A n n u a l R e p o r t 2 0 0 9

EXCEEDINGEXPECTATIONS

Table of Contents

2 Letter From the President

3–4 Financial Literacy Certification Program (FLCP)

5 High School of Economics & Finance and the

Sanford I. Weill Institute for Lifelong Learning

6 Quality of Life Program (QL)

7 Global Communications Institute (GCI)

8 Merrill Lynch National Business Plan Competition &

Global Business Challenge

9 Euro Challenge

10 Funders & Donors

11 Board Members & Staff

12 Testimonials

13 Auditor’s Report

14 Balance Sheet and Statement of Revenue, Expenses

and Changes to Net Assets

Annual ReportFiscal Year:

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w!se is a 501(c)3 organization dedicated to providing educational support services nationwide to prepare students for college and the workplace, build financial literacy, and inspire civic engagement. w!se’s innovative programs ensure that young people achieve their full potential and develop skills for lifelong learning.

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Letter From the President

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In 2009, our dynamic programs strongly addressed the educational needs of young people. They also met national and state standards, enriched core curricula, improved the quality of education, inspired students to dream, helped them plan for their futures and make good choices, and instilled in them the knowledge and skills they need for the 21st Century in order to achieve their full potential.

Our success is based on having a focused business strategy, a goal driven agenda, an outstanding portfolio of award winning programs and an equally outstanding team of experienced and passionate professionals dedicated to service excellence and delivery. w!se’s programs are well known for their innovation and pedagogical excellence. Our results this year include:

As President to of w!se, I am proud to share in the feelings of accomplishment that our teachers and students expressed throughout the school year. The testimonials on page 12 are additional evidence that 2009 was another successful and rewarding year.

Deep appreciation is extended to our valuable sponsors, partners, volunteers and to the members of the W!se Board of Directors. Our work is made possible through their many contributions during the year.

You are invited to join w!se in our mission to provide quality national educational programs and services, build financial literacy, foster social and business entrepreneurship, and prepare young people for college and the workplace. There is still so much work to do.

Sincerely,

Phyllis Frankfort PerilloPresident & CEO

! reached 55,000 students in 20 states with our Financial Literacy Certification (FLC) Program and, for the first time, we offered the FLC Test online;

! organized more than 130 seminars for 800 students through the W!se Institute providing young people at the High School of Economics & Finance with role models from industry, variety in the school schedule, curriculum reinforcement and enhancement and career and college readiness;

! nationally coordinated the Euro Challenge, a program of the Delegation of the European Union to the US, for 66 participating teams from nine states (Florida, Massachusetts, North Carolina, Illinois, New York, Michigan, Connecticut, New Jersey and Pennsylvania);

! provided our first program on financial independence for female victims and survivors of domestic violence 100% of those enrolled earned a CFL (Certification of Financial Literacy);

! organized our Global Business Challenge for students and educators from 12 countries from five continents (Australia, Austria, Belgium, Brazil, Bulgaria, China, Indonesia, Italy, Romania, Singapore, Sweden, and the United States). The Global Business Challenge is based on the Harvard case method, which promote students’ business acumen, leadership, and strategic thinking skills;

! inspiring students to continue their studies; 94% of the High School of Economics and Finance class of 2007 were admitted to college, earning over $1,500,000

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

2008-2009 was another exciting year for the Program.We celebrated an important milestone – more than 100,000 students have taken w!se’s tests. The Program expanded geographically, is now available in 20 states and more than 37,000 students took the w!se Tests, an increase of 34%. Students received nearly 500,000 hours of personal finance instruction and continued to perform well on the tests with an average of 73% becoming Certified Financially Literate.

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

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Financial Literacy Certification Program (FLCP)

Financial LiteracyCERTIFICATION

“Just as the 2008 financial crisis aught us that financial illiteracy is one of its root causes, so must financial education be one of its cures.” – Phyllis Frankfort, w!se President and CEO

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

Financial Literacy Certification Program’s six-year history. The retrospective confirmed that financial education not only improves financial literacy, it also has a high and positive impact on student financial behavior.

