An economic program at James Madison University just won a national award.
JMU’s Center for Economic Education received the 2024 Albert Beekhuis Award, which recognizes an affiliated center in the CEE network for outstanding performance in working with teachers and for exhibiting excellence in delivering high-quality programs and outreach to its community. The National Council for Economic Education made the announcement Sept. 26.
John Kruggel, director of the JMU center, said the award honors the JMU center as an example of a public-private partnership.
“We receive a portion of our funding through the JMU College of Business. But then we also have a separate group of funders with an organization called Your Economic Success,” he said.
The business outreach provides the money for the curriculum of local schools, professional development for teachers, and more.
“The big thing with the center is the amount that we’re able to do, which is really the reason for the award. And also, obviously, the caliber at which we’re able to perform,” Kruggel said. “Without the support from JMU and Your Economic Success, we would not be able to produce the quality of work that we’re able to do.”
The JMU center, founded in 1981, puts on programs discussing economics in elementary school classrooms up through high school.
The elementary program is in the spring. The Global Entrepreneur Marketplace, or the GEM fair, invites schools to set up mini-economies where students create products or services.
“They get paid for that, and then they use that money to buy each other’s goods and services within the classroom,” Kruggel said.
Then, anywhere between 10 and 15 schools come to JMU for a trade fair, where the elementary school students showcase the products made in the classrooms. They also trade their products with each other.
Math is integrated into the lessons.
“We take their classroom currency that they developed in their mini-economy and then trade it for our currency at the GEM fair. And that’s a way to integrate, sneak in the math with the elementary level.”
The JMU hosts two Future Business Leaders of America competitions at the high school and middle school levels — one in the fall and one in the spring. Students are given a hypothetical scenario, for example, a small mountain town looking for a way to capitalize on visitors along the nearby Appalachian Trail. The students then create their own ideas.
The next FBLA convention will be on Thursday.
Matt Von Shuch, chair of the board of Your Economic Success, says his nonprofit raises money from several area businesses for the center as it promotes financial literacy and education.
“It’s a tribute to the work that John and the center do, and it’s a tribute to the people in our community who have helped raise money to support what he does and the importance that they place on financial education.”
Michael Busing, the dean of the College of Business, was grateful for the award.
“It helps elevate the stature of the College of Business now that we’re a nationally recognized university. I think we haven’t forgotten our roots, so it’s engaged learning and community outreach that is just so impactful for our own community,” he said.
Kevin Gotchet, CEE’s senior director of programs, said of the award, “Dr. Albert Beekhuis was a lifelong believer in the value and importance of economic literacy and a longstanding supporter of the mission of the Council for Economic Education. The programs offered by the JMU center and the commitment to driving forward the mission of providing the best and most effective economic and financial education to teachers, students, and the community at large make the JMU center deserving of this award.”