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EXCEEDING EXPECTATIONS

Annual Report 2009


Annual Report Fiscal Year:

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.

Table of Contents

1

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

1


Letter From the President

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:

!

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

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 Perillo President & CEO

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Financial Literacy Certification Program (FLCP)

Financial Literacy CERTIFICATION

“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

Program reaches more than 100,000 high school students!!

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!

“Since the FLCP began in 2003, more than 100,000 students have taken the Certification Test!

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.

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.

For the first time, our annual Blue Star Financial Literacy Report included an analytical retrospective of the

Allstate grant check ceremony.

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Financial Literacy Certification Program (FLCP) cont.

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.”

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!

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.

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“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

T

he 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.

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 Learning The 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 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 Highlights

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 Council The 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.

Over 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.

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For the 6th year, earned Blue Star School status for having the majority of its students passing the national Advisory Board Member and Donor, Jeffrey Hoops.

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Quality of Life Program (QL)

Quality of Life PROGRAM

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 Life Program (QL)

Student Success

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.

Student 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.

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.

Students reported that the QL Program • Added value to their experience in high school (88%) • Improved their interaction with others (80%) • Improved their writing and research skills (90%) • Improved their ability to identify and use resources (83%) • Strengthened their knowledge of a real world issue (83%) • Raised their social awareness and sensitivity to community issues (80%) • Improved their ability to problem solve and to think critically (74%)

14th Annual QL Awards Ceremony On May 29 the seven finalist teams presented their proposals before a panel of judges and a standing-roomonly crowd of parents, teachers, school administrators, and community leaders in the corporate, non-profit, and public sectors.

2008-09 QL College Scholarship Winners First 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

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Third Place – Buckle Up Baby, Forest Hills High School

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Global Communications Institute (GCI)

Global Communications Institute

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 The 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

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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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Merrill Lynch National Business Plan Competition & Global Business Challenge

Global Business Challenge The 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.

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National Business Plan Competition w!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

Euro Challenge 2009 The 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 competitionrelated activities held in the New York Region.

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

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

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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

IN-KIND DONORS

FUNDERS

Merrill Lynch Foundation Citi Foundation Delegation of the European Union to the U.S. Moody’s Foundation JPMorgan Chase Foundation New York Community Trust The McGrawHill Companies The Allstate Foundation New York State Banking Department Wachovia New York Stock Exchange Foundation Knight Newmark RE Bloomberg GE Money National Council on Economic Education Marjorie Talman Education Foundation The Peter Jay Sharp Foundation Pearson Muriel F. Siebert Foundation New York City Office of Empowerment Hudson River Bank M&T Bank Ernst & Young Deloitte & Touche KPMG NYC Department of Education Goodwill Industries Topol Foundation Rush Foundation Learning Express Muncipal Credit Union Signature Bank Charles Schwab Daily News Michael C. Fina Peggy Klaus Jeffrey Hill Jeffrey and Glenda Hoops Christopher Zangari Victor Samra Mary McDermott Carol Guierri Myra Tweedy

INDIVIDUAL DONORS

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Victor Samra Jeffrey Hoops

Christopher Zangari E. B. Silvers

24/7 Real Media c/o David Moore Abe Silverstein Adrian Figueroa Alan Bronstein Alec Wiggin Amarilis Blackwood Anantharam, Kamala Andra Sander Andrea Yeriazarian Andrew Bart Andrew Cohen Angel Morales Anja Luesink Ann-Marie DiGennaro Anthony Balmaceda Anthony Carnesi Anthony Cetta Anthony Dalessio Anthony Mormile Art Moran Arthur Pober, Ph.D. Ashish Bali Bagels and More Balouzian, Sandra Barbara Turner Barbara-Ann Benson Bard Graduate Center Baruch College Barry Jamison Ben Harrison Bill Whitlock Blockheads Bloomberg Bravo Pizza Breandan O’Callloai Brian McGurgan Bruno Iciano Bryan Kaplan Bryan Lewis Carl Friedrich Carmen Hernandez Carol Guirieri Carrie Wells Case & White Law Firm Case and White Cay Hehner Sitton Chaim Steinberger Charles Day Charles E. Scott Chipotle Christina Taylor Christine Isales Christophe Destais Christopher Cesarani Christopher Hollinger Christopher Matthews Citi Foundation Citi Foundation Space Clare Stenstrom Clarence Stanley Cory Reeves Court Ingraham Credit Suisse Daily News Daniel Hatcher Daniela Stefovska David Berman Deborah Franklin-Feingold Deborah Sitton Delegation of the European Commission to the U.S. Deloitte & Touche

