The NFTE program taught me a new level of responsibility, how to ...

NATIONAL FOUNDATION FOR TEACHING ENTREPRENEURSHIP, INC.
ANNUAL REPORT FOR THE FISCAL YEAR JULY 2005 – JUNE 2006
“
”
Tomas Pablo Otero, 17
NFTE 2006 Young Entrepreneur of the Year
Operational Business Plan Winner
Business: T-Kollectibles
West Haven, Connecticut
The NFTE program taught me
a new level of responsibility,
how to take risks and how to
be independent.

I CAN BE A
POSITIVE ROLE
MODEL AND
ENCOURAGE
OTHER YOUNG
PEOPLE TO
BETTER
THEMSELVES.
Ana Maria Torres, 18
NFTE 2006 Young Entrepreneur of the Year
Business Plan Winner
Business: Annie’s Vals
Redwood City, California

TABLE
OF CONTENTS
History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
Curriculum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
Highlights & Achievements . . . . . . . . . . . . . . . . . . . . . . . . .5
Voices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6
Research & Evaluation . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
NFTE Program Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
NFTE Boards & Committees . . . . . . . . . . . . . . . . . . . . . . . .10
FY 2006 Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Recognizing NFTE Supporters . . . . . . . . . . . . . . . . . . . . . . 14
OUR MISSION
NFTE teaches entrepreneurship to young people from low-income
communities to enhance their economic productivity by improving
their business, academic, and life skills.
OUR GUIDING PRINCIPLES
Entrepreneurship can be taught.
The NFTE experience helps young people from low-income
communities to develop their individual skills and talents.
Entrepreneurship connects young people to school, community and
the workplace.
The NFTE experience involves hands-on, interactive learning
that is relevant to the real world.
Entrepreneurship empowers young people from low-income
communities.
The NFTE experience helps young people explore new
opportunities and build a vision for the future.
OUR STRATEGY
■ Partner with schools, universities, and
community-based organizations
■ Create innovative, experiential curricula
■ Train and support teachers and youth workers
■ Provide supportive alumni services.
“
NFTE ANNUAL REPORT 2005-2006 | PAGE 1
Now learning makes
sense, and I am looking much
more positively at my future
after I finish school.
”
Arsalan Chowdhury, 16
NFTE 2006 Young Entrepreneur of the Year
Business Plan Winner
Business: Chaos Collection
Nuremberg, Germany VOICESOF
NFTE STUDENTS
TELL THEIR STORY
The National Foundation for Teaching
Entrepreneurship (NFTE) reaches students
from low-income communities in schools and
community-based organizations, in the communities
where they live. NFTE believes these
students have the potential to change their lives
and make a difference in society through
the skills and attitudes they learn in the
NFTE program.
Every young person pictured in this annual
report is a NFTE student or alumnus. The
adults you see are NFTE teachers, staff or
supporters.
Throughout the annual report, you will see
quotes from NFTE 2006 Young Entrepreneurs
of the Year. In applying for this award, students
answer an essay question about overcoming
obstacles in their lives. These inspiring quotes
were taken from their essays. Real NFTE
students, in their own words – they are the
voices of NFTE.
NFTE

LETTERSFROM NFTE
Steve Mariotti
NFTE Founder & President
Landon Hilliard
Chairman,
NFTE National Board of Directors
NFTE is dedicated to using entrepreneurship education to give young people in need the tools for success. I am excited
to report that NFTE experienced strong growth in both revenue and programs in fiscal year 2006. Momentum is
accelerating in youth entrepreneurship education, as we at NFTE strive to demonstrate its impact on young people in
low-income communities in the U.S. and around the world.
NFTE worked with 28,400 students, a 30% increase over FY 2005, which brought the cumulative number of students
served to more than 150,000 since 1987! Over 110,000 of those were reached since 2000, when the McKinsey strategic
plan was formulated.
More than 12,000 of the students served this year were in countries other than the United States. Five of the
international programs graduated more than 1,000 students each, including the program in China.
As proud as I am of these measures of achievement, I am most heartened by the achievements of our alumni. Our
alumni continue to win awards, scholarships and national recognition from many organizations, including the National
Association for the Advancement of Colored People (NAACP), Bank of America, Black Enterprise, and Ernst & Young.
Their success is the best evidence of NFTE’s effect on young people. You will see their faces and their words throughout
this report – they are truly the voices of NFTE.
I am so grateful to all those who help NFTE carry out its mission – our loyal donors, our devoted teachers, our
dedicated staff and Board Members, the volunteers and our alumni and students. With your support, I look forward
to another year of extraordinary accomplishment. ■
Since its founding in 1987, NFTE has developed curriculum, trained teachers and led programs which use
entrepreneurship to engage young people from low-income communities with school and our society. Learning how to
start a small business teaches students more than business skills; it also strengthens academic and life skills. As chairman
of NFTE’s national board of directors, it is a great satisfaction to me to see an organization move forward when it has
such a positive impact on young people who are at risk.
In the past year, our focus has been on knowledge development and accountability. Managing and reporting on NFTE’s
programs has become more challenging as the organization grows. To help address this need, in 2006 NFTE completed
the training and rollout to program offices of its internal program management system, TEAMS (Teaching
Entrepreneurship Assessment and Management System.) TEAMS will help us gather and share information on best
practices and will serve as a venue for program improvement and outcome studies.
Based on what we’ve been able to learn from past research, we believe NFTE opens a door to the future for kids who
often aren’t engaged by traditional educational experiences. NFTE has begun a new effort with Brandeis University, in
consultation with the Harvard Graduate School of Education, which will allow us to compare the effects of the NFTE
program with national data on educational outcomes for the first time. All of these research and evaluation efforts
provide critical information to improve our curriculum and teacher programs, and to measure the strength of our
impact on young people in low-income communities.
In 2006, NFTE embarked on an expansion of its role in shaping public policy, launching a partnership with The Aspen
Institute and E*TRADE Financial to form the Youth Entrepreneurship Strategy Group. The strategy group will
convene influential national leaders in the fields of public policy, business, education, and philanthropy to increase the
dialogue about the importance of entrepreneurship education in America’s schools. You’ll hear more about this in the
coming months.
I am a strong advocate of NFTE’s commitment to affecting young lives with entrepreneurship education. I hope you’ll
join me in supporting this important endeavor. ■
NFTE ANNUAL REPORT 2005-2006 | PAGE 2
LEADERS

