2017-11-15T14:18:29-06:00 2016-12-31 381357951 PLANTE & MORAN PLLC 10 S Riverside Plaza 9th Floor Chicago IL 60606 990 2016-01-01 362136422 SOCIETY OF ACTUARIES SOCI 8477063500 475 N MARTINGALE ROAD No 600 SCHAUMBURG IL 601732252 gregory heidrich executive director 8477063500 2017-11-13 1 Lu Ann Trapp P01506476 3122071040 2017-11-09 67.59.56.33 2017-11-13 13:48:54 CS P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 BC3C601473DBFA21F2EC98090FDE5B85B06AE70F 2016 2017-02-10 21:41:12Z gregory heidrich 475 N MARTINGALE ROAD No 600 SCHAUMBURG IL 601732252 108580702 0 X WWW.SOA.ORG X 1948 IL 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. Actuaries are highly sought-after professionals who develop and communicate solutions for complex financial issues. 23 23 147 3832 242055 77536 0 0 51154773 53214943 1666762 1690322 261216 264375 53082751 55169640 2248603 3297316 0 0 17292341 18101751 0 0 0 32087973 33423587 51628917 54822654 1453834 346986 63292935 65364520 16939224 17740565 46353711 47623955 X THROUGH EDUCATION AND RESEARCH, THE SOA ADVANCES ACTUARIES AS LEADERS IN MEASURING AND MANAGING RISK TO IMPROVE FINANCIAL OUTCOMES FOR INDIVIDUALS, ORGANIZATIONS, AND THE PUBLIC. ACTUARIES ARE HIGHLY SOUGHT-AFTER PROFESSIONALS WHO DEVELOP (See Schedule O) AND COMMUNICATE SOLUTIONS FOR COMPLEX FINANCIAL ISSUES. 0 0 12626144 2755976 13729338 MEMBERSHIP: The SOA is a membership organization with more than 24,000 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. 17936483 29713323 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. 7209063 7271881 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. 10718484 2500401 SOA research serves an important public and societal service by providing a valuable contribution to the body of knowledge in the various areas of actuarial science. This includes (but is not limited to) leading-edge research on retirement risks for individuals, the cost of healthcare and leading emerging risks for businesses. The SOA also is the leading provider of experience studies, which are widely used by actuaries to develop financially secure insurance systems. Many outputs of SOA research are also referenced by policymakers for valuable background and insight as they develop legislation to meet public needs in relevant areas. 10718484 2500401 48490174 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 1 1 1 1 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 189 0 1 147 1 1 1 1 CA 0 0 0 0 0 0 0 0 X 23 23 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 IL X stacy DR Lin 8477063500 475 N Martingale Dr STE 600 schaumburg IL 601732252 Joan Barrett VICE PRESIDENT 1.00 X 0 0 0 ROWEN BELL BOARD MEMBER 1.00 X 0 0 0 JEREMY BROWN PRESIDENT-ELECT 1.00 X X 13212 0 0 AUGUST CHOW BOARD MEMBER 1.00 X 0 0 0 Andrea Christopherson BOARD MEMBER 1.00 X 0 0 0 ERROLL CRAMER PENULTIMATE PRESIDENT 1.00 X X 0 0 0 Karen DeToro BOARD MEMBER 1.00 X 0 0 0 JAMES DOHERTY BOARD MEMBER 1.00 X 0 0 0 William B Fornia BOARD MEMBER 1.00 X 0 0 0 MARK FREEDMAN PENULTIMATE PRESIDENT 1.00 X X 0 0 0 Gaetano Geretto VICE PRESIDENT 1.00 X 0 0 0 SARA GOLDBERG BOARD MEMBER 1.00 X 0 0 0 Roy Goldman BOARD MEMBER 1.00 X 0 0 0 PAULA HODGES BOARD MEMBER 1.00 X 0 0 0 OLGA JACOBS BOARD MEMBER 1.00 X 0 0 0 RONALD KLEIN BOARD MEMBER 1.00 X 0 0 0 Michael Lombardi PRESIDENT-ELECT 