ERIE Magazine | October 2011

Board of DirectorsPeter Balmert

John J. Barber

Dr. Donald L. Birx

John Bloomstine

Carl Carlotti

Terrence Cavanaugh

Rosanne Cheeseman

Gary L. Clark

Joel Deuterman

Mary L. Eckert

Thomas C. Hoffman

Timothy Hunter

Thomas Kennedy

Charles G. Knight

John P. Leemhuis

John T. Malone

James W. Martin

James E. Martin, Chair

Michael P. Martin

Marlene D. Mosco

Jack A. Munch

David Poor

James Rutkowski Jr.

Matthew Schultz

Nick Scott Jr.

John Skory

Ronald A. Steele

Noreen A. Stegkamper

David M. Tullio

Russell S. Warner

Michael Weber

Thomas J. Wedzik

Scott Whalen

R. Jason Wieczorek

President/CEOBarbara C. Chaffee

Vice President, ChamberClaudia K. Thornburg

Vice President, Economic DevelopmentJacob A. Rouch

Vice President, Growth PartnershipMary C. Bula

StaffJoelyn J. Bush, Director of Marketing &

Communications

Sara Galbreath, Sales Executive

Julie B. Graff, Sales Executive

Melanie A. Johnson, Erie Business Action

Team Manager

Doug M. Massey, Workforce Development

Coordinator-Training

Cathy Noble, Events Coordinator

Benjamin C. Pratt, Director of Research

Linda Robbins, Accountant

Susan M. Ronto, Membership Coordinator

EditorJoelyn J. Bush

Contributing WritersJohn Chacona

Amanda Prischak

Mark Toriski

Photo ContributorsFerralli Studios

DesignBensur Creative Marketing Group

For Advertising Information:

Julie Graff, Sales Executive

(814) 454-7191 x 139

[email protected]

Dr. James A. Kurre

professional perspective

After this summer’s ERIE conference on brain

drain/gain at Penn State Behrend (co-sponsored

by the Vital Signs program of the Erie

Community Foundation, thank you very much),

I’ve been thinking a lot about Erie’s and the

nation’s problems. I’m hearing stories about

people who are looking for jobs, but “there’s just

nothing out there”. At the same time, I’m hearing

about good-paying jobs going vacant and firms

begging for talent.

For solutions, let’s look at the micro, rather than

the macro, view. Studies of poverty often point

to education as a solution. Personally, each

semester I get to meet a lot of 18- and 19-year

olds. It’s one of the things I like about my job.

I ask them why they came to college, and the

overwhelming majority say something like

“to get a better job.” But when I ask how many

know what the salary is for the major they’ve

chosen, very few hands go up. And THAT may

be one of the problems.

It’s pretty clear that most of my new students

don’t understand how to choose a career.

(I know I certainly didn’t at that age.) They’re too

intimidated by the question to tackle it, and then

they tend to pick something they like, encouraged

by well-meaning folks who tell them to follow

their heart and not worry about the money.

“If you’re doing something you love, the money

will come.” (Yeah, tell that to all those

committed would-be comedians and garage

bands who can’t pay the electric bill.) As a result

of this kind of thinking, too many of our kids

choose fields where there are already more job

seekers than jobs, because a few decades of

students before them have indulged themselves

and done exactly the same thing. And then they

graduate with tens of thousands of dollars of

debt and no job.

The fact is that a college education is NOT a

guarantee. But on average, college students make

about 75% more than high school graduates, and

have much lower unemployment and poverty

rates. College is no guarantee, but it IS the way

the smart money bets.

The simple fact is that for higher ed to pay off for

a student, he has to pay attention to what the

invisible hand of the market is trying to tell him.

There are some fields with relatively high

starting salaries for college—or high school—grads,

and some with very low or no salaries. It doesn’t

take a Ph.D. in Economics to understand that the

market is signaling that we need more people

in the former and fewer in the latter. If students

look through the list of high-paying, in-demand

jobs (say in the Occupational Outlook Handbook

online), odds are that they can find something that

appeals to them AND pays well. Problem solved.