Growth and Expansion – new features and markets!Several new program features were added in 2008-9. We introduced online testing and converted our tests into Braille in 2008-9 helping blind students to take the Certification Test and earn a CFL. We launched a new Certification Test for Teachers. This is an exciting new credentialing initiative that will provide teachers of personal finance an opportunity to earn a Certification in Personal Finance. We also delivered the program to support high risk youth living in the care of correctional facilities and developed end of chapter questions for a new high school level text book on personal finance.

Allstate grant check ceremony.

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Financial Literacy Certification Program (FLCP) cont.

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More than 500 Teachers receive training!Michael Stanzione, Principal of the High School of Economics & Finance in New York City, commented, “As educators, it is critical, given the country’s financial crises that one of our goals must be to help students become not just financially literate, but financially fluent. This is the only way to prevent them from repeating the mistakes of their parent’s generation. w!se, with its Financial Literacy Certification Program is leading the way in helping high schools achieve this goal.”

We hosted or participated in nine other teacher training workshops throughout the year reaching another 250 teachers and were featured presenters at several teacher training conferences around the country.

We continued to build awareness among teachers about the importance of financial education for young people. We participated in five awareness building summer workshops hosted by the New Jersey Coalition for Financial Education. New Jersey, a new state mandating personal finance instruction in high school, organized workshops to showcase the instructional resources available to personal finance teachers to help them prepare for the new course requirements.

Recognizing teachers, students and schools for their outstanding work!Our annual Scholars Reception, held at the historic and elegant Museum of American Finance, honored students who scored a 95% or higher on the 2008-09 Certification Test. The keynote speaker was Dana Gross, Senior Editor at Newsweek. From 2007-09, the number of scholars increased from 2,994 to 4,066, a record!

“Riza Laudin, Teacher, Herricks High School, New York with her scholars who had test scores of 95%+”

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High School of Economics & Finance (HSEAF)Sanford I. Weill Institute for Lifelong Learning

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The school’s mission is to provide a rigorous academic program in economics and finance that includes real-world opportunities; to graduate

students with the skills and knowledge necessary for college and the workplace; and to implement innovative approaches in education, which will prepare students to succeed in a technological society and in the global economy.

The High School of Economics & Finance (HSEAF), New York City Department of Education: Founded in 1993 by w!se President Phyllis Frankfort, this Title I school, located in the heart of Wall Street, provides a diverse student body (75% of which is below poverty level) from all five boroughs of New York City with a demanding college and career preparatory program.

Approximately 50% of entering freshmen are admitted either at or above grade level in both English and Mathematics. Approximately 50% freshmen are below grade level in these same subject areas.

2008-09 HighlightsOver 4,000 students applied and the school year opened with 285 freshmen, the largest number in the school’s history.

New curriculum included Financial Mathematics, Forensics and Atmospheric Science.

For the 6th year, earned Blue Star School status for having the majority of its students passing the national

Financial Literacy Certification Test and earning a CFL (Certification of Financial Literacy)

Awarded the Picturing America Grant.

92% of HSEAF class of 2009 graduates went to college.

HSEAF graduates were offered $1,254,000 in scholarships & grants.

The Sanford I. Weill Institute for Lifelong LearningThe Sanford I. Weill Institute is an award-winning program of Working in Support of Education provided only at the High School of Economics & Finance. It serves the entire student population with seminars and year-round community service and work experiences. The Institute is also responsible for providing technical support and maintaining external relations for the Institute and the school.

The Institute worked with nearly 400 volunteer partners, organized 137 seminars and had 523 students complete work experiences. Student seminars had an 88% passing rate.

The Advisory Board and the Executive CouncilThe High School of Economics & Finance and the Institute are fortunate to have individuals and organizations to provide guidance and financial resource that support achieving strong outcomes. Advisory Board firms include Citi, KPMG, Ernst & Young LLP, Moody’s, Deloitte & Touche, and Chartis Insurance. The Executive Council members are from SCP Worldwide LLC, Emerging Markets, Ltd., Guidance Corporation, Merrill Lynch, Hunter Graduate School, Ernst & Young LLP, Securities Exchange Commission, Solomon & Associates, and Working in Support of Education.

Advisory Board Member and Donor, Jeffrey Hoops.

Quality of Life Program (QL)Since its inception in 1996, the w!se Quality of Life Program (QL) has empowered thousands of public high school students to become social entrepreneurs and productive citizens. With guidance from at least three exerts in their field of interest, students research and write about an issue and learn to see their world with open, critical eyes and gain important skills for college, the workplace, and life.

