w!se annual report
DESCRIPTION
annual report,TRANSCRIPT
A n n u a l R e p o r t 2 0 0 9
EXCEEDINGEXPECTATIONS
Table of Contents
2 Letter From the President
3–4 Financial Literacy Certification Program (FLCP)
5 High School of Economics & Finance and the
Sanford I. Weill Institute for Lifelong Learning
6 Quality of Life Program (QL)
7 Global Communications Institute (GCI)
8 Merrill Lynch National Business Plan Competition &
Global Business Challenge
9 Euro Challenge
10 Funders & Donors
11 Board Members & Staff
12 Testimonials
13 Auditor’s Report
14 Balance Sheet and Statement of Revenue, Expenses
and Changes to Net Assets
Annual ReportFiscal Year:
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w!se is a 501(c)3 organization dedicated to providing educational support services nationwide to prepare students for college and the workplace, build financial literacy, and inspire civic engagement. w!se’s innovative programs ensure that young people achieve their full potential and develop skills for lifelong learning.
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Letter From the President
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In 2009, our dynamic programs strongly addressed the educational needs of young people. They also met national and state standards, enriched core curricula, improved the quality of education, inspired students to dream, helped them plan for their futures and make good choices, and instilled in them the knowledge and skills they need for the 21st Century in order to achieve their full potential.
Our success is based on having a focused business strategy, a goal driven agenda, an outstanding portfolio of award winning programs and an equally outstanding team of experienced and passionate professionals dedicated to service excellence and delivery. w!se’s programs are well known for their innovation and pedagogical excellence. Our results this year include:
As President to of w!se, I am proud to share in the feelings of accomplishment that our teachers and students expressed throughout the school year. The testimonials on page 12 are additional evidence that 2009 was another successful and rewarding year.
Deep appreciation is extended to our valuable sponsors, partners, volunteers and to the members of the W!se Board of Directors. Our work is made possible through their many contributions during the year.
You are invited to join w!se in our mission to provide quality national educational programs and services, build financial literacy, foster social and business entrepreneurship, and prepare young people for college and the workplace. There is still so much work to do.
Sincerely,
Phyllis Frankfort PerilloPresident & CEO
! reached 55,000 students in 20 states with our Financial Literacy Certification (FLC) Program and, for the first time, we offered the FLC Test online;
! organized more than 130 seminars for 800 students through the W!se Institute providing young people at the High School of Economics & Finance with role models from industry, variety in the school schedule, curriculum reinforcement and enhancement and career and college readiness;
! nationally coordinated the Euro Challenge, a program of the Delegation of the European Union to the US, for 66 participating teams from nine states (Florida, Massachusetts, North Carolina, Illinois, New York, Michigan, Connecticut, New Jersey and Pennsylvania);
! provided our first program on financial independence for female victims and survivors of domestic violence 100% of those enrolled earned a CFL (Certification of Financial Literacy);
! organized our Global Business Challenge for students and educators from 12 countries from five continents (Australia, Austria, Belgium, Brazil, Bulgaria, China, Indonesia, Italy, Romania, Singapore, Sweden, and the United States). The Global Business Challenge is based on the Harvard case method, which promote students’ business acumen, leadership, and strategic thinking skills;
! inspiring students to continue their studies; 94% of the High School of Economics and Finance class of 2007 were admitted to college, earning over $1,500,000
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Program reaches more than 100,000 high school students!!
2008-2009 was another exciting year for the Program.We celebrated an important milestone – more than 100,000 students have taken w!se’s tests. The Program expanded geographically, is now available in 20 states and more than 37,000 students took the w!se Tests, an increase of 34%. Students received nearly 500,000 hours of personal finance instruction and continued to perform well on the tests with an average of 73% becoming Certified Financially Literate.
For the first time, our annual Blue Star Financial Literacy Report included an analytical retrospective of the
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Financial Literacy Certification Program (FLCP)
Financial LiteracyCERTIFICATION
“Just as the 2008 financial crisis aught us that financial illiteracy is one of its root causes, so must financial education be one of its cures.” – Phyllis Frankfort, w!se President and CEO
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“Since the FLCP began in 2003, more than 100,000 students have taken the Certification Test!
Financial Literacy Certification Program’s six-year history. The retrospective confirmed that financial education not only improves financial literacy, it also has a high and positive impact on student financial behavior.