And if they don’t bother to look through that list,

well, maybe they’ll get lucky and things will work

out for them anyway. Or they might wind up

living in mom’s basement. Do either of you want

to risk that?

So what can we do about it? We need to give

our kids a big dose of cold, cruel reality as early

as they can handle it. They need to understand

that they personally need to figure out what they

can do for which other people will voluntarily give

them hard-earned cash. They need to graduate

with skills that other people don’t have and are

willing to pay for. And they need to understand

that there are millions of kids in other countries

willing to work for a lot less than Americans have

come to take for granted. In other words:

“Kid, you’re going to face serious competition for

those good jobs, so get yourself prepared!”

The good news is that there are literally millions

of people out there who are willing to help them

win that competition. They’re called teachers,

professors and parents. Our kids have the good

fortune to have been born into a country that has

a world-class higher education system, and where

capital is relatively abundant. Those things can

help them get a leg up on the competition. But

each kid needs to figure out for herself what she

can do for a career and then make it happen. And

they must understand that they hold their future

happiness in their own hands. Their choices now

about whether to bother to learn math, science,

economics, or a foreign language, will all have a

very direct and personal impact on whether they

will get to live the life they want or will have to

settle for significantly less. Yeah, it’s not easy, but

that’s why it pays well. Anyone can do the easy

stuff. So don’t be “anyone.”

Kids in grade school or even high school may be

too young to understand this yet. But we CAN

encourage them into programs like Junior

Achievement and ACES’ Business Week, where

they’ll learn key lessons at their own level. And

kids sure seem to pick up on the work ethic from

adults that they respect. And maybe the most

important lessons are that money, a cell phone,

cool clothes, and gasoline aren’t free, and that

there isn’t always someone to bail you out if you

make bad choices. In other words, YOU are

personally responsible for your own success

and happiness—or failure.

Dr. James A. KurreAssociate Professor of Economics

Black School of Business

Penn State Erie, The Behrend College

Some Thoughts on “The Problem”

1eriepa.com

what’s inside We look forward to seeing you at these networking events for Chamber investors.

Please RSVP to the Chamber at (814) 454-7191 x 146 or [email protected]

afterhours

2-9 New Investors

10-13 Re-Engineering Erie Interview with Dr. John M. Ferretti, D.O.

14-17 Staying the Course Erie-based financial institutions weigh-in on our economy

20-23 A Real World Education How three organizations teach students how our economy works

10

October 205:00 – 7:00 p.m.

Quality Inn & Suites

8040 Perry Highway

November 105:00 – 7:00 p.m.

The Regional Cancer Center

2500 West 12th Street

December 155:00 – 7:00 p.m.

Avalon Hotel

16 West 10th Street

Re-Engineering ErieAn Interview with Dr. John M. Ferretti, D.O.

by John Chacona

ERIE Magazine | October 2011

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welcome new investors

New Investors

American Heart Association - Erie DivisionFighting heart disease and stroke.

Ms. Gina Klofft823 Filmore Avenue | Erie, PA 16505-4127 | (814) 836-0013

BenchMark Technology SolutionsComputer technology solutions for small and medium size businesses.

Mr. Bob Klemm1315 Peninsula Drive | Erie, PA 16505 | (814) 836-9456

Bronze Investors

Arent Fox LLPA dynamic law firm with 26 practice groups and a recognized leader in areas including intellectual property, real estate, health care, life sciences and litigation.

Mr. Phillip English1050 Connecticut Avenue, NW | Washington, DC 20036-5339 (202) 857-6000

Intelmarx LLCDevelops proprietary software applications paired with world-class services creating a complete enterprise solution helping your non-profit, faith-based group, institute of higher education or organization to use the new marketing channels to build relationships and grow a broader constituent base.

Mr. George Sackandy1331 12th Avenue, Suite 303 | Altoona, PA 16601 (814) 941-9218

Silver Investors

Maple Donuts ErieCommercial bakery.

