Virginia Council on Economic Education
301 W. Main Street
Box 844000
Richmond VA 23284-4000
Mission Statement

The mission of the Virginia Council on Economic Education is to provide Virginia's students with the economic knowledge and financial skills needed to thrive in our dynamic economy.

Web and Social Media
Video
Multi-Media Comments VCEE also has an active presence on Facebook (Virginia Council on Economic Education) and on Twitter @_VCEE
Leadership
CEO/Executive Director Mr. Daniel Mortensen
Board Chair Mr. Philip A. Brooks
Board Chair Company Affiliation McNeil Street
Contact Information
Address 301 W. Main Street
Box 844000
Richmond, VA 232844000
Telephone 804 828-1627
Fax 804 828-7215
E-mail jwcrenshaw@vcu.edu
History and Background
Year of Incorporation 1970
Financial Summary
 
 
Projected Revenue $965,455.00
Projected Expenses $976,527.00
Additional Documents
2016 Update2016View
VCEE Brochure2015View
2015 Update2015View
2014 Institute Update2014View
2012 Institute Update2012View
2011 Institute Report2011View
VCEE Institute Report2010View
Statements
Mission

The mission of the Virginia Council on Economic Education is to provide Virginia's students with the economic knowledge and financial skills needed to thrive in our dynamic economy.

Impact

Recent Accomplishments:

 

  • Helped achieve a required economics/personal finance course for all high school students. The class of 2015 was the first to graduate with this requirement as part of their diploma.
  • Assisted in developing the quality high school Economics and Personal Finance Standards of Learning (SOLs) and curriculum framework adopted by Virginia.
  • Developed and launched annual Professional Development Plans to provide teachers the knowledge and creative lessons and materials to teach students the new economics and personal finance SOLs.  From 2010-2016, approximately 1,900 teachers have benefitted from attending Institutes designed to help them teach the new high school course.
  • Continued to provide K-12 teachers with student focused programs such as the Stock Market Game™, Economics Challenge, Color the Economics Concepts, as well as recognizing outstanding economic educators through a statewide awards program. 
  • Developed and implemented new "Life After High School: Navigating education, career and debt" workshop series. Sessions held across the Commonwealth, beginning in Fall 2016, with demand increasing for the coming school year 2017-18.
 

 

Goals:
  • To help successfully implement the new Economics and Personal Finance high school course, and to provide professional development institutes to more than 2,500 high school teachers, many of whom are new to teaching the new high school course. Ultimately 90,000 students will be impacted annually.
  • Provide professional development for K-12 teachers including quality curriculum resources teachers can use to effectively teach economics and personal finance.
  • Continue to offer flagship programs to Virginia’s K-12 students—Stock Market Game™, Mini-Economy and Mini-Society®, Economics Challenge, and Color the Economic Concepts.
  • Increase awareness of, and garner support for, economic and financial education in grades K-12 from Virginia’s businesses, school divisions and other public and private entities.  


Needs
  • Maintain VCEE Institutes (face to face) but integrating more technology (a hybrid approach)
  • Broaden emphasis to include Middle School and Elementary School Institutes, to include a voluntary certification program -- leading to the highest quality teachers in economic education
  • Provide resources to teachers and school divisions on economic education
  • Overview of annual program priorities
Background
   

The Virginia Council on Economic Education (VCEE) is a 501(c)(3) nonprofit organization whose mission is to have all Virginia students graduate with the economic knowledge and financial skills needed to thrive in our dynamic economy. VCEE seeks to infuse economic and financial education in each grade level (K-12) so that Virginia students will gain a basic understanding of how our economy works and develop the lifelong decision-making skills needed to be effective and informed citizens, consumers, savers, investors, and productive employees and innovative entrepreneurs . Founded in 1969, VCEE is a public-private partnership funded by businesses, foundations, individuals, universities and the Commonwealth of Virginia.

To most effectively pursue its mission, VCEE seeks systematic changes that will most directly benefit students. The Council has been, and continues to be, a strong partner and advocate at the state level, as well as with local schools and school divisions, for including basic economic principles and personal finance in Virginia’s K-12 classrooms.

Teacher education is the Council’s primary means for reaching students, on the premise that by educating a teacher, one can reach hundreds or even thousands of students over the span of the teacher’s career.   Research shows that n effective teacher is a significant, if not primary factor, in student learning and achievement. Resources and professional development opportunities for teachers are delivered through a statewide network of affiliated university-based centers for economic education.