Dennis Acevado Dennis Culver Devon Pryor Diana DiPalma Dinah Day Donald Elivert Donna Brooks Dorothy Shipps Dr. Famer Dr. Faryal Khan Dr. Markus Ziener Dr. Pilar Garcia Martinez Easter Wood Edison Schools Elizabeth Greenbaum Elizabeth Hubbard Elizabeth Stong Ellen Fong Ellen Houston Emanuel Martinez Emerson, Eve Emil Braun Erana Stennett Eric Askins Erika Young Erin FitzPatrick Ezekiel Aguirre Federal Reserve Bank of New York Felipe Saldarriaga Felix Thierfelder Flora Keshishian Franz Loza Fred Grieg Freida Oelbaumm FUZE Gail Edwards Gian Carlo Bruno Glenn Picou Google Gregg Zogby Heinrich Gudenhus Helen Duann Helen Kim Honorable Filike Magubane Hugo Kaufmann Human Rights Commission Iris Blanc Jake Brenner James Alford, Jr. James C. Perkins James Glynn James Maynard James Perkins Jana Aubrechtova Jane Wooster Janos Harskuti Jason Newman Jason Rimland Jason Tenzer Jason Whitehead Jeffery Hoops Jeffery Moss Jennifer Robertson Jeremy Price Jerry Cahn, Ph.D. Jesse DeSalvo Jessica Lee Jim Lavin Jinx Cozzi Perullo Joan Salak Joanna Curtis Jocelyn Castillo

Joe Torcicollo John Beam John Kraeutler Jolene Lane Jordan Greenblatt Jose Apante José Rivera Alers Josi Fusco JPMorgan Chase Jude Nelson Judge Tapia Julia Smith Karyn Brownson Kasper Zeuthen Kathy Floyd Kathy Graff Katrin Weiszhaupt Keisha Jones Kelerie Heiser Kemana Paulas Kendra Pawlik Kenneth Goodwin, Jr. Khalid R. Jones Kim Estes-Fradis Koyzina Kafe Kresimir Marusic Kristin Lindow Kristy Nguyen Laksmi Nor Lara Sheikh Lauren Heagarty Lawrence Barth Lawrence Savell Leah Halikiopoulos Lessette Toro Library Days Lisa Solomon Liz Parker Lloyd Bromberg Loren Busby Lorna Feldman Louise Blaney Maria Allen Mariya Krasteva Mark Montgomery Martha Stark Marvin Cabrera Mattias Sundholm Maxine Clarke Mazaher Tejani Megan Scanlon Mel Glenn Melanie Apogee Melanie Waits Melinda Grenier Michael Asendio Michael Goldman Michael Jones Michael Ogrinz Michael Sookram Michelle Mau Microsoft Miguel Sandomingo Mike Shur Mike Zamm Millicent Cavanaugh Minnette Coleman Monica Black Monika Coble Monique Achu Morgan Lewis Nancy Murphy Nancy Ploeger

Nathalie Camus Nicole Yarde NYC Commission on Human Rights NYC Opera c/o Erica Rauer Oksana Kuchman Pamela Frederick Pamela Kuma Patrict Burke, Ph.D. Paul Doersam Paul Rieckhoff Pauline Yu Pearl Beck Pedro Hernandez Phillip LaRue Prabhat Vaish Ranjit Chatterji Ray Lapof Rebecca Sacher Rick Nacius Robert Rogers Robert Shapiro Robert Shimony Russell Morse Samuel Blaney Sandra Lang Sarah Curran Scott Horwitz Scott Larson Scott O’Donnell Sean O’Neill Sharon Kaufman Shonna Jacobs Shumeca Pickett Skip Vaccarino Stacey Walker Stanley Nemeroff Starbucks Steve Newman Steven & Donald Abrams Steven Faktor Sudhir Rahi Susan Mozian Suzanne Matthews Tamera Cone Taylor Smith Ted Leuger Teresa Savory Tffany Gittens The CityKids Foundation c/o Jenny Peters The McGraw Hill Companies The Moody’s Foundation Tina Shah Toastmasters Todd Wolynski Tomas Hart Tony Marshall Tynesha White Vadim Vilensky Valeria Severini Valerie Adelman Vanesa Perkins Vassilios Sitaras Vikram Atal Victor Samra Vikas Delory Visiting Nurse Service Will Taylor Yafa Berger Zachary Emig

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Board Members & Staff

BOARD OF DIRECTORS

STAFF

Deborah A. Smith, Chair Wachovia

Abry, James M. Sports Capital Partners LLC

Phyllis Frankfort Perillo President & CEO

D’Vera Topol, Vice Chair Topol Foundation

Blaney, Louise Emerging Markets, Ltd.

David Anderson Executive Vice President

Michael Breit, Treasurer Eisner, LLP

Burke, Dr. Patrick, Hunter College (Former Principal, HSEF)

Linda Henrich Financial Manager

Carmen Russo, Secretary Carmen Russo & Associates

Floyd, Kathleen M. The Foundation for Investor Education & The Stock Market Game

Clifford Dukes Director, Sanford Weill Institute

Phyllis Frankfort Perillo, President & CEO w!se Dr. Charlotte K. Frank The McGraw-Hill Companies Gary E. Hughes GH Lace, Inc. Mary McDermott McDermott Consulting Mark S. Weiss, Finance Committee Newmark Knight Frank James M. Abry, Finance Committee SCP Worldwide Gretchen A. Goodall Citi Sol Irvine, Esq. Morgan Lewis & Bockius LLP

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HSEAF EXECUTIVE COUNCIL

Frankfort, Phyllis Working In Support of Education

Eric Katzman Manager, Communications & Events

Hoops, Jeffrey Ernst & Young LLP

Sheila Beatty Program Coordinator Sanford Weill Institute

Lee, Jessica Merrill Lynch

Jenya Green Manager, Quality of Life Program

Michan, Moises Citi

Paul Grewal Data Analyst

Sheehan, Daria Citi Foundation

Rachel Pierre Program Manager

Solomon, Lisa Solomon & Associates Stanzione, Michael HS of Economics & Finance Vaccarino, Skip Tri-State Employer Services, Inc.

