2013-08-15T13:34:52-05:00 2012-12-31 420714325 MCGLADREY LLP 1 S WACKER DRIVE STE 800 CHICAGO IL 60606 990 2012-01-01 362136422 Society of Actuaries SOCI 8477063500 475 N Martingale Road No 600 Schaumburg IL 601732252 Greg Heidrich 8477063500 2013-08-15 1 Wayne Harder P00294296 3126343400 2012 2016-02-24 21:20:13Z Greg Heidrich 475 N Martingale Road No 600 Schaumburg IL 601732252 57799767 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 27 127 3249 132533 78839 0 0 41166758 44836997 1552745 424149 176504 168984 42896007 45430130 1230885 1998527 0 0 13116087 14226056 0 0 11456 24738594 27051968 39085566 43276551 3810441 2153579 46123560 53082871 12444199 15848519 33679361 37234352 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 10415197 1998527 12258320 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. As SOA credentialed members, they 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. 16096101 25565005 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. 5610549 5750214 The SOA conducts various events and professional development opportunities to ensure continued professional growth and excellence for its actuaries. 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. 6320716 1265033 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 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. 6320716 1265033 38442563 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 1 150 0 1 127 1 1 1 1 CA 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 1.00 X 0 0 0 Jeffrey Beckley 1.00 X 0 0 0 Sue Blanck 1.00 X 0 0 0 Jeremy Brown 1.00 X 0 0 0 Daniel Cassidy 1.00 X 0 0 0 Ian Duncan 1.00 X 0 0 0 William Falk 1.00 X 0 0 0 Andy Ferris 1.00 X 0 0 0 Mark Freedman 1.00 X X 0 0 0 C Ian Genno 1.00 X 0 0 0 Gaetano Geretto 1.00 X 0 0 0 Jennifer Gillespie 1.00 X X 0 0 0 Jeremy Gold 1.00 X 0 0 0 Abraham Gootzeit 1.00 X 0 0 0 Peggy Hauser 1.00 X 0 0 0 R Evan Inglis 1.00 X 0 0 0 Tonya Manning 1.00 X X 0 0 0 S Michael McLaughlin 1.00 X X 0 0 0 Kory Olsen 1.00 X 0 0 0 Valerie Paganelli 1.00 X 0 0 0 Susan Pantely 1.00 X 0 0 0 Ronald Poon-Affat 1.00 X 0 0 0 Craig Reynolds 1.00 X 0 0 0 Marcus Robertson 1.00 X 0 0 0 Francis Sabatini 1.00 X 0 0 0 Susan Sames 1.00 X 0 0 0 Donald Segal 1.00 X X 0 0 0 Sudha Shenoy 1.00 X 0 0 0 Bradley Smith 1.00 X X 0 0 0 Martine Sohier 1.00 X 0 0 0 Thomas Terry 1.00 X 0 0 0 Jim Toole 1.00 X 0 0 0 Darryl Wagner 1.00 X 0 0 0 Donna Weninger 1.00 X 0 0 0 Larry Bruning 1.00 X 0 0 0 Greg Heidrich 40.00 X 381334 0 44163 Stacy Lin 40.00 X 273951 0 43869 Richard Veys 40.00 X 231527 0 30576 Kenneth Guthrie 40.00 X 229837 0 40555 Michael Boot 40.00 X 220458 0 37543 Margaret Ann Jordan 40.00 X 218081 0 32979 Stuart Klugman 40.00 X 210250 0 28162 Emily Kessler 40.00 X 209675 0 28628 Bruce Iverson 40.00 X 195839 0 31150 Sara Teppema 40.00 X 193175 0 36754 Cynthia MacDonald 40.00 X 178474 0 34601 Andrew Peterson 40.00 X 173809 0 34281 2716410 0 423261 32 0 1 0 Prometric PO Box 223608 Pittsburgh PA 15251 Host Test Centers 4545365 Burson-Marsteller 222 Merchandise Mart Plaza Chicago IL 60654 Marketing Consultant 991156 MIB 160 University Avenue Westwood MA 02284 Experience Studies 716636 Slack and Company 233 N Michigan Ave Chicago IL 60601 Marketing Consultant 581477 TMA Resources 1919 Gallows Road Vienna VA 22182 IT System Support 471043 13 Examination Fees 611710 25565005 25565005 Membership Dues 611710 11868916 11868916 Meeting Registrations 611710 5750214 5750214 Research Income 541900 1299909 1299909 Sponsorships 541800 341450 341450 11503 11503 44836997 591046 591046 34876 34876 12202740 12369637 -166897 -166897 -166897 Website-Joblink 541800 120646 