adolescents

Where we work

Awards

National Award for Excellence in Economic Education 1987

Freedom's Foundation of Valley Forge

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.

1. Educate students about the American Free Enterprise System and their role in it.
2. Provide an environment for students to examine different career paths.
3. Provide extensive training on business financial statements, management issues, business ethics, etc.
4. Allow students the opportunity to meet and work with business leaders from all regions of Pennsylvania.
5. Address effective workforce development by opening participants' eyes to Pennsylvania careers.

PFEW excites students about free enterprise, teamwork, finance, advertising and giving back. Many graduates state that they have leadership and communication skills they never tapped into before. Most students tell us they have learned more during their week than they have in a classroom for an entire year. Students are mentored by volunteer business executives and encouraged to unleash skills and potential talents hidden until PFEW. Because students are not grouped with friends, classmates or even others from their area, they are free to be the best they can be and not hold back on ideas, talents, skills, etc. The number of adults willing to give of their time, talent and sponsorship to help these students learn about free enterprise always has a lasting impression on them. PFEW graduates not only stay in school but a large majority go on to college. Graduates are also awarded scholarships from our host colleges should they choose to attend one of those colleges.

PFEW seeks to provide Pennsylvania's high school youth with education that they cannot receive elsewhere. Some of PFEW's educational goals are to:
1. Educate students about the American Free Enterprise System and their role in it.
2. Provide an environment for students to examine different career paths.
3. Provide extensive training on business financial statements, management issues, business ethics, etc.
4. Allow students the opportunity to meet and work with business leaders from all regions of Pennsylvania.
5. Address effective workforce development by opening participants' eyes to Pennsylvania careers.

Pennsylvania Free Enterprise Week has from its start filled what many see as a gap in public schooling. The State Board of Education does not require training in economics. Although most school districts offer economics courses, they are typically a one-semester elective and most students still graduate from high school with little or no economic education.

Pennsylvania Free Enterprise Week provides a practical, hands-on experience, not found in any other business education program. PFEW offers this unique opportunity to all interested Pennsylvania high school sophomores or juniors. Minority students are strongly encouraged to apply for this program. The high school principal endorses his/her students and the final selection, based on funding in that area, is made by the PFEW staff.

Over 2,100 students and 250 business executives from across the Commonwealth now participate in the program each year. To date, nearly 46,000 young Pennsylvanians have benefited from this unique concept in economic education and, in 1987, PFEW was the proud recipient of the Freedom's Foundation of Valley Forge's National Award for Excellence in Economic Education.

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 using feedback from the people you serve?

    To identify and remedy poor client service experiences, To identify bright spots and enhance positive service experiences, To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To identify where we are less inclusive or equitable across demographic groups, To strengthen relationships with the people we serve, To understand people's needs and how we can help them achieve their goals

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

    We collect feedback from the people we serve at least annually, We aim to collect feedback from as many people we serve as possible, We take steps to ensure people feel comfortable being honest with us, We look for patterns in feedback based on demographics (e.g., race, age, gender, etc.), We look for patterns in feedback based on people’s interactions with us (e.g., site, frequency of service, etc.), We engage the people who provide feedback in looking for ways we can improve in response, We act on the feedback we receive

  • What challenges does the organization face when collecting feedback?

    It is difficult to get the people we serve to respond to requests for feedback, It is difficult to identify actionable feedback

Financials

Foundation for Free Enterprise Education
Fiscal year: Oct 01 - Sep 30
Financial documents
2023 2023 Audited Financial Statements 2021 FFEE 2021 Audit 2019 FFEE 2019 Annual Audit
done  Yes, financials were audited by an independent accountant. info

Revenue vs. expenses:  breakdown

SOURCE: IRS Form 990 info
NET GAIN/LOSS:    in 
Note: When component data are not available, the graph displays the total Revenue and/or Expense values.

Liquidity in 2023 info

SOURCE: IRS Form 990

14.39

Average of 8.24 over 10 years

Months of cash in 2023 info

SOURCE: IRS Form 990

6.3

Average of 7.4 over 10 years

Fringe rate in 2023 info

SOURCE: IRS Form 990

19%

Average of 18% over 10 years

Funding sources info

Source: IRS Form 990

Assets & liabilities info

Source: IRS Form 990

Financial data

SOURCE: IRS Form 990

Foundation for Free Enterprise Education

Revenue & expenses

Fiscal Year: Oct 01 - Sep 30

SOURCE: IRS Form 990 info

Fiscal year ending: cloud_download Download Data

Foundation for Free Enterprise Education

Balance sheet

Fiscal Year: Oct 01 - Sep 30

SOURCE: IRS Form 990 info

The balance sheet gives a snapshot of the financial health of an organization at a particular point in time. An organization's total assets should generally exceed its total liabilities, or it cannot survive long, but the types of assets and liabilities must also be considered. For instance, an organization's current assets (cash, receivables, securities, etc.) should be sufficient to cover its current liabilities (payables, deferred revenue, current year loan, and note payments). Otherwise, the organization may face solvency problems. On the other hand, an organization whose cash and equivalents greatly exceed its current liabilities might not be putting its money to best use.