1.00 X X 4022 0 0 Eileen Luxton BOARD MEMBER 1.00 X 0 0 0 JENNIFER MCGINNIS BOARD MEMBER 1.00 X 0 0 0 SUSAN PANTELY SECRETARY/TREASURER 1.00 X X 0 0 0 Andy Rallis sECRETARY/TREASURER 1.00 X X 0 0 0 CRAIG REYNOLDS PAST PRESIDENT 1.00 X X 15862 0 0 Marcus Robertson BOARD MEMBER 1.00 X 0 0 0 JOHN ROBINSON BOARD MEMBER 1.00 X 0 0 0 Timothy Rozar BOARD MEMBER 1.00 X 0 0 0 SUSAN SAMES BOARD MEMBER 1.00 X 0 0 0 DAVID SANDBERG BOARD MEMBER 1.00 X 0 0 0 William Sayre BOARD MEMBER 1.00 X 0 0 0 Jim Toole BOARD MEMBER 1.00 X 0 0 0 JAMES TRIMBLE BOARD MEMBER 1.00 X 0 0 0 Teresa Winer bOARD MEMBER 1.00 X 0 0 0 GENGHUI WU BOARD MEMBER 1.00 X 0 0 0 Mark Yu BOARD MEMBER 1.00 X 0 0 0 GREGORY HEIDRICH EXECUTIVE DIRECTOR 40.00 X 513055 0 71946 STACY D LIN DEPUTY ED/CFO 40.00 X 328337 0 61430 R DALE HALL MD OF RESEARCH 40.00 X 302949 0 58178 KENNETH GUTHRIE MD OF EDUCATION 40.00 X 298390 0 58646 Richard Veys General Counsel 40.00 X 280659 0 39911 MICHAEL BOOT MD OF SPA 40.00 X 264869 0 46378 PATRICK GOULD MD OF MARKETING & COMMUNIC 40.00 X 200179 0 40588 EMILY KESSLER SR STAFF ACTUARY 40.00 X 246411 0 36429 STUART KLUGMAN SR STAFF ACTUARY 40.00 X 232407 0 34281 ANDREW PETERSON SR STAFF ACTUARY 40.00 X 209694 0 48607 Ann Henstrand SR DIRECTOR 40.00 X 208446 0 39950 JUDITH POWILLS SR DIRECTOR 40.00 X 204491 0 42733 3322983 0 579077 39 0 1 0 PROMETRIC PO BOX 223608 PITTSBURGH PA 15251 HOST TEST CENTERS 5711505 SLACK AND COMPANY 233 N MICHIGAN AVE CHICAGO IL 60601 MARKETING CONSULTANT 1318532 GOLIN HARRIS 875 N MICHIGAN AVE CHICAGO IL 60611 Marketing Consultant 1027693 MIB INC 160 UNIVERSITY AVE WESTWOOD MA 02284 EXPERIENCE STUDIES 886343 RACKSPACE MANAGED HOSTING PO BOX 730759 DALLAS TX 75373 IT HOSTING SERVICES 679542 14 examination fees 611710 29713323 29713323 membership dues 611710 13729338 13729338 meeting registrations 611710 7271881 7271881 research income 541900 1783399 1783399 sponsorships 541800 641228 641228 75774 75774 53214943 1235618 1235618 14131 14131 53865766 53411062 454704 454704 454704 mailing labels/advertising 541800 144604 136415 8189 website-joblink 541800 105640 105640 250244 55169640 53214943 242055 1712642 X 2096907 2096907 445913 445913 754496 754496 2382389 1958324 424065 11978277 9846144 2132133 1240544 1019727 220817 1511398 1242370 269028 989143 813076 176067 469164 218763 250401 91328 91328 154927 154927 10117380 9871964 245416 5290264 5039003 251261 945261 741012 204249 5255394 4814267 441127 5138529 4750021 388508 979388 819674 159714 258169 205240 52929 equipment maintenance 2058355 1613806 444549 hong kong joint office 586498 586498 honoraria 369213 354213 15000 UNRELATED BUSINESS INCO 21126 21126 1688591 1277630 410961 54822654 48490174 6332480 0 723208 764978 6660367 8884390 1982641 1496167 226595 242749 886806 1129587 15033645 11480870 3064551 3552775 49464574 49110724 71407 158605 212786 24545 63292935 65364520 7428363 7000200 9439454 10581760 71407 158605 16939224 17740565 X 46353711 47623955 46353711 47623955 63292935 65364520 346986 923258 0 X 0 1 X 1 0 X 44836997 49058016 49960536 51154773 53214943 248225265 44836997 49058016 49960536 51154773 53214943 248225265 19265 22010 21876 21521 19152 103824 0 19265 22010 21876 21521 19152 103824 248121441 625922 742697 1182747 1120277 1235618 4907261 625922 742697 1182747 1120277 1235618 4907261 87599 