Celebrating 75 Years of Impact









Note from Nan
As many of you know, I am retiring from CEE this year so this is my last Note from Nan to you. Thank you for all that you have done to support me and CEE during this time. Of course our future is in great hands with our board, staff and network and I am sure a fabulous new CEO.
It has been a fast 15 years. My first interview for this role occurred during one of NYC’s worst blizzards, and we have certainly weathered many storms since then with ever changing education, economic, technology and cultural landscapes. Thanks to your support and our CEE team, we leveraged and adapted to those moments to remain relevant to our students and teachers. Hence lessons last year on Taylor Swift and Barbie. (See all of our 2024 Accomplishments in this report).
Together with you we have accomplished much: the digital transformation of program delivery; reimagined advocacy efforts leading to a successful industry partnership, FinEd50, that is moving the needle; adding the National Personal Finance Challenge, Invest in Girls and Family Nights to the National Economics Challenge in creating our direct to student portfolio; new revenue streams through international licensing; expanded donor reach (again thank you for that!)
There is also much to look forward to: CEE’s new online personal finance class; increasing the reach of our student programs to ensure equitable access for all; rolling out new standards for K-12 economic education; ramping up our teacher training in key states to make advocacy efforts real – just to name a few It is no exaggeration to say that you, our donors, are the backbone upon which our past and future successes are built. Please continue your support. Why?
Because it matters – I see it so clearly as I picture all the students, teachers, and families that I have spent time with over the years at our conferences and student programs. Just makes me smile. There is always something –a financial crisis, recession, inflation, pandemic, cultural moment – that we should and can respond to. Thank you for being there in all of those moments.
It has been wonderful to get to know so many of you over the years. I appreciate your wisdom, kindness and generosity. Thank you.

Nan J. Morrison Retiring CEO
2024 ACCOMPLISHMENTS
In our 75th Anniversary year, CEE advanced our goals of ensuring access to financial education for all young people, training and supporting educators to deliver top quality economics and personal finance coursework and directly engaging young people to help them deepen their economics and personal finance knowledge and learn about career opportunities in the world of finance. Thank you for your support and partnership.
Advocating for Financial Education for All
State Financial Education Requirements
• Advancing equitable access to financial education for all students has great momentum. In the last 30 months, 14 states have added personal finance graduation requirements, and 3 have added economics requirements.
• In February, CEE issued its biennial Survey of the States – a comprehensive look into the state of K–12 economic and financial education in the United States. Media attention included a segment on CNBC’s Squawk Box and Marketplace as well as articles in Marketwatch and Newsday.




Last year saw more than 60 countries hold national elections, resulting in dozens of changes in leadership and equally numerous changes in policies. It is a moment that dramatically underscores the need for economic education. How do leaders make the best policy decisions within constraints; how do they weigh trade-offs? Similarly, how do individuals and businesses, faced with different policies, decide how to navigate shifting economic landscapes for their financial well-being?
The Council for Economic Education (CEE) wants to make sure future generations are prepared to make thoughtful economic decisions. We know from 75 years of experience that training teachers and working directly with K-12 students on economic and personal finance fundamentals can help not only those reached, but also their families and communities. Ultimately this contributes to a stronger overall economy.
Teacher Training and Resources

Student Programs
We are proud that our efforts, supported by great partners, helped convince 14 more states to add personal finance and 3 to add economic graduation requirements in the last 30 months. At the same time, we see how much more is needed – training teachers and students and advocating to get even more states to include this critical curriculum.
As we move forward, we will also be undergoing our own leadership transition in 2025. We are incredibly grateful to Nan Morrison for passionately leading CEE for the last 15 years –expanding its reach and impact, increasing its visibility, and for her critical part in improving thousands of young people’s lives. Our incoming CEO will have a solid foundation to build on, and a tremendous team and national network to work with.

Thomas Jefferson said that “the cornerstone of democracy rests on the foundation of an educated electorate.” I believe that an economics education is a key part of that foundation.

