Society Of Actuaries Professional Association
- Assets
- $48.9m
- Revenue
- $54.4m
- Investments
- $3.0m
- Employees
- 0
- Location
- Schaumburg, IL
- Founding
- 06/2019
- Data as of
- 12/2021
- EIN
- 83-4526499
Organization Overview
Society Of Actuaries Professional Association, operating under the name Society Of Actuaries, is located in Schaumburg, IL. The organization was established in 2019. According to its NTEE Classification (S41) the organization is classified as: Chambers of Commerce & Business Leagues, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Society Of Actuaries is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Society Of Actuaries generated $54.4m in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 12.7% each year . All expenses for the organization totaled $39.6m during the year ending 12/2021. While expenses have increased by 1.6% per year over the past 2 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THROUGH EDUCATION AND RESEARCH, THE SOA ADVANCES ACTUARIES AS LEADERS IN MEASURING (SEE SCHEDULE O) AND MANAGING RISK TO IMPROVE FINANCIAL OUTCOMES FOR INDIVIDUALS, ORGANIZATIONS, AND THE PUBLIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MEMBERSHIP: THE SOA IS A MEMBERSHIP ORGANIZATION WITH MORE THAN 31,500 MEMBERS WORLDWIDE, MAKING IT THE LARGEST PROFESSIONAL ASSOCIATION OF ACTUARIES IN THE WORLD. AS PART OF ITS MISSION, THE SOA PROVIDES RIGOROUS AND COMPREHENSIVE EDUCATION AND TESTING TO ITS MEMBERS AS PART OF THE PROCESS OF EARNING THEIR CREDENTIALS. SOA-CREDENTIALED MEMBERS ARE EQUIPPED TO PROVIDE IMPORTANT AND VALUABLE EXPERTISE AND ADVICE ON A VARIETY OF RISK MANAGEMENT AND FINANCIAL SECURITY ISSUES, INCLUDING DEVELOPING PENSION PLANS FOR BUSINESSES AND PUBLIC ENTITIES, CONSULTING ON BUILDING SECURE HEALTH AND LIFE INSURANCE SYSTEMS AND PROVIDING RISK MANAGEMENT ADVICE ON AN ENTERPRISE-WIDE LEVEL TO MANY TYPES OF COMMERCIAL ORGANIZATIONS.
PRELIMINARY EDUCATION: SOA'S EXAMINATIONS INCLUDE CORE TOPICS COMMON TO ALL ACTUARIAL DISCIPLINES TO ENSURE THAT ALL SOA MEMBERS HAVE BROAD KNOWLEDGE OF RISK MANAGEMENT AND FINANCIAL SECURITY ISSUES THAT FACE BUSINESSES AND INDIVIDUALS. CANDIDATES FOR SOA MEMBERSHIP ALSO TAKE EXAMS THAT ARE SPECIFICALLY FOCUSED ON A PARTICULAR AREA OF PRACTICE TO ENSURE THAT THEY HAVE THE DETAILED KNOWLEDGE TO PROVIDE TO THE ORGANIZATIONS AND PUBLIC THE HIGHEST LEVEL OF EXPERTISE IN THEIR CHOSEN PRACTICE. THIS COMPREHENSIVE AND RIGOROUS EDUCATIONAL SYSTEM DEVELOPS ACTUARIES WHO ARE ABLE TO DELIVER EXPERTISE WITH THE HIGH STANDARDS THAT MEET THE NEEDS OF INDIVIDUALS, COMMERCIAL AND PUBLIC ORGANIZATIONS AND THE PUBLIC AT LARGE, RELIEVING PUBLIC OR GOVERNMENTAL ORGANIZATIONS FROM HAVING TO PROVIDE SUCH EDUCATIONAL OVERSIGHT.