OUR HISTORY
The National Foundation for Teaching Entrepreneurship affects
business, academic and life skills of young people from low-income
communities through its entrepreneurship curriculum, using real-world
examples and experience. NFTE students may practice negotiation,
participate in a wholesale buying trip, and sell their products in a school
mall. The NFTE program culminates with the creation of a business
plan by the student to launch a real business. At the same time, students
are building math, reading and leadership skills.
Research indicates that the NFTE program encourages these young
people to have more confidence in their futures and to consider
careers that require more education than they considered before
completing the program
Steve Mariotti founded NFTE in 1987. A teacher in the South Bronx
and a former entrepreneur, he used business concepts like cost of
THE NFTE CURRICULUM
NFTE has developed several specialized curriculum products
designed for students, educators and youth workers. The flexible
program may be used as a stand-alone course in school, integrated
into existing courses in business, math, social studies and economics,
or as an after-school program or summer BizCamp.
The 10th Edition of NFTE’s How to Start & Operate a Small Business
was completed for the Fall 2005 school year and for the first time
in NFTE’s history, the curriculum was published and distributed
by Pearson Education – a global leader in educational publishing.
Incorporating the best of the 9th Edition, (winner of the 2002 Golden
Lamp Award for Books), the 10th Edition addresses national and state
standards in math, language arts, social studies and leadership/life skills.
In addition to the new 10th Edition high school curriculum, the
NFTE Curriculum is offered in two other adaptable versions using a
hands-on style that is relevant to the real world:
MIDDLE SCHOOL CURRICULUM (FUNDAMENTALS)
Appropriate for grades 6-8, and in after school programs; it offers a
practical introduction to basic entrepreneurship and business
concepts.
POST-SECONDARY CURRICULUM
Entitled Entrepreneurship: Starting and Operating a Small Business – this
version is tailored for students who have advanced beyond high school.
The textbook is organized into 14 chapters and directed at the college
market. Published by Pearson Prentice Hall, it was officially launched
in March 2006 and has passed adoption procedures in more than 100
colleges and universities including Auburn, Michigan State, New
York University and Notre Dame. ■
NFTE ANNUAL REPORT 2005-2006 | PAGE 3
goods, pricing and return on investment to engage difficult students
with his class. Since those days, NFTE has reached over 150,000
young people who have responded to the voices, enthusiasm and
commitment of over 4,200 Certified Entrepreneurship Teachers.
During FY 2006, NFTE programs were conducted in 28 states and
13 countries.
NFTE offers its entrepreneurial training to young people from lowincome
communities through NFTE-trained teachers using its
curriculum via in-school courses, after-school programs, and
BizCamps held in partnership with schools, universities and
community-based organizations in the U.S. and other countries.
NFTE’s target is to reach 50,000 young people from low-income
communities annually by 2008. As its twentieth year approaches, the
voices of NFTE students, alumni, teachers, sponsors and volunteers
grow louder and more numerous, and resonate around the world! ■

NFTE reaches thousands of young people from low-income communities with
its entrepreneurship program through NFTE-trained teachers and youth workers
in 28 states and 13 countries around the world. Each of these educators has
attended and completed a NFTE University Certified Entrepreneurship Teacher
Education program.
Through peer teaching, instructor-led sessions, the sharing of best practices and the
creation of a business plan, participants learn how to teach key concepts in the NFTE
curriculum and exchange ideas on implementation strategies. NFTE University is
offered as a four-day course and is held in partnership with colleges and universities
committed to enhancing opportunities for our teachers and students.
In addition to hosting teacher trainings, many of our academic partners
host NFTE BizCamps, Business Plan Competitions and professional development
workshops for our teachers. The following leading academic institutions are NFTE
University Partners:
■ Babson College
■ Carnegie Mellon University
■ Columbia University
■ Dublin City University
■ European Business School
■ Eugenio Pino Global Entrepreneurship Center, Florida International University
■ George Washington University
■ Haas School of Business, University of California Berkeley
■ Kellogg School of Management, Northwestern University
■ Miami-Dade College
■ New York University
■ Stanford University
■ University of California Los Angeles
■ University of Southern California
■ Yale University
ALUMNI SERVICES
Upon completion of the NFTE program, each graduate becomes a part of a life-long
network of fellow entrepreneurs. NFTE offers students on-going services and support
for their entrepreneurial endeavors. The mission of NFTE’s alumni services program is
to: promote advanced entrepreneurship training, support life and business goals of
alumni, maintain the connection between NFTE and its alumni, and foster
camaraderie among alumni. NFTE offers services on both the national and local levels.
Through a generous grant from OppenheimerFunds, NFTE is developing a
comprehensive National Alumni Services Program, a critical growth area for the
organization, and implementation began during FY 2006. The focus areas of the
grant are: outreach and marketing, which includes a new improved NFTE Alumni
website, the Advanced Entrepreneurship Seminar, and the OppenheimerFunds
Award for Social Entrepreneurship awarded at the NFTE annual gala.
Services include:
NFTE SERVICESNFTE UNIVERSITY
■ Alumni website: alumni.nfte.com
■ Ongoing education and advanced entrepreneurship programs
(also known as NFTE’s Advanced BizCamp)
■ College track services
■ National award opportunities
■ Professional referrals and resources
■ One-on-one mentoring
■ Local events
NFTE ANNUAL REPORT 2005-2006 | PAGE 4
NFTE South Florida
NFTE International Students from Ireland
Ryan Williams
J. David Nelson, NFTE COO
Classroom, NFTE Fairchester

The 2005-2006 fiscal year saw the launch of a number of ambitious
new efforts in NFTE programs, evaluation, and policy efforts. NFTE
continued to grow as a leader in youth entrepreneurship education in
the U.S. and around the world. Since its founding in 1987, NFTE
has reached over 150,000 students with entrepreneurship education,
110,000 of those since development of its strategic plan in 2000.
Over 28,000 students participated in NFTE programs in 2005-2006.
In the U.S., the organization reached almost 16,000 students through
its program offices and program partners. NFTE merged with
KidVentures, a nonprofit organization in South Florida which teaches
entrepreneurship to children in grades 5-8, and opened a program office
to serve South Florida. NFTE now has nine program offices, including
Baltimore, Chicago, Fairchester (Westchester County, NY/Fairfield
County, CT), Greater Pittsburgh, Greater Washington, D.C., New
England, New York City Metro area, and San Francisco Bay Area.
NFTE’s international program partners taught 12,430 students in
countries including Belgium, Bermuda, China, El Salvador, Germany,
India, Ireland, Korea, the Netherlands, New Zealand, South Africa,
Tanzania, and the United Kingdom. Five of the international
programs graduated more than 1,000 students each, including the
program in China.
NFTE alumni received a number of awards in the 2006 fiscal year.
Ryan Williams won the gold medal in ACT-SO’s Entrepreneur
Competition, an initiative of the National Association for the
Advancement of Colored People (NAACP), for the second year in a
row. Omar Faruk was the first and youngest to receive Ernst &
Young’s Youth Entrepreneur Award for the New York Area. Other
alumni won recognition from the Bank of America, Dollar Divas,
and Black Enterprise magazine.
J. David Nelson, NFTE’s Chief Operating Officer, was named a
2006 Purpose Prize Fellow, one of the initial group honored by Civic
Ventures, a think tank and program incubator whose purpose is to
help society at large use the expertise of Americans over 60 to meet
society’s toughest challenges.
Research and evaluation initiatives have always been fundamental to
NFTE. These efforts were generously supported in 2005-2006 by
The Atlantic Philanthropies, the Ewing Marion Kauffman
Foundation, and the Samberg Family Foundation. NFTE completed
the training and rollout to program offices of its internal
program management system, TEAMS (Teaching Entrepreneurship
Assessment and Management System). TEAMS will be used by
program managers, teachers and even students in the coming year,
taking NFTE to a new level of learning and accountability.
2006 Advanced Teacher Forum NFTE Baltimore
HIGHLIGHTS AND
NFTE ANNUAL REPORT 2005-2006 | PAGE 5
ACHIEVEMENTS
JULY 2005-JUNE 2006
NFTE moved to expand its role in shaping public policy, launching a
partnership with The Aspen Institute and E*TRADE Financial to form
the Youth Entrepreneurship Strategy Group. Influential national leaders
in the fields of public policy, business, education, and philanthropy will
meet and discuss the role of entrepreneurship education in schools in
the United States. The first meeting will be held in 2007.
NFTE’s revenue grew to $13,699,517, a 5% increase over the prior
fiscal year. In addition to the foundations mentioned above,
significant funding was provided by The Goldman Sachs Foundation
for programs in New York, China, Germany, Israel and our Young
Entrepreneur of the Year awards, OppenheimerFunds for our
national alumni network, Smith Barney for NFTE’s first national
business plan competition, CA (formerly Computer Associates) for
support of our global strategic growth plan, the Shelby Cullom Davis
Foundation, and Advanced Network & Services for start-up funds
for our new South Florida office.
Launch of the Entrepreneurship Society gave momentum to NFTE’s
efforts to increase the number of individual donors supporting our
programs. Another significant program was initiated by John C.
Whitehead, who made a major endowment gift to establish the
Nancy Fund, in honor of Nancy Mason Mariotti, the mother of
Steve Mariotti, NFTE’s founder. The Nancy Fund is designed to
support and enhance the skills of our growing teacher corps through
professional development.
NFTE programs accounted for sixty-nine cents of every dollar spent
by the organization in Fiscal Year 2006. ■
“
”
Britni Jeneasha Simmons, 16
NFTE 2006 Young Entrepreneur of the Year
Business Plan Winner
Business: InTirb, Chicago, Illinois
Starting my business shows
that I have the will power to
overcome any obstacle that
comes my way.

