2014-11-05T13:25:07-06:00 2013-12-31 420714325 MCGLADREY LLP 1 S WACKER DRIVE STE 800 CHICAGO IL 60606 990 2013-01-01 362136422 Society of Actuaries SOCI 8477063500 475 N Martingale Road No 600 Schaumburg IL 601732252 Gregory Heidrich Executive Director 8477063500 2014-10-30 1 Zack Fortsch P00052725 3126343400 2013 2015-11-30 17:44:51Z Gregory Heidrich 475 N Martingale Road No 600 Schaumburg IL 601732252 61491888 0 X www.soa.org X 1948 IL The SOA, through research and education, advances actuarial knowledge and improves decision making to benefit society. We enhance the ability of actuaries to be trusted financial and business advisors on problems involving uncertain future events. We provide and ensure the integrity and relevance of our credentials. 28 27 142 2814 119964 70465 0 0 44836997 49058016 424149 906226 168984 188975 45430130 50153217 1998527 2066297 0 0 14226056 14074856 0 0 11769 27051968 29591423 43276551 45732576 2153579 4420641 53082871 59542626 15848519 16920357 37234352 42622269 X The SOA, through research and education, advances actuarial knowledge and improves decision making to benefit society. We enhance the ability of actuaries to be trusted financial and business advisors on problems involving uncertain future events. We provide and ensure the integrity and relevance of our credentials. 0 0 9657876 2066297 12264495 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. 17063715 0 27805158 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. 6473019 0 6768634 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. 7744967 2284676 7744967 2284676 40939577 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 1 1 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 162 0 1 142 1 1 1 1 CA 0 0 0 0 0 0 0 0 X 28 27 0 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 1 0 IL X Stacy DR Lin 8477063500 475 N Martingale Drive Suite 600 Schaumburg IL 601732252 Joan Barrett Board Member 1.00 X 0 0 0 Rowen Bell Board Member 1.00 X 0 0 0 Sue Blanck Board Member 1.00 X 0 0 0 Jeremy Brown Board Member 1.00 X 0 0 0 Larry Bruning Board Member 1.00 X 0 0 0 Daniel Cassidy Board Member 1.00 X 0 0 0 Errol Cramer President-Elect 1.00 X X 6449 0 0 James Doherty Board Member 1.00 X 0 0 0 Ian Duncan Board Member 1.00 X X 0 0 0 Andy Ferris Board Member 1.00 X 0 0 0 Mark Freedman President 1.00 X X 22228 0 0 C Ian Genno Vice-President 1.00 X 0 0 0 Gaetano Geretto Board Member 1.00 X 0 0 0 Jennifer Gillespie Secretary/Treasurer 1.00 X X 0 0 0 Jeremy Gold Vice-President 1.00 X 0 0 0 Abraham Gootzeit Vice-President 1.00 X 0 0 0 Peggy Hauser Board Member 1.00 X 0 0 0 R Thomas Herget Vice-President 1.00 X 0 0 0 R Evan Inglis Board Member 1.00 X 0 0 0 Tonya Manning Past President 1.00 X X 15668 0 0 Jennifer McGinnis Board Member 1.00 X 0 0 0 John Nigh Vice-President 1.00 X 0 0 0 Kory Olsen Board Member 1.00 X 0 0 0 Valerie Paganelli Vice-President 1.00 X 0 0 0 Susan Pantely Board Member 1.00 X 0 0 0 Craig Reynolds Board Member 1.00 X 0 0 0 Marcus Robertson Board Member 1.00 X 0 0 0 John Robinson Board Member 1.00 X 0 0 0 Susan Sames Board Member 1.00 X 0 0 0 Donald Segal Penultimate President 1.00 X X 0 0 0 Sudha Shenoy Board Member 1.00 X 0 0 0 Bradley Smith Past President 1.00 X X 0 0 0 Martine Sohier Vice-President 1.00 X 0 0 0 James Trimble Board Member 1.00 X 0 0 0 Darryl Wagner Vice-President 1.00 X 0 0 0 Donna Weninger Board Member 1.00 X 0 0 0 Genghui Wu Board Member 1.00 X 0 0 0 Gregory Heidrich Executive Director 40.00 X 389505 0 45115 Stacy DR Lin Deputy ED/CFO 40.00 X 266194 0 44844 Kenneth Guthrie MD of Education 40.00 X 242481 0 41737 Michael Boot MD of SPA 40.00 X 229882 0 39128 Richard Veys General Counsel 40.00 X 224221 0 30348 Margaret Ann Jordan MD of Strategy & International 40.00 X 222946 0 33162 Patrick Gould MD of Marketing and Communications 40.00 X 176507 0 31543 Emily Kessler Sr. Staff Actuary 40.00 X 221014 0 29996 Stuart Klugman Sr. Staff Actuary 40.00 X 217477 0 29418 Andrew Peterson Staff Actuary 40.00 X 182899 0 35508 Cynthia MacDonald Sr. Experience Studies Actuary 40.00 X 180904 0 35442 Steve Siegel Staff Actuary 40.00 X 179158 0 37089 2777533 0 433330 32 0 1 0 Prometric PO Box 223608 Pittsburgh PA 15251 Host Test Centers 4952920 MIB 160 University Ave Westwood MA 02284 Experience Studies 