Growth and Expansion – new features and markets!Several new program features were added in 2008-9. We introduced online testing and converted our tests into Braille in 2008-9 helping blind students to take the Certification Test and earn a CFL. We launched a new Certification Test for Teachers. This is an exciting new credentialing initiative that will provide teachers of personal finance an opportunity to earn a Certification in Personal Finance. We also delivered the program to support high risk youth living in the care of correctional facilities and developed end of chapter questions for a new high school level text book on personal finance.
Allstate grant check ceremony.
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Financial Literacy Certification Program (FLCP) cont.
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More than 500 Teachers receive training!Michael Stanzione, Principal of the High School of Economics & Finance in New York City, commented, “As educators, it is critical, given the country’s financial crises that one of our goals must be to help students become not just financially literate, but financially fluent. This is the only way to prevent them from repeating the mistakes of their parent’s generation. w!se, with its Financial Literacy Certification Program is leading the way in helping high schools achieve this goal.”
We hosted or participated in nine other teacher training workshops throughout the year reaching another 250 teachers and were featured presenters at several teacher training conferences around the country.
We continued to build awareness among teachers about the importance of financial education for young people. We participated in five awareness building summer workshops hosted by the New Jersey Coalition for Financial Education. New Jersey, a new state mandating personal finance instruction in high school, organized workshops to showcase the instructional resources available to personal finance teachers to help them prepare for the new course requirements.
Recognizing teachers, students and schools for their outstanding work!Our annual Scholars Reception, held at the historic and elegant Museum of American Finance, honored students who scored a 95% or higher on the 2008-09 Certification Test. The keynote speaker was Dana Gross, Senior Editor at Newsweek. From 2007-09, the number of scholars increased from 2,994 to 4,066, a record!
“Riza Laudin, Teacher, Herricks High School, New York with her scholars who had test scores of 95%+”
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High School of Economics & Finance (HSEAF)Sanford I. Weill Institute for Lifelong Learning
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The school’s mission is to provide a rigorous academic program in economics and finance that includes real-world opportunities; to graduate
students with the skills and knowledge necessary for college and the workplace; and to implement innovative approaches in education, which will prepare students to succeed in a technological society and in the global economy.
The High School of Economics & Finance (HSEAF), New York City Department of Education: Founded in 1993 by w!se President Phyllis Frankfort, this Title I school, located in the heart of Wall Street, provides a diverse student body (75% of which is below poverty level) from all five boroughs of New York City with a demanding college and career preparatory program.
Approximately 50% of entering freshmen are admitted either at or above grade level in both English and Mathematics. Approximately 50% freshmen are below grade level in these same subject areas.
2008-09 HighlightsOver 4,000 students applied and the school year opened with 285 freshmen, the largest number in the school’s history.
New curriculum included Financial Mathematics, Forensics and Atmospheric Science.
For the 6th year, earned Blue Star School status for having the majority of its students passing the national
Financial Literacy Certification Test and earning a CFL (Certification of Financial Literacy)
Awarded the Picturing America Grant.
92% of HSEAF class of 2009 graduates went to college.
HSEAF graduates were offered $1,254,000 in scholarships & grants.
The Sanford I. Weill Institute for Lifelong LearningThe Sanford I. Weill Institute is an award-winning program of Working in Support of Education provided only at the High School of Economics & Finance. It serves the entire student population with seminars and year-round community service and work experiences. The Institute is also responsible for providing technical support and maintaining external relations for the Institute and the school.
The Institute worked with nearly 400 volunteer partners, organized 137 seminars and had 523 students complete work experiences. Student seminars had an 88% passing rate.
The Advisory Board and the Executive CouncilThe High School of Economics & Finance and the Institute are fortunate to have individuals and organizations to provide guidance and financial resource that support achieving strong outcomes. Advisory Board firms include Citi, KPMG, Ernst & Young LLP, Moody’s, Deloitte & Touche, and Chartis Insurance. The Executive Council members are from SCP Worldwide LLC, Emerging Markets, Ltd., Guidance Corporation, Merrill Lynch, Hunter Graduate School, Ernst & Young LLP, Securities Exchange Commission, Solomon & Associates, and Working in Support of Education.
Advisory Board Member and Donor, Jeffrey Hoops.
Quality of Life Program (QL)Since its inception in 1996, the w!se Quality of Life Program (QL) has empowered thousands of public high school students to become social entrepreneurs and productive citizens. With guidance from at least three exerts in their field of interest, students research and write about an issue and learn to see their world with open, critical eyes and gain important skills for college, the workplace, and life.
