FEE has influenced & inspired

many successful pro-liberty

advocates:
Contents

Ronald Reagan
America’s 40th President 4 Our Mission 16 Nurturing a new generation
of liberty advocates
Matt Kibbe A Letter from FEE’s
Founder of FreedomWorks & President of Free the People 5
President 18 Reaching new audiences
Charles Koch
CEO of Koch Industries 6 FEE’s most impactful year yet
20 Working with partners inside
Rev. Robert Sirico 8 Making liberty mainstream
and outside of the liberty space

Founder of Acton Institute for the Study of Religion & Liberty

21 Taking liberty to Latin America
Prof. Tyler Cowen 10 Bringing liberty to
Holbert L. Harris Chair of Economics at George Mason the classroom
University & Chairman/General Director of Mercatus Center 22 A Letter from
Lawrence W. Reed
Ed Feulner 11 Expanding our
network of educators
Founder of Heritage Foundation
23 Freeman Club

Rand Paul 12 Testimony before the

US Senator US Senate 24 Executive Leadership
& Board of Trustees
Romina Boccia 13 Dominating social media
Managing Director at Dialog, former Director of Grover M.
25 Ways to give
Hermann Center for the Federal Budget at Heritage Foundation

Walter Williams 14 Covering charged topics

without compromise 26 Financial reporting
John M. Olin Distinguished Professor of
Economics at George Mason University

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 Sun Tzu in his Art of War said:

Opportunities multiply as they are seized.

OUR MISSION

T o me, this means that the more you do, the more you can do. When FEE gets on
Fox News, we get invited to 10 other media outlets. When hundreds of thousands of

FEE is the leader in inspiring young people see our videos, they recommend them to millions of their friends.

This principle has guided us since 1946 and continues to drive us today.
high school and college
In 2021, we reached more young people online than ever. We also broke the world
students in their classrooms record for the largest online economics lecture ever.

and online with sound This is good, but we need to do more. And we will do more in 2022.

economics, ethical principles

In 2022, we will deliver regular training to high school teachers in 10 states, host a
first-of-its-kind conference for representatives of teacher education centers from all 50
states, and work with the Department of Education of Nevada to train their high school
and personal leadership economics teachers.

to become tomorrow’s We also plan on captivating audiences not traditionally reached by pro-liberty
organizations. We will go to more underserved communities and schools, increase our

leaders, voters, educators, presence on TikTok, and expand Gen Z education on YouTube.

entrepreneurs, and parents

2021 was great, but 2022 will be even greater.

If you care about the rising generation, the future of liberty, or the prosperity of your
to build a society founded family, friends, and the world, FEE should be on your radar this year and beyond.

on free-market principles. For those who’ve guided and supported us throughout our 75-year history, my team
and I are immensely grateful for your partnership. And for allies who are new to our
mission, it is our honor to fight for liberty alongside you. Please consider the following
pages as both our thanks and our promise.

Zilvinas “Z” Silenas

President
|4 Foundation for Economic Education |5
 83,163,123 23,512

16,487

29,560,306

2021 was FEE’s

most impactful 2020 2021 2020 2021

year yet 181% 43%

more Gen Z reached online more students taught
(16- to 22-year-olds) in classrooms

Gen Z reach on Tik Tok 65K reach per month

in March 2021
EXPLODED
2M reach per month in
November 2021

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|7
|8 |9

Making liberty
mainstream

2021 was FEE’s most impactful year yet for taking our message of free markets and the
philosophy of liberty to mainstream media, reaching tens of millions of Americans.

Our world-class team of young journalists and commentators are pumping fresh insights
into a national discourse that has been polluted with a stale, big-government narrative.

95
mainstream media
appearances

27 speaking
engagements
 Bringing Expanding
liberty to the our network
classroom of educators

We broke a world In 2021, we gained 64

record for the largest new partners and hosted
online economics lecture 50 programs with them.
(9,975 students)

We educated over 23,512 students throughout

477 programs at 111 schools about: Derek D’Angelo joined FEE as our
Curriculum Development Officer
The morality of markets 25 year of experience teaching high school economics
The tenets of free trade President of the Michigan Council for Economic Education
Outgoing president of the National Association of Economic Educators
The ethics of entrepreneurship
Expert in curriculum development
The importance of personal character

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 Dominating
social media
In 2021, we achieved monumental growth on
social media with timely, targeted content across
Testimony before a multitude of major platforms popular among
young people — ­ 22 accounts in total!

the US Senate
Long-Term Damage by COVID Lockdowns
FEE’s Brad Polumbo testified before the US Senate about
838K
the damage done by the archaic COVID lockdowns. FOLLOWERS

Can you describe the risks of borrowing

$6 trillion over a two-year period?” 27.6M
U S S E N AT O R R A N D PAU L
ENGAGEMENTS

353.5M
“I can speak to this as somebody who will be paying
this debt off my entire life. That $6 trillion will hang
over my generation the rest of our lives.

BRAD POLUMBO IMPRESSIONS

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 Covering charged
topics without
compromise
VIDEO VIEWS IN 2021
Although 2021 was a contentious year in politics, FEE did not shy away
from covering difficult, charged topics.

FEE discussed timely issues including Black Lives Matter, Critical Race
Theory, China, and censorship through an informative, uplifting, limited-
government lens.

We intentionally spoke to audiences who don’t think like us. We provoked

VIDEO SHARES IN 2021
thought rather than outrage, and still found incredible growth.