Fiscal year ending: cloud_download Download Data

Foundation for Free Enterprise Education

Financial trends analysis Glossary & formula definitions

Fiscal Year: Oct 01 - Sep 30

SOURCE: IRS Form 990 info

This snapshot of Foundation for Free Enterprise Education’s financial trends applies Nonprofit Finance Fund® analysis to data hosted by GuideStar. While it highlights the data that matter most, remember that context is key – numbers only tell part of any story.

Created in partnership with

Business model indicators

Profitability info 2019 2020 2021 2022 2023
Unrestricted surplus (deficit) before depreciation $435,610 $177,658 $1,548,423 -$425,039 $832,410
As % of expenses 30.5% 19.9% 142.2% -32.0% 59.6%
Unrestricted surplus (deficit) after depreciation $416,479 $158,881 $1,526,352 -$447,908 $808,469
As % of expenses 28.8% 17.5% 137.4% -33.1% 56.9%
Revenue composition info
Total revenue (unrestricted & restricted) $1,944,159 $1,183,218 $2,346,941 $1,865,641 $1,879,469
Total revenue, % change over prior year 9.9% -39.1% 98.4% -20.5% 0.7%
Program services revenue 28.0% 2.7% 17.0% 25.5% 25.1%
Membership dues 0.0% 0.0% 0.0% 0.0% 0.0%
Investment income 9.4% 11.6% 5.2% 15.3% 11.9%
Government grants 0.0% 0.0% 23.4% 0.0% 0.0%
All other grants and contributions 61.8% 81.9% 43.0% 64.2% 67.9%
Other revenue 0.8% 3.9% 11.4% -4.9% -4.8%
Expense composition info
Total expenses before depreciation $1,429,392 $891,507 $1,088,961 $1,330,299 $1,396,815
Total expenses, % change over prior year -6.1% -37.6% 22.1% 22.2% 5.0%
Personnel 48.1% 74.3% 62.9% 56.0% 54.2%
Professional fees 2.4% 4.6% 4.0% 3.7% 3.9%
Occupancy 0.3% 0.4% 0.3% 0.2% 0.3%
Interest 0.3% 0.4% 0.2% 0.1% 0.0%
Pass-through 0.0% 0.0% 0.0% 0.0% 0.0%
All other expenses 49.0% 20.4% 32.5% 40.0% 41.6%
Full cost components (estimated) info 2019 2020 2021 2022 2023
Total expenses (after depreciation) $1,448,523 $910,284 $1,111,032 $1,353,168 $1,420,756
One month of savings $119,116 $74,292 $90,747 $110,858 $116,401
Debt principal payment $18,282 $0 $143,620 $20,800 $21,663
Fixed asset additions $25,179 $27,618 $0 $36,291 $0
Total full costs (estimated) $1,611,100 $1,012,194 $1,345,399 $1,521,117 $1,558,820

Capital structure indicators

Liquidity info 2019 2020 2021 2022 2023
Months of cash 7.1 11.7 12.6 10.7 6.3
Months of cash and investments 33.2 56.5 59.6 46.8 52.0
Months of estimated liquid unrestricted net assets 28.2 48.6 55.1 40.8 45.8
Balance sheet composition info 2019 2020 2021 2022 2023
Cash $843,051 $869,872 $1,141,018 $1,181,824 $738,044
Investments $3,115,321 $3,331,347 $4,268,226 $4,002,332 $5,320,638
Receivables $65,850 $70,111 $54,751 $49,130 $31,040
Gross land, buildings, equipment (LBE) $514,241 $530,413 $540,465 $571,089 $561,517
Accumulated depreciation (as a % of LBE) 34.7% 35.0% 37.7% 38.7% 41.4%
Liabilities (as a % of assets) 12.6% 9.9% 5.6% 7.4% 6.5%
Unrestricted net assets $3,610,304 $3,769,185 $5,295,537 $4,847,629 $5,656,098
Temporarily restricted net assets $222,093 N/A N/A N/A N/A
Permanently restricted net assets $0 N/A N/A N/A N/A
Total restricted net assets $222,093 $409,863 $390,939 $350,112 $373,818
Total net assets $3,832,397 $4,179,048 $5,686,476 $5,197,741 $6,029,916