In 2008-09, five additional schools participated in the QL Program. More than 500 students from 20 participating schools submitted thoughtful, innovative proposals into the QL Competition. From April through May, more than 70 volunteer judges read and rated more than 400 QL proposals through four rounds of competition, narrowing the applicant field down to 18 semifinalist proposals and then to seven finalist teams who compete for the top three scholarship prizes.

Supporting QL Program Students and Teachers In 2009, the QL Program enhanced the traditional learning experience for nearly 500 high school students through our applied learning experience and through w!se’s Student Resource Fair, Student Research Training Workshop, Oral Presentation Workshop, and the 7+ Student Library Days. In addition, w!se provided a QL Teacher Orientation Workshop and a Teacher Training Workshop attended by more than 40 educators.

Student SuccessStudent surveys at the conclusion of the 2008-09 QL Program indicated improved class experience and academic skills and increased civic engagement. QL students report a 90% or higher attendance rate and 99% of QL students (33% of whom are graduating seniors) plan to go to college after high school.

Students reported that the QL Program

• Added value to their experience in high school (88%)

• Improved their interaction with others (80%)

• Improvedtheirwritingandresearchskills(90%)

• Improvedtheirabilitytoidentifyanduseresources(83%)

•Strengthenedtheirknowledgeofarealworldissue(83%)

•Raisedtheirsocialawarenessandsensitivityto community issues (80%)

• Improvedtheirabilitytoproblem solve and to think critically (74%)

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

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Quality of Life Program (QL)

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Providing tools for students to learn to create social change in their communities through choosing issues, research, and writing proposals that include feasible recommendations to address those issues.

Quality of LifePROGRAM

2008-09 QL College Scholarship WinnersFirst Place – Making Condoms Accessible to High School Students, Forest Hills High School

Second Place – Awareness of the Use of Toxic Chemicals in Toy Production, Staten Island Technical High School

Third Place – Buckle Up Baby, Forest Hills High School

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Global Communications Institute (GCI)

Global Communications InstituteThe Global Communications Institute (GCI) is a distinctive and intensive one or two week-long private program for New York City young people in public high school. Through their participation in GCI, students participate in activities, have instruction and guidance to build self confidence and a strong presence, to strengthen their skills and understanding of the strategies for success in college, the global workplace and socially and to improve their understanding of managing their personal finances, culture and the arts

The goals of the Global Communications Institute are to

• Prepare students to compete successfully in the global marketplace

• Foster academic excellence

• Provide access to real world experts

As in previous years, the 2009 Global Communications Institute was held at a private club in the heart of Manhattan where the students spent their time building their listening, speaking, and written communication skills, reviewing and enhancing personal and business etiquette, learning how to present a powerful image, and strengthening their cultural sensitivity and global awareness as well as learning to manage their personal finances.

Students also learned how to appropriately exert influence, negotiate, study and prepare for tests. Week two added a focus on global issues, business writing, ethics, workplace readiness, problem solving, and strategies for social success. GCI 2009 students also visited the United Nations and Columbia University.

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GCI builds confidence and teaches students how to demonstrate the strength of character and personal presence that yields them access to social and professional success.

Global Communications Institute

Merrill Lynch National Business Plan Competition & Global Business Challenge

Global Business ChallengeThe W!se Global Business Challenge is a rigorous competition in which young people receive university level material and a corporate multinational team building experience. For 2009, after an analysis of 50 cases, w!se selected Schlinder India and developed the challenge questions that were easily comprehended at all language fluency levels, yet would strike at the heart of fundamental business knowledge. On the day of the Challenge, the mission for students in their teams was to analyze company data, identify the relevant information for the task and prepare a business strategy to be presented to judges. Questions required participants to think critically and objectively about the case and make decisions, which ultimately demonstrated leadership qualities.

Participating students in Practice Firms and Virtual Enterprise programs worldwide were from the U.S. (CA), Italy, Romania, Bulgaria, Belgium, Brazil, Romania, Austria, China, Australia, U.S. (NYC), U.S. (VA), Italy, Romania, Bulgaria, Belgium, and Brazil. The Global Business Challenge Closing Session was keynoted by Shibani Joshi, Correspondent, Fox Business Network. The case was discussed by David Anderson, W!se Executive Vice President and trophies were distributed by the judges. The First Place Team included students from U.S. (CA), Italy, Romania, Bulgaria, Belgium, Brazil.

