Educational Institutions

Powell Economic Education Foundation

  • Richmond, VA
  • www.powellcenter.org

Mission Statement

The mission of the Powell Center for Economic Literacy is to prepare K-12 teachers to develop economically-literate students who will become active, informed leaders in the 21st century global economy. The Powell Center's strategic goals include educating K-12 instructors by providing programs, professional development and resources. The Powell Center also enables experiential opportunities which incorporate economics and business themes for high school students.

Main Programs

  1. Cochrane Summer Economics Institute
  2. Infusionomics
  3. International Advanced Placement Economics Teachers Conference
  4. Kidsize Economics Workshop
  5. Midsize Economics Workshop

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Service Areas

Self-reported

National

ruling year

2007

Principal Officer since 2007

Self-reported

Ms. Jennifer G. Cornell

Keywords

Self-reported

Economic Literacy, Cochrane Summer Economics Institute, CSEI, Powell Endowment, Powell Foundation

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Also Known As

Powell Center for Economic Literacy

EIN

20-8565566

 Number

8055215350

Contact

Cause Area (NTEE Code)

Educational Services and Schools - Other (B90)

Business, Youth Development (O53)

IRS Filing Requirement

This organization is required to file an IRS Form 990-N.

Programs + Results

How does this organization make a difference?

Overview

Self-reported by organization

2009-10 Accomplishments:

Kidsize Economics was offered, in partnership with The Federal Reserve Bank, in Richmond, Baltimore and Charlotte to 100 teachers (impacting a minimum of 2,500 students).
Midsize Economics was offered to over 70 teachers (impacting a minimum of 7,000 students). 

Infusionomics is a three-year program which integrates an economic mindset into all aspects of K-12 student life, combining economics, personal finance and youth entrepreneurship with existing curriculum. Infusionomics is in place in schools nationwide and was piloted at four schools in the Richmond Public Schools system in 2009-10.

The Cochrane Summer Economics Institute is our signature program for students. Since 1977, this program has educated top students from high schools all over Greater Richmond. The Cochrane Institute is designed to give students both theoretical and practical exposure to the world of economics and business. The five week work/study program for rising high school seniors hosted 34 interns in 2009 and 33 interns in 2010.

2010-11 Goals:  

 

1. Expand the Cochrane Institute to at least 40 high school student participants from Greater Richmond.  Explore viability of franchising the Cochrane Institute to other cities.

 

2. Explore feasibility for "MyEconomy", a two-week economics intensive "camp" for high school students in Greater Richmond.

 

3. Provide inner city students at up to ten Richmond-area public schools with an understanding of economic concepts and principles, enabling them to avoid financial pitfalls later in life through continued introduction of Infusionomics.
 

4. Enable K-8 teachers to effectively integrate Virginia’s economic S.O.L.s into elementary and middle school curricula by offering Kidsize and Midsize Economics workshops in metropolitan Richmond.

 

 

5. Co-host with the Federal Reserve Bank of Richmond the 8th Biennial International Advanced Placement Economics Teacher Conference in November, with 80-100 economic educators.

Programs

Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Program 1

Cochrane Summer Economics Institute

One of the Powell Center's strategic goals is to enable experiential opportunities incorporating economics and business themes for high school students. The Cochrane Summer Economics Institute is our signature program for students. Since 1977, this program has educated top students from high schools all over Greater Richmond on economic concepts, free enterprise, the benefits of a market economy, and the importance of strong economic development and community involvement. The program is designed to give students both theoretical and practical exposure to the world of economics and business. It allows students to learn about concepts and then see those principles and concepts come to life in the workplace. Students also develop marketable skills and build networks of peers and business/community leaders that will benefit them in the years to come as they pursue their academic and career paths.

Category

Youth Development, General/Other

Population(s) Served

Budget

$64,480.00

Program 2

Infusionomics

Infusionomics is a whole school approach to teaching economic thinking and concepts. This three-year program integrates an economic mindset into all aspects of student life, combining the best of economics, personal finance and youth entrepreneurship with existing curriculum for K-12 teachers and students. As a result, ‘economics’ is not just a word in a textbook; it is something experienced every day in a hundred different ways. It is not a complicated philosophical idea; it is an explanation of practical living. While they are learning about economics, children learn to make better choices now and begin to navigate the responsibilities and obligations of adulthood.

Category

Education, General/Other

Population(s) Served

Children and Youth (infants - 19 years.)

Poor/Economically Disadvantaged, Indigent, General

Budget

$9,875.00

Program 3

International Advanced Placement Economics Teachers Conference

Every other year since 1997, Powell has offered this conference, bringing teachers the tools they need to improve student performances on Advanced Placement Microeconomics and Macroeconomics exams. Since 1999, this conference has been co-sponsored by the Federal Reserve Bank of Richmond(http://www.rich.frb.org/) . Educators attending the AP Conference leave armed with strategies to become more effective economic educators. This national conference also offers a forum for networking with other AP teachers from across the country, as well as outstanding keynote speakers. Keynote speakers at the past conferences have included Al Broaddus, Edward Gramlich, Gregory Mankiw,(http://www.economics.harvard.edu/faculty/mankiw) Jeffrey Lacker(http://www.richmondfed.org/about_us/our_leaders/president/) , Benjamin Bernanke(http://www.federalreserve.gov/bios/bernanke.htm) , Nobel Laureate Vernon Smith(http://economics.gmu.edu/faculty/vsmith.html) , and Kevin Warsh(http://www.federalreserve.gov/aboutthefed/bios/board/warsh.htm) .