VOICESOF NFTE
“
NFTE taught me to chase my dreams.
My NFTE ‘family’ provided the support
and encouraged me to pursue both
my educational and business
endeavors. Without my NFTE training,
the Technology Leadership Institute
would not be where it is today.
”
Tonya Groover,
NFTE 2003 Young
Entrepreneur
Tonya Groover first participated in a NFTE program in 2001 at age 16.
Her mother learned about a summer BizCamp to be held at the
Carnegie Science Center in Pittsburgh. She recognized her daughter’s
natural entrepreneurial tendencies early on and encouraged her to
attend the week-long camp.
The idea for Tonya’s first company began to grow when she started
teaching family and friends how to use the computer. Using the
business skills she acquired during the BizCamp, she founded
WebElegance – a web site design and hosting company. As a result,
she was named one of NFTE’s 2003 Young Entrepreneurs of the Year.
Now a senior at the University of Pittsburgh, majoring in computer
science, Tonya has continued her entrepreneurial endeavors and
founded the Technology Leadership Institute, (TLI) – a program for
high school students interested in computers and technology. TLI is
the result of Tonya’s personal interest in research which shows the lack
of recruitment and retention of African-Americans, Latinos and
others in the computer and information sciences fields. One of its
primary goals is to encourage educational institutions to provide
opportunities for under-represented groups to pursue careers in
computer science. ■
NFTE ANNUAL REPORT 2005-2006 | PAGE 6
ALUMNI
Mohammed Omar Faruk was born in Bangladesh and moved to this
country eight years ago with his family. During the summer of 2000
at age 13, he attended a NFTE BizCamp held at the Bedford
Stuyvesant Restoration Corporation, in Brooklyn.
He was recognized as a 2006 NFTE Young Entrepreneur of the Year
for his company, BlueStream, that offers low-cost web presence and
computer training to nonprofit organizations. Omar recently
became the first and youngest to receive the Ernst & Young Youth
Entrepreneur award from the New York area.
He is currently a senior at Independence High School in New York
City. He plans to attend college after completing his high school
education, continue his business, start a nonprofit and is interested in
a career as an investment banker. ■
“
NFTE gave me the opportunity to
see things in a completely new
perspective – and it gave me a solid
understanding of business skills I
”
will use the rest of my life.
Mohammed Omar Faruk,
NFTE 2006 Young Entrepreneur

GEORGIA BLOCKMON,
A CERTIFIED ENTREPRENEURSHIP TEACHER
Certified Entrepreneurship Teachers are the heart, soul and voice of
the NFTE curriculum. It is their voice that students first hear and
respond to, and in some instances, a voice that can resonate
throughout a lifetime. Currently the voices of over 1,000 CETs can
be heard teaching NFTE programs held in schools, after-school
programs, and summer BizCamps around the world.
One of those powerful teacher voices belongs to Chicago-based CET
Georgia Blockmon, a teaching veteran with lifelong passion and
commitment to education. Growing up in Mississippi, as the oldest
of ten children, her favorite pastime was to play ‘school’ with her
younger siblings. “It was my job to teach everyone else. I conducted
lessons and my brothers and sisters would complain ‘You’re not our
teacher, leave us alone!’ But my love for teaching never left me.”
Georgia’s enthusiasm for youth entrepreneurship runs deep as well.
Before she joined the Chicago Public School system, she worked as a
probation officer for youth offenders. She quickly discovered that
many of these young people-- who had fallen on hard times early in
life-- were very intrigued by the idea of starting a business.
She now works as an entrepreneurship educator and is in her fourth
year of teaching the NFTE curriculum at the Chicago Vocational
Career Academy (CVCA), a large urban vocational high school with
over 2,600 students. As a teacher, she views herself as the coach who
can inspire her students to make things happen for themselves. “My
role is to guide students and open their minds to the things I think
they should know, but I will not do their work for them. I expect my
students to go out and find their own answers.”
“
There’s no way I could have provided
these kinds of opportunities on my
own. NFTE has so much to offer.
”
Georgia Blockmon
Certified Entrepreneurship Teacher, Chicago
By the end of her first school year teaching NFTE, Georgia had
succeeded in sending three of her students to compete in the Chicago
city-wide business plan competition.
What’s even more remarkable is that this was done with only one
hardcopy of the textbook for her class of fifteen students.
“Everyone wanted to use the text at the same time. I had to become
a librarian for that book. Students would take turns signing it out and
then bring it back the next day.
I love the NFTE curriculum because everything is laid out clearly and
you can manage the information step-by-step,” she says. ■
THE NANCY FUND
The importance of teachers to NFTE was highlighted in FY
2006 by founding the Nancy Fund. Created by John Whitehead
with the announcement of a major endowment, it honors the
memory of Steve Mariotti’s late mother, Nancy Mason Mariotti.
Nancy, who passed away in 1996, was a devoted and exceptional
teacher who worked with at-risk youth. The objective of the
Nancy Fund is to honor this group of dedicated NFTE
educators, increase the retention rate of NFTE’s best teachers
through professional development activities and maintain the
high quality of NFTE’s programs. ■
VOICES
OF CERTIFIED
ENTREPRENEURSHIP
TEACHERS