Mr. Nat BurnsideP.O. Box 409 | Lake City, PA 16423-1226 | (814) 774-3131

ERIE REGIONAL CHAMBER AND GROWTH PARTNERSHIP

eriepa.com 3NEW INVESTORS

New Investors

Bonded ServicesJanitorial, insurance repairs, carpet and upholstery cleaning, mold remediation, 3M window film.

Mr. Randy Nyberg4859 Pacific Avenue | Erie, PA 16506 | (814) 838-4979

Chaffee Landscaping, Inc.Landscape design/build firm, maintenance, installation, hardscape planting, outdoor lighting, irrigation, ponds/waterfalls, snow plowing, construction and full outdoor services.

Mr. Douglas Chaffee8296 Mill Street | Girard, PA 16417 | (814) 774-2804

Crotty Insurance AgencyIndependent agency established in 1984. All lines of coverage. Member of Western Pennsylvania Insurance Agencies Group.

Mr. Dennis Crotty3132 Sterrettania Road | Erie, PA 16505 | (814) 833-0611

Doleski and Wolford Orthodontics PCDr. Kenneth A. Doleski and Dr. Marian S. Wolford have been practicing together for over fifteen years. They treat the orthodontic needs of both children and adults and have three convenient locations in Erie, Lawrence Park and Corry.

Ms. Kelly May3230 West 38th Street | Erie, PA 16506 | (814) 835-3888

Dovetail SolutionsCreative solutions to meet all your staffing needs, including temporary, temporary-to-hire, contract and executive recruitment.

Ms. Sue McKinney1001 State Street, Suite 1400 | Erie, PA 16501 | (814) 480-5730

Erie Computer CompanyErie’s original computer consultants. The region’s only apple store and service center. Printers, computers, servers, storage, networking and repair. Sells and services all major brands.

Mr. Brian Seelinger4225 Peach Street | Erie, PA 16509 | (814) 456-5600

Erie Summer Festival of the ArtsA festival organized to promote excellence in the arts as a major way of improving and enhancing the quality of life for people of all ages within the Erie community.

Mr. Vince PalermoP.O. Box 3796 | Erie, PA 16508 | (814) 873-4261

Ferocious MediaA full-service digital advertising solution provider serving local businesses in their pursuit to excel in online advertising.

Mr. William PrietoOne Boston Store Place | Erie, PA 16501 | (716) 203-1777

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New Investors

First DataMerchant transaction processing services; credit, debit, private-label, gift, payroll and other prepaid card offerings; fraud protection and authentication solutions; electronic check acceptance services through TeleCheck; as well as Internet commerce and mobile payment solutions. The company’s STAR Network offers PIN-secured debit acceptance at ATM and retail. Mr. Wesley Wagner670 Hess Avenue | Erie, PA 16503(814) 769-0439

Friday & Cox, LLC Attorneys at LawA law firm practicing personal injury, workers compensation and social security disability in Erie County and Western Pennsylvania.

Ms. Shelly Petronie410 Cranberry Street, Suite 220 | Erie, PA 16507(866) 462-9607

Grace ChurchReligious organization.

Mr. Bernie Farabaugh7300 Grubb Road | McKean, PA 16426(814) 790-4973 Ext. 235

Iarussi Laundry ServicesWe offer: Wash & fold service, comforter cleaning, pick-up and delivery, dry cleaning, linen rental, alterations, shirt laundry and also service several types of businesses.

Mr. Ralph Iarussi3050 West Lake Road | Erie, PA 16505(814) 450-9358

IN Community Magazines & MediaDirect mails full color, quarterly magazines uniquely created for the communities they serve. Readers enjoy the relevant, upbeat and local content and business advertising coming from their community.

Mr. Derek Bayer603 East McMurray Road | McMurray, PA 15317(724) 942-0940

Millcreek Paramedic ServicesA non-profit ambulance service incorporated in 1999. Owned and governed by the five Millcreek Township Fire Departments, with an 80-year tradition of serving the emergency and medical transportation needs of Millcreek Township and surrounding communities.