Rebecca Patterson, Chair Chief Investment Strategist (former) Bridgewater Associates


• CEE’s professional development reached 33,000 teachers who are estimated to be teaching economics or personal finance to over 3,000,000 students. Teacher training is done virtually and inperson through CEE’s nationwide affiliate network.

• Strong participation in the National Personal Finance Challenge (NPFC) continued with 15,200 students 31% of whom identify as Black and Hispanic – communities often with less access to personal finance education.
• CEE saw an 11% personal finance knowledge gain in a cohort of 1,175 students from low-to-


• 281 educator and student resources were updated this year. Some of the new resources designed to engage students include lessons related to the Taylor Swift ticket fiasco, the economics of the Olympics, and the impact of Messi on the local, regional and national markets where he plays.
• Our digital platform of free teacher resources had over 300,000 unique visitors in 2024 – a year over year increase of 12%.
• We successfully piloted online economics and personal finance courses that are rolling out.

moderate income communities who participated in the NPFC and whose schools received extra support and resources to deepen student learning and help them prepare for the competition.
• The National Economics Challenge had over 7,500 U.S. student participants this year – a 15% increase over 2023.
• Invest in Girls merged into CEE five years ago and the number of girls participating annually has gone up by nearly 3x to just under 2,000. We have nearly doubled the number of program sites and more than doubled the number of states where the program is operating. And today, 81% of our program sites serve girls from low-tomoderate income communities, up from 57% in 2019.

Raphael Bostic, PhD
President and Chief Executive Officer Federal Reserve Bank of Atlanta

John Y. Campbell, PhD
Morton L. and Carole S. Olshan Professor of Economics
Harvard University

Brad Maguth, PhD Professor, Director, H.K. Barker Center for Economic Education Lebron James Family Foundation School of Education The University of Akron

James H. Evans CFA Chief Investment Officer and Head of Fixed Income Parametric Portfolio Associates (part of Morgan Stanley Investment Management) (Retired)

Susan McDermott-deTray Executive Vice President Head of Private Bank Citizens Bank

Worku Gachou Head of North America, Inclusive Impact & Sustainability Visa, Inc.

Michael J. Pagano Partner & Head of Insurance Client Management Apollo Global Management
Why did you join CEE’s Board of Directors?
“ Research and experience tell us sound money management habits can be established as early as age seven, so the earlier we reach young people, the better the chances they become adults whose decisions maximize wellbeing for themselves and their families.”
Raphael Bostic, PhD
“ I joined the CEE board because I strongly believe that people in all walks of life can improve their lives by understanding the basic principles of economics and concepts of personal finance. Such valuable knowledge should not be reserved for college graduates who majored in economics.”
John Y. Campbell, PhD
“ I joined the Board of CEE because I am deeply concerned about the widespread lack of investment management knowledge among individuals. By promoting financial literacy, we can empower individuals to make informed investment decisions, avoid costly mistakes, and enhance their financial stability.”
James H. Evans
2024 DONOR HONOR ROLL
We sincerely appreciate all the people, businesses, and institutions who supported us in 2024. These generous donors make our essential work possible.
Financial Education Leaders
($500,000+)
Anonymous (1)
Equity Investors
($250,000 - $499,999)
Fidelity Investments
Visa, Inc.
Voya Foundation
Venture Capitalists
($100,000 - $249,999)
Alfred P. Sloan Foundation++
American Express
Ares Management++
Charles Schwab Foundation++
Citizens Bank
Intuit Education
Arkadi Kuhlmann
MFS Investment Management
Robinhood
Walmart
Wells Fargo Bank N.A.
Underwriters
($50,000 - $99,999)
Aegon Transamerica Foundation
Bank of America Foundation