CONTINUING EDUCATION: THE SOA CONDUCTS VARIOUS EVENTS AND PROFESSIONAL DEVELOPMENT OPPORTUNITIES TO ENSURE CONTINUED PROFESSIONAL GROWTH AND EXCELLENCE FOR ITS MEMBERS. SOA MEMBERS ARE REQUIRED TO MEET A DEFINED LEVEL OF CONTINUING EDUCATION ANNUALLY IN ORDER TO MAINTAIN THEIR CREDENTIAL. THIS REQUIREMENT ASSURES THAT ALL SOA MEMBERS, EVEN THOSE WHO INITIALLY EARNED THEIR CREDENTIAL YEARS EARLIER, STAY CURRENT ON THE LATEST ACTUARIAL PRACTICES, KNOWLEDGE AND RESEARCH - AND THE EVER-EVOLVING SOCIETAL ISSUES THAT REQUIRE ACTUARIAL EXPERTISE. THIS LIFELONG LEARNING SUPPORTS ACTUARIES AS THEY PROVIDE EXPERT ADVICE AND RELEVANT SOLUTIONS FOR FINANCIAL, BUSINESS AND SOCIETAL PROBLEMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Fornia Secretary/treasurer | OfficerTrustee | 1 | $0 |
Jennifer Gillespie President | OfficerTrustee | 1 | $0 |
Roy Goldman Past President | OfficerTrustee | 1 | $0 |
John Robinson President-Elect | OfficerTrustee | 1 | $0 |
Andy Rallis President | OfficerTrustee | 1 | $0 |
Lisa Kuklinski Secretary/treasurer | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Prometric Inc Test Centers | 12/30/21 | $5,904,286 |
Personfiy Inc It Services | 12/30/21 | $308,688 |
Commpartners Av | 12/30/21 | $298,935 |
Episerver Inc It Services | 12/30/21 | $327,306 |
Globebyte It Services | 12/30/21 | $580,764 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $54,064,156 |
| Investment income | $276,915 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $15,167 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,614 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $54,354,624 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $226,459 |
| Grants and other assistance to domestic individuals. | $123,530 |
| Grants and other assistance to Foreign Orgs/Individuals | $142,450 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,588,052 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $10,988,042 |
| Pension plan accruals and contributions | $1,169,322 |
| Other employee benefits | $1,424,627 |
| Payroll taxes | $932,355 |
| 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 | $0 |
| Fees for services: Other | $9,151,140 |
| Advertising and promotion | $0 |
| Office expenses | $2,789,436 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,022,924 |
| Travel | $1,350,401 |
| 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 | $1,003,080 |
| Insurance | $210,081 |
| All other expenses | $1,723,960 |
| Total functional expenses | $39,645,031 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $13,249,587 |
| Savings and temporary cash investments | $1,178,617 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $99,046 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $234,335 |
| Prepaid expenses and deferred charges | $1,364,962 |
| Net Land, buildings, and equipment | $1,480,866 |
| Investments—publicly traded securities | $21,919,084 |
| Investments—other securities | $2,961,000 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,419,572 |
| Total assets | $48,907,069 |
| Accounts payable and accrued expenses | $6,130,151 |
| Grants payable | $0 |
| Deferred revenue | $23,292,935 |
| 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 | $1,200,000 |
| Total liabilities | $30,623,086 |
| Net assets without donor restrictions | $18,283,983 |
| 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 | $48,907,069 |
Grants Awarded
Over the last fiscal year, Society Of Actuaries Professional Association has awarded $217,759 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Schaumburg, IL PURPOSE: RESEARCH GRANT | $176,184 |
ORGANIZATION OF LATINO ACTUARIES PURPOSE: DIVERSITY GRANT | $31,575 |
Ann Arbor, MI PURPOSE: DIVERSITY GRANT | $10,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Society Of Actuaries Professional Association has recieved totaling $20,000.
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Futures Association Chicago, IL | $176,284,079 | $126,360,502 |
Statewide Energy Efficiency Andrenewables Administration Inc Madison, WI | $63,794,129 | $99,926,553 |
Information Systems Audit And Control Association Inc Schaumburg, IL | $168,414,298 | $101,751,321 |
International Code Council Inc Country Club Hills, IL | $173,275,221 | $89,069,791 |
American Property Casualty Insurance Association Chicago, IL | $156,045,230 | $59,541,606 |
Healthcare Information And Management Systems Society Chicago, IL | $52,722,997 | $65,054,367 |
Inter-Industry Conference On Auto Collision Repairs Hoffman Estates, IL | $98,841,828 | $60,778,547 |
Iowa Soybean Association Ankeny, IA | $41,040,308 | $49,594,198 |
Society Of Actuaries Professional Association Schaumburg, IL | $48,907,069 | $54,354,624 |
Association Of Equipment Manufacturers Milwaukee, WI | $65,690,987 | $35,929,615 |
Ipc International Inc Bannockburn, IL | $35,069,140 | $30,776,508 |
Apics Inc Chicago, IL | $42,029,595 | $30,789,675 |