National Business Plan Competitionw!se, the Center for Virtual Enterprises National Activities, organizes the National Business Plan Competition as the signature national event for the United States Network of Virtual Enterprises. In 2009, eighteen teams from California, New York, New Jersey, South Carolina, Tennessee, and Virginia competed for more than $25,000 in prizes provided by the Merrill Lynch Foundation. These teams submitted written business plans, presented their plans orally, and responded to questions from a panel of judges who selected the winners. The judges were amazed at the level of knowledge demonstrated by national team members.

Virtual Enterprises International (VEI) is a program that offers students the opportunity to create and manage simulated e-commerce businesses through a worldwide network of more than 3,000 virtual businesses worldwide.

The impact of the National Business Plan Competition extends far beyond the number of students participating in the National Competition, which sets the standard for all firms within the U. S. Network of Virtual Enterprises. In all, the program reaches more than 10,000 students in more than 425 virtual enterprises nationally.

The fifth Competition was held at Baruch College in New York City from March 23-26, 2009 and w!se was once again proud to produce this challenging and meaningful event.

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Euro Challenge

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Euro Challenge 2009The Euro Challenge provides an exciting educational opportunity for high school students (grades 9 and 10) to learn about the European Union (EU) and the euro. Student teams make presentations that address specific questions about the European economy as a whole and the single currency, the euro. Students also pick one member country of the euro area and examine an economic problem at the country level and identify policies for responding to that problem.

The Euro Challenge is part of the Information Programme of the European Citizen (PRINCE) aiming to build actions and information campaigns on the euro.

w!se served as the “Competition Coordinator” of Euro Challenge 2009. In this capacity, we assisted in organizing the 2009 competition and all competition- related activities held in the New York Region.

In 2009, the Euro Challenge continued its rapid expansion on a national scale. In total, 66 teams consisting of three to five students from nine states (Florida, Massachusetts, North Carolina, Illinois, New York, Michigan, Connecticut, New Jersey and Pennsylvania) participated in the Challenge. Students

were judged on their knowledge of the economic situation in the euro area, their knowledge of the challenge issue they selected, their knowledge of how the challenge issue is affecting the euro zone country they selected, their responses to judges’ questions, the

quality of their presentations, the depth of research and analysis, and their demonstrated level of teamwork and cooperation.

Continued Positive Response in 2008-09:

98.2% of teachers “strongly agreed” or “agreed” that the Euro Challenge increased interest in educating students about Europe and the European economy

100% of teachers recommended that other teachers participate in the Euro Challenge

89.2% of students “strongly agreed” or “agreed” they became interested in learning more about Europe and the European economy because of the Challenge

97.3% of students recommended that other students participate in the Euro Challenge

As in previous years, the 2009 Euro Challenge culminated in a one-day trip to Washington, DC on June 11th for the first and second place teams. Following Euro Challenge team presentations at the Irish Embassy and European Delegation, students and teachers visited the Federal Reserve System and International Monetary Fund.

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Funders & Donors

FUNDERS

Merrill Lynch FoundationCiti FoundationDelegation of the European Union to the U.S.Moody’s FoundationJPMorgan Chase FoundationNew York Community TrustThe McGrawHill CompaniesThe Allstate FoundationNew York State Banking DepartmentWachoviaNew York Stock Exchange FoundationKnight Newmark REBloombergGE MoneyNational Council on Economic EducationMarjorie Talman Education FoundationThe Peter Jay Sharp FoundationPearsonMuriel F. Siebert FoundationNew York City Office of EmpowermentHudson River BankM&T BankErnst & YoungDeloitte & ToucheKPMGNYC Department of Education Goodwill IndustriesTopol FoundationRush FoundationLearning ExpressMuncipal Credit UnionSignature BankCharles SchwabDaily NewsMichael C. FinaPeggy KlausJeffrey HillJeffrey and Glenda HoopsChristopher ZangariVictor SamraMary McDermottCarol GuierriMyra Tweedy