RESEARCHAND
EVALUATION
NFTE has a strong commitment to research
and evaluation. This two-pronged approach
makes it possible to improve our curriculum
and teacher programs, develop effective program implementation
models, demonstrate results, and add to the body of knowledge on
youth development and entrepreneurship. By doing so NFTE meets
its responsibilities to our key stakeholders – students, teachers,
schools, community programs, funders and policy makers.
The foundation of our current research and evaluation efforts is
NFTE’s Theory of Change (TOC), a detailed logic model which
outlines the desired outcomes of the NFTE program and what steps
are taken at the student, teacher, program partner and staff level to
attempt to gain the desired results. TOC is anchored on findings of
our earlier research as well as on extensive feedback from the field.
The research, the first of its kind in the field of youth entrepreneurship,
began in 1993 with a five-year evaluation carried out by Brandeis
University. In 1998, the David H. and Charles G. Koch Charitable
Foundations sponsored a comprehensive study on the impact of youth
entrepreneurship in America. These studies yielded gratifying findings
related to the significant role that NFTE played in developing and
supporting business ownership among youths.
We learned, however, that not every young person is destined to
become a business owner and that entrepreneurial skills play a much
bigger role in youth development than we had originally foreseen. To
learn more about this role, NFTE began working with Project IF
(Inventing the Future) and the Harvard Graduate School of
Education in 2001 to explore the influence of NFTE’s youth
entrepreneurship program on school engagement, orientation toward
the future, and the development of other key life skills. Studies
conducted in Boston public schools from 2001-2003 yielded
promising findings such as increases in independent reading as well as
educational and occupational aspirations among NFTE participants.
We are determined to explore more deeply the differences in student
outcomes based upon the NFTE model being implemented and to
compare NFTE students to those who have never been through a
NFTE program. NFTE is taught in community programs and
schools. Programs can last between 40 hours to over 100 hours. It is
offered as a “stand alone” course in some venues. In others, it is
infused into school district educational subjects and curricula.
For assistance with these challenges, we hired Brandeis University in
2006 as the lead investigator, in consultation with Harvard, to execute
a program variations study with comparisons to national data on key
outcomes, such as student engagement. This external evaluation study
will be conducted throughout FY 2007, with over 1,000 participants
in high school classes taught by veteran NFTE teachers in five
metropolitan areas. This project will incorporate analysis of teacher
feedback and student outcomes including attendance, graduation,
grades and six month follow-up as well as the previously mentioned
school engagement and life skills measurements.
With the input of the Brandeis/Harvard team and external evaluation
NFTE ANNUAL REPORT 2005-2006 | PAGE 8
consultants, NFTE has instituted a standard measure of student
outcome collected through the use of pre- and post-class surveys.
This instrument is now being utilized in all NFTE program offices
and select licensee sites. This, and other newly developed evaluation
tools are a part of NFTE’s recently launched internal program
management system, TEAMS (Teaching Entrepreneurship
Assessment and Management System). Development and initial staff
trainings were completed in FY 2006, and TEAMS was rolled out to
the NFTE program offices. We plan to make TEAMS an ongoing
part of the organization’s life, extending its use beyond our staff to
teachers, youth workers and program partners.
Major supporters of this effort and other research during this fiscal
year include The Atlantic Philanthropies, the Ewing Marion
Kauffman Foundation, and the Samberg Family Foundation. ■
USA
El Salvador
Bermuda

NFTE’s program partners are an integral part of the organization’s growth, bringing NFTE’s voice to areas beyond the reach of current NFTE
program offices, in both the United States and foreign countries. Program partners are licensed users of NFTE programs and are established
nonprofit/charitable organizations, educational institutions, community-based organizations or government agencies. They have visions and
missions complementary to NFTE’s and independent, sustainable funding streams, while meeting NFTE’s standards for program quality.
Program partners delivered training to over half the students (59%) NFTE reached in the 2006 fiscal year. Program partners during the 2005-
2006 fiscal year included:
U.S. PROGRAMS
■ E-City (Cleveland)
■ Florida Department of Education
■ GEAR UP Kentucky
■ National Association for the Advancement of Colored People
(NAACP)
■ NFTE Dallas Partnership
■ Yescarolina
■ Youth Entrepreneurs of Kansas
United Kingdom
Ireland
Belgium
NFTE
PROGRAM
PARTNERS
South Africa
The Netherlands
Germany
Tanzania
India
INTERNATIONAL PROGRAMS
■ Bermuda – Youth Entrepreneurship Initiative
■ China – Bright China Foundation
■ India – I Create, Inc.
■ Korea – The Young Professionals Institute of Korea
■ New Zealand – Hui Taumata Taskforce
■ NFTE Belgium
■ NFTE Germany
■ NFTE Ireland
■ NFTE Netherlands
■ NFTE United Kingdom
■ South Africa – Maths Centre for Professional Teachers &
Umsobomvu Youth Fund
■ Technoserve – El Salvador, Tanzania
SINCE 1987, NFTE
HAS REACHED OVER
150,000 STUDENTS
AROUND THE WORLD
China
Korea
New Zealand

NFTE BOARDS & COMMITTEES
BOARD OF DIRECTORS
Albert Abney
Director, Remanufacturing Center, York College
Bart Breighner
Founder & CEO, Artistic Impressions
William (Bill) Daugherty
Founder, Interactive Search Holdings, Inc.
Michael L. Fetters
Walter Carpenter Distinguished Professor of Management,
Babson College
Lawrence N. Field
Founder, NSB Associates, Inc.
John B. Fullerton, Board Secretary
CEO, Alerian Capital Management, LLC
Tom Hartocollis
Senior Director, Worldwide Services, Microsoft Corporation
NATIONAL ADVISORY BOARDS
STRATEGIC PLANNING COMMITTEE
Nicholas W. Alexos
Vice President, Madison Dearborn Partners, Inc.
Douglas L. Becker
President & Co-CEO, Laureate Education, Inc.
William J. Crerend
Chairman, Evaluation Association Capital Markets
Clara E. Del Villar
Portfolio Manager, Neuberger & Berman
Hon. David M. Dinkins
Columbia University
Stedman Graham
President, S. Graham & Associates
Jennifer Grossman
VP, Director, Dole Nutrition Institute
Craig Hall
Hall Financial Group
Michael J. Hennessy
President, The Coleman Foundation
Ronnie Jenkins
Teen Plus Program
Vicki Strauss Kennedy
Harvard University
Loida Nicolas Lewis
CEO, TLC Beatrice, LLC
Michael Porter
Harvard Business School
Robert B. Rogers
John (Jack) Stack
President & CEO, Springfield ReManufacturing Corp.
Liza Vertinsky
Esquire, Wolf, Greenfield & Sacks, P.C.
Dr. Walter E. Williams
Professor of Economics, George Mason University
Robert E. Woodson
President, NCNE
Landon Hilliard, Board Chairman
Partner, Brown Brothers Harriman
James Lyle, Board Vice Chairman
President & CIO, Millgate Capital, Inc.
Consuelo Mack
Anchor and Managing Editor, Consuelo Mack WealthTrack
Steve Mariotti
Founder & President, NFTE
Kevin Murphy
Alan Patricof
Chairman,, Greycroft Partners, Inc.
Donna Redel
Robert Reffkin
White House Fellow
EXECUTIVE COMMITTEE
Stephen Brenninkmeyer
Andromeda Fund
Kathryn Davis
Chairman, Shelby Cullom Davis Foundation
Lewis M. Eisenberg
Co-Chairman, Granite Capital International Group
Theodore J. Forstmann
President, Forstmann Little & Co.
Sir Paul Judge
Chairman, Businessdynamics (UK)
Mary Myers Kauppila
Ladera Management Company
The Hon. Jack Kemp
Co-Chairman, FreedomWorks
Elizabeth B. Koch
Koch Industries
Abby Moffat
Vice Chairman, Shelby Cullom Davis Foundation
Jeffrey S. Raikes
Group Vice President, Productivity & Business Services, Microsoft
Corporation
John C. Whitehead
Founding Chairman, Lower Manhattan Development Corp.,
Former Chairman, Goldman, Sachs & Co.,
Former Deputy Secretary of State
NFTE ANNUAL REPORT 2005-2006 | PAGE 10
Arthur J. Samberg
Chairman & CEO, Pequot Capital Management, Inc.
Diana Davis Spencer, Board Vice Chairman
Chair of Grants, Shelby Cullom Davis Foundation
Kenneth I. Starr
President, Starr & Company LLC
Peter B. Walker
Managing Director, McKinsey & Company, Inc.
Tucker York, Treasurer
Managing Director, Private Wealth Management, Goldman,
Sachs & Co..
CURRICULUM & EDUCATION
POLICY COMMITTEE
Thomas H. Byers
Industrial Engineering & Engineering Mgmt., Stanford University
Professor William Bygrave
Director, Center for Entrepreneurial Studies, Babson College
Dr. James I. Cash
Professor of Business Administration, Harvard University Business
School
Ben Goldhirsh
The Goldhirsh Foundation
Verne Harnish
Gazelles, Inc.
James Hayes
El Pomar Foundation
Dr. Jawanza Kunjufu
President, African American Images
Dr. Joseph Mancuso
President, CEO Clubs
Dr. Richard K. Miller
President, Franklin W. Olin College of Engineering
Siobhan Nicolau
President & Founder, Hispanic Policy Development Project
Professor Paul Reynolds
Florida International University
Professor Howard W. Stevenson
Harvard University Business School, Harvard University,
Professor Jeffry A. Timmons, Center for Entrepreneurial
Leadership, Babson College
Professor Don Wells
Department of Economics, University of Arizona

