irs program accomplishments · form 990 part iii · fy2024
What they reported doing
- #1 primary $376KGENERAL 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 2024, SPENCER AWARDED 24 GENERAL GRANTS
- #2 $237KINTERNSHIPS - 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 2024, SPENCER AWARDED 31 INTERSHIP GRANTS
named programs · 2 · from sources
What they call their work
General Grants
Supports initiatives that provide experiential learning opportunities for risk management and insurance students and attract new talent to the industry; awarded 24 grants in 2024
Internships
Provides internship grants of up to $7,500 to risk managers to hire interns in their organizations; awarded 31 grants in 2024
activities · 4 groups
What they do
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Industry-Specific Student Scholarships and Competitions 3 activities
- Awarding scholarships to students in risk management, insurance, and actuarial scienceProvides merit-based scholarships ranging from $5,000 to $10,000 for undergraduate, master’s, doctoral, and pre-instructor of practice candidates pursuing studies in risk management, insurance, or actuarial science. Since its founding, the foundation has awarded over $11 million in scholarships to more than 1,700 students, with long-term industry retention exceeding 85% among recipients.
- Funding internships in corporate risk management functionsProvides internship grants to finance experiential learning opportunities within corporate risk management departments. Since 1999, awarded over $3.5 million to fund more than 570 internships, requiring funds to be used exclusively for intern experiences and professional development. In 2024, awarded 31 internship grants.
- Organizing an annual student case competition in risk managementManages an annual student case competition that engages future professionals in applied risk management challenges, providing travel stipends and awards. In 2024, awarded 40 Risk Management Challenge stipends and distributed over $331,000 in total support since inception.
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Multi-Institution Scholarship Funding 1 activity
- Managing the iCon University ProgramImplements the iCon University Program across 17 U.S. cities, including Atlanta, Boston, Chicago, Dallas, and New York City, and awards program funding to student recipients. Since 2025, awarded over $17,200 in funding to 25 students.
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Flexible Grants to Grassroots Organizations 1 activity
- Supporting diversity, equity, and inclusion initiatives in the risk management and insurance industryAllocates funding to advance diversity, equity, and inclusion within the risk management and insurance field. In 2024, dedicated over $330,000 to support related programs and activities.
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Uncategorized 3 activities
- Administering Risk Manager on Campus (RMOC) GrantsProvides grants of up to $5,000 to universities and colleges in the U.S. and Canada to host practicing risk managers for 1–3-day residencies, with up to $1,000 per grant available for student organization programming. Since 1997, awarded more than 510 RMOC grants totaling over $1.7 million, including 26 awarded in 2024.
- Funding experiential learning initiatives for students in risk management and insuranceAwards general grants to support student-centered experiential learning programs in risk management and insurance. The foundation has provided over $4.5 million in funding for more than 225 such initiatives, including 24 grants awarded in 2024 alone.
- Funding the development of risk management and insurance curricula at higher education institutionsSupports course development in risk management and insurance at colleges and universities, investing over $1.6 million since 2014 to develop programs at nearly 70 institutions, reaching approximately 19,000 students. In 2024, awarded 14 course development grants as part of its programming.
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financials · form 990 · fy2024
revenue
Total revenue$3.56M
Contributions & grants$3.08M87%
Program service revenue$00%
Investment income$470K13%
Other revenue$9K
expenses
Total expenses$3.08M
Program expenses91%
Admin / overhead5%
Fundraising4%
Salaries & benefits$924K
Grants paid out$1.87M
Largest expense lineCompensation
balance sheet
Total assets$10.06M
Cash$573K
Investments$7.75M
Liabilities$389K
Net assets$9.67M
Liquid reserves32.4 mo
5 years on record · 2020–2024 · YoY revenue +43.1%
leadership · form 990 part vii · fy2024
Who runs it
paid leadership · 4
| Name | Title | Hours/wk | Compensation |
|---|---|---|---|
| MEGAN MILLER | EXECUTIVE DIRECTOR | 40 | $397K |
| KENNETH GOLDSTEIN | UNIVERSITY PARTNERSHIPS DI | 40 | $212K |
| TANDEKA NOMVETE | EXTERNAL ENGAGEMENT DIRECT | 40 | $190K |
| GINA M BOYLE | FINANCE AND OPERATIONS DIR | 40 | $24K |
board members · 21
- ALBAN LALOUM JOINED 1124 — DIRECTOR
- ANDREA M DUDEK — DIRECTOR
- B PUCKETT GALLAGHER — DIRECTOR
- BEN SLOOP — DIRECTOR
- BOB THOMAS — VICE PRESIDENT
- CHRISTOPHER J LANG RET 121124 — DIRECTOR
- DR CASSANDRA COLE — DIRECTOR
- DR WEILI LU — DIRECTOR
- DUNCAN ELLIS — DIRECTOR
- ELIZABETH RICCIARDELLI — DIRECTOR
- JACKIE BOLIG — SECRETARY
- JEFFREY COHEN — PRESIDENT
- JOHNELL HOLLY — CHAIR
- JOSEPH CELLURA — DIRECTOR
- JOSEPH V LAROCCO JR — DIRECTOR
- JULIE GIBSON — DIRECTOR
- KRISTEN BESSETTE RET 121124 — DIRECTOR
- LORI SEIDENBERG RETIRED 1124 — DIRECTOR
- MATTHEW SCHNEIDER RETIRED 121124 — DIRECTOR
- MICHAEL VANACKER — TREASURER
- MICHELE J SANSONE — DIRECTOR
relationships · 76
Who they work with
- AF Group Partner — Funds the AF Group Scholarship for underrepresented undergraduate students in risk management and insurance.
