Spencer Educational Foundation, Inc.
Funding the education of tomorrow's risk management and insurance leaders.
Programs and results
What we aim to solve
Through our mission, we are working to attract diverse and talented individuals into the risk management and insurance industry and narrow the talent gap in the industry as baby boomers retire. We do that through scholarships, grants and generating awareness about the industry/profession.
Our programs
What are the organization's current programs, how do they measure success, and who do the programs serve?
Scholarships
Since 1979, Spencer Educational Foundation has become the leading force in awarding undergraduate and graduate scholarships to aspiring risk management and insurance professionals. With the increasing costs of college tuition, scholarships offered by the Foundation are helping to bridge access to education for many students. In addition, the Foundation's Part-Time Master's Scholarships allow practicing risk professionals to advance their skills and make a direct impact on employers.
Risk Manager on Campus
Spencer is excited to announce the rebranding and revamping of their Risk Manager in Residence program (RMIR) to Risk Manager on Campus (RMOC). The new RMOC program offers grants to colleges and universities to bring a practicing Risk Manager on campus to interact with students in classes, lectures, and receptions over a 1-3 day period. This new program shift will allow for greater connectivity between local RIMS chapters and nearby universities, create connections for students with Risk Managers in their immediate area, and provide practicing risk managers with the rewarding opportunity to give back to the profession.
Internship Grants
Spencer provides grants to employers, who are Professional members of the Risk & Insurance Management Society, to hire risk management interns. Employers apply for the grants from Spencer, and students then apply directly with the companies for the internship opportunities. Through our summer internships, students learn about the field in a real world business setting where they can quickly apply what they know, respond to new experiences, and begin to develop contacts in the industry. The Foundation provides grants of up to $7,500 to provide these experiential learning opportunities.
General Grants
Spencer provides a myriad of grants aimed at developing and advancing our industry’s future leaders. Grants include development of advanced courses in InsureTech, Enterprise Risk Management, Cyber Risk, and Data Analytics; student attendance at industry conferences and symposia; and a variety of unique proposals that work to hone talent.
Course Development Grants
Supporting universities in the creation of new courses that lead students into our industry is a critical component of broadening the talent pipeline. Introductory course development grants specifically support the creation of courses at universities that have not previously offered any such instruction. In this way, Spencer helps broaden the number and types of academic institutions from which to draw talent.
Where we work
External reviews
Videos
Our results
How does this organization measure their results? It's a hard question but an important one.
Number of academic scholarships awarded
This metric is no longer tracked.Totals By Year
Related Program
Scholarships
Type of Metric
Output - describing our activities and reach
Direction of Success
Increasing
Total dollar amount of scholarship awarded
This metric is no longer tracked.Totals By Year
Related Program
Scholarships
Type of Metric
Output - describing our activities and reach
Direction of Success
Increasing
Total number of grants awarded
This metric is no longer tracked.Totals By Year
Related Program
General Grants
Type of Metric
Output - describing our activities and reach
Direction of Success
Increasing
Total dollar amount of grants awarded
This metric is no longer tracked.Totals By Year
Related Program
General Grants
Type of Metric
Output - describing our activities and reach
Direction of Success
Increasing
Our Sustainable Development Goals
Learn more about Sustainable Development Goals.
Goals & Strategy
Learn about the organization's key goals, strategies, capabilities, and progress.
Charting impact
Four powerful questions that require reflection about what really matters - results.
What is the organization aiming to accomplish?
Spencer Educational Foundation's mission is to fund the education of tomorrow's risk management and insurance leaders.
To that end, over the next five years the Foundation seeks to further expand funding for educational opportunities related to risk management and insurance careers, including, but not limited to scholarships, internships, course development and other grants. Long term, the Foundation seeks to help raise awareness about the study of risk management and insurance and the viability of this area as a career.
The Foundation currently assists the following groups:
• Students pursuing degrees in risk management and insurance as well as finance at the bachelor's, master's and pre-dissertation levels
• Risk management professionals seeking to obtain an advanced degree (e.g. MBA or MS in risk management)
• Risk and Insurance Management Society member companies
• Universities that currently have risk management and insurance programs/curriculum
What are the organization's key strategies for making this happen?
The activities that serve as our building blocks to success in the near-term and long-term are our core programs:
• Scholarships: The Foundation provides merit-based scholarships to undergraduate, graduate and pre-dissertation students as well as to risk management professionals seeking an advanced degree part-time.
• Internship grants: The Foundation provides $7,500 grants to companies to defray the cost of hiring a summer intern in their risk management departments.
• Risk Manager on Campus – This outreach program sends experienced risk managers to lecture on college campuses in the U.S. & Canada for one to three days.
• Grants
o Course development – Risk management and insurance is currently taught at approximately 60 schools, and most of those schools are east of the Mississippi River. One of our goals is to expand the number of schools teaching the subject and expand the footprint of where it is taught beyond the East Coast of the US by supporting the development and implementation of both Introductory Risk Management and Insurance courses for universities that have not previously offered any such instruction, as well as additional RMI courses for universities looking to expand their existing RMI course offerings.
o General – Spencer’s Grants Program supports initiatives that 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.
What are the organization's capabilities for doing this?
