2024-04-06T09:45:41-05:00 2023-05-31 410746749 CLIFTONLARSONALLEN LLP 2021 SPRING ROAD SUITE 200 OAK BROOK IL 60523 990 2022-06-01 363968441 THE ACTUARIAL FOUNDATION ACTU 8477063535 1515 EAST WOODFIELD ROAD 625 SCHAUMBURG IL 60173 VALERIE THOMPSON INTERIM EXECUTIVE DIRECTOR 8477063535 2024-04-01 1 VALERIE THOMPSON 999009999 1 MELISSA STRUCK P01310867 6305738600 2024-04-01 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z X VALERIE THOMPSON 1515 EAST WOODFIELD ROAD 625 SCHAUMBURG IL 60173 4637799 0 X WWW.ACTUARIALFOUNDATION.ORG X 1994 IL CHANGING LIVES THROUGH MATH EDUCATION (SEE SCHEDULE O FOR THE ORGANIZATION'S FULL MISSION STATEMENT) 30 30 0 1000 0 0 3271124 3253542 0 0 504369 600233 0 0 3775493 3853775 331300 507870 0 0 0 1074087 0 0 747491 3917043 3680167 4248343 5262124 -472850 -1408349 9127147 7379506 727009 1009150 8400138 6370356 X THE ACTUARIAL FOUNDATION, A 501(C)(3) ORGANIZATION, IS THE PHILANTHROPIC ORGANIZATION FOR THE ACTUARIAL INDUSTRY IN THE UNITED STATES. SINCE 1994, THE FOUNDATION HAS PROMOTED LIFELONG MATH EDUCATION AND FINANCIAL LITERACY THROUGH ITS LEARNING RESOURCES AND SCHOLARSHIPS. THE MISSION OF THE FOUNDATION IS TO ENHANCE MATH EDUCATION AND FINANCIAL LITERACY THROUGH THE TALENTS AND RESOURCES OF ACTUARIES. THE FOUNDATION'S VISION IS AN EDUCATED PUBLIC IN PURSUIT OF A SECURE FINANCIAL FUTURE. 0 0 2649053 104370 EDUCATION - THE FOUNDATION ENCOURAGES NEW GENERATIONS OF MATHEMATICAL THINKERS BY CREATING AND DISTRIBUTING EDUCATIONAL MATERIALS TO TEACHERS AND STUDENTS IN GRADES 4-12. THESE FREE RESOURCES INCLUDE HANDS-ON PROJECTS, LESSON PLANS, AND ONLINE ACTIVITIES THAT COVER A VARIETY OF MATHEMATICAL TOPICS AND FINANCIAL LITERACY THEMES. MODELING THE FUTURE CHALLENGE (MTF), IS A CRITICAL THINKING, HANDS-ON MATHEMATICS CHALLENGE FOR HIGH SCHOOL STUDENTS FOR THE CHANCE TO EARN ONE OF THREE COLLEGE SCHOLARSHIPS TOTALING $55,000. STUDENTS WILL LEARN HOW MATHEMATICS APPLIES TO CUTTING-EDGE INDUSTRIES AND TECHNOLOGY, AS WELL AS HIGHLY SOUGHT-AFTER CAREERS AS ACTUARIES AND OTHER MATH-RELATED PROFESSIONS. THE AWARD-WINNING FINANCIAL LITERACY CURRICULUM RESOURCE, BUILDING YOUR FUTURE, HAS BEEN PROVIDED FOR FREE TO MORE THAN 60,000 HIGH SCHOOL TEACHERS AND 500,000 STUDENTS NATIONWIDE. THE FOUNDATION IS PROUD TO HELP TO CLOSE THE OPPORTUNITY GAP THROUGH A VOLUNTEER-DRIVEN S.A.T. AND MATH TUTORING PROGRAM THAT PAIRS LOW-INCOME URBAN HIGH SCHOOL STUDENTS WITH PROFESSIONAL ACTUARIES AND COLLEGE STUDENTS MAJORING IN ACTUARIAL SCIENCE, MATHEMATICS, OR EDUCATION. 