Category

Education, General/Other

Population(s) Served

Budget

$15,000.00

Program 4

Kidsize Economics Workshop

Kidsize Economics is a one-day workshop for elementary school teachers. The purpose of Kidsize Economics is to provide teachers with lessons, activities and techniques to incorporate economics into their classroom while addressing state-mandated standards of learning. Kidsize Economics is delivered as part of the partnership in economic education (begun in 1996) between the Powell Center and the Federal Reserve Bank of Richmond.

 

Children’s literature (language arts), social studies, mathematics and science offer countless opportunities to incorporate economic principles and examples within their subject matter. Through Kidsize Economics, teachers are introduced to lessons and teaching techniques that can be incorporated into existing subject disciplines, or that can stand alone. Lessons and concepts shared always tie directly back to state standards of learning, providing teachers with more flexibility and creativity to teach required concepts by incorporating economics.

Category

Education, General/Other

Population(s) Served

Budget

$5,000.00

Program 5

Midsize Economics Workshop

Midsize Economics is a one-day workshop for middle school teachers, delivered through the partnership between the Powell Center and The Federal Reserve Bank of Richmond. The purpose of Midsize Economics is to provide teachers with lessons, activities and techniques to incorporate economics into their classroom while addressing state-mandated standards of learning. 

 

In addition to history, civics, or government, other subject disciplines such as English literature, language arts, humanities, mathematics and science offer countless opportunities to incorporate economic principles and examples. Through Midsize Economics, teachers are introduced to lessons and teaching techniques that can be incorporated into existing subject disciplines, or that can stand alone. Lessons and concepts shared always tie directly back to state standards of learning, providing teachers with more flexibility and creativity to teach required concepts by incorporating economics.

Category

Education, General/Other

Population(s) Served

Budget

$5,000.00

Service Areas

Self-reported

National

Funding Needs

1.   $2,000   Cost to sponsor or underwrite the sponsorship of one student intern for the 2011 Cochrane Summer Economics Institute.   2.   $1,500   Enables up to 4 teachers to participate in Infusionomics for one year.   3.   $500    Provides a scholarship for one Richmond City student to attend Global Economics at University of Richmond. 4.   $330    Allows 2 teachers to attend Kidsize Economics or Midsize Economics.   5.   $125    Provides one teacher or school with the Infusionomics DVD Training Series.

Affiliations + Memberships

ConnectRichmond

Partnership for Nonprofit Excellence

Virginia Network of Nonprofit Organizations

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Financials

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Operations

The people, governance practices, and partners that make the organization tick.

Powell Economic Education Foundation

Leadership

NEED MORE INFO ON THIS NONPROFIT?

Free: Gain immediate access to the following:
  • Address, phone, website and contact information
  • Forms 990 for 2015, 2014 and 2013
  • Board Chair and Board Members
  • Access to the GuideStar Community
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Principal Officer

Ms. Jennifer G. Cornell

BIO

As the Executive Director of the Powell Center for Economic Literacy since 2007, Jennifer G. Cornell has extensive marketing, product development, and operational experience with Fortune 500 companies such as Capital One, BellSouth, and Dun & Bradstreet. Ms. Cornell was a former consultant with McKinsey & Company. She also has over twenty years of volunteer service, management and grass roots fundraising expertise with a variety of local, regional and national organizations. Ms. Cornell holds a B.S. in Commerce from the University of Virginia and an M.B.A. from the J.L. Kellogg Graduate School of Management at Northwestern University.

STATEMENT FROM THE Principal Officer

"The overarching mission of the Powell Center for Economic Literacy (PCEL) is to promote economic literacy among young people. As our nation’s economy struggles to recover from the “Great Recession”, many would argue that a lack of economic and financial literacy is one of the primary causes of this recession.
 

Given the state of our economy (local, national or global), there is no better time to introduce and integrate economic and personal finance principles into K-12 curricula. Elementary students are more than capable of understanding basic concepts like choice, costs and benefits, and consequences. By understanding their role as consumers and producers, not to mention as stewards of the resources at their disposal, students can assume ownership for their decisions, and improve the quality of those decisions to boot.

 

These basic concepts establish a foundation that can then be applied to financial topics: saving, budgeting, spending and investing. But the application of these concepts is not limited to financial or monetary issues – one’s time, talent and human capital are equally important resources that should be leveraged wisely.

The Powell Center for Economic Literacy is uniquely positioned to enable K-12 educators to introduce economic and financial literacy elements to their students, helping them become pro-active, informed participants in the 21st century global economy. By educating K-12 teachers, as well as providing engaging experiential opportunities for high school students, the Powell Center for Economic Literacy will help to ensure that tomorrow’s leaders are well-equipped to manage and thrive in the global economy."

Governance

BOARD CHAIR

Mr. John L. Walker III

Williams Mullen, P.C.

Term: July 2010 - July 2012

BOARD LEADERSHIP PRACTICES

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BOARD ORIENTATION & EDUCATION

Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations?


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CEO OVERSIGHT

Has the board conducted a formal, written assessment of the chief executive within the past year?


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ETHICS & TRANSPARENCY

Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year?


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BOARD COMPOSITION

Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership?


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BOARD PERFORMANCE

Has the board conducted a formal, written self-assessment of its performance within the past three years?