Utilizing these centers, VCEE builds and nurtures ongoing relationships with school divisions and their teachers. Annually, VCEE’s centers help K-12 teachers to gain the background and to receive curriculum and materials to effectively deliver the essentials of economics and personal finance that today’s students need. 

The greatest challenge for any teacher is motivating students to learn. VCEE and affiliated centers provide teachers with hands-on materials and activities to help them achieve this goal. In addition to teacher classes at all grade levels, programs include: the Stock Market Game ™, a statewide competition for grades 4-12, allowing student teams to invest and manage a $100,000 portfolio. Students research stocks, study how capital markets work, and learn about saving and investing.   Mini-Economy and Mini-Society® programs offer elementary and middle school students the chance to act out real-life experiences in entrepreneurship. Economics Challenge gives middle and high school students an opportunity to demonstrate their understanding of economic concepts in an academic competition.  Color the Economic Concepts Contest, co-sponsored with The Federal Reserve Bank of Richmond, gives students the opportunity to illustrate their knowledge of economic concepts in a creative and fun way.

 VCEE is affiliated with the Council on Economic Education at the national level.

Areas of Service
Areas Served
Area
Statewide
Metro Richmond
Tri-cities Region
Richmond, City
Ashland
Chester
Chesterfield County
Colonial Heights, City
Dinwiddie County
Ettrick
Goochland County
Hanover County
Henrico County
Hopewell, City
Matoaka
Petersburg, City
Powhatan County
Prince George County
Sussex County
Charles City County
Gloucester County
King and Queen County
Lancaster County
Louisa County
Mathews County
Middlesex County
New Kent County
Northumberland County
Charlottesville-Albermarle
Hampton Roads
Northern Neck
Northern Virginia
Shenandoah Valley
Southside Virginia
Southwest Virginia
Statewide
Board Chair
Board Chair Mr. Philip A. Brooks
Company Affiliation McNeil Street
Term Dec 2016 to Dec 2018
Email philipabrooks@verizon.net
Board of Directors
Board Members
NameAffiliation
Mr. Neil Amin Shamin Hotels
Mr. Kartik B. Athreya Federal Reserve Bank of Richmond
Mr. Ray L. Barnes Jr.BB&T
Dr. Kenneth C. Blaisdell VCU School of Business
Mr. L. James Borges Guilford Company
Mr. J. Alfred Broaddus Jr.Retired, The Fed. Res. Bank of Richmond
Mr. Philip A. Brooks Walker & Dunlop
Ms. Stephanne Strickler Byrd Shenandoah Valley Economic Education, Inc.
Mr. John M. Carter Attorney at Law
Mr. William A. Casey Capital One
Mr. Christopher B. Colburn ODU
Mr. John Culbertson KPMG
Ms. Susan F. Dewey VHDA
Mr. Daniel F. Drummond CFP Board of Standards
Mr. Roger L. Frost Retired, Goodman & Company, CPA
Ms. Suzanne M. Gallagher VCU Center for Economic Education
Mr. Bradley H. Gunter Investment Management of VA
Mr. J. Curtis Hall Professor Emeritus, VCU School of Business
Mr. A. Eric Kauders Jr.U.S. Trust
Mr. Hugh Keogh Retired-VA Chamber of Commerce
Mr. Jeffrey R. Leopold Genworth Financial
Mr. Christopher Lucy Accenture
Mr. Robert C. Maddux Benjamin Moore and Co. - retired
Ms. Lynne Mallory-Winter Edgewater Asset Management
Mr. A. Fletcher Mangum Mangum Economics
Mr. Robert Martin Union Bank & Trust
Mr. Shawn P. McLaughlin McLaughlin Ryder Investments
Mr. Leigh B. Middleditch Jr.McGuire Woods Consulting LLC
Dr. E.G. Miller VCU School of Business
Mr. Thomas Palmer Wells Fargo
Ms. Stephanie R. Peters VA Society of CPAs
Mr. James E. Scanlon Martin's
Mr. S. Buford Scott Scott & Stringfellow, Inc.
Mr. Rob Shinn Capital Results
Mr. Christopher Shockley VACU
Dr. Steven R. Staples VA Dept of Education
Mr. Barry L. Thomas Retired, American Electric Power
Ms. Jane G. Watkins Virginia Credit Union
Mr. Winston Weaver Jr.Rockingham Construction Company
Mr. Bruce T. Whitehurst Virginia Bankers Association
Ms. Patricia Wright VDOE, retired
Board Demographics - Ethnicity
African American/Black 1
Asian American/Pacific Islander 1
Caucasian 43
Hispanic/Latino 0
Native American/American Indian 0
Board Demographics - Gender
Male 36
Female 9
Governance
Board Term Lengths 2
Board Term Limits 0
Board Meeting Attendance % 60
Written Conflict of Interest Policy? Yes
Percentage Making Monetary Contributions 100
Percentage Making In-Kind Contributions 100
Number of Full Board Meetings Annually 4
Standing Committees
Board Governance
Development / Fund Development / Fund Raising / Grant Writing / Major Gifts
Executive
Finance
Program / Program Planning
Other Boards
The tables below contain information about other groups that advise this nonprofit on operations and projects.
Comments
VCEE has a statewide board of 45 members that meets as a whole four times per year. A 15-member Executive Committee meets monthly. Other standing committees meet on a regular basis.
Executive Director
Executive Director Mr. Daniel Mortensen
Experience
Daniel Mortensen has been VCEE's executive director since Spring 2014.  Before taking on the position as Executive Director, Mortensen served on the Board of Directors for VCEE.
Former CEOs
NameTerm
Mr. Kemper Baker 2004 - 2006
Sarah Hopkins Finley 2006 - 2014
Senior Staff
NameTitle
Judith Crenshaw Communications & Development Director
Staff
Full Time Staff 3
Part Time Staff 1
Volunteers 50
Contractors 1
Retention Rate 100
Plans
Organization has a Fundraising Plan? Under Development
Organization has a Strategic Plan? Yes
Years Strategic Plan Considers 5
Date Strategic Plan Adopted Sept 2012
Nondiscrimination Policy Yes
Whistleblower Policy Yes
Document Destruction Policy Yes
Directors and Officers Insurance Policy Yes
Collaborations
 