- AIG Funder — Supports Spencer Educational Foundation as a funding partner.
- AXA XL Funder — Supports Spencer Educational Foundation as a funding partner.
- AXA XL Partner — Funds the Ian R. Heap Memorial Scholarship for undergraduate students in risk management and insurance.
- Alliant Insurance Services Partner — Honoree organization represented at the Spencer Gala.
- Allied World Partner — Funds the Allied World Scholarship for underrepresented undergraduate students in risk management and insurance.
- Allied World Partner — Honoree organization represented at the Spencer Gala.
- Allied World Assurance Company Holdings, Ltd Funder — Supports Spencer Educational Foundation as a funding partner.
- AmWINS Group, Inc. Partner — Honoree organization represented at the Spencer Gala.
- American International Group Partner — Honoree organization recognized at the Spencer Gala.
- AmericanAg® Partner — Funds the AmericanAg® Achievement Scholarship for undergraduates in business insurance or STEM fields.
- Aon Partner — Honoree organization represented at the Spencer Gala.
- Aon plc Funder — Supports Spencer Educational Foundation as a funding partner.
- Arch Group Partner — Funds multiple scholarships for underrepresented students and offers internship opportunities to recipients.
- Argo Group Funder — Supports Spencer Educational Foundation as a funding partner.
- Arthur J. Gallagher & Co. Partner — Honoree organization represented at the Spencer Gala.
- Berkshire Hathaway Specialty Insurance Partner — Funds a scholarship for undergraduate students pursuing careers in risk management and insurance.
- Brown & Brown Partner — Funds a scholarship for undergraduate students in the risk management and insurance industry.
- CPCU Society Philadelphia Chapter Partner — Funds the Philadelphia Pride Scholarship for LGBTQIA+ undergraduate students, with preference for those in the Philadelphia area.
- CSAA Insurance Group Partner — Funds a scholarship for Pell Grant-eligible undergraduate students majoring in risk management and insurance.
- Chubb Funder — Supports Spencer Educational Foundation as a funding partner.
- Chubb Partner — Funds a scholarship for undergraduate students in risk management and insurance residing in New York City or Philadelphia.
- Chubb Partner — Honoree organization represented at the Spencer Gala.
- EPIC Insurance Brokers & Consultants Funder — Supports Spencer Educational Foundation as a funding partner.
- EPIC Insurance Brokers and Consultants Partner — Honoree organization represented at the Spencer Gala.
- FM Partner — Co-supports the annual Risk Management Challenge student case competition.
- FM Global Funder — Donated $650,000 to Spencer in 2020, the largest single contribution in the organization's history.
- FM Global Partner — Funds scholarships for two undergraduate students pursuing careers in risk management and insurance.
- FM Global Partner — Honoree organization represented at the Spencer Gala.
- Hylant Partner — Funds scholarships for underrepresented undergraduate students in risk management and insurance.
+ 46 more
strategies · 4
How they approach the work
Named approaches extracted from this org’s sources. Where others share an approach, follow it to see the full set of orgs running it.
- Academic Program and Curriculum Expansion for Talent Supplymethodology: rmi_education_expansionBy funding the creation and expansion of risk management and insurance (RMI) academic programs—including introductory courses, curriculum development, and open sharing of educational resources—the foundation increases access to RMI education across institutions, which grows the pool of qualified talent entering the field. This strategy is effective because scalable, standardized curricula enable broader institutional adoption and long-term program sustainability.
- Experiential Learning as Workforce Pipeline Developmentmethodology: experiential_learning_and_talent_pipeline_developmentBy providing students with experiential learning opportunities in real-world risk management and insurance settings—such as internships, case competitions, and industry conference attendance—the foundation increases student attraction to, engagement in, and retention within the field, thereby addressing talent shortages in the industry. This approach works because direct exposure builds professional connections, clarifies career pathways, and strengthens practical application of knowledge.
- Industry Engagement to Bridge Education and Employmentmethodology: industry-professional-campus-engagementBy bringing practicing risk professionals to campuses and integrating them into student learning through mentorship and real-world projects, the foundation strengthens the connection between academic training and industry needs, increasing student interest and career readiness. This strategy works because personal interaction with professionals demystifies career paths and enhances motivation through authentic engagement.
- Targeted Investment in Future Educators and Professionalsmethodology: faculty_pipeline_developmentBy directing scholarship and grant support toward students committed to RMI careers and by developing future faculty through doctoral-level pipeline investments, the foundation ensures both an expanded practitioner base and a sustainable supply of educators to maintain and grow academic programs. This dual investment creates a compounding effect on workforce development by simultaneously growing demand and capacity in RMI education.