Key data checks

Key data checks info 2019 2020 2021 2022 2023
Material data errors No No No No No

Operations

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

Documents
Form 1023/1024 is not available for this organization

Principal Officer

Ms. Karen M. Musante

Karen Musante is the president & CEO of the Foundation for Free Enterprise Education. Each summer the Foundation presents its internationally acclaimed program, Pennsylvania Free Enterprise Week, to incoming high school juniors and seniors. The Foundation also runs the Stock Market Game throughout the state. Ms. Musante is a former Board Member of the Northwest Pennsylvania Chapter of the Association of Fundraising Professionals, past member of the Northwest Pennsylvania School to Career Committee, and past member of the Occupational Advisory committee for the Erie County Technical School. Ms. Musante graduated cum laude from Clarion University with a B.S. in Business Administration. Prior to joining the Foundation, for seven years she owned and operated Foxcraft Supplies, a mid-size floral, craft, and framing business in Erie, PA. She joined the Foundation for Free Enterprise Education in 2000 and was given the title of President & CEO in February of 2018,

Number of employees

Source: IRS Form 990

Foundation for Free Enterprise Education

Officers, directors, trustees, and key employees

SOURCE: IRS Form 990

Compensation
Other
Related
Show data for fiscal year
Compensation data
Download up to 5 most recent years of officer and director compensation data for this organization

There are no highest paid employees recorded for this organization.

Foundation for Free Enterprise Education

Board of directors
as of 01/18/2024
SOURCE: Self-reported by organization
Board of directors data
Download the most recent year of board of directors data for this organization
Board chair

Mr. Kevin Shivers

Retired

Term: 2024 - 2023

Kevin Davis

The Davis Group (Ret.)

Patricia Baun

Central Property Appraisal, Inc.

Jon Whiteman

Morris Coupling Company (Ret.)

Gene Barr

Pennsylvania Chamber of Business and Industry

Russell Brooks

R.P. Brooks & Associates LLC

David Campbell

Benjamin Obdyke Inc.

Rudy Frank

Swagelok Pittsburgh

Gary Goss

Verizon (Ret.)

Chad Amond

Westmoreland Chamber of Commerce

Ryan Newman

Goldman, Sachs & Co.

Darlene Robbins

Northeast Pennsylvania Manufacturers & Employers Association

Nick Scott

Scott Enterprises

Kevin Shivers

Pennsylvania Association of Community Bankers

Scott Wyman

FirstEnergy Corp.

David Taylor

Pennsylvania Manufacturers' Association

Robert Wetzel

Emeritus Board Member

Lawrence Rybacki

Emeritus Board Member

Joseph Hurd

Blair County Chamber of Commerce

Karen M Musante

Foundation for Free Enterprise Education

Katie E. Clarke

LeTort Trust

Lowman S. Henry

Pennsylvania Manufacturers' Association

Mark A. Karenchak

Snyder Associated Companies

Thomas Palisin

The Manufacturers' Association

Lindsay Griffin

Greater Wilkes-Barre Chamber of Commerce

Kyle Wherrity

Hauʻoli Marketing & Events

James Kilgallon

Erie Insurance

Mark Pietrusinski

Lord Corp. (ret.)

Carl Marrara

Pennsylvania Manufacturers Association

Davie Jane Gilmour

President (Penn College) ret.

Tara Murray

Benjamin Obdyke

Paul Ward

Kennametal

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 1/18/2024

Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.

Leadership

The organization's leader identifies as:

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

Race & ethnicity

Gender identity

Transgender Identity

Sexual orientation

No data

Disability

No data

Equity strategies

Last updated: 01/18/2024

GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more

Data
  • We analyze disaggregated data and root causes of race disparities that impact the organization's programs, portfolios, and the populations served.
  • We disaggregate data to adjust programming goals to keep pace with changing needs of the communities we support.
  • We employ non-traditional ways of gathering feedback on programs and trainings, which may include interviews, roundtables, and external reviews with/by community stakeholders.
  • We have long-term strategic plans and measurable goals for creating a culture such that one’s race identity has no influence on how they fare within the organization.
Policies and processes
  • We seek individuals from various race backgrounds for board and executive director/CEO positions within our organization.

Contractors

Fiscal year ending
There are no fundraisers recorded for this organization.