Spencer Educational Foundation Inc
- Assets
- $9.5m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 0
- Location
- New York, NY
- Founding
- 05/1981
- Data as of
- 12/2023
- EIN
- 58-1420617
Organization Overview
Spencer Educational Foundation Inc is located in New York, NY. The organization was established in 1981. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Spencer Educational Foundation Inc 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 12/2023, Spencer Educational Foundation Inc generated $2.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.5% each year. All expenses for the organization totaled $2.7m during the year ending 12/2023. While expenses have increased by 7.3% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Spencer Educational Foundation Inc has awarded 225 individual grants totaling $3,767,512. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
SPENCER EDUCATIONAL FOUNDATION, INC.'S ("THE FOUNDATION") MISSION IS TO FUND THE EDUCATION OF TOMORROW'S RISK MANAGEMENT AND INSURANCE INDUSTRY LEADERS. SINCE ITS FOUNDING IN 1979, SPENCER HAS AWARDED NEARLY $9.5 MILLION IN SCHOLARSHIPS TO STUDENTS STUDYING RISK MANAGEMENT AND INSURANCE, AND OVER $8 MILLION IN GRANTS TO UNIVERSITIES AND INDUSTRY PROFESSIONAL INSTITUTIONS. SPENCER HAS DIRECTLY IMPACTED AN ESTIMATED 85,000 STUDENTS THROUGH ITS PROGRAMMING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SCHOLARSHIPS - RISK MANAGEMENT AND INSURANCE STUDENTS ARE AT THE HEART OF EVERYTHING SPENCER DOES. SPENCER AWARDS UNDERGRADUATE, GRADUATE, AND PH.D. SCHOLARSHIPS TO STUDENTS STUDYING AT INSTITUTIONS IN THE UNITED STATES AND CANADA, AS WELL AS PART-TIME GRADUATE SCHOLARSHIPS TO RISK AND INSURANCE PROFESSIONALS CONTINUING THEIR EDUCATION.DURING 2023, SPENCER AWARDED 103 IN SCHOLARSHIPS
COURSE DEVELOPMENT - SPENCER'S COURSE DEVELOPMENT GRANT PROGRAM SUPPORTS INTRODUCTORY RISK MANAGEMENT AND INSURANCE COURSE DEVELOPMENT - FOR UNIVERSITIES THAT HAVE NOT PREVIOUSLY OFFERED ANY SUCH INSTRUCTION - AS WELL AS PROPOSALS FOR ADDITIONAL COURSE CURRICULUM DEVELOPMENT AND PROGRAM DEVELOPMENT - FOR UNIVERSITIES LOOKING TO DEVELOP A RMI PROGRAM AND/OR EXPAND EXISTING RMI COURSE OFFERINGS, WITH AN EMPHASIS ON NEW AND EMERGING AREAS IN THE INDUSTRY.DURING 2023, SPENCER AWARDED 14 COURSE DEVELOPMENT GRANTS. RISK MANAGER ON CAMPUS GRANTS - FOR 24 YEARS, SPENCER'S RISK MANAGER ON CAMPUS (RMOC) PROGRAM HAS BEEN PRAISED BY BOTH UNIVERSITIES AND RISK MANAGERS AS A REWARDING EDUCATIONAL EXPERIENCE FOR STUDENTS AND A CHANCE TO GIVE BACK TO THE PROFESSION. THE PROGRAM BRINGS A PRACTICING RISK MANAGER TO THE UNIVERSITY TO PRESENT AND ENGAGE WITH STUDENTS ABOUT THE RISK MANAGEMENT PROFESSION AND INSURANCE INDUSTRY.