Lawrence Golub, Karen Finerman, Lucy Golub, Jack Golub, William Golub, and Kate Golub++
Ann F. Kaplan
Morgan Stanley
USAA
Wellington Management Foundation
Angel Investors
($25,000 - $49,999)
Ainslie Foundation
American Association for Debt Resolution
Assured Guaranty
Alan and Madeline Blinder
Carol and Gene Ludwig Family Foundation
Charles Schwab & Co., Inc.
Discover
DTCC
Roger W. Ferguson, Jr.
First Eagle Investments
GIC Private Limited
Barry G. Haimes
The Hobson/Lucas Family Foundation
Ed and Caroline Hyman
Income Research + Management
Beth Kobliner Shaw
William Kunkler and Susan Crown
Mr. and Mrs. Edward Lamont




Leona M. and Harry B. Helmsley
Charitable Trust
National Endowment for Financial Education
Peter G. Peterson Foundation
Robert E. Rubin
The Seth Sprague Educational and Charitable Foundation
John J. Siegfried PhD
The Stiles-Nicholson Foundation
Viola Foundation
Paula Volent*
Accelerators
($10,000 - $24,999)
1st Financial Bank USA
Advent International
Aegon Asset Management
Amundi Asset Management
Antares Capital
Sheila Bair++
Berkshire Partners
Broad Street Consulting
Brookline Bank
Brown Advisory
Joyce Chang
Charles R. Schwab Foundation for Financial Freedom
Dalio Philanthropies
William C. Dudley and Ann Darby
Enova
Jim Evans
Ford Motor Credit Company



