Society Of Actuaries Professional Association
- Assets
- $70.9m
- Revenue
- $61.9m
- Investments
- $4.9m
- Employees
- 0
- Location
- Chicago, IL
- Founding
- 06/2019
- Data as of
- 12/2023
- EIN
- 83-4526499
Organization Overview
Society Of Actuaries Professional Association, operating under the name Society Of Actuaries, is located in Chicago, 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 12/2023, Society Of Actuaries generated $61.9m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $55.6m during the year ending 12/2023. While expenses have increased by 9.7% per year over the past 4 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 2020, Society Of Actuaries has awarded 22 individual grants totaling $1,897,447. 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
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 34,861 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 |
|---|---|---|---|
Jennifer Gillespie Past President | OfficerTrustee | 1 | $0 |
John Robinson President & Chair | OfficerTrustee | 1 | $0 |
Tim Rozar President-Elect & Vice-Chair | OfficerTrustee | 1 | $0 |
Ying Zhao Secretary/treasurer | OfficerTrustee | 1 | $0 |
Amanda Hug Board Member | Trustee | 1 | $0 |
Arpita Das Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Prometric Inc Test Centers | 12/30/23 | $5,819,719 |
Mayo Seitz Media Inc Media Strategy Services | 12/30/23 | $1,845,771 |
Audio Visiual One Ltd It Services | 12/30/23 | $813,662 |
Globebyte It Services | 12/30/23 | $736,868 |
Bluebolt Inc Media Strategy Services | 12/30/23 | $670,914 |
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 | $62,097,037 |
| Investment income | $1,436,895 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $18,419 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,655,537 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $61,896,814 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $618,410 |
| Grants and other assistance to domestic individuals. | $151,046 |
| Grants and other assistance to Foreign Orgs/Individuals | $145,778 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,755,757 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,437,212 |
| Pension plan accruals and contributions | $1,719,297 |
| Other employee benefits | $1,215,876 |
| Payroll taxes | $1,315,262 |
| 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 | $9,952,673 |
| Advertising and promotion | $840,233 |
| Office expenses | $4,392,386 |
| Information technology | $3,793,934 |
| Royalties | $0 |
| Occupancy | $1,170,544 |
| Travel | $8,966,104 |
| 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 | $1,151,503 |
| Insurance | $311,626 |
| All other expenses | $84,463 |
| Total functional expenses | $55,635,363 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,348,186 |
| Savings and temporary cash investments | $12,585,680 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $341,771 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $169,395 |
| Prepaid expenses and deferred charges | $2,053,639 |
| Net Land, buildings, and equipment | $5,685,155 |
| Investments—publicly traded securities | $42,189,658 |
| Investments—other securities | $4,931,720 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,567,330 |
| Total assets | $70,872,534 |
| Accounts payable and accrued expenses | $7,564,664 |
| Grants payable | $0 |
| Deferred revenue | $22,814,763 |
| 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 | $3,228,569 |
| Total liabilities | $33,607,996 |
| Net assets without donor restrictions | $37,264,538 |
| 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 | $70,872,534 |
Grants Awarded
Over the last fiscal year, Society Of Actuaries Professional Association has awarded $614,410 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
MORGAN STATE UNIVERSITY FOUNDATION PURPOSE: UEC DE STIPEND/SCHOLARSHIPS & GRANTS | $17,000 |
HOWARD UNIVERSITY PURPOSE: SCHOLARSHIPS & GRANTS | $8,000 |
SOCIETY OF ACTUARIES RESEARCH INSTITUTE PURPOSE: RESEARCH GRANT & GENERAL SUPPORT | $569,410 |
UTEP HUNT COLLEGE OF BUSINESS PURPOSE: UEC DE STIPEND | $7,000 |
MORGAN STATE UNIVERSITY ACTUARIAL SCIENCE PURPOSE: EDUCATION | $7,000 |
DEPAUL UNIVERSITY PURPOSE: SCHOLARSHIPS & GRANTS | $6,000 |