The National Association of Business Economists Foundation was established in 2004 by the then-current NABE President Duncan Meldrum who envisioned that the NABE should be involved in some sort of philanthropic activity tied to the profession.
With a great deal of work, a 501c3 established the Foundation inside the NABE’s already existing charter as a 501c6. Through a gift from the NABE and some personal solicitations at the end of 2004, the Foundation built its bank account to approximately $60,000.
The actions and causes of the Foundation were still undecided. Establishing the Foundation was difficult enough and since it started with no funds, it seemed premature to draw up a “wish list.” Instead, the actions of the Foundation would be agreed upon at a later time.
Shepherding the Foundation through these early years to launch it off the ground was Jack Kleinhenz. The Cleveland, Ohio native has always been an active member of the NABE and he took it upon himself to keep the Foundation moving forward when progress often could not easily be seen. As the initial burst of excitement regarding its establishment settled down, it was Jack Kleinhenz who kept the Foundation Advisory Board and NABE members moving forward through the hard work of setting up the Foundation and moving it to the next level.
In 2005, the Advisory Board of the Foundation began meeting and discussing the mission of the Foundation and its purpose. They drafted a mission statement and in 2006 approved some small projects that they felt fit the goals and objectives of the Foundation. This included money earmarked for a local high school project in Houston. A second project included teaming with the Federal Reserve Board for the NABE/Fed High School Economics Clubs. Students visited businesses and learned practical applications to the field of economics.
In addition, the Professional Development Seminars, were moved from an operation of the NABE to the Foundation due to them the fact that they seemed to fit with the NABE’s mission.
At the conclusion of the 2006 calendar year, the Foundation knew it was on the verge of its next big step. As it looked back, it noted that its pilot programs were a success. Ideas started flowing as far as how the Foundation could make an even greater impact in the world of business economics.
In 2007, The Foundation took things to the next level. It launched its first public solicitation for funds. NABE members quickly embraced the cause and answered the call for donations in a generous fashion. The NABE Foundation launched its own website.
With the money raised from the previous years, The Foundation has turned its focus to launching and improving its programs in 2008. New programs were launched and scholarships were given to various NABE Foundation and NABE seminars and events.
Today, The Foundation continues to support numerous scholarship initiatives, including scholarships to NABE sponsored events such as the Economic Policy Conference, the Economic Measurement Seminar and the Annual Meeting. Over the years, generous individuals have come forward to support other scholarship initiatives through The Foundation. The Foundation supports various awards such as the Edward G. Mennis Contributed Paper Award and the Adam Smith Lecture. The Foundation also helps develop today’s developing economists by sponsoring the Economic Measurement Seminar.