Foundation for Free Enterprise Education

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

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GuideStar Charity Check

EIN: 25-1394365

Contributions tax deductible
as of March 2023

IRS BMF 509(a)(1)
as of March 13, 2023

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Charity Check report

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)

IRS subsection

501(c)(3) Public Charity

IRS filing requirement

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

Tax forms

Show Forms 990

Communication

Programs and results

Reports and documents

What we aim to solve

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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

External reviews

Photos

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.

What is the organization aiming to accomplish?

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.

What are the organization's key strategies for making this happen?

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.

What are the organization's capabilities for doing this?

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.

What have they accomplished so far and what's next?

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.

We shared information about our current feedback practices.

Who are the people you serve with your mission?

Mostly high school students who have participated in our programming.
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
What significant change resulted from feedback?

Added additional programming based on the responses from survey data collected during our last summer programs.
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

Yes, financials were audited by an independent accountant.

Revenue vs. expenses: breakdown

SOURCE: IRS Form 990

NET GAIN/LOSS: in

Note: When component data are not available, the graph displays the total Revenue and/or Expense values.

Liquidity in 2021

SOURCE: IRS Form 990

16.11

Average of 6.13 over 10 years

Months of cash in 2021

SOURCE: IRS Form 990

12.6

Average of 6.9 over 10 years

Fringe rate in 2021

SOURCE: IRS Form 990

22%

Average of 19% over 10 years

Funding sources

Source: IRS Form 990

Assets & liabilities

Source: IRS Form 990

Financial data

Source: IRS Form 990

Digitizing IRS form 990 data

Foundation for Free Enterprise Education

Revenue & expenses

Fiscal Year: Oct 01 - Sep 30

SOURCE: IRS Form 990

Fiscal year ending: Download Data

Revenue
Contributions	$806,520
Government Grants	$0
Program Services	$198,351
Investments	$12,340
Special Events	$0
Sales	$18,916
Other	$0
Total Revenue	$1,036,127

Expenses
Program Services	$578,964
Administration	$376,411
Fundraising	$160,955
Total Expenses	$1,116,330
Net Gain/Loss	($80,203)

Functional expenses
Accounting Fees	$6,000
Advertising & Promotion	$50,429
Information Technology Expenses	$26,374
Insurance Expenses	$17,106
Interest Expenses	$12,287
Investment Management Fees	$5,147
Legal Fees	$974
Pension Plan Contributions	$12,278
Professional Fundraising Expenses	$0

Revenue
Contributions	$1,042,946
Government Grants	$0
Program Services	$319,968
Investments	($3,619)
Special Events	$0
Sales	$28,810
Other	$0
Total Revenue	$1,388,105

Expenses
Program Services	$496,774
Administration	$343,999
Fundraising	$161,307
Total Expenses	$1,002,080
Net Gain/Loss	$386,025

Functional expenses
Accounting Fees	$6,200
Advertising & Promotion	$58,180
Information Technology Expenses	$14,379
Insurance Expenses	$16,389
Interest Expenses	$11,648
Investment Management Fees	$6,301
Legal Fees	$0
Pension Plan Contributions	$23,376
Professional Fundraising Expenses	$0

Revenue
Contributions	$832,351
Government Grants	$0
Program Services	$336,098
Investments	$68,981
Special Events	$0
Sales	$48,318
Other	$0
Total Revenue	$1,285,748

Expenses
Program Services	$507,223
Administration	$367,776
Fundraising	$150,438
Total Expenses	$1,025,437
Net Gain/Loss	$260,311

Functional expenses
Accounting Fees	$6,400
Advertising & Promotion	$67,692
Information Technology Expenses	$20,944
Insurance Expenses	$18,971
Interest Expenses	$11,050
Investment Management Fees	$9,018
Legal Fees	$0
Pension Plan Contributions	$15,062
Professional Fundraising Expenses	$0

Revenue
Contributions	$1,084,131
Government Grants	$0
Program Services	$384,731
Investments	$27,467
Special Events	$0
Sales	$11,539
Other	$0
Total Revenue	$1,507,868

Expenses
Program Services	$568,135
Administration	$373,633
Fundraising	$153,463
Total Expenses	$1,095,231
Net Gain/Loss	$412,637

Functional expenses
Accounting Fees	$6,400
Advertising & Promotion	$94,867
Information Technology Expenses	$7,950
Insurance Expenses	$16,678
Interest Expenses	$10,273
Investment Management Fees	$11,420
Legal Fees	$0
Pension Plan Contributions	$35,453
Professional Fundraising Expenses	$0

