Educational Institutions

Spencer Educational Foundation, Inc.

  • New York, NY
  • www.spencered.org

Mission Statement

Spencer Educational Foundation funds the education of tomorrow's risk management and insurance industry leaders.

Main Programs

  1. Scholarships
  2. Risk Manager in Residence
  3. Student Internships
  4. Grants and Awards
  5. Course Development
Service Areas

Self-reported

National

Spencer is the premier organization awarding scholarships and grants in risk management and insurance, and facilitating internship opportunities, as well as providing a Risk-Manager-in-Residence program to universities. Since our founding, we have awarded more than 900 scholarships totaling more than $6 million, and $3.25 million in grants to universities and professional institutions for educational programs and conferences.

ruling year

1981

Chairman since 2016

Self-reported

Ron Davis

President since 2016

Self-reported

Zakia Phillips

Keywords

Self-reported

scholarships, risk management, risk managers, grants

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Also Known As

SEF

EIN

58-1420617

 Number

6982984766

Physical Address

1065 Avenue of the Americas 13th Floor

New York, MS 10018

Contact

Cause Area (NTEE Code)

Scholarships, Student Financial Aid, Awards (B82)

IRS Filing Requirement

This organization is required to file an IRS Form 990 or 990-EZ.

Programs + Results

How does this organization make a difference?

Overview

Self-reported by organization

As our Chairman and President wrote in our annual report: "To say you have been able to change a life is remarkable. To actually be part of the process is inspirational." Lives were impacted through the many scholarship and experiential learning programs we support and 2015 was a record program year:

* 73 scholarships awarded to undergraduate, graduate, pre-dissertation Ph.D. students as well as to industry professionals studying for an advanced degree part-time. Total: $432,500
* 37 Summer Internship grants awarded to provide experiential learning opportunities in risk management. Total: $148,000
* 28 Risk Manager in Residence Program grants. Total: $89,000

General Grants awarded
Anita Benedetti Student Involvement Program ($40,000)
RIMS ERM Conference ($15,500)
Gamma Iota Sigma ($10,000)
Spencer/RIMS Risk Management Challenge ($30,000)
RIMS Risk Management Course Devlopment Grant: University of Missouri ($30,000)

Programs

Self-reported by organization

What are the organization's current programs, how do they measure success, and who do the programs serve?

Program 1

Scholarships

Since 1979, Spencer Educational Foundation has become the leading force in awarding scholarships to aspiring risk and insurance professionals.  With the increasing costs of college tuition, scholarships offered by the Foundation are helping to bridge access to education for many students.  In addition, the Foundation's Part-Time Master's Scholarships allow practicing risk professionals to advance their skills and make a direct impact on employers.

Category

Education

Population(s) Served

Adults

None

Budget

$500,000.00

Program 2

Risk Manager in Residence

This program arranges for dedicated risk practioners to give lectures and presentations at colleges and universities across the United States.

Category

None

Population(s) Served

Adults

None

None

Budget

$50,000.00

Program 3

Student Internships

This program is designed to provide students with a meaningful internship experience and maximum exposure to risk management and the issues facing today's practitioners.

Category

None

Population(s) Served

Adults

None

None

Budget

$75,000.00

Program 4

Grants and Awards

Grants given to universities that help create a variety of learning experiences.

Category

None

Population(s) Served

Adults

None

None

Budget

$53,000.00

Program 5

Course Development

The Foundation grants include both enterprise risk management and engineering in loss prevention course development in colleges and universities.

Category

None

Population(s) Served

Adults

None

None

Budget

$100,000.00

Charting Impact

Self-reported by organization

Five powerful questions that require reflection about what really matters - results.

  1. What is the organization aiming to accomplish?
    Spencer Educational Foundation's mission is to fund the education of tomorrow's risk management and insurance industry leaders. To that end, over the next three to five years the Foundation seeks to further expand funding for educational opportunities related to risk management and insurance careers, including, but not limited to scholarships, internships, course development and other grants. Long term, the Foundation seeks to help raise awareness about the study of risk management and insurance and the viability of this area as a career.