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Testimonials

Comments received this year from teachers and students in our programs:

“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

“This course [Financial Literacy “Thank you to w!se Certification Program] was a for your invaluable great success with the students resources and support in my high-need school. It in making students provided them with background financially savvy.” 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 “Thank you for the “I liked that it [Euro Challenge] checks and stuff like that. But it turned out opportunity to be a Quality gave us the opportunity to be my favorite class this year because we of Life final judge. I truly to learn about a topic that learned stuff that we could use in real life, enjoyed the competition is generally not taught in not just in school. I wish I had taken it earlier and I am so impressed school.” Monica Haebich, in high school. I think it is cool that you and by the caliber of the work Teacher, Half Hollow Hills High all the others at w!se have made something these students are doing. School Eas that rewards students for managing their It was an honor to be able finances.” - Tim Belsches, student. Virginia to participate and I wish we could award them all with a scholarship. You and your This program (Quality of Life) spurs student creativity and staff were great hosts as always empowerment. It offers a wonderful chance for students and the competition seems to get to learn how to research a topic of their own interest and stronger each time. I look forward to being a part of any choice and find ways that their research can be a tool for future WISE events as I truly believe in your mission and the social change and action. I am proud work you all do.” - Dennis Acevedo, Judge from Year Up to be a part of the W.I.S.E. Quality of Life program “Every student that passed the Financial Literacy and I am excited Certification exam at our Alternative High School is a each year that my success story! It was heartwarming to proudly see my I am retired after teaching fortytwo years. My last two years I used students have a students become engaged in conversations about money the Financial Literacy Certification chance to make and to see them realize that they have control over their Program in my economics classes at their contribution future finances. Our principal and entire staff gave great Fishers Island School. It was the best to improving our recognition to students who participated in this program single teaching program that I used lives in this world. and they want me to continue it, especially the on-line in all my years as a teacher. Keep - Robin Kovat, testing.” - Kathy White- Dutchess Boces Alternative High up the great work. Thank you. Law and Research School 6/17/09 Bernard B. Bartick, Coordinator, Teacher, Fishers Sheepshead Bay Island School High School

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Auditor’s Report

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Financial Statements

BALANCE SHEET JULY 31

ASSETS

2009 

Current Assets:

2008 

Liabilities:

$ 1,004,918

$ 730,964

6,328

35,467

Accounts receivable

10,475

92,600

Prepayments and advances

11,377

1,496

1,033,098

860,527

46,718

56,513

1,700

1,400

Cash Investments in marketable securities

Total current Assets Depreciable assets, not depreciation Security deposits

LIABILITIES AND NET ASSETS

2009 

2008 

$ 103,962

Accounts payable

108,779

Payroll taxes payable

2,349

181

Scholarships payable

21,675

50,124

2,617

20,400

Total Current Liabilities

130,603

179,484

Deferred program revenue

313,628

103,000

444,231

282,484

Unrestricted operating net assets

270,990

261,049

Restricted net assets

366,295

374,907

Total net assets

637,285

635,956

TOTAL LIABILITIES AND NET ASSETS $ 1,081,516

$ 918,440

Grants management payable

Total liabilities Net Assets:

TOTAL ASSETS

$ 1,081,516

$ 918,440









Consulting and Management Feesv









Statement of Revenue, Expenses and Changes to Net Assets For the Year Ended July 31

Donated Goods and Services Contributions Grant Income Income from Advertisements Grant Income Contributions

2009

Donated Goods & Services Income From Advertisements

2008 

Changes in restricted net assets

Consulting & Management Fees

Restricted income and support: Grant income

$

985,081 $

936,580

95178

89,625

Income from Advertisements

8500

231,126

Donated goods and services

595079

5,300

Consulting and management fees

21510

Contributions

1,705,348

Total Restricted Income and support

1,262,631

Program costs:

INCOME AND SUPPORT

Programs

$ 1,588,960 $ 1,945,560

Management and General

$

125,000 $ 1,237,830

$ 1,716,960 $ 1,976,360 Increase (decrease) in restricted net assets

$

(8,612)

$ (101,057)

Changes in unrestricted net assets: Net gain on securities

-4,258

Miscellaneous Income

Management & General, 5%

Interest and dividends

Programs, 95%

Increase (decrease) in unrestricted net assets

14,199

33,780

9,941

53,369

9,941

133,673

1,329

32,616

80,304

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

-4,304 23,893

635,956

603,40

$ 637,285

$ 635,956

PROGRAM COSTS

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w!se annual report