Revenue
Contributions	$948,438
Government Grants	$0
Program Services	$422,662
Investments	$33,181
Special Events	$0
Sales	$18,371
Other	$0
Total Revenue	$1,422,652

Expenses
Program Services	$630,747
Administration	$418,319
Fundraising	$168,550
Total Expenses	$1,217,616
Net Gain/Loss	$205,036

Functional expenses
Accounting Fees	$6,800
Advertising & Promotion	$109,811
Information Technology Expenses	$10,339
Insurance Expenses	$16,491
Interest Expenses	$9,372
Investment Management Fees	$14,676
Legal Fees	$1,002
Pension Plan Contributions	$38,092
Professional Fundraising Expenses	$0

Revenue
Contributions	$1,135,301
Government Grants	$0
Program Services	$469,637
Investments	$81,982
Special Events	$0
Sales	$20,086
Other	$0
Total Revenue	$1,707,006

Expenses
Program Services	$742,303
Administration	$421,912
Fundraising	$179,622
Total Expenses	$1,343,837
Net Gain/Loss	$363,169

Functional expenses
Accounting Fees	$7,000
Advertising & Promotion	$90,737
Information Technology Expenses	$17,524
Insurance Expenses	$18,858
Interest Expenses	$5,782
Investment Management Fees	$17,516
Legal Fees	$0
Pension Plan Contributions	$40,980
Professional Fundraising Expenses	$0

Revenue
Contributions	$991,570
Government Grants	$0
Program Services	$525,532
Investments	$155,175
Special Events	$0
Sales	$12,383
Other	$0
Total Revenue	$1,684,660

Expenses
Program Services	$770,705
Administration	$480,625
Fundraising	$191,080
Total Expenses	$1,442,410
Net Gain/Loss	$242,250

Functional expenses
Accounting Fees	$7,000
Advertising & Promotion	$92,565
Information Technology Expenses	$14,193
Insurance Expenses	$18,834
Interest Expenses	$5,282
Investment Management Fees	$22,415
Legal Fees	$61
Pension Plan Contributions	$22,504
Professional Fundraising Expenses	$0

Revenue
Contributions	$1,067,974
Government Grants	$0
Program Services	$498,764
Investments	$76,057
Special Events	$0
Sales	$17,013
Other	$0
Total Revenue	$1,659,808

Expenses
Program Services	$806,178
Administration	$466,780
Fundraising	$197,718
Total Expenses	$1,470,676
Net Gain/Loss	$189,132

Functional expenses
Accounting Fees	$7,200
Advertising & Promotion	$86,007
Information Technology Expenses	$23,071
Insurance Expenses	$20,487
Interest Expenses	$4,556
Investment Management Fees	$22,902
Legal Fees	$3,828
Pension Plan Contributions	$23,887
Professional Fundraising Expenses	$0

Revenue
Contributions	$1,012,484
Government Grants	$0
Program Services	$484,060
Investments	$71,141
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$1,567,685

Expenses
Program Services	$872,926
Administration	$465,093
Fundraising	$268,739
Total Expenses	$1,606,758
Net Gain/Loss	($39,073)

Functional expenses
Accounting Fees	$7,200
Advertising & Promotion	$98,373
Information Technology Expenses	$19,684
Insurance Expenses	$22,234
Interest Expenses	$4,123
Investment Management Fees	$27,205
Legal Fees	$66
Pension Plan Contributions	$38,942
Professional Fundraising Expenses	$0

Revenue
Contributions	$1,086,875
Government Grants	$0
Program Services	$468,011
Investments	$213,343
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$1,768,229

Expenses
Program Services	$860,413
Administration	$450,814
Fundraising	$230,608
Total Expenses	$1,541,835
Net Gain/Loss	$226,394

Functional expenses
Accounting Fees	$7,300
Advertising & Promotion	$93,382
Information Technology Expenses	$22,381
Insurance Expenses	$18,321
Interest Expenses	$3,578
Investment Management Fees	$23,415
Legal Fees	$443
Pension Plan Contributions	$21,192
Professional Fundraising Expenses	$0

Revenue
Contributions	$1,201,971
Government Grants	$0
Program Services	$544,644
Investments	$197,544
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$1,944,159

Expenses
Program Services	$837,777
Administration	$404,815
Fundraising	$205,931
Total Expenses	$1,448,523
Net Gain/Loss	$495,636