Franklin Templeton
Jason Furman
Carol W. Geremia
Jenny Van Leeuwen Harrington
Jan Hatzius and Linda-Eling Lee
Al Hegyi
The Huntington National Bank
Johnny Carson Foundation
Tonia L. Kaminsky
The Marc Haas Foundation
Nan J. Morrison
NBCUniversal Media LLC
Peter S. Nurnberg
Nuveen
Rebecca Patterson and Robert Frank
Dennis Paustenbach
Chet Ragavan*
Maksim Rakhlin
Remmer Family Foundation
RGA Foundation
The Rockefeller University
Shane Sanders
Signet Love Inspires Foundation
The Suzanne Nora Johnson & David G. Johnson Foundation
TAG Associates
Graham Tanaka
Dune D. Thorne
Voya Financial
Walton Family Foundation
Jonathan G. Weiss
Anita Wien
2024 DONOR HONOR ROLL
Investors
($5,000 - $9,999)
Anonymous (2)
Jane Abitanta
The Allée Foundation
America’s Charities
Beyond Finance
Peter Brown and Peggy Hamburg
Century Support Services
Chaffetz Lindsey
Peter Chaffetz*
Mr. and Mrs. Bob Corker
Cresset Capital
DCU for Kids
John R. Dozier
Eastern Bank Charitable Foundation
The Eucalyptus Foundation
Jim Febeo
Elizabeth Foster and Michael Walsh
Global Holdings LLC
J.G. Wentworth
Joe A. Larkin
Heather Lavallee*
Johanna Longnecker
Loretta J. Mester
Mary Miller
Melinda J. Mount
The Murphy Foundation
Osso Capital
Lisa Mullan Perkins
Heidi Pickett
Alan Schwartz
Sullivan & Cromwell
Sun Life Capital Management
Mark Vassallo and Maria Garzon
William Wilby
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Anonymous (5)
Anchor Capital Advisors
Lisa H. Banker*
Mr. and Mrs. Joshua Block
Michael Blumstein
Lyndon Boozer
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CEE-Japan
Titi Cole
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Common Impact
Conning
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Christine Cronin and\ Mark Hurst
Dean Curnutt
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Lauren DeMore
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Michael Douvadjian
Mr. and Mrs. Ken Duffy
Mr. and Mrs. Jonathan Durham
Blair Effron
Chris Egan
Envoy Media Group, Inc.
Michael Farr
Yildiz Ferri
Fidelity Asset Management Solutions
Mr. and Mrs. Chip Fisher
Mr. and Mrs. Lawrence Flinn, III
Glenn Fogel and Amy Roberts
Benjamin M. Friedman PhD
Richard Friedman
Scott Friedman
Worku Gachou
Elaine S. Gilde
John-Mark Gladstone
The Gordon and Llura Gund Foundation
Grantham Mayo Van Otterloo & Co.
Linda H. Hanauer
Brooke Harlow
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Joe Hill
Willard I. Hill, Jr.
Mr. and Mrs. Glenn H. Hutchins
Junior Achievement Rocky Mountain
Megan Kelly
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Moglia Family Foundation Trust
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Obra Capital and Culturati
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Operation HOPE
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Mr. and Mrs. Shep Perkins
Ira Platt
Principle Wealth Partners LLC
Quorum Federal Credit Union
Daniel Ross and Tamara Mitchel
Caroline Sacks
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Manish C. Shah
Silvercrest Asset Management Group
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You Have Our Trust Fund
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Anonymous (4)
AGF Invesments
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Amazon Smile
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Dan Colarusso
Brooke Coughlan*
Chandler Covington
Charles R. Cumello, Jr.
Thomas T. Daniels
Susan Eckman*
Michael Eckstut
Izukanne Emeagwali
Karen Firestone
Diane Glossman
Chris Hall
Isaac Hanauska
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Emily Jachimiak
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Sarah Jones Talbot and Timothy D. Talbot
JP Morgan Chase
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Audrey Kornkven*
Jonathan Lanstein
Ellen Lazarus
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Craig LoConte*
Annamaria Lusardi
Debbie Lusman
Elizabeth Madigan Jost
MassMutual Financial Group
MFS Gives
Jennifer Murphy
Thomas Musso
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Michael A. Peterson
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Martin Siroka
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Anonymous (31)
The Advisory Group of San Francisco
Pinar Akturk
Ameriprise Financial
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Aj Aslam*
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Thomas C. Barron
John Barrow
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Candace Berry*
Kristin Beuscher*
Roopa Bhargava*
Mark C. Biderman
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Daniel Delany
Paula DeMore
T. Bridges Dickey