In 2008-09, five additional schools participated in the QL Program. More than 500 students from 20 participating schools submitted thoughtful, innovative proposals into the QL Competition. From April through May, more than 70 volunteer judges read and rated more than 400 QL proposals through four rounds of competition, narrowing the applicant field down to 18 semifinalist proposals and then to seven finalist teams who compete for the top three scholarship prizes.
Supporting QL Program Students and Teachers In 2009, the QL Program enhanced the traditional learning experience for nearly 500 high school students through our applied learning experience and through w!se’s Student Resource Fair, Student Research Training Workshop, Oral Presentation Workshop, and the 7+ Student Library Days. In addition, w!se provided a QL Teacher Orientation Workshop and a Teacher Training Workshop attended by more than 40 educators.
Student SuccessStudent surveys at the conclusion of the 2008-09 QL Program indicated improved class experience and academic skills and increased civic engagement. QL students report a 90% or higher attendance rate and 99% of QL students (33% of whom are graduating seniors) plan to go to college after high school.
Students reported that the QL Program
• Added value to their experience in high school (88%)
• Improved their interaction with others (80%)
• Improvedtheirwritingandresearchskills(90%)
• Improvedtheirabilitytoidentifyanduseresources(83%)
•Strengthenedtheirknowledgeofarealworldissue(83%)
•Raisedtheirsocialawarenessandsensitivityto community issues (80%)
• Improvedtheirabilitytoproblem solve and to think critically (74%)
14th Annual QL Awards CeremonyOn May 29 the seven finalist teams presented their proposals before a panel of judges and a standing-room-only crowd of parents, teachers, school administrators, and community leaders in the corporate, non-profit, and public sectors.
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Quality of Life Program (QL)
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Providing tools for students to learn to create social change in their communities through choosing issues, research, and writing proposals that include feasible recommendations to address those issues.
Quality of LifePROGRAM
2008-09 QL College Scholarship WinnersFirst Place – Making Condoms Accessible to High School Students, Forest Hills High School
Second Place – Awareness of the Use of Toxic Chemicals in Toy Production, Staten Island Technical High School
Third Place – Buckle Up Baby, Forest Hills High School
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Global Communications Institute (GCI)
Global Communications InstituteThe Global Communications Institute (GCI) is a distinctive and intensive one or two week-long private program for New York City young people in public high school. Through their participation in GCI, students participate in activities, have instruction and guidance to build self confidence and a strong presence, to strengthen their skills and understanding of the strategies for success in college, the global workplace and socially and to improve their understanding of managing their personal finances, culture and the arts
The goals of the Global Communications Institute are to
• Prepare students to compete successfully in the global marketplace
• Foster academic excellence
• Provide access to real world experts
As in previous years, the 2009 Global Communications Institute was held at a private club in the heart of Manhattan where the students spent their time building their listening, speaking, and written communication skills, reviewing and enhancing personal and business etiquette, learning how to present a powerful image, and strengthening their cultural sensitivity and global awareness as well as learning to manage their personal finances.
Students also learned how to appropriately exert influence, negotiate, study and prepare for tests. Week two added a focus on global issues, business writing, ethics, workplace readiness, problem solving, and strategies for social success. GCI 2009 students also visited the United Nations and Columbia University.
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GCI builds confidence and teaches students how to demonstrate the strength of character and personal presence that yields them access to social and professional success.
Global Communications Institute
Merrill Lynch National Business Plan Competition & Global Business Challenge
Global Business ChallengeThe W!se Global Business Challenge is a rigorous competition in which young people receive university level material and a corporate multinational team building experience. For 2009, after an analysis of 50 cases, w!se selected Schlinder India and developed the challenge questions that were easily comprehended at all language fluency levels, yet would strike at the heart of fundamental business knowledge. On the day of the Challenge, the mission for students in their teams was to analyze company data, identify the relevant information for the task and prepare a business strategy to be presented to judges. Questions required participants to think critically and objectively about the case and make decisions, which ultimately demonstrated leadership qualities.