749366 Slack and Company 233 N Michigan Ave Chicago IL 60601 Marketing Consultant 674056 Golin Harris 875 N Michigan Ave Chicago IL 60611 Marketing Consultant 565218 Rackspace Managed Hosting PO Box 730759 Dallas TX 75373 Systems Hosting 560360 12 Examination Fees 611710 27805158 27805158 Membership Dues 611710 12264495 12264495 Meeting Registrations 611710 6768634 6768634 Research Income 541900 1539788 1539788 Sponsorships 541800 677000 677000 2941 2941 49058016 738633 738633 4064 4064 11506264 11338671 167593 167593 167593 Website - JobLink 541800 111836 111836 Mailing Labels/Advertising 541800 73075 64947 8128 184911 50153217 49122963 119964 910290 X 1508544 1508544 303186 303186 254567 254567 2949545 2347139 602406 8277097 6838848 1428862 9387 944468 767380 176298 790 1150578 934826 214790 962 753168 611867 140671 630 307269 200927 106342 75906 75906 8483788 8371565 112223 4876973 4668394 208579 624097 524014 100083 4196182 3840753 355429 4275126 3992572 282554 1478537 1319929 158608 240257 198709 41548 Equipment Maintenance 1595041 1322210 272831 Honoraria 403722 398300 5422 International Relations 395732 395732 Hong Kong Joint Office 220982 220982 2417811 1919133 498678 45732576 40939577 4781230 11769 2407358 951422 5392072 9216040 1229301 898412 178279 161720 928387 673032 13129780 10042992 3518431 3086788 38889807 44347501 539236 207711 53082871 59542626 8220825 8002275 7627694 8918082 15848519 16920357 X 37234352 42622269 37234352 42622269 53082871 59542626 4420641 967276 0 X 0 1 X 1 0 X 35338817 38475849 41166758 44836997 49058016 208876437 35338817 38475849 41166758 44836997 49058016 208876437 16155 15640 14555 19265 22010 87625 0 16155 15640 14555 19265 22010 87625 208788812 360385 290833 525140 625922 742697 2544977 360385 290833 525140 625922 742697 2544977 123786 90435 109103 87599 70465 481388 193495 50817 27315 1575 273202 36016483 38907934 41828316 45552093 49871178 212176004 0.98400 0.98310 0.01200 0.01290 X Other Income, Part III, Line 12: Description: Mailing Labels 2009: 15,361 2010: 22,345 2011: 0 2012: 0 2013: 0 Description: Website 2009: 134,107 2010: 0 2011: 0 2012: 0 2013: 0 Description: Centers of Excellence 2009: 22,500 2010: 13,500 2011: 4,500 2012: 1,575 2013: 0 Description: Miscellaneous 2009: 21,527 2010: 14,972 2011: 22,815 2012: 0 2013: 0 1040072 307341 732731 3870616 2921675 948941 8219092 6813976 1405116 3086788 X 51120493 967276 967276 50153217 0 50153217 45732576 0 45732576 0 45732576 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. 1 North America 1 3 Grants to Recipients 226274 Europe 0 0 Grants to Recipients 7961 East Asia and Pacific 1 1 Grants to Recipients 20332 2 4 0 0 2 4 254567 0 254567 North America Research Grant 9000 Check n/a n/a North America Research Grant 12500 Check n/a n/a North America Research Grant 12000 Check n/a n/a North America Research Grant 6000 Check n/a n/a North America Research Grant 7000 Check n/a n/a 1 4 Research Grants East Asia and Pacific 2 2000 Check n/a n/a Research Grants Europe 4 5300 Check n/a n/a Research Grants North America 14 36574 Check n/a n/a Educational Scholarships North America 8 130000 Check n/a n/a 0 0 0 0 0 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 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. Part II, Line 1: All grants are recorded based on the accrual method of accounting. 1 University of Iowa BS Jessup Hall Iowa City IA 52242 426004813 115 74022 n/a n/a Educational Grant Georgia State University 35 Broad Street Atlanta GA 30303 581845423 115 519706 n/a n/a Educational Grant Illinois State University Actuarial Science Math Department Normal IL 61790 376014070 115 10000 n/a n/a Educational Grant Morgan State University 1700 Cold Spring Lane Baltimore MD 21251 526002033 115 8000 n/a n/a Educational Grant Howard University 2600 6th Street NW Washington DC 20059 530204707 501(c)(3) 16000 n/a n/a Research Grant Rudolph Financial Consulting LLC 5002 S 237 Circle Elkhorn WI 68022 205431956 35659 n/a n/a Research Grant Simergy Consulting 405 Lexington Ave New York NY 10174 272080906 29000 n/a n/a Research Grant PricewaterhouseCoopers LLP 185 Asylum Street Hartford CT 06103 134008324 20000 n/a n/a Research Grant University of Southern Maine 96 Falmath Street Portland ME 04104 016000769 115 26000 n/a n/a