Victor SamraJeffrey Hoops

Christopher ZangariE. B. Silvers

24/7 Real Media c/o David MooreAbe SilversteinAdrian FigueroaAlan BronsteinAlec WigginAmarilis BlackwoodAnantharam, KamalaAndra SanderAndrea YeriazarianAndrew BartAndrew CohenAngel MoralesAnja LuesinkAnn-Marie DiGennaroAnthony BalmacedaAnthony CarnesiAnthony CettaAnthony DalessioAnthony MormileArt MoranArthur Pober, Ph.D.Ashish BaliBagels and MoreBalouzian, SandraBarbara TurnerBarbara-Ann BensonBard Graduate CenterBaruch CollegeBarry JamisonBen HarrisonBill WhitlockBlockheadsBloomberg Bravo PizzaBreandan O’CallloaiBrian McGurganBruno IcianoBryan KaplanBryan LewisCarl FriedrichCarmen HernandezCarol GuirieriCarrie WellsCase & White Law FirmCase and WhiteCay Hehner SittonChaim SteinbergerCharles DayCharles E. ScottChipotleChristina TaylorChristine IsalesChristophe DestaisChristopher CesaraniChristopher HollingerChristopher MatthewsCiti FoundationCiti Foundation SpaceClare StenstromClarence StanleyCory ReevesCourt IngrahamCredit SuisseDaily NewsDaniel HatcherDaniela StefovskaDavid BermanDeborah Franklin-FeingoldDeborah SittonDelegation of the European Commission to the U.S.Deloitte & Touche

Dennis AcevadoDennis CulverDevon PryorDiana DiPalmaDinah DayDonald ElivertDonna BrooksDorothy ShippsDr. FamerDr. Faryal KhanDr. Markus ZienerDr. Pilar Garcia MartinezEaster WoodEdison SchoolsElizabeth GreenbaumElizabeth HubbardElizabeth StongEllen FongEllen HoustonEmanuel MartinezEmerson, EveEmil BraunErana StennettEric AskinsErika YoungErin FitzPatrickEzekiel AguirreFederal Reserve Bank of New YorkFelipe SaldarriagaFelix ThierfelderFlora KeshishianFranz LozaFred GriegFreida OelbaummFUZEGail EdwardsGian Carlo BrunoGlenn PicouGoogleGregg ZogbyHeinrich GudenhusHelen DuannHelen KimHonorable Filike MagubaneHugo KaufmannHuman Rights CommissionIris BlancJake BrennerJames Alford, Jr.James C. PerkinsJames GlynnJames MaynardJames PerkinsJana AubrechtovaJane WoosterJanos HarskutiJason NewmanJason RimlandJason TenzerJason WhiteheadJeffery HoopsJeffery MossJennifer RobertsonJeremy PriceJerry Cahn, Ph.D.Jesse DeSalvoJessica LeeJim LavinJinx Cozzi PerulloJoan SalakJoanna CurtisJocelyn Castillo

Joe TorcicolloJohn BeamJohn KraeutlerJolene LaneJordan GreenblattJose ApanteJosé Rivera AlersJosi FuscoJPMorgan ChaseJude NelsonJudge TapiaJulia SmithKaryn BrownsonKasper ZeuthenKathy FloydKathy GraffKatrin WeiszhauptKeisha JonesKelerie HeiserKemana PaulasKendra PawlikKenneth Goodwin, Jr.Khalid R. JonesKim Estes-FradisKoyzina KafeKresimir MarusicKristin LindowKristy NguyenLaksmi NorLara SheikhLauren HeagartyLawrence BarthLawrence SavellLeah HalikiopoulosLessette ToroLibrary DaysLisa SolomonLiz ParkerLloyd BrombergLoren BusbyLorna FeldmanLouise BlaneyMaria AllenMariya KrastevaMark MontgomeryMartha StarkMarvin CabreraMattias SundholmMaxine ClarkeMazaher TejaniMegan ScanlonMel GlennMelanie ApogeeMelanie WaitsMelinda GrenierMichael AsendioMichael GoldmanMichael JonesMichael OgrinzMichael SookramMichelle MauMicrosoftMiguel SandomingoMike ShurMike ZammMillicent CavanaughMinnette ColemanMonica BlackMonika CobleMonique AchuMorgan LewisNancy MurphyNancy Ploeger