69540 103523 77186 77536 415384 1575 1575 45552093 49870253 51246806 52352236 54528097 253549485 0.97860 0.98020 0.01940 0.01740 X 1446468 623194 823274 4099739 2877803 1221936 9487438 7979873 1507565 3552775 DEFERRED COMPENSATION 158605 158605 X 55937971 923258 923258 55014713 154927 154927 55169640 54667727 0 54667727 154927 154927 54822654 Part X, Line 2: the accounting standard on accounting for uncertainty in income taxes addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under this guidance, the Society may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. Examples of tax positions include the tax-exempt status of the Society and various positions related to the potential sources of unrelated business taxable income (UBIT). The tax benefits recognized in the financial statements from such a position were measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement. There are no unrecognized tax benefits identified or recorded as liabilities for the reporting periods presented in these financial statements. THE SOCIETY FILES FORMS 990 IN THE U.S. FEDERAL JURISDICTION AND THE STATE OF ILLINOIS. THE SOCIETY IS GENERALLY NO LONGER SUBJECT TO EXAMINATION BY THE INTERNAL REVENUE SERVICE FOR YEARS BEFORE 2013. 1 NORTH AMERICA 1 3 GRANTS TO RECIPIENTS 575666 EUROPE GRANTS TO RECIPIENTS 39000 EAST ASIA AND PACIFIC 1 2 GRANTS TO RECIPIENTS 129830 NORTH AMERICA 1 3 PROGRAM SERVICES PROGRAM ACTIVITIES 15445 EAST ASIA AND PACIFIC 1 1 PROGRAM SERVICES PROGRAM ACTIVITIES 207897 EUROPE PROGRAM SERVICES PROGRAM ACTIVITIES 84477 Middle East Grants to Recipients 10000 Central America and the Caribbean INVESTMENTS 6007265 4 9 0 0 4 9 7069580 0 7069580 EUROPE Research Grant 20000 CHECK N/A N/A East Asia and Pacific Educational Grant 12500 CHECK N/A N/A East Asia and Pacific Educational Grant 12500 CHECK N/A N/A East Asia and Pacific Educational Grant 93830 CHECK N/A N/A NORTH AMERICA Educational Grant 100000 CHECK N/A N/A NORTH AMERICA Educational Grant 99000 CHECK N/A N/A NORTH AMERICA Research Grant 20000 CHECK N/A N/A NORTH AMERICA Research Grant 19000 CHECK N/A N/A NORTH AMERICA Research Grant 10000 CHECK N/A N/A NORTH AMERICA Research Grant 7000 CHECK N/A N/A NORTH AMERICA Research Grant 12000 CHECK N/A N/A 7 4 RESEARCH GRANTS EAST ASIA AND PACIFIC 8 6000 CHECK N/A N/A RESEARCH GRANTS EUROPE 3 11000 CHECK N/A N/A RESEARCH GRANTS NORTH AMERICA 24 192566 CHECK N/A N/A Educational Scholarships NORTH AMERICA 5 100000 CHECK N/A N/A Educational Scholarship Middle East 1 10000 CHECK N/A N/A 1 0 1 0 1 0 Part I, Line 2: All educational grants state that the funds are to be used for educational expenses. Each educational grant is monitored by staff for compliance with the requiremets of the program. The review, selection, and monitoring of research grants is conducted by a project oversight group (POG) and recipients are required to submit progress reports. Part I, line 3: All grants are recorded based on the acrual method of accounting. 