2013 Annual Report

beyond the numbers

2013 Summary annual reportyear In review

2012-2013 Highlights:

Engaged 11,178 students, grades 4-12, throughout the state in the Stock Market Game; teaching the basics of investing, risk and diversification.

Enhanced the economic education of 2,589 elementary students from 30 local elementary schools in Student Enterprise (StEP). Over 500 of these students participated in the social entrepreneurship component of StEP by running their own school businesses. StEP students earned a total of $3,147,511 StEP dollars.

Enrolled 26 local high school juniors and seniors in the Today’s Learners, Tomorrow’s Leaders (TL2) summer program, a rigorous, college-level Microeconomics course.

Offered 30 teacher training courses, for grades K-12, reaching over 295 educators and selling 225 graduate credits. Over 100 educators attended the Center’s Financial Education Conference.

Completed more than 40 research and consulting projects for local and regional clients, totaling over $650,000 in revenues.

Dear Friends,

For 37 years, the Economics Center has been committed to developing responsible decision makers. We teach students how to make good decisions through the Center’s economic and financial education programs, and we equip business leaders with the knowledge needed to make informed economic

development decisions through our research and consulting work. I am proud to report that 2013 was a year of continued success for the Center.

We refocused the Center’s educator professional development to align with the Common Core standards. This alignment facilitates the integration of economic and financial education into math, reading and language arts, and social studies. Training teachers represents the highest return on investment, as trained teachers have a recurring impact year after year, classroom after classroom.

Our student programs and competitions bring economic concepts to life and help students connect their academic learning with the real world. We increased the number of Ohio teams participating in the Stock Market Game (SMG) by fifty-one percent. We also expanded the social entrepreneurship component of the Student Enterprise (StEP) program; in 2013, we led over 500 students through the business development process as they formed t-shirt companies and coffee shops

in their schools. Through the Center’s education programs, students are learning the critical life skills that empower them to make better decisions, transforming their lives, and creating a stronger community.

In 2013, the Center’s research and consulting team introduced new product capabilities for clients, including regional compensation analysis and wage benchmarking for specific occupations. The team also launched a new blog, ECONversations, providing unique perspectives on what’s happening in the economy. We remain dedicated to providing insight that prepares leaders to make sound decisions for their business, organization, or community.

As Chair of the Economics Center’s Board of Trustees, I would like to thank you for your support of the Economics Center. Your continued involvement with the Center is integral to our success. I would also like to recognize the University of Cincinnati and the Carl H. Lindner College of Business for its valuable support and academic leadership. Finally, I would like to acknowledge the Center’s Board of Trustees and staff for their commitment to our mission.

We look forward to continuing to strengthen our community, as we ensure students and business leaders are equipped with the knowledge and resources needed to make responsible decisions.

Margaret K. Valentine

As a thought leader in the community, the Economics Center provides the knowledge building blocks for a stronger economy through economic education and research. Our student-based programs, interactive tools and professional development improve the economic and financial literacy of school children and young adults. Our research and consulting empowers business and civic leaders to make informed policy and economic development decisions.

MissionEngaging Students,

Empowering Educators, Equipping Decision Makers

through the Knowledge of Economics

Our Impact

Community Impact: Engaging Students and Empowering Educators

= 25,094TOTALSTUDENTSREACHEDIN 2012-2013

EMPOWERING EDUCATORS

Professional Development for Teachers350 Educatorsx 30 students= 10,500 students impacted

ENGAGING STUDENTS

Elementary SchoolMoney Savvy Kids+ Student Enterprise Program (StEP)= 3,373 students impacted

Middle & High SchoolThe Stock Market GameDual Enrollment Personal Finance Course+ Today’s Learners, Tomorrow’s Leaders (TL2)= 11,221 students impacted

Introduced new product capabilities for our clients including compensation analysis and wage benchmarking for specific occupations, and diversity audits for employee demographics. These analyses help clients understand if their workforce characteristics are consistent with the region’s workforce, industry, and customers.

Launched a daily blog, ECONversations, where we engage in dialogue about economic topics with members of the community. Our team provides economic perspectives on what is happening in the economy in a way that is easy to understand. Cincinnati Commercial Contracting is the first client to sponsor content for our readers.