659387 399600 SCHOLARSHIPS - THE ACTUARIAL FOUNDATION ENSURES THE FUTURE OF THE ACTUARIAL PROFESSION THROUGH ITS SCHOLARSHIPS AND REIMBURSEMENT PROGRAM. RECIPIENTS OF FOUNDATION SCHOLARSHIPS ARE SELECTED BY REPRESENTATIVES OF THE ACTUARIAL PROFESSION, WHO MAY ONE DAY BE THEIR PEERS. SO, NOT ONLY ARE THESE SCHOLARSHIPS A MEANS TO OFFSET THE COST OF EDUCATION, THEY ALSO SERVE AS A PRESTIGIOUS RECOGNITION BY A HIGHLY RATED PROFESSION. ACTUARY OF TOMORROW - STUART A. ROBERTSON MEMORIAL SCHOLARSHIPS RECOGNIZE AND ENCOURAGE THE ACADEMIC ACHIEVEMENTS OF UNDERGRADUATE STUDENTS PURSUING A CAREER IN ACTUARIAL SCIENCE. THE CARIBBEAN ACTUARIAL SCHOLARSHIP IS INTENDED TO BE AN ANNUAL AWARD TO UNIVERSITY OF THE WEST INDIES (UWI) ACTUARIAL STUDENTS WHO DEMONSTRATE A STRONG RECORD OF ACCOMPLISHMENT, LEADERSHIP QUALITIES, AND COMMITMENT TO BECOMING AN ACTUARY. THE ACTUARIAL DIVERSITY SCHOLARSHIP PROMOTES DIVERSITY WITHIN THE PROFESSION THROUGH AN ANNUAL SCHOLARSHIP PROGRAM FOR BLACK/AFRICAN AMERICAN, HISPANIC, NATIVE NORTH AMERICAN, AND PACIFIC ISLANDER STUDENTS. THE CURTIS E. HUNTINGTON MEMORIAL SCHOLARSHIP APPLICANTS MUST BE A COLLEGE SENIOR WHO HAS SUCCESSFULLY COMPLETED AT LEAST ONE ACTUARIAL EXAMINATION. APPLICANT MUST RANK IN THE TOP QUARTER OF THEIR CLASS AND HAVE BEEN NOMINATED BY A PROFESSOR AT THEIR SCHOOL. 17489 3900 AWARDS & PRIZES - THE ACTUARIAL FOUNDATION IS PROUD TO RECOGNIZE THE EXEMPLARY WORK OF INDIVIDUALS WHOSE WORK IS ADDING TO THE KNOWLEDGE OF THE ACTUARIAL FIELD AND ADVANCING THE SKILL SET OF THE PROFESSION. THE ERM RESEARCH EXCELLENCE AWARD IN MEMORY OF HUBERT MUELLER RECOGNIZES SIGNIFICANT CONTRIBUTIONS TO THE GROWING BODY OF ERM KNOWLEDGE AND RESEARCH. THE AWARD IS GIVEN ANNUALLY TO THE BEST OVERALL PAPER AT THE ERM SYMPOSIUM. THE WYNN KENT PUBLIC COMMUNICATION AWARD IS GIVEN TO MEMBERS OF THE ACTUARIAL PROFESSION WHO HAVE CONTRIBUTED TO THE PUBLIC AWARENESS OF THE WORK OF THE PROFESSION AND THE VALUE OF ACTUARIAL SCIENCE IN MEETING THE FINANCIAL SECURITY OF SOCIETY IN THE FIELDS OF LIFE, HEALTH, CASUALTY, PENSION, AND OTHER RELATED AREAS. THE INTENT OF THE AWARD IS TO ENCOURAGE ACTUARIES TO ENGAGE IN ACTIVITIES THAT HIGHLIGHT THE ACTUARIAL PROFESSION'S ROLE IN FINANCIAL SECURITY ISSUES BENEFITING THE PUBLIC. 3325929 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 30 30 0 1 0 0 0 0 0 1 1 0 0 0 1 1 1 1 1 0 0 0 IL AL AR CA FL GA HI KS KY MA MD MI MN MS NC NH NJ NM NY OR PA RI SC TN UT VA WI WV X X THE ORGANIZATION 8477063535 1515 EAST WOODFIELD ROAD 625 SCHAUMBURG IL 60173 X NORA BENANTI TRUSTEE 1.00 X 0 0 0 CRAIG BUCK TRUSTEE 1.00 X 0 0 0 ANDIE CHRISTOPHERSON TRUSTEE 1.00 X 0 0 0 KELLY CUSICK TRUSTEE 1.00 X 0 0 0 ALEXANDER DEWITT TRUSTEE 1.00 X 0 0 0 CYNTHIA EDWALDS TRUSTEE 1.00 X 0 0 0 STEVE EISENSTEIN TRUSTEE 1.00 X 0 0 0 JEREMY ENGDAHL-JOHNSON TRUSTEE 1.00 X 0 0 0 ANDY FERRIS CHAIR 1.00 X X 0 0 0 EMILY GINGRICH TRUSTEE 1.00 X 0 0 0 MELISSA HOLLIS TRUSTEE 1.00 X 0 0 0 OLGA JACOBS TRUSTEE 1.00 X 0 0 0 JEFFREY JOHNSON TRUSTEE 1.00 X 0 0 0 