Nathalie CamusNicole YardeNYC Commission on Human Rights NYC Opera c/o Erica RauerOksana KuchmanPamela FrederickPamela KumaPatrict Burke, Ph.D.Paul DoersamPaul RieckhoffPauline YuPearl BeckPedro HernandezPhillip LaRuePrabhat VaishRanjit ChatterjiRay LapofRebecca SacherRick NaciusRobert RogersRobert ShapiroRobert ShimonyRussell MorseSamuel BlaneySandra LangSarah CurranScott HorwitzScott LarsonScott O’DonnellSean O’NeillSharon KaufmanShonna JacobsShumeca PickettSkip VaccarinoStacey WalkerStanley NemeroffStarbucksSteve NewmanSteven & Donald AbramsSteven FaktorSudhir RahiSusan MozianSuzanne MatthewsTamera ConeTaylor SmithTed LeugerTeresa SavoryTffany GittensThe CityKids Foundation c/o Jenny PetersThe McGraw Hill Companies The Moody’s FoundationTina ShahToastmastersTodd WolynskiTomas HartTony MarshallTynesha WhiteVadim VilenskyValeria SeveriniValerie AdelmanVanesa PerkinsVassilios SitarasVikram AtalVictor SamraVikas DeloryVisiting Nurse Service Will TaylorYafa BergerZachary Emig 10

INDIVIDUAL DONORS

IN-KIND DONORS

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Board Members & Staff

BOARD OF DIRECTORS HSEAF EXECUTIVE COUNCIL STAFF

Deborah A. Smith, ChairWachovia

D’Vera Topol, Vice Chair Topol Foundation

Michael Breit, TreasurerEisner, LLP

Carmen Russo, SecretaryCarmen Russo & Associates

Phyllis Frankfort Perillo, President & CEO w!se

Dr. Charlotte K. FrankThe McGraw-Hill Companies

Gary E. HughesGH Lace, Inc.

Mary McDermottMcDermott Consulting

Mark S. Weiss, Finance CommitteeNewmark Knight Frank

James M. Abry, Finance CommitteeSCP Worldwide

Gretchen A. GoodallCiti

Sol Irvine, Esq.Morgan Lewis & Bockius LLP

Abry, James M. Sports Capital Partners LLC

Blaney, LouiseEmerging Markets, Ltd.

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

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

Frankfort, PhyllisWorking In Support of Education

Hoops, JeffreyErnst & Young LLP

Lee, JessicaMerrill Lynch

Michan, MoisesCiti

Sheehan, Daria Citi Foundation

Solomon, LisaSolomon & Associates

Stanzione, MichaelHS of Economics & Finance

Vaccarino, SkipTri-State Employer Services, Inc.

Phyllis Frankfort PerilloPresident & CEO

David AndersonExecutive Vice President

Linda HenrichFinancial Manager

Clifford DukesDirector, Sanford Weill Institute

Eric KatzmanManager, Communications & Events

Sheila BeattyProgram CoordinatorSanford Weill Institute

Jenya GreenManager, Quality of Life Program

Paul GrewalData Analyst

Rachel PierreProgram Manager

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Testimonials

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“It is an eye-opener for the students to learn how much things actually cost. I enjoy teaching my students information I know they will use in their futures and that will hopefully help them become better consumers. They are also teaching their parents what they learn!” - Terri Mitchell- Cato Meridian High School

“I just wanted to thank you and your colleagues for a wonderful [Quality of Life] program. The kids learned the importance of taking initiative and following through on their ideas, and they also learned how to conduct themselves in a business environment–lessons that will serve them well.” - Sarah Clark, High School of Telecommunications

“Thank you for the opportunity to be a Quality of Life final judge. I truly enjoyed the competition and I am so impressed by the caliber of the work these students are doing. It was an honor to be able to participate and I wish we could award them all with a scholarship. You and your staff were great hosts as always and the competition seems to get stronger each time. I look forward to being a part of any future WISE events as I truly believe in your mission and the work you all do.” - Dennis Acevedo, Judge from Year Up

“Every student that passed the Financial Literacy Certification exam at our Alternative High School is a success story! It was heartwarming to proudly see my students become engaged in conversations about money and to see them realize that they have control over their future finances. Our principal and entire staff gave great recognition to students who participated in this program and they want me to continue it, especially the on-line testing.” - Kathy White- Dutchess Boces Alternative High School 6/17/09