Community Impact: Equipping Decision Makersresearch & Consulting Division

The Center’s Research and Consulting Division provides the knowledge building blocks that help clients make better finance, policy, and economic development decisions.

Notable accomplishments include:

Earned over $650,000 in contract research revenue with projects for the following clients: Kenton County Airport Board, Focus on Ohio’s Future, City of Covington, City of Omaha, City of Blue Ash, Cincinnati Regional Chamber, TriHealth, Catholic Health Partners, Cincinnati Children’s Hospital, Cincinnati Works, University of Cincinnati, Cincinnati State, Duke Energy, BKD, Hamilton County Educational Service Center, and several others.

Statements of Activities

for the years ended June 30, 2013 & 2012

Statements of Financial

Position

at June 30, 2013 & 2012

2013 2012 temporarily temporarily revenues & gains unrestricted restricted total revenues & gains unrestricted restricted total

Contributions 501,512 339,405 840,917 Contributions 716,444 1,000,000 1,716,444Program revenue 1,059,511 — 1,059,511 Program revenue 578,686 — 578,686 Investment income 33,759 79,957 113,716 Investment income 11,546 86,299 97,845Gain on investments 26,916 30,477 57,393 Loss on investments (32,243) (76,954) (109,197)In-kind contributions 156,659 — 156,659 In-kind contributions 209,406 — 209,406 Net assets released Net assets released from restrictions 286,936 (286,936) — from restrictions 83,580 (83,580) —

total revenues & gains 2,065,293 162,903 2,228,196 total revenues & gains 1,567,419 925,765 2,493,184

Expenses

Program services 1,651,398 — 1,651,398 Program services 1,415,015 — 1,415,015Management & general 393,692 — 393,692 Management & general 349,789 — 349,789Fundraising 133,969 — 133,969 Fundraising 138,254 — 138,254

total expenses 2,179,059 — 2,179,059 total expenses 1,903,058 — 1,903,058

Change in net assets (113,766) 162,903 49,137 Change in net assets (335,639) 925,765 590,126

Net assets at beginning of year 712,337 2,149,284 2,861,621 Net assets at beginning of year 1,047,976 1,223,519 2,271,495

Net assets at end of year 598,571 2,312,187 2,910,758 Net assets at end of year 712,337 2,149,284 2,861,621

These financial statements do not represent the complete set of audited financial statements for the Economics Center. A complete set of financial statements also includes the Auditor’s Report and the Footnotes to the Financial Statements, which are omitted herein. The Economics Center’s complete audited financial statements for the year ended June 30, 2013 may be obtained by visiting the Center’s web site at www.economicscenter.org.

LIABILITIES 2013 2012

Payable to related party 35,180 18,199Accounts payable & accrued expenses 6,560 6,913 Deferred revenue — —

total liabilities 41,740 25,112

NET ASSETS 2013 2012

Unrestricted 598,571 712,337Temporarily restricted 2,312,187 2,149,284

Total net assets 2,910,758 2,861,621

total liabilities & net assets 2,952,498 2,886,733

ASSETS 2013 2012

Cash & cash equivalents 271,839 387,536Accounts receivable, net 131,903 121,852Pledges receivable, net 827,158 809,960Investments 1,721,598 1,567,212Property & equipment, net 0 173

total assets 2,952,498 2,886,733

www.economicscenter.org

Achievement


a lIFetIme oF learnInGThe Center offers programs that begin at the early elementary grades and engage students as they go through middle and high school grades.

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Sunday Monday Tuesday Wednesday Thursday Friday Saturday

February 2014

New Year’s Day

Martin Luther King Jr.Day

January

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National Work Harder Day

National Mentoring Month

Stock market Game begins in February.Register Teams Today!www.economicscenter.org

December 2013

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National Bird Day

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Impact


teaCHerS are tHe BeSt anD moSt SuStaInaBle VeHICle to reaCHInG tHouSanDS oF StuDentS Educators trained to teach financial and economic content are a long‐term, far‐reaching investment in our region. Each educator trained in the Center’s courses impacts hundreds of students every year.