1 UNIVERSITY OF MICHIGAN 3003 S STATE STREET ANN ARBOR MI 48109 386006309 115 31203 N/A N/A EDUCATIONAL GRANTS UNIVERSITY OF ILLINOIS PO BOX 4610 SPRINGFIELD IL 62708 376000511 115 111663 N/A N/A EDUCATIONAL GRANTS UNIVERSITY OF CALIFORNIA SAASB BUILDING RM 1212 SANTA BARBARA CA 93106 956006145 115 98538 N/A N/A EDUCATIONAL GRANTS University of Wisconsin DRAWER 538 MilWAUKEE WI 53278 396006492 115 110658 n/a n/a Educational Grant University of Nebraska 2200 VINE STREET Lincoln NE 68583 470049123 115 49925 n/a n/A educational grant Georgia State University PO BOx 3999 Atlanta GA 30302 581845423 115 50000 n/a n/a Research Grant IABA Foundation PO Box 207071 WEST HARTFORD CT 06127 200761668 501 (c) (3) 8000 n/a n/a educational grant Howard University 2600 6th Street NW WaSHINGTON DC 20059 530204707 501 (c) (3) 12000 n/a n/a Educational Grant ILLINOIS STATE UNIVERSITY 313 STEVENSON HALL NORMAL IL 61790 376014070 115 28000 N/A N/A EDUCATIONAL GRANTS MORGAN STATE UNIVERSITY 1700 COLD SPRING LANE BALTIMORE MD 21251 237089143 115 8000 N/A N/A EDUCATIONAL GRANT West Chester University 25 UNIVERSITY AVE West Chester PA 19383 232417773 115 6000 n/a n/A EDUCATIONAL GRANT MATRIX GROUP INTERNATIONAL 2711 JEFFERSON DAVIS HWY ALRINGTON VA 22202 542023680 17350 N/A N/A RESEARCH GRANT SIMERGY CONSULTING 405 LEXINGTON AVE NEW YORK NY 10174 272080906 19412 N/A N/A RESEARCH GRANT OPTUMINSIGHT PO BOX 860215 MINNEAPOLIS MN 55486 411858498 18638 N/A N/A RESEARCH GRANT HARTMAN ANALYTICS 405 LEXINGTON AVE NEW YORK NY 10174 811373110 25000 N/A N/A RESEARCH GRANT RUDOLPH FINANCIAL CONSULTING 5002 S 237TH CIRCLE ELKHORN WI 68022 205431956 16000 N/A N/A RESEARCH GRANT KENNELL & ASSOCIATES 3130 FAIRVIEW PARK DRIVE FALLS CHURCH VA 22042 541771141 288000 N/A N/A RESEARCH GRANT VALENCE HEALTH 540 W MADISON STREET CHICAGO IL 60661 361265323 47000 N/A N/A RESEARCH GRANT UNIVERSITY OF HAWAII 2440 CAMPUS ROAD HONOLULU HI 96822 996000354 115 18000 N/A N/A RESEARCH GRANT MILLIMAN INC 71 S WACKER DRIVE CHICAGO IL 60606 910675641 22000 N/A N/A RESEARCH GRANT RGA INSURANCE 1370 TIMBERLAKE MANOR PKW CHESTERFIELD MO 63174 431235868 70000 N/A N/A RESEARCH GRANT Conning Asset Mgmt One Financial Plaza Hartford CT 06103 431267103 72500 n/a n/a Research Grant TOWERS WATSON 335 MADISON AVE NEW YORK NY 10017 231159360 28000 N/A N/A RESEARCH GRANT UNIVERSITY OF TEXAS AT DALLAS 800 W CAMPBELL ROAD RICHARDSON TX 75080 751305566 115 6000 N/A N/A RESEARCH GRANT NORTHERN ILLINOIS UNIVERSITY LOWDEN HALL 203 DEKALB IL 60115 366086819 115 6500 N/A N/A RESEARCH GRANT ROBERT MORRIS UNIVERSITY 6001 UNIVERSITY BLVD CORAOPOLIS PA 15108 251120678 501 (c) (3) 14750 N/A N/A RESEARCH GRANT LL GLOBAL INC PO BOX 660 BRIDGEPORT CT 06601 59462 N/A N/A RESEARCH GRANT ERNST & YOUNG 3712 SOLUTIONS CENTER CHICAGO IL 60677 346565596 13500 N/A N/A RESEARCH GRANT STANFORD UNIVERSITY 326 GALVEZ STREET STANFORD CA 94305 941156365 501 (c) (3) 73334 N/A N/A RESEARCH GRANT ALBERTS ACTUARIAL CONSULTING 819 E 64TH STREET INDIANAPOLIS IN 46220 262639210 17000 N/A N/A RESEARCH GRANT DIRECTIONS INC PO BOX 681429 SchaUMBURG IL 60168 363160216 10634 n/a n/A Research Grant UNIVERSITY OF CALIFORNIA 2195 HEARST AVE BERKELEY CA 94720 946002123 115 50000 N/A N/A RESEARCH GRANT ACTUARIAL COMPASS LLC 7600 OVERLOOK HILLS LANE CINCINNATI OH 45244 461036478 31000 N/A N/A RESEARCH GRANT TRL CONSULTING INC 1126 ASHLAND AVE SAINT PAUL MN 55104 273115205 7500 N/A N/A RESEARCH GRANT USC UNIVERSITY GARDENS LOS ANGELES CA 90089 951642394 501 (c) (3) 10000 N/A N/A RESEARCH GRANT GEORGETOWN UNIVERSITY 3700 O STREET NW WaSHINGTON DC 20057 530196603 501 (c) (3) 40000 N/A N/A RESEARCH GRANT The Actuarial