Foundation for Economic Education
Standards For Charity Accountability
Governance
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Board Oversight
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Board Size
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Board Meetings
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Board Compensation
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Conflict of Interest
Measuring Effectiveness
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Effectiveness Policy
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Effectiveness Report
Finances
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Program Expenses
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Fundraising Expenses
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Accumulating Funds
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Audit Report
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Detailed Expense Breakdown
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Accurate Expense Reporting
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Budget Plan
Fundraising & Info
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Truthful Materials
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Annual Report
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Website Disclosures
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Donor Privacy
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Cause Marketing Disclosures
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Complaints
Foundation for Economic Education does not meet the following 4 Standards for Charity Accountability:
Standard 6 (Board Policy on Effectiveness)
Have a board policy of assessing, no less than every two years, the organization's performance and effectiveness and of determining future actions required to achieve its mission.
FEE does not meet this Standard because:
- The board of directors does not have a written policy stating that, at least every two years, an appraisal be done assessing the organization’s performance and effectiveness and determining future actions required to achieve its mission.
Standard 7 (Board Approval of Written Report on Effectiveness)
Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions.
FEE does not meet this Standard because:
- The organization has not completed an effectiveness assessment in the last two years.
Standard 16 (Annual Report)
Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets.
FEE does not meet this Standard because the 2022 annual report did not include:
- Total expenses for each program in the same categories that appear in the organization’s financial statements (books and publications, online media, and webinars and seminars).
- Ending net assets.
Standard 18 (Privacy for Written Appeals & Internet Privacy)
Address privacy concerns of donors by (a) providing in written appeals, at least annually, a means (e.g., such as a check off box) for both new and continuing donors to inform the charity if they do not want their name and address shared outside the organization, (b) providing a clear, prominent and easily accessible privacy policy on any of its websites that tells visitors (i) what information, if any, is being collected about them by the charity and how this information will be used, (ii) how to contact the charity to review personal information collected and request corrections, (iii) how to inform the charity (e.g., a check off box) that the visitor does not wish his/her personal information to be shared outside the organization, and (iv) what security measures the charity has in place to protect personal information.
FEE does not meet this Standard because the privacy policy on its website, https://fee.org, does not indicate:
- What security measures are in place to protect personal information that is collected.
The BBB Wise Giving Alliance requested but did not receive complete information from the organization and is unable to verify the organization's compliance with the following Standard(s) for Charity Accountability: 3
Foundation for Economic Education meets the remaining 15 Standards for Charity Accountability.
Stated Purpose:
"to inspire, educate, and connect future leaders with the economic, ethical, and legal principles of a free society."
Year, State Incorporated:
1946, NY
Foundation for Economic Education (FEE) focuses on the principles of individual liberty, free-market economics, entrepreneurship, private property, high moral character, and limited government. The organization produces nationwide seminars, classroom resources, social media, free online courses, and daily content on its website - all educating on the ideas of a free society. Additionally, FEE supports and connects alumni through the FEE Alumni Network, provides professional development opportunities through internships and networking, and recognizes alumni leaders with the annual Leonard E. Read Distinguished Alumni Award.
For the year ended March 31, 2022, Foundation for Economic Education's program expenses were:
| Webinars and seminars | $3,022,463 |
| Books and publications | $1,042,911 |
| Online media | $985,650 |
| Total Program Expenses | $5,051,024 |
Chief Executive
Zilvinas Silenas, President
Compensation*
$202,708
Chair of the Board
Wayne Olson
Chair's Profession / Business Affiliation
Retired
Board Size
12
Paid Staff Size
50
*2021 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Radio, Special events, Telemarketing
Fundraising costs were 16% of related contributions. (Related contributions, which totaled $6,894,034, are donations received as a result of fundraising activities.)
This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on Foundation for Economic Education's audited financial statements for the year ended March 31, 2022.
Source of Funds
| Unrealized depreciation on cryptocurrencies | $-726,914 |
| Miscellaneous revenue | $7,182 |
| Publications | $29,250 |
| Royalties | $63,747 |
| Grants and contracts | $346,250 |
| In-kind contributions | $500,959 |
| Investment return | $1,747,725 |
| Contributions | $6,046,825 |
| Total Income | $8,001,162 |
Programs: 75% Fundraising: 16% Administrative: 9%
| Total Income | $8,001,162 |
| Total expenses: | $6,756,954 |
| Program expenses | $5,051,024 |
| Fundraising expenses | $1,091,686 |
| Administrative expenses | $614,244 |
| Other expenses | $0 |
| Income in Excess of Expenses | $1,244,208 |
| Beginning Net Assets | $10,980,509 |
| Other Changes In Net Assets | $-6,931 |
| Ending Net Assets | $12,231,648 |
| Total Liabilities | $879,409 |
| Total Assets | $13,111,057 |
Note 1: According to FEE's audited financial statements for the year ended March 31, 2022, the organization received in-kind contributions of $500,959 in the form of advertising services.
Note 2: In the financial section above, "other changes in net assets" refers to a change in value of split interests.
An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the International Association of Better Business Bureaus.
This report is not to be used for fundraising or promotional purposes.
RELATED CONTENT
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Meets Standards
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Standards Not Met
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Did Not Disclose
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Review in Progress
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Unable to Verify
Report completed by:
BBB Wise Giving Alliance