Participating students in Practice Firms and Virtual Enterprise programs worldwide were from the U.S. (CA), Italy, Romania, Bulgaria, Belgium, Brazil, Romania, Austria, China, Australia, U.S. (NYC), U.S. (VA), Italy, Romania, Bulgaria, Belgium, and Brazil. The Global Business Challenge Closing Session was keynoted by Shibani Joshi, Correspondent, Fox Business Network. The case was discussed by David Anderson, W!se Executive Vice President and trophies were distributed by the judges. The First Place Team included students from U.S. (CA), Italy, Romania, Bulgaria, Belgium, Brazil.
National Business Plan Competitionw!se, the Center for Virtual Enterprises National Activities, organizes the National Business Plan Competition as the signature national event for the United States Network of Virtual Enterprises. In 2009, eighteen teams from California, New York, New Jersey, South Carolina, Tennessee, and Virginia competed for more than $25,000 in prizes provided by the Merrill Lynch Foundation. These teams submitted written business plans, presented their plans orally, and responded to questions from a panel of judges who selected the winners. The judges were amazed at the level of knowledge demonstrated by national team members.
Virtual Enterprises International (VEI) is a program that offers students the opportunity to create and manage simulated e-commerce businesses through a worldwide network of more than 3,000 virtual businesses worldwide.
The impact of the National Business Plan Competition extends far beyond the number of students participating in the National Competition, which sets the standard for all firms within the U. S. Network of Virtual Enterprises. In all, the program reaches more than 10,000 students in more than 425 virtual enterprises nationally.
The fifth Competition was held at Baruch College in New York City from March 23-26, 2009 and w!se was once again proud to produce this challenging and meaningful event.
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Euro Challenge
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Euro Challenge 2009The Euro Challenge provides an exciting educational opportunity for high school students (grades 9 and 10) to learn about the European Union (EU) and the euro. Student teams make presentations that address specific questions about the European economy as a whole and the single currency, the euro. Students also pick one member country of the euro area and examine an economic problem at the country level and identify policies for responding to that problem.
The Euro Challenge is part of the Information Programme of the European Citizen (PRINCE) aiming to build actions and information campaigns on the euro.
w!se served as the “Competition Coordinator” of Euro Challenge 2009. In this capacity, we assisted in organizing the 2009 competition and all competition- related activities held in the New York Region.
In 2009, the Euro Challenge continued its rapid expansion on a national scale. In total, 66 teams consisting of three to five students from nine states (Florida, Massachusetts, North Carolina, Illinois, New York, Michigan, Connecticut, New Jersey and Pennsylvania) participated in the Challenge. Students
were judged on their knowledge of the economic situation in the euro area, their knowledge of the challenge issue they selected, their knowledge of how the challenge issue is affecting the euro zone country they selected, their responses to judges’ questions, the
quality of their presentations, the depth of research and analysis, and their demonstrated level of teamwork and cooperation.
Continued Positive Response in 2008-09:
98.2% of teachers “strongly agreed” or “agreed” that the Euro Challenge increased interest in educating students about Europe and the European economy
100% of teachers recommended that other teachers participate in the Euro Challenge
89.2% of students “strongly agreed” or “agreed” they became interested in learning more about Europe and the European economy because of the Challenge
97.3% of students recommended that other students participate in the Euro Challenge
As in previous years, the 2009 Euro Challenge culminated in a one-day trip to Washington, DC on June 11th for the first and second place teams. Following Euro Challenge team presentations at the Irish Embassy and European Delegation, students and teachers visited the Federal Reserve System and International Monetary Fund.