Foundation 475 N Martingale Rd schaUMBURG IL 60173 363968441 501 (c) (3) 360460 FMV Staff Time General Support American Academy of Actuaries 1850 N Street NW WashiNGTON DC 20036 362142798 501 (c) (6) 180880 n/a n/a General Support 19 19 RESEARCH GRANTS 59 221627 N/A N/A EDUCATIONAL GRANTS 12 220000 N/A N/A Part I, Line 2: All educational grants state that the funds are to be used for educational expenses. Each educational grant is monitored by staff for compliance with the requirements of the program. The review, selection, and monitoring of research grants is conducted by a project oversight group (POG) and recipients are required to submit progress reports. X X X 1 1 X X X X X 0 0 0 0 0 0 0 1 0 GREGORY HEIDRICH EXECUTIVE DIRECTOR 404723 0 108332 0 0 0 44500 0 27446 0 585001 0 0 0 STACY D LIN DEPUTY ED/CFO 268207 0 60130 0 0 0 34152 0 27278 0 389767 0 0 0 R DALE HALL MD OF RESEARCH 256001 0 46948 0 0 0 31433 0 26745 0 361127 0 0 0 KENNETH GUTHRIE MD OF EDUCATION 252576 0 45814 0 0 0 30674 0 27972 0 357036 0 0 0 Richard Veys General Counsel 242478 0 38181 0 0 0 28008 0 11903 0 320570 0 0 0 MICHAEL BOOT MD OF SPA 228259 0 36610 0 0 0 26800 0 19578 0 311247 0 0 0 PATRICK GOULD MD OF MARKETING & COMMUNIC 173803 0 26376 0 0 0 20655 0 19933 0 240767 0 0 0 EMILY KESSLER SR STAFF ACTUARY 217370 0 29041 0 0 0 24764 0 11665 0 282840 0 0 0 STUART KLUGMAN SR STAFF ACTUARY 206818 0 25589 0 0 0 23030 0 11251 0 266688 0 0 0 ANDREW PETERSON SR STAFF ACTUARY 185319 0 24375 0 0 0 21833 0 26774 0 258301 0 0 0 Ann Henstrand SR DIRECTOR 190713 0 17733 0 0 0 21085 0 18865 0 248396 0 0 0 JUDITH POWILLS SR DIRECTOR 186180 0 18311 0 0 0 20683 0 22050 0 247224 0 0 0 Part I, Line 1a THE LESSER OF FIRST CLASS OR BUSINESS CLASS TRAVEL IS ALLOWED ON FLIGHTS LONGER THAN 7 HOURS AND OUTSIDE OF THE US AND CANADA. IT IS A REIMBURSABLE BUSINESS EXPENSE AND THEREFORE, NOT TAXABLE COMPENSATION. SPOUSAL TRAVEL IS ALLOWED FOR THE PRESIDENT AND PRESIDENT-ELECT AND IS TREATED AS TAXABLE COMPENSATION. IN ORDER TO PROMOTE A HEALTHY LIFESTYLE, HEALTH CLUB DUES ARE PROVIDED UP TO $120 PER CALENDAR YEAR AND ARE TREATED AS TAXABLE COMPENSATION. Part I, Line 7 Annual bonuses are determined by preset percentages by salary grades. The executive director, Deputy executive director, and leadership team have discretion over which percentage, within the range, is used to determine bonuses. Form 990, Part VI, Section A, line 1 The Leadership Team consists of 4 SOA officers and the Executive Director. The Leadership Team has the authority to carry out the business and functions of the SOA between meetings of the Board of Directors. The Leadership Team is the principal committee for the oversight and management of the work of the SOA. Form 990, Part VI, Section A, line 6 The organization has an annual election in which most members have the opportunity to participate and vote on board members. Form 990, Part VI, Section A, line 7a The organization has an annual election in which most members have the opportunity to participate and vote on board members. The bylaws may be altered, amended, or repealed and new bylaws may be adopted by an affirmative vote of two-thirds of the entire board of directors; but provisions affecting the substantive rights of the SOA's members also require the affirmative vote of two-thirds or at