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March 2014


February

President’s Day

Valentine’s Day

Groundhog Day Ash Wednesday

African American History Month

today’s learners, tomorrow’s leaders (tl2)Now accepting applications from high school juniors and seniors for a highly competitive, 3-week summer program. Encourage students to apply at: www.economicscenter.org/tl2

personal Finance Challenge registration begins February 4, 2014www.financechallenge.org

Mardi Gras

Stock Market Game

Stock Market Game

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January 2014National Freedom Day

COVER


eConomICS Center annual awarDS lunCHeon “The big conclusion is that you need to get financial literacy concepts embedded in public schools throughout America and have it really embedded in the core curriculum. So the kids are learning financial concepts all the way from grade school through high school, and then have the capabilities to graduate as financially capable and financially literate citizens.” -John Rogers, CEO, Ariel Investments

Dedication

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March

St. Patrick’s Day

Daylight Saving TimeBegins

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April 2014

Women’s History Month

Bond Hill Academy Winton Hills Academy

Midway SchoolCorryville Catholic School


World Consumer Rights Day

Reserve your seat at the Annual Awards Luncheon this month. Visit www.economicscenter.org/awards for details and to register!

Annual Awards Luncheon

Roberts Academy

Stock Market Game

Stock Market Game

Stock Market Game

Stock Market Game

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February 2014

Pleasant Ridge Montessori Kilgour Elementary

Rees E. Price AcademyHoly Family Catholic School

Frederick Douglass SchoolHays Porter Elementary

St. Boniface School North College Hill ElementaryEden Grove Academy

Weigel Elementary

Reading Central Elementary

Amity Elementary

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wear Green For FInanCIal lIteraCy montHManaging one’s personal finances and understanding how the economy works empowers an individual to be a more informed citizen, a more knowledgeable consumer, and a more productive employee.

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May 2014

April

Tax Day

Earth Day

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Financial Literacy Month


Stock Market Game

Stock Market Game

Stock Market Game

Stock Market Game

Easter Sunday

Palm Sunday Good Friday David Ricardo’sbirthday

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Be sure to wear green for Financial literacy month and post pictures to our Facebook page.

facebook.com/UCEconomicsCenter

Personal Finance Challenge State Finals

North Avondale Montessori

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elementary StuDentS BrInG tHeIr entrepreneurIal SpIrIt to lIFeEach year, over 1,000 elementary students buy, sell, and advertise student-made products at the city-wide Market Madness event. Classroom businesses produce toy rockets, jewelry, bookmarks, hats, etc.

Engagement

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June 2014


May

Mother’s Day Armed Forces Day

Memorial Day

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April 2014

National Inventors Month

Market Madness

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Stock Market GamePortfolio Challenge

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Personal Finance Challenge National Finals

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Cinco de Mayo

Bond Hill Academy Winton Hills Academy

Midway SchoolCorryville Catholic School Roberts Academy

Pleasant Ridge Montessori

Kilgour Elementary

Rees E. Price AcademyHoly Family Catholic School

Frederick Douglass SchoolHays Porter Elementary

St. Boniface School North College Hill ElementaryReading Central Elementary

Amity Elementary

Eden Grove Academy

North Avondale Montessori


ConneCtIonS to tHe Common Core“Teachers benefit from taking a course from the Center because the course integrates financial education topics and economics with the Ohio Common Core (Mathematics, English Language Arts, and Social Sciences), making it easier to integrate financial literacy concepts into the subjects we are currently teaching.” – Rick Robisch, Norwood High School, Alpaugh Summer Institute Participant

Opportunity

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July 2014

June

Flag Day

Father’s Day First Day of Summer

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May 2014

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National Safety Month

Today’s Learners, Tomorrow’s Leaders (TL2) Summer Program

Adam Smith’s birthday

John Keynes’ birthday



Weigel Elementary


toDay’S learnerS, tomorrow’S leaDerS (tl2)This highly selective, three week summer program for high school students teaches the fundamentals of economic principles in a college course. It exposes students to the opportunities and careers that exist in Cincinnati, and is an exceptional college and career readiness program.


Excitement

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July

Independence Day

August 2014

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National Parks Month

Alfred Marshall’s birthday


Competition

VIrtual InVeStInG, real-worlD learnInG, anD a portFolIo CHallenGeThe Stock Market Game™ program is an online market simulation allowing students to manage a virtual stock portfolio and compete against other teams and schools regionally. This game teaches the fundamentals of investing. “SMG is easy to teach, easy to learn, and fun to do!” – Suzanne Lewis, Cincinnati Country Day, SMG Teacher

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August

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Back to school! Check out new teacher training opportunities.