Collaboration takes place on a number of levels. 

Universities that are partners in supporting centers for economic education.

Christopher Newport University, George Mason University, James Madison University, Lynchburg College, Old Dominion University, Radford University, UVA’s College at Wise, Virginia Commonwealth University, and Virginia Tech. 

VA Department of Education and the Board of Education as well as local school divisions

The Federal Reserve Bank of Richmond 

In connection with the Virginia High School Economics and Personal Finance and the Fund for Teaching Excellence, leaders in the financial services industry have stepped up and provided initial funding to enable VCEE and affiliated university-based centers for economic education to provide professional development for high school teachers—Bank of America Charitable Foundation, BB&T Charitable Foundation, Capital One, SunTrust Foundation, Virginia Bankers Association Education Foundation, Virginia Credit Union, and Wells Fargo. The following organizations participated in developing instructional materials and making presentations at the personal finance institutes—Virginia Bankers Association, Bureau of Insurance/State Corporation Commission, the Virginia Department of Agriculture and Consumer Services, the Virginia Department of Taxation, and the Financial Planning Association.  The Federal Reserve Bank of Richmond assisted with the economics institutes.

Awards
Awards
Award/RecognitionOrganizationYear
Public Private Partnership AwardExcellence in Virginia Government Awards2008
Virginia Torchbearer Award FinalistVirginia Chamber of Commerce2010
Programs
Description  

Teacher education is the Council’s primary means for reaching students, on the premise that by educating a teacher, one can reach hundreds or even thousands of students over the span of the teacher’s career.   It’s undisputed in the research that having an effective teacher is a significant factor in student learning and achievement. VCEE and its affiliated university-based centers for economic education seek to be a strong partner for Virginia’s K-12 teachers by providing resources and professional development opportunities, at little to no charge, around Virginia’s economics related SOLs. VCEE and affiliated centers build and nurture ongoing relationships with school divisions and their teachers to promote and enhance economics education. In 2010, more than 2,500 teachers (totaling more than 18,000 contact hours) participated in programs to gain the background and receive materials to effectively deliver the essentials of economics and personal finance that today’s students need. 

Population Served K-12 (5-19 years)
Budget $686,992.00
Description  

Beginning with students entering the ninth grade in 2011, they must pass an economics and personal finance course in order to graduate. VCEE is working in a number of ways to help ensure the successful implementation of this course. It served as a resource for Virginia’s Board of Education in its adoption of Economic and Personal Finance Standards of Learning (SOLs) and curriculum framework. The SOLs are a model for other states in terms of the concepts, knowledge and skills that students are supposed to learn.

 

Because many teachers will be new to teaching this course, VCEE has developed and launched a five-year Professional Development Plan (2010 – 2015) to provide an estimated 2,000 teachers the knowledge, creative lessons, and materials to teach these new SOLs. Implemented with support from the public and private sectors, teachers are provided a 42-hour economics institute and a 40-hour personal finance institute available at no charge unless taken for college credit.