    The Foundation currently assists the following groups:
    • Students pursuing degrees in risk management and insurance as well as finance at the bachelor's, master's and pre-dissertation levels
    • Risk management professionals seeking to obtain an advanced degree (e.g. MBA or MS in risk management)
    • Risk and Insurance Management Society member companies
    • Universities that currently have risk management and insurance programs/curriculum

    The work that Spencer Educational Foundation funds:
    • Allows students at all levels of higher education to focus on what is most important – their education – rather than on their tuition bill
    • Provides meaningful experiences for students interested in the risk management and insurance field through internship grants and grants that bring risk managers to university campuses to speak about their experiences
    • Furthers knowledge about the industry through course development
  2. What are the organization's key strategies for making this happen?
    The activities that serve as our building blocks to success in the near-term and long-term are our core programs:

    • Scholarships: The Foundation provides merit-based scholarships to undergraduate, graduate and pre-dissertation students as well as to risk management professionals seeking an advanced degree part-time. Undergraduates receive $5,000; graduate and pre-dissertation students receive $10,000 and professionals receive up to $10,000. In addition to the scholarship the students become part of a network that is recognized within the industry as being among the best and brightest in the industry.

    • Internship grants: The Foundation provides up to $4,000 to companies to defray the cost of hiring a summer intern in their risk management department. These internship opportunities provide students with needed practical industry education and experience.

    • Risk Manager in Residence – This outreach program sends experienced risk managers to lecture on college campuses in the U.S. and Canada for one to three days. This program brings real-world experience to the classroom, providing a depth of knowledge that textbooks cannot offer.

    • Grants
    o Course development – In 2007, FM Global provided the Foundation with money to award grants to universities to develop loss control modules within their risk management curriculum. This program adds additional depth and dimensions to risk management curriculum. In 2013, the Foundation was awarded a grant by RIMS to award grants to expand risk management and insurance curriculum to colleges/universities where no course exists. The first grant was awarded in 2014 to St. Francis College in Brooklyn, NY. The second grant was awarded to the University of Missouri.

    • Fund Development: The Foundation relies on the industry for support. In addition to individual outreach, the Foundation has an annual Gala Dinner as well as special events (golf tournaments and an online auction) to make the programs a reality.
  3. What are the organization's capabilities for doing this?
    Relationships: Spencer is affiliated with the Risk and Insurance Management Society (RIMS), which, in addition to being a contributor, also provides back-end and staff support to the Foundation. The Foundation has contracted through RIMS two full-time employees, a Program Director and a Development Director. RIMS CFO also serves as the CFO for the Foundation. RIMS Chapters have been active contributors to the Foundation.

    Staff: Spencer's Program Director has more than 25 years of non-profit program administration experience and has built many of the programs that the Foundation currently undertakes. Spencer's Director of Development has 20-plus years of marketing and communications experience. Spencer's CFO is a CPA/MBA/CMA who has more than 10 years in non-profit financial administration.

    Board: The Foundation's Board is comprised of 22 individuals representing top insurance brokers, insurance companies and insurance industry media. The Board is active in committee work, program administration and fund development

    Finances: The Foundation's Finance Committee employs a zero-based budgeting model to help ensure that the funds are allocated appropriately.

    Looking ahead, the Foundation sees technology playing an ever-increasing role in program administration as well as in fund development. Program committees are exploring how best and most efficiently to employ technology in accepting applications while the Fund Development and Marketing Committees are looking at revamping the Foundation's website and looking at mobile giving opportunities,
  4. How will they know if they are making progress?
    The primary quantifiable way that the Foundation will know it is making progress is through demand for services – that is an increase in program applications. Qualitatively, the Foundation speaks with donors, scholarship and grant recipients to monitor program effectiveness.

    Board evaluation: Bi-annually the Foundation's board of trustees evaluates its performance so as to gauge what needs to be improved.
  5. What have and haven't they accomplished so far?
    Objective: Funding the education of tomorrow's risk management and insurance industry leaders

    What has been accomplished:

    • Programs
    o Scholarships: Awarded $6 million in scholarships since 1979 to 906 recipients
    o Internship grants: In 2015, we awarded 37 grants to provide experiential opportunities for young people and necessary support for professionals
    o Risk Manager in Residence: Awarded 28 grants in to universities to bring professionals to campus. Since it began in 1997, this program has touched more than 35,000 students and educated them about risk management.
    o Grants: Since 2012, the Foundation supported grants for a risk management competition that brought together students to compete on a risk management problem. Between 2009 and 2013, the Foundation awarded 6 FM Global loss course development grants which have reached more than 1,300 students. The Foundation also has been the primary supporter of the Anita Benedetti Student Involvement Program, which allows students to attend RIMS at no cost; several hundred students have benefitted by this program.