Apply today for the Alpaugh Scholars Leadership Program.

National Women’s Equality Day

American Artist Appreciation Month


StuDentS wItH tHe wInnInG portFolIo earn a trIp to nyC to VISIt wall Street Winning teams visit the NYSE and the nation’s top investment firms such as Goldman Sachs, Legg Mason and Lazard. “I’m all about applied learning. If you handed kids a finance textbook, it would mean nothing to them. But when you have a stake in it and you have to use the information you are given, that’s when you’re really learning.” - Michael Barton, Stock Market Game Participant

Investment

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September

Labor Day

Grandparent’s Day

First Day of Autumn

Patriot Day

Constitution Day

October 2014

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August 2014

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National School Success Month

remInDer: Stock Market Game starts in October. Register teams today!

alpaugh Scholars leadership program Now accepting applications from education leaders.

Visit www.economicscenter.org today!


StuDent enterprISe (Step) StuDentS learn praCtICal SKIllS For a lIFetIme“StEP is one of those valuable programs for us. It allows us to tie our educational standards to situations that are real for our students, without taking up valuable class time. It sets up a positive incentive that is monitored by students themselves, which in turn does not create more work for the teachers. StEP gives me tools, many times over, to assist my students in becoming life-long learners.” -Teri Spindler, StEP Teacher Chase Elementary School

Leadership

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November 2014

october

Columbus Day

Halloween

September 2014

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Financial Planning Month

Stock Market Game

Stock Market Game

Stock Market Game

Stock Market Game


FIrSt tIme eXperIenCe on a ColleGe CampuSFor many students, participation in the Center’s programs provides an opportunity to visit the University of Cincinnati, tour the campus, and get excited about their future college career.

Experience

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December 2014

Daylight Saving TimeEnds

Veteran’s Day

Election Day

All Saints’ Day

Thanksgiving Day

November

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October 2014

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Native American Heritage Month

Stock Market Game

Stock Market Game

Stock Market Game

Stock Market Game

COVER


larGeSt prIVate GIFt to tHe unIVerSIty oF CInCInnatI For eConomIC eDuCatIonMr. Peter Alpaugh and the Alpaugh Family Foundation contributed $1 million to establish the online Alpaugh i-Learn Economics Education Program. “Educating our young people about economics is very important for the future of our country,” said Peter Alpaugh, member of the Center Board and President of Cincinnati Equitable Insurance.

Inspiring

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January 2015

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Christmas DayFirst Day of Winter

New Year’s Eve

December

Pearl HarborRemembrance Day

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November 2014

Universal Human Rights Month

Stock Market Game

Stock Market Game

Hanukkah Begins

Hanukkah Ends Kwanzaa Begins

Gladys AalbersClaudia AbercrumbieMr. Peter A. AlpaughAnonymousLinda AntusMs. Ramona BeckMr. & Mrs. David L. BelewDr. Richard BrownMargaret BurksDiane & William CarneyLaura CarrSamuel M. CassidyJohn CastaldiCharlie CerinoMichael J. ConatonDr. Alvin CrawfordKathleen C. DalyMr. Gerald J. DeBrunnerMr. Brian DoyleDr. Gigi EscoeWarren FalbergMichael & Maria FoxMr. John J. Frank, Jr.Chris & Angela HabelDouglas & Diana HaskellDr. Julie HeathThomas D. HeekinDenice HertleinPaul HitterBarbara JohnsonHonorable Nathaniel JonesShannon KeeseeDr. Thomas KessingerMr. Marvin KolodzikAdrijana & Stefan KowatschDr. Valerie KrughMargaret LawsonMr. Robert LubyMs. Claire LubyMr. Sean McGroryTom & Becki MeyerW. Troy NeatRobert C. Ortner, Jr.

