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CHARITY REVIEW
Issued: March 2025 Expires: March 2027

Economic Literacy Colorado

Standards Not Met
Standards Not Met
16 17 18
(303) 752-2323
1355 South Colorado Boulevard, Suite 506
Denver, CO, 80222
https://econlitco.org/
📄 Full Report 🖨️ Print 📋 BBB Charity Standards

Standards For Charity Accountability

Governance

  1. Board Oversight
  2. Board Size
  3. Board Meetings
  4. Board Compensation
  5. Conflict of Interest

Measuring Effectiveness

  1. Effectiveness Policy
  2. Effectiveness Report

Finances

  1. Program Expenses
  2. Fundraising Expenses
  3. Accumulating Funds
  4. Audit Report
  5. Detailed Expense Breakdown
  6. Accurate Expense Reporting
  7. Budget Plan

Fundraising & Info

  1. Truthful Materials
  2. Annual Report
  3. Website Disclosures
  4. Donor Privacy
  5. Cause Marketing Disclosures
  6. 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 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.

RELATED CONTENT

Report completed by:
BBB Wise Giving Alliance