Research Grant Wakely Consulting Group 17757 US Highway 19 North Clearwater FL 33764 593554482 77000 n/a n/a Research Grant Jefferson School of Population Health 1015 Walnut Street Philadelphia PA 19107 231352651 115 43608 n/a n/a Research Grant Red Quill Consulting 135 Park Avenue Barrington IL 60010 261730983 40000 n/a n/a Research Grant Milliman Inc 121 Middle Street Portland ME 04101 910675641 185209 n/a n/a Research Grant Actuarial Compass LLC 7600 Overlook Hills Lane Cincinatti OH 45244 461036478 55000 n/a n/a Research Grant Limra International PO Box 405575 Atlanta GA 30384 261339203 66400 n/a n/a Research Grant Mathew Greenwald & Associates 4201 Connecticut Avenue NW Washington DC 20008 521407743 63385 n/a n/a Research Grant Optuminsight PO Box 86 Minneapolis MN 55486 411858498 103000 n/a n/a Research Grant Stanford University PO Box 44253 San Francisco CA 94144 941156365 501(c)(3) 10000 n/a n/a Research Grant Risk Lighthouse LLC 3405 Piedmont Road Atlanta GA 30305 202325962 30000 n/a n/a Research Grant Duke University Erwin Square Mill Building Durham NC 27708 560532129 501(c)(3) 10000 n/a n/a Research Grant Actuarial Resource Corporation 6720 W 121st Street Overland Park KS 66209 481040367 9000 n/a n/a Research Grant RASSKR LLC 2917 Country Point Court Wildwood MO 63038 260142985 10000 n/a n/a Research Grant Purdue University 23510 Network Place Chicago IL 60673 356002041 115 13544 n/a n/a Research Grant 10 13 Research Grants 25 163186 n/a n/a Educational Grants 7 140000 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 0 0 0 0 0 0 0 1 0 Gregory Heidrich Executive Director 357900 0 31605 0 0 0 25500 0 19615 0 434620 0 0 0 Stacy DR Lin Deputy ED/CFO 250229 0 15965 0 0 0 25500 0 19344 0 311038 0 0 0 Kenneth Guthrie MD of Education 218234 0 24247 0 0 0 25006 0 16731 0 284218 0 0 0 Michael Boot MD of SPA 209560 0 20322 0 0 0 23337 0 15791 0 269010 0 0 0 Richard Veys General Counsel 224221 0 0 0 0 0 22439 0 7909 0 254569 0 0 0 Margaret Ann Jordan MD of Strategy & International 203007 0 19939 0 0 0 22638 0 10524 0 256108 0 0 0 Patrick Gould MD of Marketing and Communications 163288 0 13219 0 0 0 18071 0 13472 0 208050 0 0 0 Emily Kessler Sr. Staff Actuary 203176 0 17838 0 0 0 22238 0 7758 0 251010 0 0 0 Stuart Klugman Sr. Staff Actuary 196010 0 21467 0 0 0 21766 0 7652 0 246895 0 0 0 Andrew Peterson Staff Actuary 167643 0 15256 0 0 0 18990 0 16518 0 218407 0 0 0 Cynthia MacDonald Sr. Experience Studies Actuary 166970 0 13934 0 0 0 19082 0 16360 0 216346 0 0 0 Steve Siegel Staff Actuary 163007 0 16151 0 0 0 18442 0 18647 0 216247 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. Pt 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. Milliman Inc Bradley Smith is the current chairman of Milliman Inc. 185209 Grant Research Form 990, Part III, Line 4d: SOA research serves an important public annd 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 is also 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. Form 990, Part VI, Section A, line 6 The organization has over 24,500 members who pay dues annually. 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. Form 990, Part VI, Section A, line 7b 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 B, line 11 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 as 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. 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 2012 and 2013 are available on the website. Part VI, Section B, Line 16b: The organization participates in a joint venture with a state university and a for-profit company. The organization believes that the activities of the joint venture further their exempt purpose of education and research. All activities of the joint venture were evaluated at the time of formation and are periodically reevaluated for compliance with federal tax laws and federal exempt status. Form 990, Part IX, line 11g Consultants: Program service expenses 2,146,280. Management and general expenses 112,223. Fundraising expenses 0. Total expenses 2,258,503. Host for Test Centers: Program service expenses 5,106,674. Management and general expenses 0. Fundraising expenses 0. Total expenses 5,106,674. Experience Studies: Program service expenses 1,118,611. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,118,611.