Atul ParadkarLorrie PennerMr. Barry PorterJeff & Theda RexhausenMr. Gerald RobinsonMr. Wm. (Bill) T. Robinson IIIMr. Tripp RogersMary A. RonanJim & Susan RussellThomas R. SchiffDr. Jennifer ShandJaclyn SmithJennifer SteinDr. Kalyanasubbu SundaraveluCarol G. TalbotDr. Michael A. ThomasWoodrow UibleMs. Margaret K. ValentineDr. George M. VredeveldMr. and Mrs. John WestheimerDonald E. WestonVan & Robin WhiteMr. Casey WoodruffJohn H. WyantSusan Zaunbrecher

Al Neyer, Inc.The Alpaugh Family FoundationAnonymousThe Asset Advisory GroupBahl & Gaynor Investment CounselBartlett & Co.Cassidy TurleyCatholic Health PartnersCENGAGE LearningCharles H. Dater FoundationCincinnati Better Business BureauCincinnati Business CommitteeCincinnati Financial Corporation

Thank you to our Contributors Individual Donors

Business and Foundation Donors

The Cincinnati Insurance CompaniesCincinnati Police FCUCincinnati USA Regional Chamber Clark Schaefer Hackett & Co.Cooney Faulkner & Stevens, LLCCornerstone FoundationCouncil for Economic EducationDeloitte & Touche, LLPThe E.W. Scripps CompanyEnquirer MediaExecutive Service CorpsThe Fifth Third BankFinancial Network GroupFinancial Planning Association of Greater CincinnatiFirst Financial BankFort Washington Investment Advisors, Inc.Frost Brown Todd, LLCFund Evaluation GroupThe Health Foundation of Greater CincinnatiHelen Steiner Rice FoundationThe Huntington National BankHispanic Chamber of Commerce USAHixson, Inc.Horan AssociatesJacob G. Schmidlapp Trusts, Fifth Third Bank, TrusteeJD Cloud Company, LLPThe John A. Schroth Family Charitable Trust, PNC Bank, TrusteeKeating, Muething, & KlekampKhoury Family Fund of The Greater Cincinnati FoundationKnowledgeWorksLPKMalcolm & Ruth Myers Fund of The Greater Cincinnati FoundationMCF AdvisorsMesser Construction CompanyNational Underground Railroad Freedom CenterNorthSide Bank and Trust CompanyNorthwestern Mutual - The Kelley Financial GroupOCG TelecomOhio National Financial Services

Openfield CreativePepper Family Fund of The Greater Cincinnati FoundationPNC BankPort of Greater Cincinnati Development AuthorityRCF GroupRhineland FoundationRiverpoint Capital ManagementRuth J. and Robert A. Conway FoundationState Farm InsuranceStrategic Medical AssociatesThe Sutphin Family FoundationTaft, Stettinius & Hollister, LLPTechsolve, Inc.Towne PropertiesUBSUniversity of CincinnatiUniversity of Cincinnati, Carl H. Lindner College of BusinessUniversity of Cincinnati, Carl H. Lindner College of Business Alumni Board of GovernorsUS BankVehr Communications, LLCWestern & Southern Financial FundWood, Herron & Evans, LLPThe Zaring Family Foundation

Board of trusteesPeter A. Alpaugh Cincinnati Equitable InsuranceDouglas Bolton Cassidy TurleyT. Brian Brockhoff Bailey Capital PartnersMark Cinquina PNC Real Estate BankingRichard O. Coleman NextLevel Transportation ServicesMichael J. Conaton The Midland Company Warren C. Falberg Cincinnati, OHCrystal L. Faulkner Cooney Faulkner & Stevens, LLCMichael Fox Deloitte & Touche, LLP John J. Frank, Jr. Cassidy TurleyChristopher S. Habel Frost Brown Todd Terence L. Horan Horan Associates, IncAdrienne James Sycamore Community Schools Shawn Kelley Northwestern Mutual Financial NetworkLisa Kuethe Huntington BankMargaret Lawson Taft Stettinius & Hollister, LLPSean V. McGrory Clark, Schaefer, HackettHoward McIlvain LPKWilliam L. Neyer Al Neyer, Inc.Barry Porter Cincinnati, OhioJim Rigg Archdiocese of Cincinnati