RICHARD JONES TRUSTEE 1.00 X 0 0 0 ANAND KHARE SECRETARY TREASURER 1.00 X X 0 0 0 TRAVIS LAPPE TRUSTEE 1.00 X 0 0 0 TED LYLE TRUSTEE 1.00 X 0 0 0 KASSIE MARONEY TRUSTEE 1.00 X 0 0 0 JERRY MINGIONE TRUSTEE 1.00 X 0 0 0 CANDE OLSEN TRUSTEE 1.00 X 0 0 0 NADINE ORLOFF TRUSTEE 1.00 X 0 0 0 LELA PATRIK TRUSTEE 1.00 X 0 0 0 SHARON ROBINSON CHAIR-ELECT 1.00 X X 0 0 0 STEVE ROMINSKE TRUSTEE 1.00 X 0 0 0 ELIZABETH SANDER TRUSTEE 1.00 X 0 0 0 ERIC SHERMAN TRUSTEE 1.00 X 0 0 0 JOANNE SPALLA TRUSTEE 1.00 X 0 0 0 RICHARD VEYS TRUSTEE 1.00 X 0 0 0 STEVE WHITE TRUSTEE 1.00 X 0 0 0 CHAD WISCHMEYER TRUSTEE 1.00 X 0 0 0 JASON LEPPIN EXECUTIVE DIRECTOR 40.00 X 0 0 0 0 0 0 0 0 0 0 PRECISION GLOBAL CONSULTING 611 SOUTH CONGRESS AVE SUITE 420 AUSTIN TX 78704 MATH MOTIVATORS PROGRAM ACTIVITIES 525854 INSTITUTE OF COMPETITION SCIENCES 583 OAK PARK DRIVE SAN FRANCISCO CA 94131 MTFC AND SCHOLASTIC PROGRAM ACTIVITIES 354426 SCHOLASTIC INC PO BOX 639852 ATTN ANGELA BELL CINCINNATI OH 452639852 PROGRAM ACTIVITIES 263500 SASSETTI LLC 2107 SWIFT DRIVE SUITE 210 OAK BROOK IL 60523 OUTSOURCED ACCOUNTING 133599 GLC 15 WEST HARRIS AVE SUITE 300 LA GRANGE IL 60525 MARKETING CONSULTING 132049 6 3253542 3253542 134257 134257 1250000 784024 465976 465976 465976 3853775 0 0 600233 X 498370 498370 9500 9500 95193 57148 19236 18809 780327 468463 157683 154181 130257 70719 33899 25639 68310 41009 13804 13497 26935 19453 7482 138685 138685 26300 26300 1497446 1252573 131853 113020 252857 79606 51515 121736 73892 16671 53405 3816 120171 1923 110915 7333 14549 13613 936 132730 34417 76531 21782 5531 5531 32184 32184 REIMBURSED EXP - WAGES 874099 524758 176631 172710 REIMBURSED EXP - BENEFI 250563 140985 60194 49384 SPECIAL SUPPLIES AND SE 111794 91531 17394 2869 BAD DEBT 56594 27000 29594 65837 11256 20284 34297 5262124 3325929 1188704 747491 275404 255453 754165 354994 1189266 914706 72662 86858 39825 5531 0 34294 6835650 5677271 0 55930 9127147 7379506 727009 951099 0 58051 727009 1009150 X 5777260 3340889 2622878 3029467 8400138 6370356 9127147 7379506 X -1408349 -621433 0 X X 0 1 X 1 0 X 1549443 4085371 3282578 3271124 3253542 15442058 1549443 4085371 3282578 3271124 3253542 15442058 1925756 13516302 145285 159557 180048 187935 134257 807082 18993 14849 3735 37577 16286717 0.82990 0.84520 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER INCOME - 2018 AMOUNT: $ 18,993. 2019 AMOUNT: $ 8,599. 2020 AMOUNT: $ 735. RETURNED SCHOLARSHIPS - 2019 AMOUNT: $ 6,250. 2020 AMOUNT: $ 3,000. