Economic Literacy Colorado
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
Economic Literacy Colorado does not meet the following 3 Standards for Charity Accountability:
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.
ELC does not meet this Standard because the 2023 annual report did not include:
- A financial summary for the year ended June 30, 2023.
Standard 17 (Web Site Disclosures)
Include on any charity websites that solicit contributions, the same information that is recommended for annual reports, as well as the mailing address of the charity and electronic access to its most recent IRS Form 990.
ELC does not meet this Standard because the organization’s website, https://econlitco.org/, does not include all of the recommended information for those charity websites that solicit for donations. Specifically, it does not include:
- Electronic access to the organization’s IRS Form 990 for the year ended June 30, 2023.
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.
ELC does not meet this Standard because:
- The organization's website, https://econlitco.org/, does not provide access to a privacy policy.
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: 15, 19
Economic Literacy Colorado meets the remaining 15 Standards for Charity Accountability.
Stated Purpose:
“to empower Colorado students to achieve a lifetime of economic understanding and financial freedom.”
Year, State Incorporated:
1971, CO
Also Known As:
Colorado Council for Economic Education
Economic Literacy Colorado (ELC) reports that it provides year-round university-accredited graduate-level professional development for K-12 teachers in economic and personal finance education. The organization uses a three-pronged model in its professional development programs. University professors provide content and knowledge, mentor teachers deliver the pedagogy with grade-appropriate lesson plans, and instructional materials and hands-on activites for teachers to use with their students. ELC states classes are open to all teachers throughout Colorado from public, private, charter, online and home schools providing professional development programs for every grade level. In 2022, the organization reported it delivered 7,168 hours of instruction to 1,707 teachers from 115 school districts.
For the year ended June 30, 2022, Economic Literacy Colorado's program expenses were:
Teacher programs | $508,360 |
Stock Market Experience | $107,632 |
Total Program Expenses | $615,992 |
Chief Executive
Amy Sherman, President and Chief Executive Officer
Compensation*
$140,000
Chair of the Board
Sloan Smith
Chair's Profession / Business Affiliation
Principal, Innovest Portfolio Solutions
Board Size
17
Paid Staff Size
6
*2023 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Direct mail appeals, Radio, Special events, Print advertisements
Fundraising costs were 21% of related contributions. (Related contributions, which totaled $894,032, 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 Economic Literacy Colorado's audited financial statements for the year ended June 30, 2022.
Source of Funds
Investment loss, net | $-126,613 |
Publications and other income | $637 |
In-kind contributions | $3,438 |
Program fees | $17,975 |
Special events, net | $128,021 |
Contract services | $174,137 |
Contributions and grants | $762,573 |
Total Income | $960,168 |
Programs: 68% Fundraising: 21% Administrative: 11%
Total Income | $960,168 |
Total expenses: | $906,656 |
Program expenses | $615,992 |
Fundraising expenses | $190,966 |
Administrative expenses | $99,698 |
Other expenses | $0 |
Income in Excess of Expenses | $53,512 |
Beginning Net Assets | $981,761 |
Other Changes In Net Assets | $0 |
Ending Net Assets | $1,035,273 |
Total Liabilities | $174,525 |
Total Assets | $1,209,798 |
Note: According to ELC's audtied financial statements for the year ended June 30, 2022, the organization received in-kind contributions of $3,438 in the form of flashdrives ($2,338) and honoraria ($1,100).
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.