Mr. Brandon KramerP.O. Box 9038 | Erie, PA 16505(814) 836-8677

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Our Online Resources Are Just A Click Away.

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Join our ERCGP Linkedin Group

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eriepa.com 9NEW INVESTORS

New Investors

Seaway DirectSpecialty contractor - windows, doors, siding, sunrooms and awnings.

Mr. Robert Troutner 2250 East 33rd Street | Erie, PA 16510 | (814) 899-9900

The Technology Council of Northwest PAA trade association of companies using technology to become globally competitive. Acts as a neutral third party counselor for technology deployment, aggregation of services and internet solutions, university partnerships and technology training.

Ms. Garnet Maniscalco130 West 8th Street | Erie, PA 16501 | (814) 459-6261

Tightwad Tobacco, LLCRetail Tobacco Store.

Ms. Lisa Fleck3518 Liberty Street | Erie, PA 16508 | (814) 790-4790

Tom Kaspick ConsultingProfessional industrial and commercial water treatment and consulting services.

Mr. Tom Kaspick3233 West 39th Street | Erie, PA 16506 | (814) 881-1916

Trinity ElectricResidential, commercial and industrial electric contractor. Mr. Rick L. Rindfuss2807 Colonial Drive | Erie, PA 16506 | (814) 403-7387

Uncle Nick’s Greek Fried Chicken56 years in business with five locations in north east Ohio and Pennsylvania. Specializing in Greek fried chicken, baby back ribs, gyros, salads and much more. Dine-in, carry out and catering for all your party needs. Mr. Dino Vardavas1325 State Street | Erie, PA 16501 | (814) 790-5761

U.S. Bulk Transport Inc.With the largest network of terminals and logistical offices in the semi dump industry, U.S. Bulk Transport provides total environmental and industrial transportation solutions. Mr. James S. Uhrmacher205 Pennbriar Drive | Erie, PA 16509 | (814) 824-9949

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eriepa.com 11RE-ENGINEERING ERIE

Toward the end of the last century, a Western Pennsylvania city with an economy that had been dominated by heavy manufacturing for decades began to feel the winds of change. Factories that had flourished since the 19th Century were shuttered. Workers, many of whose ancestors had come from southern and Eastern Europe and the American South to work in those factories, found themselves without jobs. Population contracted. Poverty rose.

A coalition of community, political and business leaders convened to address the decline of the once-proud manufacturing hub and to make a plan to transform the city’s economy.

That city was Pittsburgh, a place that was once the engine of the industrialized world. Today the energy sources for the economy of the Steel City are health care and education.

The back-story should be familiar to any Erie resident over the age of 40. But what about the ending? Could Erie come together to engineer a Pittsburgh-style re-engineering of the local economy?

“I think [we] can and I think [we] are,” says John M. Ferretti, D.O. president and CEO of the Lake Erie College of Osteopathic Medicine, and he should know. LECOM and its affiliate, Millcreek Community Hospital, have integrated the very economic sectors, education and health care, upon which the re-engineering of the Pittsburgh economy was based.

Dr. Ferretti’s optimism is well founded. If growth is the ultimate goal, LECOM’s history offers a promising roadmap. Begun with just 60 students in a single building in 1992, LECOM now has campuses in Erie; Greensburg, PA; and Bradenton, FL that educate more than 3,000 students in medicine and pharmacy programs. In terms of enrollment, it is the largest medical school in the country.

What does that mean for the communities where LECOM and its affiliates have a presence? To answer that question, LECOM and the health system – LECOM, Millcreek Community Hospital, Medical Associates of Erie, the Millcreek Geriatric Education and Care Center and the LECOM Medical Fitness and Wellness Center – recently commissioned Tripp Umbach, a Pittsburgh consulting firm, to conduct an economic impact study.

| By John ChaconaLECOM Works to Offset the “Brain Drain” An Interview with Dr. John M. Ferretti, D.O.