REGIONAL ADVISORY BOARDS
BAY AREA
Arlene Ackerman
San Francisco Unified School District
Carolyn M. Bechtel
CBIC Group, LLC
Bradley Defoor, Co-Chair
Goldman, Sachs & Co.
Joanna Rees Gallanter, Co-Chair
VSP Capital
Lisa Giarretto
First Business Networks
Frank S. Greene
New Vista Capital
James H. Herbert, II
First Republic Bank
George E. Myers
Ladera Management Company
Arthur Rock
Arthur Rock & Co.
Michael Ronan
Merrill Lynch
James Schlueter
Morgan Stanley
Melissa Schoeb
Fleishman-Hillard
R. David Spreng
Crescendo Ventures
Frank S. Tom, Ed. D.
San Francisco Unified School District
David Weir
Spring Creek Advisors, LLC
BALTIMORE
Jeffrey Cohen
Educate, Inc.
Cheis Garrus
MuniMae
Larry Jennings
Touchstone Partners
Brian Merritt
RSM McGladrey
Wes Moore
White House Fellow
Marcia Price
Erickson Retirement Communities
Anne Quirk
M & T Bank
Lawrence Rivitz, Chair
Marketing Initiative
Maria Welch
Respira Medical
Herb Wilkins, Jr.,
SYNCOM, Inc.
Joel Winegarden
The Harry & Jeanette Weinberg Foundation
CHICAGO
Jay Christopher
The Pampered Chef, Ltd.
Clint Coghill (Chair)
Coghill Capital Management, LLC
Raman Chadha
Depaul University’s Coleman Entrepreneurship
Center
James Duggan
Handler, Thayer & Duggan, LLC
Ralph Faison
Andrew Corporation
Craig Huffman
Cradle Real Estate Group, LLC
Harvey Struthers
JPMorgan Chase
Greg Tomb
SAP America, Inc.
FAIRCHESTER
Joseph Armentano
Paraco Gas
David D. Burrows
Hudson Advisor Services
Terrence D. Chalk
Compulinx
Christine Dibona
Marsh
Dr. Michael M. Ego
UCONN/ Stamford
John F. Erdmann III
Merrill Lynch
Brooke A. Feder
Cushman & Wakefield
W. Michael Funck
Hynes, Himmelreich & Glennon
Peter Goldsmith
NFTE New Haven
Jeffrey Hastie
Tydan Management
Duncan Hennes
Promontory Financial Group
Paul Def. Hicks, Jr.
J. P. Morgan (Ret'd)
Louis C. Kirven III
Empire State Devel. Corp.
James L. Lisher, Chair
Wharton Innovative Products
Ellen Lynch, Vice Chair
Yonkers IDA
Jacqui Peace
GE Consumer Finance
Malcolm S. Pray, Jr.
Pray Achievement Center
Dean J. Shapiro
CB Richard Ellis
Joanne Taylor
MBIA
Brian Walsh
QVAN Capital
Michael Weinstein
INOV8 Beverage Co.
GREATER PITTSBURGH
W.S. Brown IV
Lucas System, Inc.
Patrick Colletti
Net Health Systems, Inc.
Roger Cox
Alpern Rosenthal
Linda Dickerson
501 (C) (3) 2
S. Thomas Emerson, Ph.D.,
Carnegie Mellon University
David Hunter
Hunter Associates, Inc.
Jessica B. Lee, J.D.
ViveVenture, LLC
Ron Morris
Duquesne University
Dave S. Nelsen, Chair
TalkShoe
NFTE ANNUAL REPORT 2005-2006 | PAGE 11
GREATER WASHINGTON D.C.
Brien Biondi, Chair
Chief Executives Organization, Inc.
Charlene Drew Jarvis, Vice Chair
Southeastern University
Steve Balistreri
Argy, Wiltse & Robinson
Minal Damani
Discovery Education
Thomas Dohrmann
Mckinsey & Company, Inc.
Mark Esposito
Pricewaterhousecoopers LLP
John M. Fruehwirth
Allied Capital Corporation
Antwayne Ford
Enlightened, Inc.
Teri Galvez
Paradigm Event Management
John Hasenberg
A.G. Edwards & Sons
Martin Janis
Atlantic Services Group
Mike Kimsey
Kimsey Foundation
Peggy A. Ledvina
Bernstein Global Wealth Management
Phil McNeill
SPP Mezzanine Funding
Terrance McGowan Private Wealth Management
Mark C. Michael
Occasions Caterers, Inc.
Terry Nicholetti
Washington Business Journal
Marsha Ralls
The Ralls Collection
David Roodberg
Horning Brothers
Sidney Smith
Kirkpatrick & Lockhart Nicholson Graham
LLP
Julia Spicer
Mid-Atlantic Venture Association
Kim Watson
MarylandAffairs
NEW ENGLAND
Robert L. Adams
James Arciero
Office of Senator Steven Panagiotakos
Michael A. Bartucca
Vitale, Caturano and Company
Peter Cowie, Co-Chair
CBE Technologies
Darren J. Donovan
KPMG, LLP
Kenneth Dreyer
Henrietta Gate
H.R. Gates & Company
James E. Geraghty
Morgan Stanley
Matthew Growney
Motorola Ventures
Lama Jarudi
Charlestown High School
Victoria-Alicia Lopez
The Stop & Shop Supermarket Company
Thaddeus Miles
MassHousing
Douglas J. Miller, Co-Chair
State Street Corporation
Geoffrey S. Rehnert
Audax Group
Cedric M. Turner
Universal Benefits Services
Michael Wanyo
Vitale, Caturano and Company
NEW YORK METRO
James Alterbaum
Moses & Singer LLP
Constance Cocroft
CA, Inc.
Mark D. Danchak
Libertas Partners, LLC
Douglas Evans
Nimblefish Technologies, Inc.
Judith L. Feder, Vice Chair
Spencer Trask Ventures, Inc.
Eugene Giscombe
Giscombe Henderson, Inc.
Nancy W. Hanson
Roxbury USA, LLC
Jacob Ivry
State Bank of Long Island
Bob Jones, Chair
Glenn D. Kaufman
Henry Kaufman & Company
Allen M. McFarlane
New York University
Paul Rich, CPA
Rothstein, Kass & Company, P.C.
Michael D. Robinson
Microsoft Corporation
Patricia A. Sampson
The Bank of New York
Maury Satin
Giuliani Partners
Michael D. Simmons
Extreme Entrepreneurship Education Corp.
Jerrold B. Spiegel
Frankfurt Kurnit Klein & Selz, P.C.
Damien R. Wilson
Urban America, L.P.
P. Thornton Withers
Aon Risk Services
Katerina Zacharia
NFTE Certified Entrepreneurship
Teacher Instructor