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Funders & Donors
FUNDERS
Merrill Lynch FoundationCiti FoundationDelegation of the European Union to the U.S.Moody’s FoundationJPMorgan Chase FoundationNew York Community TrustThe McGrawHill CompaniesThe Allstate FoundationNew York State Banking DepartmentWachoviaNew York Stock Exchange FoundationKnight Newmark REBloombergGE MoneyNational Council on Economic EducationMarjorie Talman Education FoundationThe Peter Jay Sharp FoundationPearsonMuriel F. Siebert FoundationNew York City Office of EmpowermentHudson River BankM&T BankErnst & YoungDeloitte & ToucheKPMGNYC Department of Education Goodwill IndustriesTopol FoundationRush FoundationLearning ExpressMuncipal Credit UnionSignature BankCharles SchwabDaily NewsMichael C. FinaPeggy KlausJeffrey HillJeffrey and Glenda HoopsChristopher ZangariVictor SamraMary McDermottCarol GuierriMyra Tweedy
Victor SamraJeffrey Hoops
Christopher ZangariE. B. Silvers
24/7 Real Media c/o David MooreAbe SilversteinAdrian FigueroaAlan BronsteinAlec WigginAmarilis BlackwoodAnantharam, KamalaAndra SanderAndrea YeriazarianAndrew BartAndrew CohenAngel MoralesAnja LuesinkAnn-Marie DiGennaroAnthony BalmacedaAnthony CarnesiAnthony CettaAnthony DalessioAnthony MormileArt MoranArthur Pober, Ph.D.Ashish BaliBagels and MoreBalouzian, SandraBarbara TurnerBarbara-Ann BensonBard Graduate CenterBaruch CollegeBarry JamisonBen HarrisonBill WhitlockBlockheadsBloomberg Bravo PizzaBreandan O’CallloaiBrian McGurganBruno IcianoBryan KaplanBryan LewisCarl FriedrichCarmen HernandezCarol GuirieriCarrie WellsCase & White Law FirmCase and WhiteCay Hehner SittonChaim SteinbergerCharles DayCharles E. ScottChipotleChristina TaylorChristine IsalesChristophe DestaisChristopher CesaraniChristopher HollingerChristopher MatthewsCiti FoundationCiti Foundation SpaceClare StenstromClarence StanleyCory ReevesCourt IngrahamCredit SuisseDaily NewsDaniel HatcherDaniela StefovskaDavid BermanDeborah Franklin-FeingoldDeborah SittonDelegation of the European Commission to the U.S.Deloitte & Touche
Dennis AcevadoDennis CulverDevon PryorDiana DiPalmaDinah DayDonald ElivertDonna BrooksDorothy ShippsDr. FamerDr. Faryal KhanDr. Markus ZienerDr. Pilar Garcia MartinezEaster WoodEdison SchoolsElizabeth GreenbaumElizabeth HubbardElizabeth StongEllen FongEllen HoustonEmanuel MartinezEmerson, EveEmil BraunErana StennettEric AskinsErika YoungErin FitzPatrickEzekiel AguirreFederal Reserve Bank of New YorkFelipe SaldarriagaFelix ThierfelderFlora KeshishianFranz LozaFred GriegFreida OelbaummFUZEGail EdwardsGian Carlo BrunoGlenn PicouGoogleGregg ZogbyHeinrich GudenhusHelen DuannHelen KimHonorable Filike MagubaneHugo KaufmannHuman Rights CommissionIris BlancJake BrennerJames Alford, Jr.James C. PerkinsJames GlynnJames MaynardJames PerkinsJana AubrechtovaJane WoosterJanos HarskutiJason NewmanJason RimlandJason TenzerJason WhiteheadJeffery HoopsJeffery MossJennifer RobertsonJeremy PriceJerry Cahn, Ph.D.Jesse DeSalvoJessica LeeJim LavinJinx Cozzi PerulloJoan SalakJoanna CurtisJocelyn Castillo
Joe TorcicolloJohn BeamJohn KraeutlerJolene LaneJordan GreenblattJose ApanteJosé Rivera AlersJosi FuscoJPMorgan ChaseJude NelsonJudge TapiaJulia SmithKaryn BrownsonKasper ZeuthenKathy FloydKathy GraffKatrin WeiszhauptKeisha JonesKelerie HeiserKemana PaulasKendra PawlikKenneth Goodwin, Jr.Khalid R. JonesKim Estes-FradisKoyzina KafeKresimir MarusicKristin LindowKristy NguyenLaksmi NorLara SheikhLauren HeagartyLawrence BarthLawrence SavellLeah HalikiopoulosLessette ToroLibrary DaysLisa SolomonLiz ParkerLloyd BrombergLoren BusbyLorna FeldmanLouise BlaneyMaria AllenMariya KrastevaMark MontgomeryMartha StarkMarvin CabreraMattias SundholmMaxine ClarkeMazaher TejaniMegan ScanlonMel GlennMelanie ApogeeMelanie WaitsMelinda GrenierMichael AsendioMichael GoldmanMichael JonesMichael OgrinzMichael SookramMichelle MauMicrosoftMiguel SandomingoMike ShurMike ZammMillicent CavanaughMinnette ColemanMonica BlackMonika CobleMonique AchuMorgan LewisNancy MurphyNancy Ploeger