Re-Engineering Erie

John M. Ferretti, D.O. President and CEO of the Lake Erie College of Osteopathic Medicine

DIVERSITY AND INCLUSION2

According to the study, that impact, direct and indirect, was $225 million dollars for Pennsylvania and $136 million in the Erie region, including nearly 1,000 direct jobs. While that last number is impressive quantitatively, it is the quality of the jobs that is most salient. The Tripp Umbach study found that the jobs created by the health system pay an average $7,800 more than the average job in this market.

Dr. Ferretti also sees a non-economic benefit to the community. “A part of our mission is that the community truly is our campus. Our faculty, physicians and students work throughout the community in positions, hopefully to improve it.” He suggests that the system’s impact on the community be measured not just by financial resources, but by the many man-hours that students and faculty volunteer.

Many of these volunteer hours are credited to the Bridging the Gaps program. Started by a consortium of Philadelphia-area medical schools, Bridging the Gaps shares valuable resources with the community. “We pay young students to basically do an internship in the summer to work with community organizations,” Dr. Ferretti says, “to provide highly-trained professionals – young student doctors and student pharmacists – to work with the underserved and disadvantaged, and it continues to grow on a yearly basis.” In economic terms, the volunteer work of all LECOM physicians, staff and students results in $2 million in annual community benefit.

The study placed the number of LECOM physician alumni practicing in the Erie region at nearly 150, producing a total economic impact of $327 million and another 2,840 local jobs. There are an equivalent number of LECOM pharmacy graduates in Erie County. Dr. Ferretti would like to see a greater acknowledgment of the role the system plays in the local economy. “We contribute to the economy via our workers and indirectly our business, also what we contribute to the cultural life of the community is important to recognize.”

If growth is the ultimate goal, LECOM’s history offers a promising roadmap.

Re-Engineering Erie continued.


eriepa.com ARTICLE TITLE 3

And many of these professionals stay in Erie – an example of “brain gain” that offsets the “brain drain” that is often spoken about.

More is on the way for LECOM, which will open a dental school in Bradenton next summer with an entering class of 100 students. By 2016, Erie will benefit with a clinic where dental students and faculty will treat qualified individuals in an underserved area of the community.

“We want to advance our system,” Dr. Ferretti says, “and obviously we’re trying to develop new educational programs that will complement our pharmacy and medical programs, which means growth in numbers. This new economic model includes using the community for the education of our students.” Asked what part LECOM and its affiliates can play in the economic growth of the region, Dr. Ferretti was decisive. “Our role is continued growth.” <

Re-Engineering Erie continued.

www.lecom.edu

Photos Courtesy of LECOM

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eriepa.com STAYING THE COURSE 15

There’s a famous quote from legendary stock investor/ businessman/philanthropist Sir John Marks Templeton that rings true perhaps now more than ever, “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria.” And while this quote paints a colorful metaphor, it also rather accurately runs the gamut of emotions and actions of investors, particularly those enduring the unusual market of the 21st century, which has been plagued by everything from numerous bubble bursts and a constant state of flux to political discourse and an often-shaky global market. And the roller coaster ride is far from over. “The financial markets recently experienced a level of volatility that had not been seen since the dark days of the global financial crisis,” says Mark Holcomb, CRPC, Vice President-Investments and Branch Manager for UBS Financial Services Inc., a silver level investor with the ERCGP, whose history in the Erie area dates back to its beginnings as Paine Webber Jackson & Curtis – a leading financial advisory firm operating locally on a national level – in 1951. “Market participants were forced to sort through a stream of weaker than expected economic data, an especially caustic political debate over the extension of a federal debt ceiling, the first downgrade of the U.S. sovereign credit rating from AAA, and a broadening of the Eurozone debt crisis to Italy and Spain.”

“While volatility will likely ratchet lower in coming weeks,” he continues, “few of the catalysts that prompted the broad-based market sell-off have been fully addressed, let alone resolved. This suggests that markets will remain ‘choppy and sloppy’ in the short-to intermediate-term. With the global economy likely to avert a renewed recession and equity valuations at attractive levels, stocks would appear to have an upside from here. However, slow growth prospects and significant systemic risks

suggest that the upside is likely to be limited compared to the equity rally seen in the second half of 2010, and that downside risks remain.” But can investors make the most of their investments while strengthening their portfolios in such uncertainty?