120646 Mailing Labels 541800 11887 11887 Centers of Excellence 541800 1575 1575 134108 45430130 44838572 132533 459025 X 1303449 1303449 321403 321403 373675 373675 3139669 2543132 596537 8200399 6642323 1548944 9132 956994 796489 159734 771 1165939 970391 194609 939 763055 635078 127363 614 294778 222987 71791 82825 82825 7261194 7166825 94369 4658099 4429850 228249 983271 857945 125326 3682343 3356155 326188 3984614 3666244 318370 1651725 1651725 241740 206220 35520 Equipment Maintenance 1723275 1402332 320943 International Relations 392824 392824 Honoraria 236593 232893 3700 Hong Kong Joint Office 216499 216499 1642188 1054124 588064 43276551 38442563 4822532 11456 1706463 2407358 3071702 5392072 1114985 1229301 208732 178279 675108 928387 12418093 8899662 3812049 3518431 35158466 38889807 376055 539236 46123560 53082871 5913235 8220825 6530964 7627694 12444199 15848519 X 33679361 37234352 33679361 37234352 46123560 53082871 2153579 1401412 0 X 0 1 X 1 0 X 36698991 35338817 38475849 41166758 44836997 196517412 36698991 35338817 38475849 41166758 44836997 196517412 19375 16155 15640 14555 19265 84990 0 19375 16155 15640 14555 19265 84990 196432422 765963 360385 290833 525140 625922 2568243 765963 360385 290833 525140 625922 2568243 38042 123786 90435 109103 87599 448965 193495 50817 27315 1575 273202 37502996 36016483 38907934 41828316 45552093 199807822 0.98310 0.97970 0.01290 0.01590 X Schedule A, Part IV, Supplemental Information: Other Income, Part III, Line 12: Description: Mailing Labels 2009: 15,361 2010: 22,345 2011: 0 2012: 0 Description: Website 2009: 134,107 2010: 0 2011: 0 2012: 0 Description: Centers of Excellence 2009: 22,500 2010: 13,500 2011: 4,500 2012: 1,575 Description: Miscellaneous 2009: 21,527 2010: 14,972 2011: 22,815 2012: 0 1060132 222374 837758 7693521 5928921 1764600 3664440 2748367 916073 3518431 X 46831542 1401412 1401412 45430130 0 45430130 43276551 0 43276551 0 43276551 Description of Uncertain Tax Positions Under FIN 48: 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. 0 North America 1 3 Grants to Recipients Educational or Research 342925 Europe 0 0 Grants to Recipients Educational or Research 15850 East Asia and Pacific 1 1 Grants to Recipients Educational or Research 14900 Central America 0 0 Program Service Education 31733 North America 1 3 Program Service Education 391076 East Asia and Pacific 1 1 Program Service Education 40658 4 8 0 0 4 8 837142 0 837142 North America Educational Grant 99000 Check n/a n/a North America Research Grant 5188 Check n/a n/a North America Research Grant 22500 Check n/a n/a North America Research Grant 10000 Check 0 n/a n/a 1 3 Research Grants East Asia and Pacific 2 9500 Check n/a n/a Research Grants Europe 4 5950 Check n/a n/a Research Grants North America 13 30163 Check n/a n/a Educational Scholarships North America 9 130400 Check n/a n/a Educational Scholarships East Asia and Pacific 2 400 Check n/a n/a 0 0 0 0 0 0 Procedure for Monitoring Grants Outside the U.S.: Schedule F, 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. Schedule F, Part II, Line 1: All grants are recorded based on the accrual method of accounting. 