Nathalie CamusNicole YardeNYC Commission on Human Rights NYC Opera c/o Erica RauerOksana KuchmanPamela FrederickPamela KumaPatrict Burke, Ph.D.Paul DoersamPaul RieckhoffPauline YuPearl BeckPedro HernandezPhillip LaRuePrabhat VaishRanjit ChatterjiRay LapofRebecca SacherRick NaciusRobert RogersRobert ShapiroRobert ShimonyRussell MorseSamuel BlaneySandra LangSarah CurranScott HorwitzScott LarsonScott O’DonnellSean O’NeillSharon KaufmanShonna JacobsShumeca PickettSkip VaccarinoStacey WalkerStanley NemeroffStarbucksSteve NewmanSteven & Donald AbramsSteven FaktorSudhir RahiSusan MozianSuzanne MatthewsTamera ConeTaylor SmithTed LeugerTeresa SavoryTffany GittensThe CityKids Foundation c/o Jenny PetersThe McGraw Hill Companies The Moody’s FoundationTina ShahToastmastersTodd WolynskiTomas HartTony MarshallTynesha WhiteVadim VilenskyValeria SeveriniValerie AdelmanVanesa PerkinsVassilios SitarasVikram AtalVictor SamraVikas DeloryVisiting Nurse Service Will TaylorYafa BergerZachary Emig 10
INDIVIDUAL DONORS
IN-KIND DONORS
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Board Members & Staff
BOARD OF DIRECTORS HSEAF EXECUTIVE COUNCIL STAFF
Deborah A. Smith, ChairWachovia
D’Vera Topol, Vice Chair Topol Foundation
Michael Breit, TreasurerEisner, LLP
Carmen Russo, SecretaryCarmen Russo & Associates
Phyllis Frankfort Perillo, President & CEO w!se
Dr. Charlotte K. FrankThe McGraw-Hill Companies
Gary E. HughesGH Lace, Inc.
Mary McDermottMcDermott Consulting
Mark S. Weiss, Finance CommitteeNewmark Knight Frank
James M. Abry, Finance CommitteeSCP Worldwide
Gretchen A. GoodallCiti
Sol Irvine, Esq.Morgan Lewis & Bockius LLP
Abry, James M. Sports Capital Partners LLC
Blaney, LouiseEmerging Markets, Ltd.
Burke, Dr. Patrick, Hunter College(Former Principal, HSEF)
Floyd, Kathleen M.The Foundation for Investor Education & The Stock Market Game
Frankfort, PhyllisWorking In Support of Education
Hoops, JeffreyErnst & Young LLP
Lee, JessicaMerrill Lynch
Michan, MoisesCiti
Sheehan, Daria Citi Foundation
Solomon, LisaSolomon & Associates
Stanzione, MichaelHS of Economics & Finance
Vaccarino, SkipTri-State Employer Services, Inc.
Phyllis Frankfort PerilloPresident & CEO
David AndersonExecutive Vice President
Linda HenrichFinancial Manager
Clifford DukesDirector, Sanford Weill Institute
Eric KatzmanManager, Communications & Events
Sheila BeattyProgram CoordinatorSanford Weill Institute
Jenya GreenManager, Quality of Life Program
Paul GrewalData Analyst
Rachel PierreProgram Manager
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Testimonials
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“It is an eye-opener for the students to learn how much things actually cost. I enjoy teaching my students information I know they will use in their futures and that will hopefully help them become better consumers. They are also teaching their parents what they learn!” - Terri Mitchell- Cato Meridian High School
“I just wanted to thank you and your colleagues for a wonderful [Quality of Life] program. The kids learned the importance of taking initiative and following through on their ideas, and they also learned how to conduct themselves in a business environment–lessons that will serve them well.” - Sarah Clark, High School of Telecommunications
“Thank you for the opportunity to be a Quality of Life final judge. I truly enjoyed the competition and I am so impressed by the caliber of the work these students are doing. It was an honor to be able to participate and I wish we could award them all with a scholarship. You and your staff were great hosts as always and the competition seems to get stronger each time. I look forward to being a part of any future WISE events as I truly believe in your mission and the work you all do.” - Dennis Acevedo, Judge from Year Up
“Every student that passed the Financial Literacy Certification exam at our Alternative High School is a success story! It was heartwarming to proudly see my students become engaged in conversations about money and to see them realize that they have control over their future finances. Our principal and entire staff gave great recognition to students who participated in this program and they want me to continue it, especially the on-line testing.” - Kathy White- Dutchess Boces Alternative High School 6/17/09
“This course [Financial Literacy Certification Program] was a great success with the students in my high-need school. It provided them with background and access to further information, which is critical to their lives outside of school. Many of the students who passed the exam had not previously received academic recognition, so the certification was a great boost for them emotionally as well.” Wendy Mernard, Teacher, High School for Global Citizenship