FINANCIALS
FISCAL YEAR 2005-2006
FINANCIAL STATEMENTS
for the fiscal year ending June 30, 2006
FY 2006 FY 2005
Statement of Financial Position
Assets $1 7 ,543,655 $14,073,900
Liabilities $1,543,167 $1,202,367
Net Assets $16,000,488 $12,871,533
Statement of Activities
Support, Revenue
& Reclassifications
Contributions $8,712,973 $6,943,047
Endowment $1,317,012 $3,389,300
License Fees $78,355 $49,817
Government Grants $769,635 $240,431
Contract Services $265,480 $349,925
Training Fees $158,760 $306,521
Material Sales $505,261 $439,684
Annual Gala $1,403,779 $1,111,736
Investment Income $185,939 $114,242
Contributed Software and Services $206,488 $92,324
Other Income $47,761 $38,627
Royalty Income $48,079
Total Support, Revenue &
Reclassifications $13,699,517 $13,075,654
Expenses*
Program $7,266,825 $5,425,135
Management and General $2,249,941 $1,725,969
Fundraising $1,053,796 $568,185
Total Expenses $10,570,562 $7,719,289
Change in Net Assets $3,128,955 $5,356,365
Net Assets, beginning of year $12,871,533 $7,515,168
Net Assets, end of year $16,000,488 $12,871,533
*It is NFTE's position that we are guided as follows: Program is the delivery of service to our
targeted users of the curriculum as well as any educational activity necessary to inform anyone
as to NFTE's methodologies and objectives, consistent with our 501 c (3) status. This
includes gaining mindshare of those interested in NFTE. Management & General are efforts
taken to administer staff development, compliance reporting (other than program reporting)
and those activities to position NFTE as an organized entity. Fundraising is activity directly
related to "asking" for donations.
0.6% License Fees
5.6% Government Grants
1.9% Contract Services
1.2% Training Fees
3.7% Material Sales
1.4% Investment Income
1.5% Contributed
Software & Services
0.3% Other Income
0.4% Royalty Income
32%
18%
51%
Corporations
Individuals
Foundations
* Includes contributions to endowment and annual gala
10% Fundraising
21% Management
& General
NFTE ANNUAL REPORT 2005-2006 | PAGE 12
FY 2006 REVENUE
FY 2006 EXPENSE
Total Contributions*
83.5
Programs
69%

NFTE STUDENTS ENROLLED PER YEAR, FY 2000–FY 2006
30,000
22,500
15,000
7,500
1,500
1,000
500
0
0
10,260
NUMBER OF DONORS BY YEAR
633
15,118
810
10,351
2000 2001 2002
Jan-June*
17,305
FY 2003 FY 2004 FY 2005 FY 2006
FY 2003 FY 2004 FY 2005 FY 2006
977
18,733
* 2002 reflects a six-month reporting period due to a change in the fiscal year to coincide with the school year.
NFTE ANNUAL REPORT 2005-2006 | PAGE 13
21,931
1,520
28,400

RECOGNIZING
NFTE SUPPORTERS
ENTREPRENEURIAL LEADERS
The following donors have given to NFTE $100,000+ since our founding in 1987 through FY 2006. We are deeply indebted to them for their
ongoing generosity and commitment to supporting NFTE's mission.
$4,000,000+
Atlantic Philanthropies
$3,000,000+
The Goldman Sachs Foundation
$2,000,000+
Arthur and Rebecca Samberg
Shelby Cullom Davis Foundation
$1,000,000+
Anonymous (2)
Amelior/MCJ Foundation
Argidius Foundation
Coleman Foundation
Kathryn Davis
Goldhirsh Foundation
Vira I. Heinz Endowment
David H. Koch Charitable Foundation
Charles G. Koch Charitable Foundation
Koch Industries, Inc.
McKinsey & Company, Inc.
Microsoft Corporation
Multinational Scholar Charitable Trust
1907
Myers Kauppila Family Foundation
OppenheimerFunds Foundation
Scaife Family Foundation
Harry and Jeanette Weinberg Foundation
Whitehead Foundation
William Zimmerman Foundation
$500,000+
Advanced Network & Services
Dwight Anderson
CA, Inc.
Carson Family Charitable Trust
Goldman Sachs & Co.
Ewing Marion Kauffman Foundation
F.M. Kirby Foundation
Louis and Harold Price Foundation/Price
Institute for Entrepreneurial Studies
Merrill Lynch & Co. Foundation, Inc.
NASDAQ Educational Foundation
Samberg Family Foundation
$250,000+
Anonymous
Bank of America
Jay and Doris Christopher Foundation
CIBC World Markets Corp. USA
Nathan Cummings Foundation
Diana Davis Spencer
Dunn Family Charitable Foundation
First Republic Bank
Freddie Mac Foundation
Landon Hilliard
JPMorgan Chase Foundation
James R. Lyle and Tracy Nixon
Morgan Stanley
Princess House, Inc.
Prudential Foundation
Smith Barney
Verizon Foundation
$100,000+
Anonymous
Aaron Straus & Lillie Straus Foundation
Achelis & Bodman Foundations
Alcoa Foundation
Allied Capital Corporation
Artistic Impressions, Inc.
Babson College
Arthur M. Blank Family Foundation
NFTE ANNUAL REPORT 2005-2006 | PAGE 14
Booth Ferris Foundation
Morris and Gwendolyn Cafritz
Foundation
Bruce and Marjie Calvert
Castle Rock Foundation
Arthur and Carlyse Ciocca
Citigroup Foundation
Cooley Godward, LLP
Cowie Family Charitable Fund
Joseph A. DiMenna
Lawrence Field
Fight for Children
Paul and Phyllis Fireman Charitable
Foundation
Gabilan Foundation
Gap Foundation
Hewlett-Packard Company
Bob and Karen Jones
K2 Advisors
Kimberly F. Lamanna
Eugene and Agnes E. Meyer Foundation
Henry E. Niles Foundation
Picower Foundation
Putnam Investments
Ronald McDonald House Charities
Sacramento Housing & Redevelopment
Agency
Shoreland Foundation
Small-Alper Family Foundation
Southern Management Corporation
State Street Corporation
Vitale, Caturano & Company
Foundation
World Trade Center Business Recovery
Grant Program
York Family Fund
“ ”
The NFTE program really gave me the chance to express myself
with (through) business, because that’s what I love to do.
Laura DeLucia, 16
NFTE 2006 Young Entrepreneur of the Year
Business Plan Winner
Business: Healing Hearts
White Plains, New York