John Masterson, Senior Resident Director, Vice President for Merrill Lynch Wealth Management, a silver level investor with the ERCGP – which recently celebrated its 30th anniversary in Erie by starting a $30,000 endowment fund through the United Way and Erie Community Foundation to benefit local charities – notes that managing your emotions may be the key to managing your investments during this time of economic hardship.

| By Mark ToriskiErie-based financial institutions weigh-in on how to better understand the roller coaster of our current economy while maintaining a strong investment portfolio

Staying the Course

Mark Holcomb, CRPC

Vice President-Investments and Branch Manager

for UBS Financial Services Inc.

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“The market is like a pendulum,” he states. “On one end you have Greed and the other, Fear, and it will swing toward one or another. We had Greed in line in 2006 and 2007, when we saw people with two or three mortgages and credit was free and in the clear. It was excessive and probably to a fault. Then it moved the other direction, where people were afraid to do anything in fear of what could happen. There is a natural reaction to what we’ve dealt with particularly in recent years. There was a desire for clients to get rid of risks and it is hard to argue with clients to not make an emotional decision that could ultimately harm them. We manage client expectations but we also try to manage their emotions and try to understand their risk tolerance. We need to meet in the middle at an emotional standpoint and a pure market standpoint.” Holcomb agrees. “We are recommending our clients stay the course and remain properly allocated among each of the major asset classes – stocks, bonds, cash, commodities, and alternative investments,” he says. “Of most importance is to allocate portfolios appropriately based on individual client willingness to take risk and their long-term investment goals and objectives. We help clients to not make drastic decisions based on emotions, but rather focus on the long-term goals rather than short-term decisions. We are constantly

reassessing that to make sure people’s comfort levels are where they need to be. I’ve seen a lot of times when it is hard to stay invested with a plan when there are a lot of emotions. Most of the time these things usually work themselves out and calmer times will come. Emotions are a basic human element and we help take them out of the decision making.”

Staying the Course continued.

John Masterson, Senior Resident Director,

Vice President for Merrill Lynch Wealth Management


eriepa.com 3

And for those trying to ease their fears, there is solace to be taken in numerous factors keeping this financial crisis from reaching catastrophic levels. Holcomb points out that many large corporations have shown a higher cash reserve than during the financial crisis three years ago and, at present, the current S&P 500 dividend yield is at 2.2%, which is above the 1.9% yield of the ten-year Treasury bond – the first time this has occurred (with the exception of a four-month period in late 2008/early 2009) since 1958. Many investors are looking at this as a sign that dividends, particularly those of companies with a proven track record of paying dividends over a long period of time, will be much more resilient in the current cycle, unlike in early 2009 when this phenomenon signaled significant dividend cuts.

“Right now, I wouldn’t call our market extremely bullish, but we are not bearish either,” says Masterson. “We are seeing a lot of volatility – the S&P downgrade, the U.S. debt, situations over in Europe, and probably a malaise just in belief of what our government will do in terms of setting up a vision of where we are going to get to; those will cause a lot of disturbances along the way, but will eventually work themselves out. Companies want to put that money to work but they want to have some certainty and once that happens, the stock market can bode well for that. When things are really good, they are probably not as good as you think they are, and when they are bad, they probably are not as bad as you think they are,” he continues. “Our job is to try and balance out that compliance. We can’t promise we know what’s ahead, but we can look to the past to draw some conclusions to make good decisions for the future.” <

Merrill Lynch Wealth ManagementErie Location: 510 Cranberry Street. For more information, phone (814) 453-6811 or visit www.wealthmanagement.ml.com.

UBS Financial Services Inc. Erie Location: 100 State Street Suite 460. For more information, phone (814) 461-7000 or visit www.ubs.com.

Wells Fargo AdvisorsErie Location: 100 State Street, Suite 100. For more information,phone 814-453-5021 or visit www.wellsfargoadvisors.com.