“This course [Financial Literacy Certification Program] was a great success with the students in my high-need school. It provided them with background and access to further information, which is critical to their lives outside of school. Many of the students who passed the exam had not previously received academic recognition, so the certification was a great boost for them emotionally as well.” Wendy Mernard, Teacher, High School for Global Citizenship

“At first I thought a finance class would be a very boring class where we would learn to write

checks and stuff like that. But it turned out to be my favorite class this year because we learned stuff that we could use in real life, not just in school. I wish I had taken it earlier in high school. I think it is cool that you and all the others at w!se have made something

that rewards students for managing their finances.” - Tim Belsches, student. Virginia

This program (Quality of Life) spurs student creativity and empowerment. It offers a wonderful chance for students to learn how to research a topic of their own interest and choice and find ways that their research can be a tool for social change and action. I am proud to be a part of the W.I.S.E. Quality of Life program and I am excited each year that my students have a chance to make their contribution to improving our lives in this world. - Robin Kovat, Law and Research Coordinator, Sheepshead Bay High School

“I liked that it [Euro Challenge] gave us the opportunity

to learn about a topic that is generally not taught in school.” Monica Haebich,

Teacher, Half Hollow Hills High School Eas

“Thank you to w!se for your invaluable

resources and support in making students financially savvy.”

I am retired after teaching forty-two years. My last two years I used the Financial Literacy Certification

Program in my economics classes at Fishers Island School. It was the best single teaching program that I used

in all my years as a teacher. Keep up the great work. Thank you. Bernard B. Bartick, Teacher, Fishers Island School

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

Auditor’s Report

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Financial Statements

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Statement of Revenue, Expenses and Changes to Net Assets

For the Year Ended July 31

PROGRAM COSTS

Grant Income

Contributions

Income From Advertisements

Consulting & Management Fees

Donated Goods & Services

Grant Income

Contributions

Income From Advertisements

Consulting & Management Fees

Donated Goods & Services

INCOME AND SUPPORT

Consulting and Management Feesv

Donated Goods and Services

Contributions

Grant Income

Income from Advertisements

Management & General, 5%

Programs, 95%

BALANCE SHEETJULY 31

ASSETSCurrent Assets:

Cash

Investments in marketable securities

Accounts receivable

Prepayments and advances

Total current Assets

Depreciable assets, not depreciation

Security deposits

TOTAL ASSETS

LIABILITIES AND NET ASSETSLiabilities:

Accounts payable

Payroll taxes payable

Scholarships payable

Grants management payable

Total Current Liabilities

Deferred program revenue

Total liabilities

Net Assets:

Unrestricted operating net assets

Restricted net assets

Total net assets

TOTAL LIABILITIES AND NET ASSETS

2009

$ 1,004,918

6,328

10,475

11,377

1,033,098

46,718

1,700

$ 1,081,516

2009

$ 103,962

2,349

21,675

2,617

130,603

313,628

444,231

270,990

366,295

637,285

$ 1,081,516

2008

$ 730,964

35,467

92,600

1,496

860,527

56,513

1,400

$ 918,440

2008

108,779

181

50,124

20,400

179,484

103,000

282,484

261,049

374,907

635,956

$ 918,440

Changes in restricted net assets

Restricted income and support:

Grant income

Consulting and management fees

Income from Advertisements

Donated goods and services

Contributions

Total Restricted Income and support

Program costs:

Programs

Management and General

Increase (decrease) in restricted net assets

Changes in unrestricted net assets:

Net gain on securities

Miscellaneous Income

Interest and dividends

Increase (decrease) in unrestricted net assets

before release of Restrictions

Increase (decrease) in unrestricted net assets

Increase (decrease) in net assets

Net assets as of beginning of the year

Net assets of end of the year

2009

$ 985,081

95178

8500

595079

21510

1,705,348

$ 1,588,960

$ 125,000

$ 1,716,960

$ (8,612)

-4,258

14,199

9,941

9,941

1,329

635,956

$ 637,285

2008

$ 936,580

89,625

231,126

5,300

1,262,631

$ 1,945,560

$ 1,237,830

$ 1,976,360

$ (101,057)

-4,304

23,893

33,780

53,369

80,304

133,673

32,616

603,40

$ 635,956

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227 East 56th Street, Suite 201New York, NY 10022