FOUNDATION & CORPORATE CONTRIBUTORS JULY 2005 - JUNE 2006 *Gift is part of a multi-year grant
$500,000+
Atlantic Philanthropies*
The Goldman Sachs Foundation*
$100,000+
Anonymous (2)
Advanced Network & Services*
Bank of America
Coleman Foundation*
Ewing Marion Kauffman Foundation*
Freddie Mac Foundation
Goldman Sachs & Co.
Harry and Jeanette Weinberg Foundation*
Multinational Scholar Charitable Trust 1907
OppenheimerFunds Foundation*
Shelby Cullom Davis Foundation
Smith Barney*
Goldhirsh Foundation*
William Zimmerman Foundation*
$50,000+
Aaron Straus & Lillie Straus Foundation*
AOL LLC
Castle Rock Foundation
Citigroup Foundation
Cortopassi Institute
F.M. Kirby Foundation
France-Merrick Foundation
Fund for Educational Excellence
Harbert Capital Management
Internet Marketing Center
Jefferies & Company, Inc.
JPMorgan Chase Foundation
Richard King Mellon Foundation
Merrill Lynch & Co. Foundation, Inc.*
Morgan Stanley
Henry E. Niles Foundation
Putnam Investments
Samberg Family Foundation*
SAP, Inc.
Scaife Family Foundation
Taproot Foundation
Vira I. Heinz Endowment
York Family Fund*
$25,000+
Anonymous
Allied Capital Corporation
Babson College
Bear Stearns & Co. Inc.
Benson Foundation
Coghill Capital Management LLC
Frog Rock Foundation
IBM
IMS Health
Irish Youth Foundation*
K2 Advisors
Kramer, Levin, Naftalis & Frankel
Louis and Harold Price Foundation*
MCJ Foundation
Microsoft Corporation
Palmer Foundation
Polk Bros. Foundation
Seedlings Foundation
Starr Foundation
Tudor Foundation
Triarc Companies Inc.
W.L.S. Spencer Foundation
Zanvyl and Isabelle Krieger Fund
$10,000+
Aether Systems, Inc.
Aetna Inc.
American Express Foundation
American Trading and Production Corporation
Aquascape Designs
Archipelago Exchange, LLC
Bank of New York
Barker Welfare Foundation, Inc.
BDI
Boston Properties
Charles Schwab Foundation
CIBC World Markets Corp. USA
Citizens Bank Foundation
Credit Suisse First Boston
Dart Group Foundation
DC Chamber of Commerce
Deloitte
Dickstein, Shapiro, Morin & Oshinsky LLP
Dominion Foundation
E*TRADE Financial
Electronic Data Systems Corp.
Ford Motor Company Fund
Fried, Frank, Harris, Shriver & Jacobson LLP
Friedman Billings Ramsey Charitable Foundation
H. Glenn Sample Jr. MD Memorial Fund
Horning Brothers, Inc
iDirect Technologies
John Templeton Foundation
Kimsey Foundation
Kirkpatrick & Lockhart LLP
Libertas Partners, LLC
Maverick Capital Charities
MBIA Foundation
McKinsey & Company, Inc.
Mid-Atlantic Venture Association
Navigant Consulting Inc.
Occasions Caterers
PGA Tour Wives Association, Inc.
Southern Management Corporation*
Staples Foundation for Learning, Inc.
Surefire Marketing
Sylvan/Laureate Foundation*
Tejas Securities Group
McGraw-Hill Companies
Thomson Corporation
Verizon Foundation
VIGET Labs
Vitale, Caturano & Company Foundation
Washington Mutual
Wellington Management Charitable Fund
William E. Simon Foundation
$5,000+
AEA Investors Inc.
Alcoa Foundation
AllianceBernstein Foundation Fund of The New
York Community Trust
Argy Wiltse & Robinson, P.C.
Atlantic Services Group
Bender Foundation
NFTE ANNUAL REPORT 2005-2006 | PAGE 15
BetterWorld Telecom
Morris and Gwendolyn Cafritz Foundation*
Louis R. Cappelli Foundation
Career Builder, Inc.
Charlesmead Foundation
Chief Executives Organization, Inc.
Columbia Capital, LLC
Comerica Bank
Constellation Energy Group Foundation Inc
CVENT
Discovery Education, Inc.
Doracon Contracting Inc.
Erickson Retirement Communities
Ernst & Young LLP
Exxon Mobil Corp.
Fiduciary Trust Co. International
Fleishman-Hillard Inc.
Freed Photography & Videography
Freedom Forum
Guardian Life Insurance Company of America
GE Consumer Finance
Geppetto Catering, Inc.
M & T Bank
Mary Hillman Jennings Foundation
Millipore Foundation
Mintz, Levin, Cohn, Ferris, Glousky & Popeo, P.C.
Morino Institute
National Cooperative Bank
OPUS8
PCM Construction
Perseus Realty
Potomac Electric Power Company
PPG Industries Foundation
Radio One
Razorsight
RBC Capital Markets
Reckson Management Group, Inc.
Red Zebra Broadcasting LLC
Rothstein, Kass & Co., D.C.
Roy A. Hunt Foundation
Segovia
Sempra Energy Trading
Silicon Valley Bank
SysTECH integrators, Inc.
Telecommunications Development Fund
Rouse Company Foundation
Aber D. Unger Foundation
Wachovia
Walker & Dunlop
Webster Bank
$1,000+
Alpern Rosenthal
Ariel Capital Management, Inc.
Arlington County Government
Arnold & Porter
Baltimore Community Foundation
Bernstein Global Wealth Mangement
Henry and Ruth Blaustein Rosenberg Foundation*
Calder Race Course
Catalyst Connection and Pittsburgh Technology
Council
Combined Properties Inc.
Cordish Family Fund
Cushman Foundation
Executive Association