“At first I thought a finance class would be a very boring class where we would learn to write
checks and stuff like that. But it turned out to be my favorite class this year because we learned stuff that we could use in real life, not just in school. I wish I had taken it earlier in high school. I think it is cool that you and all the others at w!se have made something
that rewards students for managing their finances.” - Tim Belsches, student. Virginia
This program (Quality of Life) spurs student creativity and empowerment. It offers a wonderful chance for students to learn how to research a topic of their own interest and choice and find ways that their research can be a tool for social change and action. I am proud to be a part of the W.I.S.E. Quality of Life program and I am excited each year that my students have a chance to make their contribution to improving our lives in this world. - Robin Kovat, Law and Research Coordinator, Sheepshead Bay High School
“I liked that it [Euro Challenge] gave us the opportunity
to learn about a topic that is generally not taught in school.” Monica Haebich,
Teacher, Half Hollow Hills High School Eas
“Thank you to w!se for your invaluable
resources and support in making students financially savvy.”
I am retired after teaching forty-two years. My last two years I used the Financial Literacy Certification
Program in my economics classes at Fishers Island School. It was the best single teaching program that I used
in all my years as a teacher. Keep up the great work. Thank you. Bernard B. Bartick, Teacher, Fishers Island School
Comments received this year from teachers and students in our programs:
Auditor’s Report
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Financial Statements
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Statement of Revenue, Expenses and Changes to Net Assets
For the Year Ended July 31
PROGRAM COSTS
Grant Income
Contributions
Income From Advertisements
Consulting & Management Fees
Donated Goods & Services
Grant Income
Contributions
Income From Advertisements
Consulting & Management Fees
Donated Goods & Services
INCOME AND SUPPORT
Consulting and Management Feesv
Donated Goods and Services
Contributions
Grant Income
Income from Advertisements
Management & General, 5%
Programs, 95%
BALANCE SHEETJULY 31
ASSETSCurrent Assets:
Cash
Investments in marketable securities
Accounts receivable
Prepayments and advances
Total current Assets
Depreciable assets, not depreciation
Security deposits
TOTAL ASSETS
LIABILITIES AND NET ASSETSLiabilities:
Accounts payable
Payroll taxes payable
Scholarships payable
Grants management payable
Total Current Liabilities
Deferred program revenue
Total liabilities
Net Assets:
Unrestricted operating net assets
Restricted net assets
Total net assets
TOTAL LIABILITIES AND NET ASSETS
2009
$ 1,004,918
6,328
10,475
11,377
1,033,098
46,718
1,700
$ 1,081,516
2009
$ 103,962
2,349
21,675
2,617
130,603
313,628
444,231
270,990
366,295
637,285
$ 1,081,516
2008
$ 730,964
35,467
92,600
1,496
860,527
56,513
1,400
$ 918,440
2008
108,779
181
50,124
20,400
179,484
103,000
282,484
261,049
374,907
635,956
$ 918,440
Changes in restricted net assets
Restricted income and support:
Grant income
Consulting and management fees
Income from Advertisements
Donated goods and services
Contributions
Total Restricted Income and support
Program costs:
Programs
Management and General
Increase (decrease) in restricted net assets
Changes in unrestricted net assets:
Net gain on securities
Miscellaneous Income
Interest and dividends
Increase (decrease) in unrestricted net assets
before release of Restrictions
Increase (decrease) in unrestricted net assets
Increase (decrease) in net assets
Net assets as of beginning of the year
Net assets of end of the year
2009
$ 985,081
95178
8500
595079
21510
1,705,348
$ 1,588,960
$ 125,000
$ 1,716,960
$ (8,612)
-4,258
14,199
9,941
9,941
1,329
635,956
$ 637,285
2008
$ 936,580
89,625
231,126
5,300
1,262,631
$ 1,945,560
$ 1,237,830
$ 1,976,360
$ (101,057)
-4,304
23,893
33,780
53,369
80,304
133,673
32,616
603,40
$ 635,956
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227 East 56th Street, Suite 201New York, NY 10022