Functional expenses
Accounting Fees	$10,000
Advertising & Promotion	$87,436
Information Technology Expenses	$19,872
Insurance Expenses	$19,664
Interest Expenses	$4,180
Investment Management Fees	$22,987
Legal Fees	$1,470
Pension Plan Contributions	$54,304
Professional Fundraising Expenses	$0

Revenue
Contributions	$968,464
Government Grants	$0
Program Services	$32,036
Investments	$182,718
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$1,183,218

Expenses
Program Services	$338,083
Administration	$379,090
Fundraising	$193,111
Total Expenses	$910,284
Net Gain/Loss	$272,934

Functional expenses
Accounting Fees	$13,100
Advertising & Promotion	$64,702
Information Technology Expenses	$12,229
Insurance Expenses	$15,597
Interest Expenses	$3,383
Investment Management Fees	$27,479
Legal Fees	$0
Pension Plan Contributions	$38,600
Professional Fundraising Expenses	$0

Revenue
Contributions	$1,009,209
Government Grants	$549,552
Program Services	$398,701
Investments	$389,479
Special Events	$0
Sales	$0
Other	$0
Total Revenue	$2,346,941

Expenses
Program Services	$602,541
Administration	$333,617
Fundraising	$174,874
Total Expenses	$1,111,032
Net Gain/Loss	$1,235,909

Functional expenses
Accounting Fees	$8,500
Advertising & Promotion	$22,669
Information Technology Expenses	$13,936
Insurance Expenses	$11,823
Interest Expenses	$2,541
Investment Management Fees	$31,841
Legal Fees	$3,731
Pension Plan Contributions	$47,329
Professional Fundraising Expenses	$0

Foundation for Free Enterprise Education

Balance sheet

Fiscal Year: Oct 01 - Sep 30

SOURCE: IRS Form 990

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: Download Data

Assets	Oct 01, 2008	Sep 30, 2009	Change
Contributions	$806,520
Cash & Equivalents	$418,597	$427,840	$9,243
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$73,302	$41,172	($32,130)
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$104,898	$117,231	$12,333
Investment, Securities	$596,911	$563,937	($32,974)
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$293,229	$325,874	$32,645
Other	$8,316	$8,222	($94)
Total Assets	$1,495,253	$1,484,276	($10,977)

Liabilities	Oct 01, 2008	Sep 30, 2009	Change
Accounts Payable	$438,008	$502,854	$64,846
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$250,000	$238,279	($11,721)
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$0	$14,166	$14,166
Total Liabilities	$688,008	$755,299	$67,291

Fund balance	Oct 01, 2008	Sep 30, 2009	Change
Temporarily Restricted Net Assets	$250,708	$83,207	-$167,501
Permanently Restricted Net Assets	$0	$0	$0
Total Restricted Net Assets	$250,708	$83,207	($167,501)
Unrestricted Net Assets	$556,537	$645,770	$89,233
Net Assets	$807,245	$728,977	($78,268)

Assets	Oct 01, 2009	Sep 30, 2010	Change
Contributions	$1,042,946
Cash & Equivalents	$427,840	$765,996	$338,156
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$41,172	$152,804	$111,632
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$117,231	$127,018	$9,787
Investment, Securities	$563,937	$874,351	$310,414
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$325,874	$321,917	($3,957)
Other	$8,222	$8,173	($49)
Total Assets	$1,484,276	$2,250,259	$765,983

Liabilities	Oct 01, 2009	Sep 30, 2010	Change
Accounts Payable	$502,854	$817,848	$314,994
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$238,279	$225,981	($12,298)
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$14,166	$10,866	($3,300)
Total Liabilities	$755,299	$1,054,695	$299,396

Fund balance	Oct 01, 2009	Sep 30, 2010	Change
Temporarily Restricted Net Assets	$83,207	$456,495	$373,288
Permanently Restricted Net Assets	$0	$0	$0
Total Restricted Net Assets	$83,207	$456,495	$373,288
Unrestricted Net Assets	$645,770	$739,069	$93,299
Net Assets	$728,977	$1,195,564	$466,587

Assets	Oct 01, 2010	Sep 30, 2011	Change
Contributions	$832,351
Cash & Equivalents	$710,039	$590,799	($119,240)
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$152,804	$232,919	$80,115
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$127,018	$69,112	($57,906)
Investment, Securities	$930,308	$1,031,111	$100,803
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$321,917	$313,764	($8,153)
Other	$8,173	$20,808	$12,635
Total Assets	$2,250,259	$2,258,513	$8,254