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DMB Financial
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Susan Doty
2024 DONOR HONOR ROLL
Dahiana Duarte Pena*
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Morgan Estey
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Molly S. Fergusson
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Fiduciary Trust Company
Maria Fisher*
Inga Fisk
Lynsey Fitzgerald
Renata Frankel
Courtney Frazier*
Lindsay Gaertner*
Hannah Gleisser Sharnsky
Greenwise Financial Solutions
Geraldine Griffin
Jennifer Griffiths
Stephanie Guild
Denise Gutierrez
Lynn Hartfield
Ted Hartsoe
Kathryn Hay
Keyauna Henry
Diana P. Herrmann
Sean Heymann*
Marc Hollis*
Franklin Homer
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Anne Infeld
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Melissa Iovino
Diana Isern
Nusrat Islam
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Nuvia Ivey
Affiliate Supporters
Susanna Jacob*
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James Logan*
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Neil and Virginia Lucey
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Braeden Mayrisch*
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Money Magnets Club
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++ Multi-Year Donor
Beth and Kenneth Motschwiller
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Andrea Mozo
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Mas Nakachi
Natixis Advisors
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* Special thanks to our donors who leveraged a matching gift from their company.
We make every effort to ensure that the information listed is accurate. If you have any questions, please contact Tarnisha Smart, VP of Development and Events, at 212-827-3620 or tsmart@councilforeconed.org.
Judge Alice R. Senechal
Kerry Sette*
Amit Shah*
Kelsey Sheffield
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Elif Simsek*
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Tred Avon Family Wealth
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Unify FCU
Unity FI Solutions
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Mr. and Mrs. David Upson
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Lori Waresmith
Wealth of Wisdom
Eric Wilmes
Amy Woo
With much appreciation to our in-kind donors:
Joan Chevalier
Felicia and Robert Lipson
Sustena, a Paravida Company
BOARD OF DIRECTORS
OFFICERS
Rebecca Patterson, Chair Chief Investment Strategist (former) Bridgewater Associates
Jeffrey M. Lacker, PhD, Treasurer Former President (retired) Federal Reserve Bank of Richmond
Nan J. Morrison, President & CEO Council for Economic Education
DIRECTORS
Raphael Bostic, PhD
President and Chief Executive Officer Federal Reserve Bank of Atlanta
John Y. Campbell, PhD
Morton L. and Carole S. Olshan Professor of Economics Harvard University
William C. Dudley, PhD Senior Research Scholar Princeton University
James H. Evans, CFA
Chief Investment Officer and Head of Fixed Income Parametric Portfolio Associates (part of Morgan Stanley Investment Management) (Retired)
James Febeo
Senior Vice President and Head of Government Relations Fidelity Investments
Worku Gachou
Head of North America, Inclusive Impact & Sustainability Visa
Denise Gutierrez President and CEO California Council on Economic Education
Barry Haimes, Chair Emeritus Managing Partner
Sage Asset Management
Jenny Van Leeuwen Harrington
Chief Executive Officer and Portfolio Manager
Gilman Hill Asset Management, LLC
Jenny Jacobs
Senior Vice President, Transformation Journey Director
The Huntington National Bank
Tonia L. Kaminsky
Principal & Senior Financial Advisor
Shufro Rose & Co., LLC
Heather Lavallee
Chief Executive Officer
Voya Financial
Emily Kolinski Morris, PhD Chief Economist
Ford Motor Company
Brad Maguth, PhD Professor, Social Studies Education Director, H.K. Barker Center for Economic Education
LeBron James Family Foundation School of Education
The University of Akron
Susan McDermott-deTray
Executive Vice President Head of Private Bank Citizens Bank
Loretta J. Mester, PhD President and CEO Federal Reserve Bank of Cleveland
Michael J. Pagano Partner & Head of Insurance Client Management
Apollo Global Management
Chet Ragavan, CFA Board Member
CNO Financial Group
Max Rakhlin
Managing Director
Lightyear Capital
Shane Sanders
Senior Vice President, Finance (Retired) Verizon
John J. Siegfried, PhD Professor Emeritus Vanderbilt University
Graham Tanaka
President, Chief Investment Officer, and Chief Economist
Tanaka Capital Management and the TANAKA Growth Fund
DIRECTORS EMERITI
John T. Dillon, Chairman Emeritus Chairman & CEO (retired) International Paper Company