Description  

The Stock Market Game™ is a competition for grades 4-12, allowing student teams to invest and manage a virtual $100,000 portfolio. Students research stocks, study how capital markets work, and learn about saving and investing. This online program is valuable teaching tool in math, social studies, business, economics, and language skills while also focusing on the importance of long-term saving and investment. The program includes 10-week competitions each semester and a year-long option that allow student teams to compare the performance of their portfolios with other teams in Virginia and their region. Several studies have shown the value of this program for student learning. For example, an independent study released in August 2009 by Learning Point Associates found that participation in the Stock Market Game™ substantially improved student math scores on standardized tests and improved student investor knowledge. The study also showed increased financial literacy for teachers.

Description  

The greatest challenge for any teacher is motivating students to learn. VCEE and its network of centers offer student programs that help teachers achieve this goal. Mini-Economy and Mini-Society® programs offer elementary and middle school students the chance to act out real-life experiences in entrepreneurship. Conducted as a unit of study, this high energy simulation focuses on economic and financial literacy, classroom management, and “real-world” market situations. Economics Challenge is open to any middle or high school student enrolled in a course that includes some economics and gives students an opportunity to demonstrate their understanding of economics concepts in an academic competition. Color the Economic Concepts Contest, co-sponsored with the Federal Reserve Bank of Richmond, gives students a chance to illustrate their knowledge of economic concepts in a creative and fun way by designing a poster of any of the economics concepts included in the VA Standards of Learning.

Description  

Each year, VCEE encourages teachers to submit original and creative lesson plans that promote student understanding of economic principles and help make economic and financial decision-making skills come alive in the classroom. The top two lesson plans deemed outstanding in their ability to infuse economic and financial literacy concepts into the classroom curriculum are selected for the elementary level and the secondary level. Similar selections are made for units. Cash awards of $300 to $1,000 are provided.   An Outstanding Economic Educator is also selected by each VCEE affiliated center to recognize the educator’s sustained history of commitment and contribution to economic and financial education. Each receives $100 and from these, Virginia's Outstanding Economic Educator of the Year is selected and awarded $1,000.  All economic educators are recognized at a luncheon held at the Federal Reserve Bank of Richmond.

Fiscal Year
Projected Revenue $965,455.00
Projected Expenses $976,527.00
Endowment Value $407,928.00
Spending Policy Percentage
Percentage (if selected) 4
Form 990s
IRS Letter of Exemption
Detailed Financials
Revenue SourcesHelpThe financial analysis involves a comparison of the IRS Form 990 and the audit report (when available) and revenue sources may not sum to total based on reconciliation differences. Revenue from foundations and corporations may include individual contributions when not itemized separately.
Fiscal Year201620152014
Foundation and
Corporation Contributions
------
Government Contributions$308,010$307,823$305,661
Federal------
State$308,010$307,823$305,661
Local------
Unspecified------
Individual Contributions$541,146$538,392$392,108
------
$45,415$49,294$51,801
Investment Income, Net of Losses$4,954$8,210$19,272
Membership Dues------
Special Events------
Revenue In-Kind------
Other------
Expense Allocation
Fiscal Year201620152014
Program Expense$671,980$729,141$667,462
Administration Expense$168,585$135,052$139,632
Fundraising Expense$33,652$49,210$28,512
Payments to Affiliates------
Total Revenue/Total Expenses1.030.990.92
Program Expense/Total Expenses77%80%80%
Fundraising Expense/Contributed Revenue4%6%4%
Assets and Liabilities
Fiscal Year201620152014
Total Assets$760,045$736,167$745,407
Current Assets$449,415$416,506$349,615
Long-Term Liabilities$0$0--
Current Liabilities$1,530$1,608$1,164
Total Net Assets$758,515$734,559$744,243
Short Term Solvency
Fiscal Year201620152014
Current Ratio: Current Assets/Current Liabilities293.74259.02300.36
Long Term Solvency
Fiscal Year201620152014
Long-Term Liabilities/Total Assets0%0%0%
Capital Campaign
Currently in a Capital Campaign? No
Campaign Purpose The purpose of the capital campaign is to raise funds to underwrite professional development for high school teachers who will be teaching economics and/or personal finance in preparation for the state's required economics and personal finance course.
State Charitable Solicitaions Permit
Solicitations Permit
Solicitations Permit 5/2016View
Comments
Organization Comments