“ ”
Flanigan & Sons, Inc.
Forbes Funds
Forum Resources Network
Fund Management Services, LLC
Galvez Cleary & Associates
Greenwald Foundation
Shelly Mulitz and Morton Gudelsky Foundation
Hall Financial Group
Inner City Hope
Jandon Foundation
Kastle Systems International
Levensohn Venture Partners
Lone Pine Foundation, Inc.
MCMUSA, Inc.
Medrad
The Meltzer Group
Mercantile Safe Deposit and Trust Company
Messer Family Fund of The Pittsburgh Foundation
Moon Capital Management LP
Morgan, Lewis & Bockius, LLP
William H. Murphy, Jr. & Associates, P.A.
New Vantage Group
Ocean Spray Cranberries, Inc.
Paraco Gas Corporation
Phillips International Inc.
PIAB USA, Inc.
PNC Bank, N.A.
Presidents' Roundtable
Rocklands Barbeque & Grilling Company
RSM McGladrey Inc.
Ryan and Wetmore, PC
Saul Ewing Attorneys at Law
Albert and Lillian Small Foundation
Southeastern University
State Bank of Long Island
Stinson Morrison Hecker LLP
Struever Brothers, Eccles & Rouse Inc.
Syncom Management Company, Inc.
Technology Council of Maryland
Connecticut Light and Power Company
Finnerty Group
Williams Capital Group, L.P.
ThinkEquity Partners LLC
Training Pro
U.S. Trust Company of Connecticut
U.S.B. Foundation, Inc.
UBS Foundation USA Matching Gift Program
Williams Trading, L.L.C.
YES! Circle, LLC
NFTE taught me to be persistent and to never give up
on my dream, no matter how hard it gets.
Sahabahddin Muhammed, 18
NFTE 2006 Young Entrepreneur of the Year
Business Plan Winner
Business: Empire LLC
Cleveland Heights, Ohio
FOUNDATION & CORPORATE CONTRIBUTORS – continued
UNDER $1K
501 (c) (3) 2
A.J. Palumbo School of Business Administration
Abell Foundation
African American Chamber of Commerce
Andrews Kurth LLP
Apex Home Loans, Inc.
Arima Capital LLC
Artuso Pastry Foods Corporation
Baltimore Securities Systems, Inc.
Bank Street Group
Bialek Corporation of Maryland
Bognet Construction Associates
Bottomline Technologies, Inc.
Bowie & Jensen LLC
Boxwood Development Services, LLC
Brookside Marketing Partnership LLC
BT Property Associates, LLC
Buchanan Ingersoll P.C.
Capital Search Group LLC
Capitol Hill Building Maintenance, Inc.
Community College of Allegheny County
Concord Foods, Inc.
CRA International
Cross Services Group
Custom Accounting Solutions, LLC
CVS Corporation
Diaspark, Inc.
Directory Billing, LLC
Dollar Bank
Dream Homes, Inc.
Duquesne University Small Business Dev. Ctr.
D'Ventures Unlimited, Inc.
Eagle Ventures, Inc.
Eat'n Park Hospitality Group, Inc.
Entrepreneur Center at NVTC
Essential Power Systems, LLC
EVS Corporation
Federal Auto Auction
Fifth Third Bank
Flirting Time Com Inc.
The Fragasso Group, Inc.
Gangnath Family Charitable Fund of Foundation
Northwest
Gateway Financial
Glendale Beauty Salon
Global Commerce Solutions
Government of the District of Columbia
Harmon Consulting, LLC
Hartnick Consulting Inc.
Hayes Enterprises
NFTE ANNUAL REPORT 2005-2006 | PAGE 16
The Info Project
International Hospitality Suppliers, Inc.
KeyBank, N.A.
Kramon & Graham, P.A.
Komar Temple
Leoterra LLC
Lexicon Communications Corp.
Louder Than Words
Lucas Systems Inc.
Martek Global Services, Inc.
MassMutual Financial Group
McCrory & McDowell
Mellon Family Foundation
Mercer Human Resources Consulting
Moss Family Foundation
Motorola Foundation
MSE Group
Mt. Lebanon Office Equipment
National Council on Economic Education
NGP Software Inc.
Nixon Peabody LLP
One Mile Up, Inc.
Oxford Development Company
Paradigm Mortgage Services, Inc.
Perez & Perez Architects Planners inc.
Pitney Bowes Matching Gifts Program
Pond Creations
Pongo LTD
Potomac Officer's Club
Redstones LLC
The Results Group
Reznick Group
Second Chance Employment Services
Shan Industries LLC
Shapiro Negotiations Institute
Sigma Capital Advisors, LLC.
Stanley Martin Commercial
Suitland High School
Tachyon Solutions
TAG/The Acceleration Group
Thayer Capital Partners
The Timmons Group
Touched By God Ministry
Velezco, Inc.
Ventana Productions
Wallis and Bowers
Western PA. Chapter Society of Industrial Realtors
Wharco Realty Group, Inc.
Wilke & Associates, LLP
Young America Works

ENTREPRENEURSHIP SOCIETY MEMBERS JULY 2005 - JUNE 2006
CHAIRMAN’S CIRCLE
$100,000+
Russell L. Carson
Mary Myers Kauppila
George E. Myers
PRESIDENT’S CIRCLE
$50,000+
Dwight Anderson
Carlyse F. and Arthur A. Ciocca
Kathryn Davis
Philip A. Falcone
John P. Havens
ANGEL INVESTOR
$25,000+
Jay and Doris Christopher
William Daugherty
Richard M. Fels
Ben Goldhirsh
Landon Hilliard
James Lyle and Tracy Nixon
Kevin Murphy
Alan Patricof
Rebecca and Arthur Samberg
Diana Davis Spencer
Tucker York
SHAREHOLDER
$10,000+
Anonymous (2)
Robert L. Adams
Cathy Bernard
Kevin and Nancy Burns
Bruce and Marjie Calvert
Clint Coghill
Pat Alper
Ray M. Costa
Steven Denning
Joseph A. DiMenna
John M. Duff
Margaret Dunn
Morris Dweck
Judith and Warren Feder
John B. Fullerton
Lenny Greenberg
Craig Hall
Verne Harnish
Duncan P. Hennes
James and Cecilia Herbert
Karen and Bob Jones
Glenn Kaufman
Ted and Lynn Leonsis
Robert S. Mancini
Richard and Nancy Marriott
Richard Mastromatteo
Philip A. McNeill
Douglas J. Miller
Vikram Pandit
Jeffrey S. Raikes
Mr. and Mrs. David Reis
Joseph E. Robert
Julian Robertson
Arthur and Toni Rembe Rock
John Santonastaso
James B. Schlueter
Stanley Shopkorn
Sheri J. Sobrato
R. David Spreng
Lari Stanton
Gavin and Leslie Sword
Richard B. Toren
Peter B. Walker
Holly Wallace
Brian Walsh
Michael and Jill Weinstein
Palmer West
SUSTAINING MEMBER
$5,000+
Keith T. Banks
Brien and Amy Biondi
Wendy and Titus Brenninkmeijer
Stephen Brenninkmeyer
Glenn E. Corliss
Mark D. Danchak
Kimberly B. Davis
William H. Donaldson
James M. Duggan
L. Brooks Entwistle
Raul Fernandez
William B. Finnerty
Theodore J. Forstmann
Eugene Giscombe
Peter B. Goldsmith
Jeffrey Green
John Hughes
David W. Hunter
Larry E. Jennings
Eric G. Johnson
James M. Kelley
Matthew N. Lehrer
Larry Levy
Linda S. Lubitz
Vincent Mai
Tony Mayer
Barbara Meyer
Mark Michael
William H. Murphy, Jr.
& William Hassan Murphy, III
Richard H. Oedel
Jacqui and Paul Peace
Robert A. Pritzker
Geoffrey S. Rehnert
Tony A. Rose
Mark Rothman
George and Betsy Sherman
Sidney R. Smith
Celeste Suggs
John and Deborah Thibault
William L. Walton
Stephen and Christine Waterman
David Weir
S. Tien Wong
Kathy C. Yohalem
FOUNDING MEMBER
$2,500+
Carolyn Bechtel
NFTE ANNUAL REPORT 2005-2006 | PAGE 17
Kelvin Bernard
Oliver Brenninkmeyer
Kenneth T. Casey
Claudio and Joanette Chiuchiarelli
Peter Cowie
James A. Dal Pozzo
Joan Danforth
Richard DiPippo
John F. Erdmann
Doug Evans
Carol and Ron Ferguson
Edie Fraser
M. C. Gabriel
Henrietta Gates and Heaton
Robertson
James E. Geraghty, Jr.
Jonathan Harris
Paul D. Hicks
William Ingram
Thelma Jones
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NFTE ANNUAL REPORT 2005-2006 | PAGE 19
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NFTE ANNUAL REPORT 2005-2006 | PAGE 20
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THE BEST WAY TO
PREDICT YOUR
Harry E. Gibbs, III, 13
NFTE 2006 Young Entrepreneur of the Year
Operational Business Plan Winner
Business: Gibbs’ School Supplies
Baltimore, Maryland
FUTURE
IS TO CREATE IT.
WE HOLD THE
KEY TO OUR
OWN SUCCESS.
NFTE ANNUAL REPORT 2005-2006 | PAGE 21

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NFTE Item No. 4046