least twenty-five percent of fellows, if at a meeting, or a majority of fellows entitled to vote, if in writing. Form 990, Part VI, Section A, line 7b See response to question 7a. Form 990, Part VI, Section B, line 11b The return was prepared by the organization and was reviewed by our outside tax advisor. The audit committee then reviewed the return with our outside tax advisor and provided further comments before they approved it for filing with the IRS. This review conducted by the audit committee is consistent with their duties outlined in their charter. Form 990, Part VI, Section B, line 12c Any individual involved in an SOA activity or decision-making process has an obligation to disclose annually any conflicting or potentially conflicting personal, professional, or business interest he or she may have, directly or indirectly, with the affected activity or decision. All forms are collected by the appropriate internal staff member. Participants remain under a continuing obligation to report conflicts as they arise. The board may require regular reporting at the start of board, committee, section council, and other meetings. If it is determined that a conflict of interest exists, the matter is then brought to the executive director, who serves as the SOA conflicts administrator. the conflicts administrator in consultation with legal counsel and/or the leadership team, assesses the significance of a given interest or relationship to the SOA and determines the appropriate action. If the individual cannot otherwise resolve the conflict, the leadership team may require any action it deems appropriate, including recusal from voting on the matter, complete recusal from a portion of the meeting or from other consideration of the subject matter, or replacing the individual in the affected position or activity. Form 990, Part VI, Section B, line 15 A compensation study is performed every other year to complete a market comparison study for all positions of the organization. Additionally, market data is gathered each year to determine the annual compensation adjustment for all employees. The Presidential officers and the secretary/treasurer, with input from the board, are responsible for determining compensation and benefits for the executive director after reviewing comparable data from several independent sources. Additionally, the Presidential officers and the Secretary/Treasurer review management's recommendation for annual compensation adjustments for officers and key employees. The discussion and process are contemporaneously documented in the minutes. Form 990, Part VI, Section C, line 19 The governing documents are available on the website, soa.org. Financial statements for 2014 and 2015 are available on the website. Form 990, Part IX, line 11g CONSULTING: Program service expenses 3,265,613. Management and general expenses 245,416. Fundraising expenses 0. Total expenses 3,511,029. EXAM GRADING & CBT: Program service expenses 5,235,841. Management and general expenses 0. Fundraising expenses 0. Total expenses 5,235,841. EXPERIENCE STUDIES: Program service expenses 1,205,513. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,205,513. HR EXPENSE: Program service expenses 164,997. Management and general expenses 0. Fundraising expenses 0. Total expenses 164,997.