Liabilities	Oct 01, 2010	Sep 30, 2011	Change
Accounts Payable	$817,848	$709,660	($108,188)
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$225,981	$213,086	($12,895)
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$10,866	$2,800	($8,066)
Total Liabilities	$1,054,695	$925,546	($129,149)

Fund balance	Oct 01, 2010	Sep 30, 2011	Change
Temporarily Restricted Net Assets	$456,495	$371,254	-$85,241
Permanently Restricted Net Assets	$0	$0	$0
Total Restricted Net Assets	$456,495	$371,254	($85,241)
Unrestricted Net Assets	$739,069	$961,713	$222,644
Net Assets	$1,195,564	$1,332,967	$137,403

Assets	Oct 01, 2011	Sep 30, 2012	Change
Contributions	$1,084,131
Cash & Equivalents	$590,799	$618,214	$27,415
Accounts Receivable	$0	$0	$0
Pledges & Grants Receivable	$232,919	$132,915	($100,004)
Receivable, Other	$0	$0	$0
Inventories for Sale or Use	$69,112	$63,018	($6,094)
Investment, Securities	$1,031,111	$1,544,907	$513,796
Investment, Other	$0	$0	$0
Fixed Assets (LBE - Depreciation)	$313,764	$312,616	($1,148)
Other	$20,808	$10,279	($10,529)
Total Assets	$2,258,513	$2,681,949	$423,436

Liabilities	Oct 01, 2011	Sep 30, 2012	Change
Accounts Payable	$709,660	$553,290	($156,370)
Grants Payable	$0	$0	$0
Deferred Revenue	$0	$0	$0
Loans and Notes	$213,086	$199,591	($13,495)
Tax-Exempt Bond Liabilities	$0	$0	$0
Other	$2,800	$1,614	($1,186)
Total Liabilities	$925,546	$754,495	($171,051)

Foundation for Free Enterprise Education

Financial trends analysis Glossary & formula definitions

Fiscal Year: Oct 01 - Sep 30

SOURCE: IRS Form 990

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

Fiscal year: Oct 01 - Sep 30 View full report Download data

Business model indicators

Profitability	2017	2018	2019	2020	2021
Unrestricted surplus (deficit) before depreciation	$225,607	$246,272	$435,610	$177,658	$1,548,423
As % of expenses	14.2%	16.2%	30.5%	19.9%	142.2%
Unrestricted surplus (deficit) after depreciation	$207,399	$226,389	$416,479	$158,881	$1,526,352
As % of expenses	12.9%	14.7%	28.8%	17.5%	137.4%

Revenue composition
Total revenue (unrestricted & restricted)	$1,567,685	$1,768,229	$1,944,159	$1,183,218	$2,346,941
Total revenue, % change over prior year	-5.6%	12.8%	9.9%	-39.1%	98.4%
Program services revenue	30.9%	26.5%	28.0%	2.7%	17.0%
Membership dues	0.0%	0.0%	0.0%	0.0%	0.0%
Investment income	4.9%	6.2%	9.4%	11.6%	5.2%
Government grants	0.0%	0.0%	0.0%	0.0%	23.4%
All other grants and contributions	64.6%	61.5%	61.8%	81.9%	43.0%
Other revenue	-0.3%	5.9%	0.8%	3.9%	11.4%

Expense composition
Total expenses before depreciation	$1,588,550	$1,521,952	$1,429,392	$891,507	$1,088,961
Total expenses, % change over prior year	9.2%	-4.2%	-6.1%	-37.6%	22.1%
Personnel	50.5%	50.5%	48.1%	74.3%	62.9%
Professional fees	2.2%	2.0%	2.4%	4.6%	4.0%
Occupancy	0.3%	0.3%	0.3%	0.4%	0.3%
Interest	0.3%	0.2%	0.3%	0.4%	0.2%
Pass-through	0.0%	0.0%	0.0%	0.0%	0.0%
All other expenses	46.8%	46.9%	49.0%	20.4%	32.5%

Full cost components (estimated)	2017	2018	2019	2020	2021
Total expenses (after depreciation)	$1,606,758	$1,541,835	$1,448,523	$910,284	$1,111,032
One month of savings	$132,379	$126,829	$119,116	$74,292	$90,747
Debt principal payment	$17,656	$18,199	$18,282	$0	$143,620
Fixed asset additions	$22,459	$0	$25,179	$27,618	$0
Total full costs (estimated)	$1,779,252	$1,686,863	$1,611,100	$1,012,194	$1,345,399