The Wells Fargo history of providing a full-range of financial services to this region is strong and respected. The company’s presence in Erie dates back to the early-1960s, beginning with its predecessor firms. The first, Prescott Ball and Turben, was acquired by Kemper Corporation and became Kemper Securities in the early 1990s. Since then, through industry mergers and acquisitions, the brand has been Everen Securities, First Union Securities, and Wachovia Securities. In 2004, Wachovia merged with Prudential Securities, another prominent longtime Erie presence, and in 2008 the combined firm merged with Wells Fargo and Co, an investor with the Erie Regional Chamber and Growth Partnership.

Prescott Ball & Turben was opened in the old Marine Bank Building at 9th and State Streets by Robert Gittrich, a respected advisor and mentor in Erie for over 35 years. The Erie connection doesn’t stop there. James Boris, an Erie native raised and educated here, was Chairman and CEO of both Kemper Securities and Everen Securities. Headquartered in St. Louis, Missouri, the firm known today as Wells Fargo Advisors is the successor to some of the most respected regional brokerage firms in the United States. With more than $1.1 trillion in retail client assets, Wells Fargo Advisors is the third-largest full-service provider of retail brokerage services in the U.S., (based on number of financial advisors) yet it retains the intense client focus and commitment to service that distinguished its predecessor organizations.Corporate social responsibility and community involvement are promoted at all levels of Wells Fargo. In 2010, Wells Fargo team members contributed 1.3 million volunteer hours to their communities. Locally, many of our associates contribute significant time to boards, commissions and non-profit organizations. As well in 2010, believing in community investments and partnerships, Wells Fargo invested a record $219 million in 19,000 non-profits. At Wells Fargo, we sincerely believe that “Together we’ll go far.” <

17

Contributed by Greg Orlando, Senior Vice President,

Branch Manager for Wells Fargo Advisors

Staying the Course continued.

STAYING THE COURSE

DIVERSITY AND INCLUSION

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eriepa.com 21A REAL WORLD EDUCATION

Many students today graduate knowing how to perform complex algebra equations—but having no idea how to create a budget, make sense of the stock market or understand how the economy works. To help narrow this educational gap, three local nonprofits, each investors with the Erie Regional Chamber and Growth Partnership, are working to ensure today’s students know how to meet real life challenges like discovering (or creating for themselves) a job that makes use of their talents and being good stewards of the money they make from it. Read on to learn how each organization is doing just that—and how you can help them further their missions.

Junior Achievement of Western Pennsylvania

Though Junior Achievement (JA) has been around as a national organization since 1919, the Erie chapter only opened in 2006. Its mission: To help empower young people to own their economic success by offering a variety of in-schools programs to K-12 students in Erie and Crawford County schools. “Through interactive curriculum, we are opening students minds to how they might use their interests to make a living and handle their money responsibly,” says Gail Whitney, executive director of Junior Achievement of Western Pennsylvania. One of the most unique aspects of JA is that members from the business community volunteer to teach each session—which can happen over six weeks or in a single all-day event called “JA in a Day.” In addition to individual volunteers, companies such as GE Transportation send teams of employees to present lessons at a particular school. Other companies that partner with JA include PHB Inc., Reddog Industries, and LORD Corporation. JA also

collaborates with Erie Times-News in Education to produce a special student financial literacy page that runs in the Erie Times-News and with the Erie Federal Credit Union and its financial literacy program.

That work pays off, with 80 percent of students who participate in JA say that it influenced the value of their education and helped them apply what they learned in school to the real world. What’s more, students who experience JA are significantly more likely to say they will graduate from high school and college. Then there are also phone calls that Whitney often receives: “I recently had a father call me who said he wanted his kids involved in JA because he didn’t want them to be an adult like he was before they are exposed to the concepts we teach,” she says.

In five short years, Erie’s JA chapter has already reached 28,000 students. This year, they aim to increase that number by another 4,500. “There is no state testing mandate that says

| By Amanda PrischakHow three local organizations teach students much-needed lessons about financial literacy and how our economy works

A Real World Education

The Junior Achievement program relies on the business community to

volunteer to teach sessions.