    • Fund Development/Marketing
    o Connected with 90% of its scholarship alumni during summer 2016
    o Continued propagation of electronic communications – eNewsletter, LinkedIn site, Twitter and YouTube channel.

    Recent accomplishments
    • Leveraging technology for program application administration -- The Foundation launched a platform to accept and manage scholarship applications online. This is currently being expanded to other program areas

    • Redesign website to make it easier for constituencies to access information -- This was completed in April 2014

    • Expand risk management curriculum to universities that do not currently teach the subject -- The first grant was awarded in April 2014
Service Areas

Self-reported

National

Spencer is the premier organization awarding scholarships and grants in risk management and insurance, and facilitating internship opportunities, as well as providing a Risk-Manager-in-Residence program to universities. Since our founding, we have awarded more than 900 scholarships totaling more than $6 million, and $3.25 million in grants to universities and professional institutions for educational programs and conferences.

Social Media

Accreditations

Better Business Bureau Wise Giving Alliance

Better Business Bureau Wise Giving Alliance

Videos

External Reviews

Source: greatnonprofits.org

The review section is powered by Great Nonprofits

Financials

Financial information is an important part of gauging the short- and long-term health of the organization.

Spencer Educational Foundation Inc
Fiscal year: Jan 01-Dec 31
Yes, financials were audited by an independent accountant.

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Operations

The people, governance practices, and partners that make the organization tick.

Spencer Educational Foundation, Inc.

Leadership

NEED MORE INFO ON THIS NONPROFIT?

Free: Gain immediate access to the following:
  • Address, phone, website and contact information
  • Forms 990 for 2014, 2014 and 2014
  • Board Chair and Board Members
  • Access to the GuideStar Community
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Chairman

Ron Davis

President

Zakia Phillips

BIO

Davis has more than 25 years of business experience dealing with many of the world's largest multi-national companies. During this time he has lived in Europe, Canada and the United States. For 2006-2007 he was selected to be a member of the David Rockefeller Fellows Program, which is associated with The Partnership for New York City. Davis was most recently President of the Board of Directors of the Spencer Educational Foundation where he also chaired the Risk Manager in Residence Committee. As well, he is on the Executive Committee of the Board of Directors of the Strategic Account Management Association (SAMA). And he is on the David Rockefeller Fellows Alumni Committee. Before joining Zurich, Davis worked for Arkwright/Factory Mutual Insurance Company for 19 years in various positions in Canada and France. He holds a Bachelor of Commerce degree from Ottawa's Carleton University, as well as an MBA from Concordia University in Montreal.

STATEMENT FROM THE Chairman

"Not applicable."

Governance

BOARD CHAIR

Ron Davis

Zurich

Term: Apr 2016 - Apr 2018

BOARD LEADERSHIP PRACTICES

GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section, which enables organizations and donors to transparently share information about essential board leadership practices. Self-reported by organization

Yes

BOARD ORIENTATION & EDUCATION

Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations?

Yes

CEO OVERSIGHT

Has the board conducted a formal, written assessment of the chief executive within the past year?

Yes

ETHICS & TRANSPARENCY

Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year?

Yes

BOARD COMPOSITION

Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership?

Yes

BOARD PERFORMANCE

Has the board conducted a formal, written self-assessment of its performance within the past three years?


ORGANIZATIONAL DEMOGRAPHICS

In order to support nonprofits and gain valuable insight for the sector, GuideStar worked with D5—a five-year initiative to advance diversity, equity, and inclusion in philanthropy—in creating a questionnaire. This section is a voluntary questionnaire that empowers organizations to share information on the demographics of who works in and leads organizations. To protect the identity of individuals, we do not display sexual orientation or disability information for organizations with fewer than 15 staff. Any values displayed in this section are percentages of the total number of individuals in each category (e.g. 20% of all Board members for X organization are female).

Gender
Race & Ethnicity
Sexual Orientation

We do not display sexual orientation information for organizations with fewer than 15 staff.

Disability

We do not display disability information for organizations with fewer than 15 staff.

Diversity Strategies
No
We track retention of staff, board, and volunteers across demographic categories
No
We track income levels of staff, senior staff, and board across demographic categories
No
We track the age of staff, senior staff, and board
No
We track the diversity of vendors (e.g., consultants, professional service firms)
No
We have a diversity committee in place
No
We have a diversity manager in place
No
We have a diversity plan
No
We use other methods to support diversity