Capital structure indicators

Liquidity	2017	2018	2019	2020	2021
Months of cash	4.3	5.4	7.1	11.7	12.6
Months of cash and investments	25.2	28.1	33.2	56.5	59.6
Months of estimated liquid unrestricted net assets	20.7	23.4	28.2	48.6	55.1

Balance sheet composition	2017	2018	2019	2020	2021
Cash	$569,749	$679,422	$843,051	$869,872	$1,141,018
Investments	$2,764,073	$2,883,588	$3,115,321	$3,331,347	$4,268,226
Receivables	$60,908	$47,067	$65,850	$70,111	$54,751
Gross land, buildings, equipment (LBE)	$480,358	$489,063	$514,241	$530,413	$540,465
Accumulated depreciation (as a % of LBE)	29.0%	32.5%	34.7%	35.0%	37.7%
Liabilities (as a % of assets)	17.3%	15.4%	12.6%	9.9%	5.6%
Unrestricted net assets	$2,967,436	$3,193,825	$3,610,304	$3,769,185	$5,295,537
Temporarily restricted net assets	$143,632	$163,290	$222,093	N/A	N/A
Permanently restricted net assets	$0	$0	$0	N/A	N/A
Total restricted net assets	$143,632	$163,290	$222,093	$409,863	$390,939
Total net assets	$3,111,068	$3,357,115	$3,832,397	$4,179,048	$5,686,476

Key data checks

Key data checks	2017	2018	2019	2020	2021
Material data errors	No	No	No	No	No

Operations

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

Documents

Letter of Determination

Form 1023/1024 is not available for this organization

Principal Officer

Ms. Karen M. Musante

LinkedIn profile

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

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 01/19/2023

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. Vincent Matteo

Retired

Term: 2023 - 2021

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

Vincent Matteo

Williamsport-Lycoming Chamber of Commerce (Ret.)

Ryan Newman

Goldman, Sachs & Co.

Darlene Robbins

Northeast Pennsylvania Manufacturers & Employers Association

Nick Scott

Scott Enterprises

Kevin Shivers

Pennsylvania Association of Community Bankers

Clark Shuster

Graceful Senior Solutions

Dennis Doll

Reliance Bank

Scott Wyman

FirstEnergy Corp.

David Taylor

Pennsylvania Manufacturers' Association

Robert Wetzel

Emeritus Board Member

Lawrence Rybacki

Emeritus Board Member

Kevin Robins

MidAtlantic Employers Association

Joseph Hurd

Blair County Chamber of Commerce

Karen M Musante

Foundation for Free Enterprise Education

Katie E. Clarke

LeTort Trust

Robert F. Durkin

The Greater Scranton Chamber of Commerce

Jason C. Fink

Williamsport/Lycoming Chamber of Commerce

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

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 5/24/2022

Candid has made improvements to the race and ethnicity options.

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 (cisgender)

Sexual orientation

Heterosexual or straight

Disability status

Person without a disability

Race & ethnicity

No data

Gender identity

Sexual orientation

No data

Disability

We do not display disability information for organizations with fewer than 15 staff.

Equity strategies

Last updated: 03/03/2021

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.

Contractors

Fiscal year ending

There are no fundraisers recorded for this organization.

Foundation for Free Enterprise Education

Mission

Is this your nonprofit?

Programs and results

Reports and documents

What we aim to solve

This profile needs more info.

Our programs

Pennsylvania Free Enterprise Week

Where we work

Awards

Goals & Strategy

Charting impact

What is the organization aiming to accomplish?

What are the organization's key strategies for making this happen?

What are the organization's capabilities for doing this?

What have they accomplished so far and what's next?

How we listen

Financials

Financial documents

Revenue vs. expenses: breakdown

Liquidity in 2021 info

16.11

Months of cash in 2021 info

12.6

Fringe rate in 2021 info

22%

Funding sources info

Assets & liabilities info

Financial data

Digitizing IRS form 990 data

Foundation for Free Enterprise Education

Foundation for Free Enterprise Education

Foundation for Free Enterprise Education

Business model indicators

Capital structure indicators

Key data checks

Operations

Documents

Principal Officer

Ms. Karen M. Musante

Number of employees

Foundation for Free Enterprise Education

Compensation data

Foundation for Free Enterprise Education

Board of directors data

Mr. Vincent Matteo

Board leadership practices

Board orientation and education

CEO oversight

Ethics and transparency

Board composition

Board performance

Organizational demographics

Leadership

Race & ethnicity

Gender identity

Sexual orientation

Disability

Equity strategies

Contractors

Liquidity in 2021

Months of cash in 2021

Fringe rate in 2021

Funding sources

Assets & liabilities