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financial literacy and workforce readiness be taught in the schools—so we need to make sure the next generation of Americans knows how to handle these matters better,” says Whitney. Americans for the Competitive Enterprise System, Inc.

Americans for the Competitive Enterprise System, Inc. (ACES) is the last chapter of a once national organization that was originally brought to Erie in 1956 by local business leaders who felt the community lacked knowledge about how the business world worked. Today, the organization continues to fulfill that mission by reaching out to schools in five northwestern Pennsylvania counties at no cost to the schools or to the students. ACES’ signature event is Pennsylvania Business Week, an intensive in-school program that lets student teams manage computer-simulated companies in order to teach them about the American economic system—and much more.

“Pennsylvania Business Week is so hands-on,” says Val Laufenberg, ACES executive director. “They learn about everything from production to advertising, issuing stock to preparing income statements & balance sheets and about soft skills like teamwork and time management.”

Students share Laufenberg’s enthusiasm for the program: More than 90 percent say that Business Week raised their awareness of career opportunities, gave them a better understanding of how businesses operate and inspired their career path. Even after reaching 11,000 students since its inception, Laufenberg remains focused on expanding the program. “Most of the schools that invite us in are outside of Erie County, so we really want to have a bigger presence in our own county and in local city schools,” she says before issuing this promise. “Give us your class for a week, and we’ll make a big difference!”

Foundation for Free Enterprise Education What began as a tiny pilot initiative for Erie County students in 1979 has morphed into the largest program of its kind in the world—and it’s based right here in Erie. “The number two program is only half our size,” says John Trombetta, president and CEO of the Foundation for Free Enterprise Education (FFEE), the parent organization of the

BizQuiz: Students compete in “BizQuiz”, a mini competition that allows

them to show just how much they have learned during their week at PFEW.

Students from Fort LeBoeuf High School Participate in ACES’s

Pennsylvania Business Week.


eriepa.com 23

internationally-acclaimed Pennsylvania Free Enterprise Week (PFEW). “As the ‘granddaddy,’ we’ve helped other states and even countries get up and running with similar summer programs.” It’s easy to see why people the world over would want to start their own version of PFEW, which is known as one of the most academically challenging and intensive summer programs in the country. PFEW alone serves nearly 1,500 high school juniors and seniors annually from all over Pennsylvania during four, one-week sessions held on two college campuses in Williamsport, PA. The students spend an incredible 12 to 16 hours a day operating imaginary corporations through a computer simulation to realistically experience three simulated years as a manufacturing company’s senior management team. “The students really do it all,” says Trombetta. “They decide how many products to produce, how much to charge for them, where and how to market them, and how to report to shareholders, just as any real-life business management team would.” As if that weren’t enough, the students also squeeze in time to listen to dozens of speakers from diverse backgrounds discussing issues germane to today’s highly competitive global marketplace.

Trombetta has plenty of anecdotal evidence that shows how one week can have positive reverberations throughout an attendee’s life. Take the example of Ryan Newman. He completed the program in 1994 and graduated first in his class at the Penn State Smeal College of Business before being hired by Goldman Sachs in Philadelphia. Today, he handles client portfolios in excess of $20 million, regularly volunteers for PFEW and has recently become the youngest member ever of FFEE’s Board of Directors. <

How you can help:

Junior Achievement of Western PennsylvaniaJA accepts donations and invites individual community members as well as company teams to present JA lessons in classrooms. (814) 898-6385; www.ErieJA.org

Americans for the Competitive Enterprise System, Inc.

ACES accepts corporate donations and invites members of the

business community to serve as judges, advisors and speakers. They

also recycle printer cartridges, laser cartridges, and old cell phones

to raise additional funds. (814) 456-7007; www.aceserie.org

Foundation for Free Enterprise Education

FFEE accepts donations and invites members of the business

community to serve as volunteer student team leaders, speakers

and more. (814) 833-9576; www.pfew.org

A Real World Education continued.

A REAL WORLD EDUCATION

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