William T. (Bill) Robinson III Frost Brown Todd, LLCMary Ronan Cincinnati Public SchoolsJames Russell US BankAndrew Sathe MCF AdvisorsJennifer Stein Cincinnati, OHDavid M. Szymanski University of CincinnatiCarol G. Talbot Cincinnati, OhioHoward J. Taragano Macy’s, Inc.Woodrow Uible Bartlett & Co.Margaret K. Valentine Valentine ResearchNick Vehr Vehr Communications, LLCRoberta A. White Great Oaks Institute of TechnologySusan Zaunbrecher Dinsmore & Shohl

advisory BoardEdmund J. Adams Terrance L. Ashanta-BarkerMichael D. BakerThomas A. BarefieldJohn F. BarrettDavid BelewJ. Michael BrandtLawrence H. BraunDiane C. CarneySamuel M. CassidyEdward F. Castleberry Charles A. CerinoRaymond R. ClarkPhillip R. CoxKathleen C. DalyRichard K. Davis Michael A. FisherJ. Jeffrey EdmondsonJerry M. GalvinBill O’GaraVictoria GluckmanLawrence L. GryppJ. Joseph Hale, Jr.Carrie HaydenTom HeekinBarbara B. HenshawRobert L. HoversonThomas H. HumesDavid A. JacksonJane Juracek-RehermanDonald KaplanRalph KaterbergJan-Michele Lemon KearneyKathleen L. Klink Charles P. KochMarvin KolodzikPranav G. KothariDonald D. Larson Charles D. LindbergGary LindgrenJames M. LippertStephen MacConnell

Ronald H. McSwainJuanita MillsQuentin NesbittMichael B. PackardStan PontiusRonald B. RaleyDale D. RayneyJeff RosenFritz A. Russ Donald E. SchmidtJames E. SchwabWilliam P. SheehanDavid O. SmithTimothy E. StautbergTom A. SteeleBarbara J. StonebrakerEllen G. van der HorstMichael A. WebbJohn R. WestheimerDonald E. WestonHarry M. Whipple Chad P. WickWayne R. WickensRobert P. WiwiJohn H. WyantAllen G. Zaring

Donor Spotlightthe John a. Schroth Family Charitable trust, pnC Bank, trustee

A special thank you for the generous contribution to the Economics Center.

In December 2012, the PNC Bank awarded the Economics Center with a $15,000 grant from The John A. Schroth Family Charitable Trust for the development and implementation of our Money Savvy Kids Program. Money Savvy Kids trains elementary educators on how to implement the Council for Economic Education’s Financial Fitness for Life curriculum in their classrooms. Educators then deliver this curriculum to their students. In its inaugural year, 52 teachers participated in the program and in turn, 1,000 young students were equipped with the important foundations of economic and financial education. Money Savvy Kids is modeled after $mart Tennessee, which is an initiative Dr. Julie Heath, the Economics Center Executive Director, founded while at the University of Memphis.

The Economics Center is currently pursuing funding to ensure another 50 educators can be recruited in the program next year.

Julie Heath, phD President and Director

Brad evans Director, Business

Development

alicia Franklin StEP Store Facilitator

erin Harris Director, Student

Enterprise (StEP)

Sue Heilmayer Accountant

michael Jones, phD Director, Research

adrijana Kowatsch Chief Operating Officer

Valerie Krugh, phD Director, School Relations

Claire luby Development Officer

lorrie penner Executive Assistant

Jeff rexhausen Senior Research

Associate

megan ryan Research Associate

Jaclyn Smith Director, Marketing

Stuart wilson Research Associate

Casey woodruff Director, Student and

Community Relations

225 Calhoun Street, Suite 370Cincinnati, OH 45219-0023513.556.2948www.economicscenter.org

Support Your Economics CenterWe’ve already taught economics and personal finance to

1,000,000 students. Will you help us reach the next 1,000,000?

After three and a half decades of work, the Economics Center has trained thousands of teachers, developed countless classroom materials and teaching resources, and impacted one million students through innovative school programs that foster and support knowledge of the economy, entrepreneurship, and personal financial literacy. Rapid changes in our economy and the workplace demand a more contemporary set of skills from young individuals entering the workforce. Our work allows teachers to effectively equip their students with the skills they will need for life.

Knowledge of economics and financial education has the power to transform one’s life and improve decision-making. It is with a focus on creating an informed future generation that we are laying a solid foundation for urban economic growth.

To join our effort, please support the Center at www.economicscenter.org/give.

StaFF

2013 Annual Report

Economy & Finance

Transcript of 2013 Annual Report