Society Of Actuaries
- Assets
- $66.0m
- Revenue
- $3.3m
- Investments
- $7.8m
- Employees
- 178
- Location
- Schaumburg, IL
- Founding
- 11/1952
- Data as of
- 12/2021
- EIN
- 36-2136422
Organization Overview
Society Of Actuaries is located in Schaumburg, IL. The organization was established in 1952. According to its NTEE Classification (Y03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2021, Society Of Actuaries employed 178 individuals. This organization is the central organization for a national or regional group of organizations. Society Of Actuaries is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Society Of Actuaries generated $3.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (32.9%) each year. All expenses for the organization totaled $8.1m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (23.3%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Society Of Actuaries has awarded 235 individual grants totaling $13,375,185. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
EMPHASIZES THE SKILLSET AND THOUGHT LEADERSHIP OF ACTUARIES, AND HELPS PROVIDE (SEE SCHEDULE O) INSIGHTS TO MEMBERS, BUSINESSES, OTHER STAKEHOLDERS AND THE PUBLIC ON SOCIALLY RELEVANT TOPICS.
Describe the Organization's Program Activity:
SOA RI SERVES AN IMPORTANT PUBLIC AND SOCIETAL SERVICE BY PROVIDING A VALUABLE CONTRIBUTION TO THE BODY OF KNOWLEDGE IN THE VARIOUS AREAS OF ACTUARIAL SCIENCE. THIS INCLUDES (BUT IS NOT LIMITED TO) LEADING-EDGE RESEARCH ON AGING AND RETIREMENT, ACTUARIAL INNOVATION AND TECHNOLOGY, MORTALITY AND LONGEVITY, DIVERSITY, EQUITY AND INCLUSION, HEALTH CARE COST TRENDS, AND CATASTROPHE AND CLIMATE. SOA RI ALSO IS THE LEADING PROVIDER OF EXPERIENCE STUDIES, WHICH ARE WIDELY USED BY ACTUARIES TO DEVELOP FINANCIALLY SECURE INSURANCE SYSTEMS. MANY OUTPUTS OF SOA RI RESEARCH ARE ALSO REFERENCED BY POLICYMAKERS FOR VALUABLE BACKGROUND AND INSIGHT AS THEY DEVELOP LEGISLATION TO MEET PUBLIC NEEDS IN RELEVANT AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Greg Heidrich CEO | Officer | 4 | $732,791 |
Stacy Lin Deputy Ceo/cfo | Officer | 4 | $420,990 |
R Dale Hall Managing Director Research | Officer | 4 | $375,980 |
Ken Guthrie Managing Director Education | Officer | 4 | $369,850 |
Michael Boot Managing Director, Engagement | Officer | 4 | $331,016 |
Richard Veys General Counsel | Officer | 4 | $324,749 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Risk & Regulatory Consulting Llc Researcher | 12/30/21 | $130,880 |
Ll Global Researcher | 12/30/21 | $145,900 |
Mathew Greenwald & Associates Researcher | 12/30/21 | $118,300 |
Milliman Inc Consultant | 12/30/21 | $157,239 |
Rob Montgomery Researcher | 12/30/21 | $108,432 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $176,184 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $234,601 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $410,785 |
| Total Program Service Revenue | $0 |
| Investment income | $1,642,898 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,202,798 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,256,481 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,864,827 |
| Grants and other assistance to domestic individuals. | $119,444 |
| Grants and other assistance to Foreign Orgs/Individuals | $333,661 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $866,913 |
| Compensation of current officers, directors, key employees. | $86,951 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,654,832 |
| Pension plan accruals and contributions | $282,521 |
| Other employee benefits | $344,205 |
| Payroll taxes | $225,267 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $122,024 |
| Fees for services: Other | $512,420 |
| Advertising and promotion | $0 |
| Office expenses | $328,400 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $156,901 |
| Travel | $30,357 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $120,342 |
| Insurance | $43,112 |
| All other expenses | $4,557 |
| Total functional expenses | $8,074,935 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,516,609 |
| Savings and temporary cash investments | $1,048,738 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $426,890 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,165 |
| Net Land, buildings, and equipment | $1,238,748 |
| Investments—publicly traded securities | $51,765,575 |
| Investments—other securities | $7,815,806 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,200,000 |
| Total assets | $66,013,531 |
| Accounts payable and accrued expenses | $1,434,518 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,977,797 |
| Total liabilities | $9,412,315 |
| Net assets without donor restrictions | $56,601,216 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $66,013,531 |
Grants Awarded
Over the last fiscal year, Society Of Actuaries has awarded $1,835,215 in support to 32 organizations.
| Grant Recipient | Amount |
|---|---|
Schaumburg, IL PURPOSE: GENERAL SUPPORT | $525,000 |
MILLIMAN INC PURPOSE: RESEARCH GRANT | $201,238 |
Windsor, CT PURPOSE: RESEARCH GRANT | $145,900 |
RISK & REGULATORY CONSULTING PURPOSE: RESEARCH GRANT | $130,880 |
MATTHEW GREENWALD & ASSOC PURPOSE: RESEARCH GRANT | $119,300 |
MIB INC PURPOSE: RESEARCH GRANT | $102,842 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Society Of Actuaries has recieved totaling $176,184.
| Awarding Organization | Amount |
|---|---|
Society Of Actuaries Professional Association Schaumburg, IL PURPOSE: RESEARCH GRANT | $176,184 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Directemployers Association Inc Indianapolis, IN | $10,667,744 | $15,212,519 |
Society Of Actuaries Schaumburg, IL | $66,013,531 | $3,256,481 |
National Conference Of Insurance Indianapolis, IN | $4,600,811 | $4,069,292 |
Missouri Association Of Insurance Agents Jefferson City, MO | $5,920,618 | $1,409,542 |
Professional Insurance Marketing Association Inc Chicago, IL | $872,807 | $772,491 |
National Equipment Finance Association Inc Northbrook, IL | $1,993,686 | $820,325 |
Soy Aquaculture Alliance Inc Ankeny, IA | $540,903 | $433,856 |
Mutual Insurance Association Of Iowa Janesville, IA | $697,921 | $349,100 |
Chicago Chapter Of China General Chamber Of Commerce - Usa Chicago, IL | $491,758 | $373,411 |
National Association Of Insurance And Financial Advisors-Ohio Cedar Falls, IA | $137,390 | $0 |
Rheumatology Association Of Minnesota And The Dakotas Schaumburg, IL | $222,797 | $0 |
Iowa School Counselor Association West Des Moines, IA | $167,802 | $0 |