GENERAL GRANTS - SPENCER'S GRANTS PROGRAM SUPPORTS INITIATIVES THAT ALIGN WITH THE FOUNDATION'S MISSION TO FUND THE EDUCATION OF TOMORROW'S RISK MANAGEMENT AND INSURANCE LEADERS. SPENCER CONSIDERS GRANT PROPOSALS THAT FALL IN THE FOLLOWING TWO CRITICAL BRANCHES: 1. PROVIDE EXPERIENTIAL LEARNING OPPORTUNITIES FOR RISK MANAGEMENT AND INSURANCE STUDENTS, AND 2. ATTRACT NEW TALENT TO THE INDUSTRY.DURING 2023, SPENCER AWARDED 16 GENERAL GRANTS
INTERNSHIPS - THROUGH OUR INTERNSHIP GRANT PROGRAM, SPENCER AIMS TO SUPPORT TOMORROW'S RISK MANAGEMENT AND INSURANCE LEADERS THROUGH EXPERIENTIAL LEARNING OPPORTUNITIES. SPENCER PROVIDES INTERNSHIP GRANTS OF UP TO $7,500 TO RISK MANAGERS TO HIRE INTERNS IN THE RISK MANAGEMENT FUNCTION OF THEIR ORGANIZATIONS. EMPLOYERS APPLY FOR THE GRANTS FROM SPENCER, AND STUDENTS THEN APPLY DIRECTLY WITH THE COMPANIES FOR THE INTERNSHIP OPPORTUNITIES.DURING 2023, SPENCER AWARDED 32 INTERSHIP GRANTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stephen Acunto Jr Director | Trustee | 1 | $0 |
Jackie Bolig Director | Trustee | 1 | $0 |
Joseph Cellura Director | Trustee | 1 | $0 |
Dr Cassandra Cole Director | Trustee | 1 | $0 |
Ron Davis Director | Trustee | 1 | $0 |
Andrea M Dudek Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $1,518,466 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $658,953 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,177,419 |
| Total Program Service Revenue | $0 |
| Investment income | $231,803 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $65,182 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,484,287 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $852,753 |
| Grants and other assistance to domestic individuals. | $690,718 |
| Grants and other assistance to Foreign Orgs/Individuals | $54,000 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $485,282 |
| Compensation of current officers, directors, key employees. | $75,749 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $413,275 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $22,187 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,194 |
| Advertising and promotion | $6,408 |
| Office expenses | $34,621 |
| Information technology | $25,596 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $56,164 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,028 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $11,788 |
| All other expenses | $75,163 |
| Total functional expenses | $2,733,177 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $386,330 |
| Savings and temporary cash investments | $700,000 |
| Pledges and grants receivable | $932,178 |
| Accounts receivable, net | $0 |
| 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 | $96,804 |
| Net Land, buildings, and equipment | $10,215 |
| Investments—publicly traded securities | $7,354,444 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,167 |
| Total assets | $9,493,138 |
| Accounts payable and accrued expenses | $181,216 |
| Grants payable | $0 |
| Deferred revenue | $128,107 |
| 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 | $110,000 |
| Total liabilities | $419,323 |
| Net assets without donor restrictions | $6,857,004 |
| Net assets with donor restrictions | $2,216,811 |
| 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 | $9,493,138 |
Grants Awarded
Over the last fiscal year, Spencer Educational Foundation Inc has awarded $770,580 in support to 59 organizations.
| Grant Recipient | Amount |
|---|---|
HBCU IMPACT PURPOSE: GENERAL GRANT | $10,000 |
MIDDLE TENNESSEE STATE UNIVERSITY PURPOSE: GENERAL GRANT | $11,350 |
NATIONAL AFRICAN AMERICAN INSURANCE ASSOCIATION (NAAIA) PURPOSE: GENERAL GRANT | $10,000 |
THE NATIONAL ALLIANCE FOR INSURANCE EDUCATION AND RESEARCH PURPOSE: GENERAL GRANT | $25,000 |
UNIVERSITY OF COLORADO-DENVER PURPOSE: GENERAL GRANT | $9,100 |
UNIVERSITY OF GEORGIA PURPOSE: GENERAL GRANT | $5,000 |