1 Univ of Wisconsin Office of Research Sponsorships Milwaukee WI 53278 396006492 501(c)3 105073 n/a n/a Educational Grant Georgia State University 35 Broad Street Atlanta GA 30303 581845423 501(c)3 52820 n/a n/a Educational Grant Temple University PO Box 824242 Philadelphia PA 19122 231365971 501(c)3 99743 n/a n/a Educational Grant Howard University 2600 6th Street NW Washington DC 20059 530204707 501(c)3 15000 n/a n/a Educational Grant Risk Lighthouse LLC 950 E Paces Ferry Road Atlanta GA 30326 202325962 90000 n/a n/a Research Grant Rudolph Financial Consulting LLC 5002 S 237 Circle Elkhorn WI 68022 205431956 15000 n/a n/a Research Grant PricewaterhouseCoopers LLP PO Box 75647 Chicago IL 60675 134008324 73000 n/a n/a Research Grant Board of Regent U of WI UW Madison Milwaukee WI 53278 396006492 115 17200 n/a n/a Research Grant AFR Consulting LLC 5948 Annie Oakley Road Hidden Hills CA 91302 743260657 16628 n/a n/a Research Grant Simergy Consulting 405 Lexington Ave New York NY 27705 272080906 39959 n/a n/a Research Grant Towers Watson PO Box 8500 Philadelphia PA 19178 231159360 60000 n/a n/a Research Grant RAASKR LLC 2917 Country Point Court Wildwood MO 63038 260142985 20000 n/a n/a Research Grant Kamakura Corp 2222 Kalakaua Ave Honolulu HI 96815 990354276 50000 n/a n/a Research Grant Deloitte Consulting LLP PO Box 7247-6447 Philadelphia PA 19170 061454513 20500 n/a n/a Research Grant Ernst & Young 3712 Solutions Center Chicago IL 60677 346565596 45000 n/a n/a Research Grant WZ Research & Consulting 17 Black Oak Drive West Granby CT 06090 141424435 43500 n/a n/a Research Grant Anna Rappaport Consulting 17 East Division Street Chicago IL 60610 203930649 12126 n/a n/a Research Grant Mathew Greenwald & Assoc 4201 Connecticut Ave Washington DC 20008 521407743 67500 8685 FMV Printing Service Research Grant Milliman 71 South Wacker Drive Chicago IL 60606 910675641 363500 n/a n/a Research Grant Optuminsight PO Box 86 Minneapolis MN 55486 411858498 45000 n/a n/a Research Grant Jefferson School of Popul 1015 Walnut Street Phildelphia PA 19107 231352651 15000 n/a n/a Research Grant 5 18 Research Grants 71 152800 0 n/a n/a Educational Grants 40 168603 0 n/a n/a Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, 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 1 0 0 0 0 0 0 0 0 Greg Heidrich 343929 0 37405 0 0 0 25000 0 19163 0 425497 0 0 0 Stacy Lin 246656 0 27295 0 0 0 25000 0 18869 0 317820 0 0 0 Richard Veys 223544 0 7983 0 0 0 23177 0 7399 0 262103 0 0 0 Kenneth Guthrie 207837 0 22000 0 0 0 23685 0 16870 0 270392 0 0 0 Michael Boot 201332 0 19126 0 0 0 22341 0 15202 0 258001 0 0 0 Margaret Ann Jordan 196628 0 21453 0 0 0 22189 0 10790 0 251060 0 0 0 Stuart Klugman 189928 0 20322 0 0 0 21020 0 7142 0 238412 0 0 0 Emily Kessler 192608 0 17067 0 0 0 21431 0 7197 0 238303 0 0 0 Bruce Iverson 195839 0 0 0 0 0 15445 0 15705 0 226989 0 0 0 Sara Teppema 174108 0 19067 0 0 0 20487 0 16267 0 229929 0 0 0 Cynthia MacDonald 162243 0 16231 0 0 0 18739 0 15862 0 213075 0 0 0 Andrew Peterson 162115 0 11694 0 0 0 18035 0 16246 0 208090 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 4a Bruce Iverson received a severance payment of $44,294. Milliman Inc Bradley Smith is current chairman of Milliman Inc. 363500 Grant Research Form 990, Part VI, Section A, line 6 The organization has over 24,000 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 Governing documents are available on the website, soa.org. Financial statements may be requested from management. Form 990, 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 tax exempt status. Other Fees Form 990, Part IX, line 11g Consultants : Program service expenses 1,678,341. Management and general expenses 94,369. Fundraising expenses 0. Total expenses 1,772,710. Host for Test Centers: Program service expenses 4,590,176. Management and general expenses 0. Fundraising expenses 0. Total expenses 4,590,176. Experience Studies: Program service expenses 898,308. Management and general expenses 0. Fundraising expenses 0. Total expenses 898,308. Form 990, Part XI Unrealized gain on Investment, 1,401,412.