Relationships: Spencer is affiliated with RIMS, the risk management society, which, in addition to being a contributor, also provides back-end and staff support to the Foundation.
Staff: Spencer has an Executive Director, Director of Finance and Operations, University Partners Director and External Affairs Director.
Board: The Foundation's Board is comprised of 26 individuals representing insurance brokers, insurance companies, risk managers and insurance industry media. The Board is active in committee work, program administration and fund development.
What have they accomplished so far and what's next?
Objective: Funding the education of tomorrow's risk management and insurance industry leaders.
What has been accomplished:
Programs
o Scholarships: 99 scholarships were awarded in 202, totaling $650,077.
o Grants: In 2022, we awarded 20 grants totaling $462,630 to universities and industry related organizations.
o Internship grants: In 2022, we awarded internship grants to 27 RIMS Professional Member companies totaling $197,508.
o Risk Manager on Campus: In 2022, we supported 13 awards for $38,215.
Since Spencer was founded in 1979, we have awarded nearly $9.5 million in scholarships and over $8 million in grants to universities and professional institutions impacting more than 70,000 students through our programming.
How we listen
Seeking feedback from people served makes programs more responsive and effective. Here’s how this organization is listening.
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How is your organization using feedback from the people you serve?
To make fundamental changes to our programs and/or operations, To inform the development of new programs/projects, To strengthen relationships with the people we serve
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Which of the following feedback practices does your organization routinely carry out?
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What challenges does the organization face when collecting feedback?
It is difficult to get the people we serve to respond to requests for feedback
Financials
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Operations
The people, governance practices, and partners that make the organization tick.
Connect with nonprofit leaders
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- Analyze a variety of pre-calculated financial metrics
- Access beautifully interactive analysis and comparison tools
- Compare nonprofit financials to similar organizations
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Connect with nonprofit leaders
SubscribeBuild relationships with key people who manage and lead nonprofit organizations with GuideStar Pro. Try a low commitment monthly plan today.
- Analyze a variety of pre-calculated financial metrics
- Access beautifully interactive analysis and comparison tools
- Compare nonprofit financials to similar organizations
Want to see how you can enhance your nonprofit research and unlock more insights? Learn More about GuideStar Pro.
Spencer Educational Foundation, Inc.
Board of directorsas of 12/13/2023
Teresa Black
Chubb
Term: 2022 - 2023
Kristen M. Bessette
QBE
Ron Davis
Zurich Insurance Company Ltd.
Cassandra Cole
Florida State University
Andrea Dudek
Accenture
Weili Lu
California State University - Fullerton
Bob Thomas
Liberty Mutual
Matthew Schneider
Aon
B. Puckett
Gallagher
Joseph Cellura
Allied World
Duncan Ellis
AIG
Michele J. Sansone
AXA XL
Johnell Holly
FM Global
Jeffrey M. Cohen
Zywave
Joseph V. LaRocco, Jr.
Alliant
Lori Seidenberg
BlackRock
Christopher J. Lang
Marsh
Stephen Acunto, Jr.
Business Insurance
Robin Roeder
Sedgwick
Julie Gibson
Lockton Companies
Ben Sloop
Amwins
Elizabeth Ricciardelli
Travelers
Jacquelyn Bolig
WTW
Michael VanAcker
RT Specialty
David Arick
International Paper Company
Sue Srinivasan
Arch Insurance Group
Andrea Dudek
Accenture
Board leadership practices
GuideStar worked with BoardSource, the national leader in nonprofit board leadership and governance, to create this section.
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Board orientation and education
Does the board conduct a formal orientation for new board members and require all board members to sign a written agreement regarding their roles, responsibilities, and expectations? Yes -
CEO oversight
Has the board conducted a formal, written assessment of the chief executive within the past year ? Yes -
Ethics and transparency
Have the board and senior staff reviewed the conflict-of-interest policy and completed and signed disclosure statements in the past year? Yes -
Board composition
Does the board ensure an inclusive board member recruitment process that results in diversity of thought and leadership? Yes -
Board performance
Has the board conducted a formal, written self-assessment of its performance within the past three years? Yes
Organizational demographics
Who works and leads organizations that serve our diverse communities? Candid partnered with CHANGE Philanthropy on this demographic section.
Leadership
The organization's leader identifies as:
Race & ethnicity
Gender identity
Transgender Identity
Sexual orientation
Disability
We do not display disability information for organizations with fewer than 15 staff.
Equity strategies
Last updated: 10/26/2020GuideStar partnered with Equity in the Center - an organization that works to shift mindsets, practices, and systems to increase racial equity - to create this section. Learn more
- We ask team members to identify racial disparities in their programs and / or portfolios.
- We analyze disaggregated data and root causes of race disparities that impact the organization's programs, portfolios, and the populations served.
- We disaggregate data by demographics, including race, in every policy and program measured.
- We have long-term strategic plans and measurable goals for creating a culture such that one’s race identity has no influence on how they fare within the organization.
- We have community representation at the board level, either on the board itself or through a community advisory board.
- We engage everyone, from the board to staff levels of the organization, in race equity work and ensure that individuals understand their roles in creating culture such that one’s race identity has no influence on how they fare within the organization.