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 39825 5531 34294 34294 LEASE LIABILITY - FINANCE 31845 LEASE LIABILITY - OPERATING 26206 58051 X 3424792 -621433 218750 -402683 3827475 26300 26300 3853775 5454574 218750 218750 5235824 26300 26300 5262124 PART X, LINE 2: THE FOUNDATION IS EXEMPT FROM INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA (U.S. GAAP) REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN BY THE FOUNDATION AND RECOGNIZE A TAX LIABILITY IF THE FOUNDATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE OR OTHER APPLICABLE TAXING AUTHORITIES. MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY THE FOUNDATION, AND HAS CONCLUDED THAT AS OF MAY 31, 2023 AND 2022, THERE ARE NO UNCERTAIN POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF A LIABILITY OR DISCLOSURE IN THE FINANCIAL STATEMENTS. 0 0 0 0 0 0 0 0 0 0 CARIBBEAN ACTUARIAL SCHOLARSHIP 10 9500 WIRE TRANSFER 0 0 0 0 0 0 0 PART III ACCOUNTING METHOD: 1 CURTIS E. HUNTINGTON SCHOLARSHIPS 10 27000 DIVERSITY SCHOLARSHIPS 62 168000 MODELING THE FUTURE CHALLENGE SCHOLARSHIP 20 61850 STUART A. ROBERTSON SCHOLARSHIPS 6 40000 THE ROBERT D. SHAPIRO MEMORIAL SCHOLARSHIP FUND 4 50000 THE HARDEST MATH PROBLEM STUDENT CONTEST 5 23504 ELIZABETH M. MAURO REIMBURSEMENT PROGRAM 6 2600 OTHER SCHOLARSHIPS 14 22916 STEM STARS ACTUARIAL SCHOLARS PROGRAM 21 102500 PART I, LINE 2: MANAGEMENT MONITORS GRANT COMPLIANCE THROUGH REVIEW OF BUDGETARY AND ACTIVITY REPORTS PROVIDED BY THE GRANTEES. FORM 990, PART VI, SECTION A, LINE 3 THE SOCIETY OF ACTUARIES (SOA) IS AN AN ORGANIZATION AFFILIATED WITH THE FOUNDATION WHICH MANAGES ASPECTS OF THE FOUNDATION IN ACCORDANCE WITH THE ORGANIZATION'S BYLAWS AND POLICIES. OPERATIONS MAY INCLUDE BUT ARE NOT LIMITED TO ADMINISTRATION, EDUCATION, FUNDRAISING, AND INFORMATION TECHNOLOGY. A PORTION OF THE SERVICES ARE PROVIDED DONATED BY THE SOA. ANY SERVICES PROVIDED IN EXCESS OF THE AGREED UPON ANNUAL CONTRIBUTION IS REIMBURSED TO THE SOA. FORM 990, PART VI, SECTION B, LINE 11B THE SECRETARY/TREASURER REVEIWS THE 990 ON BEHALF OF THE BOARD PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C MEMBERS OF THE GOVERNING BODY ARE REQUIRED TO SIGN A CONFLICT OF INTEREST STATEMENT ANNUALLY FORM 990, PART VI, SECTION C, LINE 19 IF REQUESTED, A COPY OF THE 990 IS SENT VIA MAIL OR EMAIL TO THE REQUESTING PARTY. FORM 990, PART IX, LINE 11G COMPETITION DESIGN AND OPERATIONS: PROGRAM SERVICE EXPENSES 385,021. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 385,021. CONSULTING SERVICES: PROGRAM SERVICE EXPENSES 134,246. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 134,246. OTHER PROFESSIONAL FEES: PROGRAM SERVICE EXPENSES 130,752. MANAGEMENT AND GENERAL EXPENSES 131,853. FUNDRAISING EXPENSES 113,020. TOTAL EXPENSES 375,625. PROFESSIONAL SERVICES - TEMPORARY HELP: PROGRAM SERVICE EXPENSES 602,554. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 602,554. FORM 990, PART XII, LINE 2C: THE ORGANIZATION NEITHER CHANGED THE OVERSIGHT PROCESS OR THE SELECTION PROCESS DURING THE TAX YEAR.