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 “I have truly enjoyed my time
as a Hazlitt Writing Fellow
“I knew that I would so far. With each article I
publish, new doors have
be pushed out of my opened up to me in ways that
comfort zone at FEE, I didn’t expect they would.”
but I had no idea the Jack Elbaum

The Henry Hazlitt Project for Educational Journalism hands-on support I

is nurturing a new generation of liberty advocates would be receiving on
a daily basis. This is
a brilliant team, and
I’m so honored to be
learning from them.”
Brett Cooper

The Hazlitt Project’s innovative,

“I’ve already gained several
apprenticeship-based approach to valuable experiences in my
cultivating young influencers has the time as a Hazlitt Fellow… But
most exciting for me has been
potential to disrupt media, journalism, improving my writing skills
and even higher education: all in the by working with the editors
at FEE, who have given me
direction of liberty. many great writing insights.”
Saul Zimet

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 NEW BRAND AMBASSADORS

Reaching new
audiences through

In 2021, T.K. Coleman appeared on The Charrise Lane Salomé Sibonex

Christian & Conscious Black
Minimalists’ podcast, as well as their Netflix Conservative
Writer
15,000 Social Media followers
documentary, Less Is Now.
44,000 Social Media followers

12,000,000+
PEOPLE REACHED

1,200,000+
VIDEO VIEWS

74 Workshops
W I T H 2 , 1 4 1 T O TA L AT T E N D E E S

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Working with partners
inside and outside of the
liberty space
If we want to reach people who think differently than us, we have to
work with people different than us. 2021 was a monumental year
for expanded partnerships.

Taking liberty to
Latin America

37M
reach online

14K
students in classrooms

132
seminars and webinars for
students in Ecuador, Mexico,
Argentina, Spain, and
Guatemala

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 It’s natural to think that
“President Emeritus”
is synonymous with
retirement, but that’s
not true in my case. The Freeman Club is an exclusive society for FEE’s
supporters and a community for lovers of liberty
I simply have more time to do what first drew me to a dedicated to advancing the ideals of free
career of advancing liberty a half century ago: speaking
enterprise and limited government
and writing. The pandemic has temporarily curtailed
the in-person speeches while generating more than among rising generations.
200 lectures and interviews online.

In the past two years, my fingers banged out at

least 250 articles for FEE.org and other groups and
publications. Most of them were picked up and
republished in dozens of other places, resulting in
readers by the tens of millions in the US and abroad.

Between all that activity and serving on the boards of HAZLITT CIRCLE
four other institutions, “retirement” for me is a full-
time job. That’s not a complaint. It’s a thanks! I am
$1,000-$4,999
grateful to our supporters that I can devote my energy
to what I most enjoy and simultaneously continue to
serve the cause we share together. MISES CIRCLE
I have neighbors my age who say they get phone calls $5,000-$9,999
at 9:00 pm. The callers always ask, “Did I wake you?”
But if you call me at 9:00 pm, I’ll be writing what
you’ll be reading a few days later. Liberty is just too
important to slow down our work to keep it! HAYEK CIRCLE
$10,000-$24,999

FOUNDER’S CIRCLE
Larry Reed
President Emeritus $25,000+
Humphreys Family Senior Fellow
Ron Manners Global Ambassador for Liberty

YOU CAN VIEW ALL OF Contribute online at

M Y A R T I C L E S AT
FEE.org/DONATE
L AWRE N C EWREED . C O M
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 E X E C UT I V E L EA DER SH I P

LAWRENCE W. REED
ZILVINAS SILENAS
President Emeritus, Humphreys
President Family Senior Fellow, and Ron
Manners Global Ambassador
for Liberty

WAYNE OLSON
Chairman of the Board
FEE’s 1946 Circle – which reflects the date of our
founding – is formed of supporters committed to
monthly giving at any level.

BOARD OF TRUSTEES

Sarah Atkins Frederic Fransen Martin Gallun

J. P. Humphreys Donor Advising, MetalCraft of
Foundation Research, & Mayville
Educational Services

Leonard E. Read founded FEE in 1946 and for the next 37

Chris Talley Fred Reams Dan Grossman years, labored tirelessly as its president to promote and
Pierre F. and Enid The Reams Foundation Atlas Network advance freedom. He was a natural leader who, at a crucial
Goodrich Foundation
moment in American history, roused the forces defending
individual freedom, private property, and economic liberty.

Roger Ream Thomas Beach Jake Lilley We invite you to join his legacy by including FEE in your
The Fund for American Beach Investment PPM Global estate plans through a bequest or planned gift.
Studies Counsel Services, Inc.

For more information, contact:

Alex Miller
James N. Bond Tom Graham
[email protected]
(419) 344-9183

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 2 0 21 F I N A N C I A L S

Please review our revenue, expenses, and

other financials at your pleasure.

Full 990s and audits available under

“Financial Data” at FEE.org

2021 was A udi t e d Fi n an c i al s

the best
Fiscal year ending March 31, 2021

year in FEE’s Revenue Assets

75+ year
Contributions & Grants 89% Current Assets $4,065,409
Net Investment Income 10% Investments $6,891,372
Royalties & Publications <1% Property & Equipment $101,204

history of
Program Revenue <1% Books Inventory $215,242
Long-Term Receivables $24,975
Total Revenue

fundraising.
$9,160,385 Total Assets

$11,298,202

Expenses
Liabilities
Programs 76%
Management 7% Current Liabilities $228,359
Development 17% Long-Term Liabilities $89,334

Total Expenses Total Liabilities

$5,010,482 $317,693

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 Support FEE at
FEE.org/Donate