Benjamin M. Friedman, PhD, Emeritus William Joseph Maier Professor of Political Economy Department of Economics Harvard University
Harold McGraw III, Chairman Emeritus Chairman, President & CEO McGraw Hill Financial, Inc.
R. Madison Murphy, Chairman Emeritus Chairman (retired) Murphy Oil Corporation
William E. Odom, Chairman Emeritus Chairman (retired) Ford Motor Credit Company
Gary Stern, Chairman Emeritus Former President (retired) Federal Reserve Bank of Minneapolis
Dune Thorne, Chairman Emeritus Founder and Chair Emeritus, Invest In Girls Partner, Brown Advisory
ASSOCIATE BOARD MEMBERS
ASSOCIATE BOARD MEMBERS
Helen Alley Vice President, Client Advisor Bessemer Trust
Serena Ang Investment Analyst Oaktree Capital Management
Luisa Arias Baker Associate Vice President Morgan Stanley
Emma Katherine Barchi Financial Analyst CBRE
Marcia Bateson Chief Executive Officer Malama Aina, LLC
Joseph Bendix
MBA Candidate The Wharton School
KC Boas Director, Corporate Strategy BlackRock
Emma Clarke Senior Associate New York Life
Brooke Coughlan Banker, Asset and Wealth Management J.P. Morgan
Chandler Covington Consultant Deloitte Consulting, LLP
Helena Darling Vice President, Client Advisor Bessemer Trust
Dahiana Duarte Pena Vice President, Product Development Manager Eastern Bank, Inc.
Susan Eckman Vice President, Equity Research Analyst Wellington Management
Izu Emeagwali
Executive Director and Assistant General, Corporate and Investment Bank JPMorgan Chase & Co.
Carolyn M. Ferguson Executive Director CCS Fundraising
Leah Fernandez Manager, Digital Accessibility and Tech for Good L’Oreal
Bianca Flowers
U.S. Manufacturing Correspondent Thomson Reuters
Dan Frazier
Chief Executive Officer Century Support Services
William Garrity
Private Client Banker JPMorgan Chase & Co.
Nicole Gavin
Senior Associate – Global Markets State Street
Patrick C. George Vice President Oaktree Capital Management
John-Mark Gladstone JD Candidate (2L) Georgetown Law
William Golub Stanford University, Class of ’23
Chris Hall
MBA Candidate
Cornell Johnson Graduate School of Management
A. Denae Hannah, FPQP™ Founder & Lead Educator Debt-Free Denae
Emily Jachimiak
Vice President – Equity Capital Markets Citi
Memi Kirikoglu
Client Service Associate Bridgewater Associates
Ryan Klingert Consultant
Casey Quirk by Deloitte
Audrey Kornkven Private Equity Associate KKR
Ankusha Kumar Associate Director of Transformation Management S&P Global
Aleksandra Kurzydlowski Vice President – US Wealth Advisory BlackRock
Jordan Lederman, CFA Vice President, Capital Markets/Repo Waterfall Asset Management LLC
Jason Leshner Vice President GLC Advisors & Co., LLC
Fei Li Associate Cerberus Capital Management
Hongyu Lin
Research Associate MFS Investment Management
Rachel Lipski
Consultant, Global Transfer Pricing Deloitte Tax LLP
Debbie Lusman
Senior Vice President, Head of Stewardship Global Value First Eagle Investment
Nimat Muhammad Development Assistant The Moth
Thomas Musso, CFA Assistant Vice President Citigroup
Larisa Osmanaj Director Bennett Thrasher
Rhiannon Parker Associate Crestview Partners
Michael A. Peterson, MBA, ASA-MTS Senior Manager CohnReznick LLP
Courtney Reardon
Senior Vice President First Pacific Advisors
Matthew Shapiro Managing Member Devon Capital
Vivek Sharma Student Evergreen Valley College
Shallyn Simma Director, Strategic Planning Voya Financial
Breana Tan
MBA Candidate ’25 University of Michigan Ross
Spencer Tanaka
Private Equity Vice President The Carlyle Group
Larry Tang
Head of Production Partner Onboarding Gelato
David G. Watson Director
Morgan Stanley
2025 DIAMOND GALA
Celebrating over 75 years of providing K-12 students with financial and economic education to succeed
TUESDAY, APRIL 29, 2025 | THE PIERRE HOTEL 2 East 61st Street at Fifth Avenue, New York, NY
Cocktail Reception 6:15 pm | Dinner and Program 7:00 pm

DIAMOND AWARD
KELLY MAHON TULLIER
Vice Chair, Chief People and Corporate Affairs Officer Visa


DISTINGUISHED ECONOMIST
JEREMY J. SIEGEL
Russell E. Palmer Professor Emeritus of Finance Wharton School of the University of Pennsylvania

THE WILLIAM A. FORBES PUBLIC AWARENESS AWARD NAN J. MORRISON
Retiring CEO Council for Economic Education
Interested in becoming a sponsor or advertiser? Contact Tarnisha Smart, tsmart@councilforeconed.org Sponsor or Buy Tickets
UPCOMING EVENTS
National Economics Challenge Finals
May 29-30, 2025
Voya Headquarters, Atlanta, GA
National Personal Finance Challenge Finals
June 1-2, 2025
Voya Headquarters, Atlanta, GA 64th Annual Financial Literacy & Economic Education Conference
October 17-18, 2025
Sheraton New Orleans Hotel New Orleans, LA