Spencer Educational Foundation Inc is a 501(c)(3) public charity located in New York, NY (PO Box 23613, New York, NY 10087-3613). The organization was founded in 1979 by the RIMS Atlanta Chapter and remains the leading organization funding the education of future leaders in risk management and insurance. Since its inception, Spencer has awarded more than $11 million in scholarships and over $11 million in grants to universities and professional institutions, impacting over 135,000 students across the United States and Canada.
Key facts about Spencer Educational Foundation Inc
- EIN
- 58-1420617
- Latest 990 filing
- Form 990-PF, 2024
- Annual giving (2024)
- $955,371
- Grants made (2024)
- 71
- Average grant
- $13,456
- Median grant
- $7,500
- New grantees (estimate)
- 53% first-time grantees (37 of 70, 2024)
- Total assets
- $10,061,035
- Primary geography
- Texas (13% of itemized 2024 grant dollars)
Data from IRS Form 990-PF, 2024; updated September 2026. New grantees are estimated by matching recipient names across years (methodology).
Who Spencer Educational Foundation Inc funds
By grant dollars, the top recipient states for Spencer Educational Foundation Inc's 71 itemized 2024 grants were Texas (13%), New York (12%) and Pennsylvania (7%). The most frequent recipient cities were Philadelphia, PA (3 grants), Dallas, TX (3 grants), New York, NY (3 grants) and Portland, OR (3 grants). 31% of grants with a stated purpose were for general or operating support. Recurring purposes include "Internship" (28 grants), "Course Development" (9 grants) and "Rmoc Grant" (5 grants).
Is Spencer Educational Foundation Inc open to new grantees?
53%
first-time grantees, 2024
In 2024, 37 of 70 grantees (53%) were first-time recipients. First grants averaged $14K; repeat grants $14K. How we count
Medians: $8K first-time, $8K repeat.
Estimate from itemized IRS Form 990-PF grant lists (2020–2024). Recipient names are matched across years, so a renamed or misspelled grantee can look new; grants to individuals are left out. Methodology.
Financial Overview
From 2024 IRS Form 990-PF · View filing
Total Assets
$10.1M
+6.0% YoY
Annual Giving
$955K
+24.0% YoY
Grant Count
71
+22.4% YoY
Avg Grant Size
$13K
+1.3% YoY
Mission & Focus Areas
The Spencer Educational Foundation funds the education of tomorrow's risk management and insurance leaders through scholarships, grants, course development, and internships.
The organization operates four primary program areas:
Scholarships — Merit-based scholarships and grants to university students pursuing careers in risk management, insurance, and/or actuarial science. Spencer awards undergraduate, graduate, and PhD scholarships to students studying at institutions in the United States and Canada, as well as part-time graduate scholarships to risk and insurance professionals continuing their education. Since 1980, Spencer has invested over $11 million in the Scholarship program, with awards to over 1,700 students. More than 85% of Spencer Scholarship recipients remain in the industry.
Course Development Grants — Support for the creation and expansion of Risk Management and Insurance (RMI) courses and programs at universities and colleges in the United States and Canada. Since 2014, Spencer has invested over $1.6 million in developing risk management curricula.
Internships — Internship grant programs supporting 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 apply directly with companies for internship opportunities.
General Grants — Support for initiatives that align with the Foundation's mission to fund the education of tomorrow's risk management and insurance leaders.
Grantmaking
Grant Types
Ready to take the next step with Spencer Educational Foundation Inc?
Geographic Focus
Where this funder awards grants
Spencer funds educational institutions and programs in the United States and Canada.
Grant Distribution by State
Share of all 71 itemized 2024 grant dollars.
States
Cities
Financial History
Multi-year comparison from IRS filings
2023 Financial Data
- Total Assets: $9,493,138
- Total Revenue: $2,484,287
- Total Expenses: $2,733,177
- Total Liabilities: $419,000
Historical Impact
- Over $11 million awarded in scholarships since 1980
- Over $11 million awarded in grants to universities and professional institutions
- Over $1.6 million invested in course development since 2014
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Total Assets | $10,061,035 | $9,493,138 | $9,082,783 |
| Revenue | $3,555,059 | $2,484,287 | $2,712,012 |
| Expenses | $3,083,558 | $2,733,177 | $2,306,449 |
| Qualifying Distributions | — | — | — |
| Net Investment Income | $469,737 | $296,985 | $173,504 |
| Distributable Amount | — | — | — |
Data update history
When this profile's IRS filing data changed on Grantable
- IRS filings on file for fiscal years 2020–2024
Giving Over Time
Total grant dollars and number of grants per year
Grant Insights
How this funder distributes its grants
Top Recipients
Top 10 recipients in 2024
Grant Size Distribution
256 grants across all recorded years
Giving History
Grant recipients and amounts by year
Among its reported 2024 grants, the largest recipients include St Joseph's University ($50,000), Bowie State University ($50,000), Faulkner University ($50,000).
| Recipient | Purpose | Amount |
|---|---|---|
| ST JOSEPH'S UNIVERSITY PHILADELPHIA, PA | GENERAL GRANT | $50,000 |
| BOWIE STATE UNIVERSITY BOWIE, MD | COURSE DEVELOPMENT | $50,000 |
| FAULKNER UNIVERSITY MONTGOMERY, AL | COURSE DEVELOPMENT | $50,000 |
| CALIFORNIA STATE UNIVERSITY-FULLERTON FULLERTON, CA | GENERAL GRANTCOURSE DEVELOPMENTRMOC GRANT | $40,000 |
| VIRGINIA COMMONWEALTH UNIVERSITY RICHMOND, VA | GENERAL GRANTRMOC GRANT | $34,725 |
| THE UNIVERSITY OF GEORGIA ATHENS, GA | COURSE DEVELOPMENT | $33,646 |
| UNIVERSITY OF HOUSTON - DOWNTOWN HOUSTON, TX | COURSE DEV GRANTGENERAL GRANTRMOC GRANT | $32,400 |
| BROOKLYN COLLEGE BROOKLYN, NY | COURSE DEVELOPMENT | $30,000 |
| SOUTHEASTERN LOUISIANA UNIVERSITY HAMMOND, LA | COURSE DEVLOPMENT | $29,052 |
| THE NATIONAL ALLIANCE FOR INSURANCE EDUCATION AND RESEARCH AUSTIN, TX | GENERAL GRANT | $25,000 |
Leadership & Key People
Officers and directors from IRS filings
Compensation Overview
From 2024 IRS filing
From 2024 IRS filing
| Name | Title | Hours | Compensation |
|---|---|---|---|
| Stephen Acunto Jr | Director | 1 | — |
| Joseph Cellura | Director | 1 | — |
| Dr Cassandra Cole | Director | 1 | — |
| Ron Davis Retired 112024 | Director | 1 | — |
| Andrea M Dudek | Director | 1 | — |
| Duncan Ellis | Director | 1 | — |
| Julie Gibson | Director | 1 | — |
| Christopher J Lang Ret 121124 | Director | 1 | — |
| Joseph V Larocco Jr | Director | 1 | — |
| Dr Weili Lu | Director | 1 | — |
| Michelle Mclane Joined 1124 | Director | 1 | — |
| B Puckett Gallagher | Director | 1 | — |
| Michele J Sansone | Director | 1 | — |
| Matthew Schneider Retired 121124 | Director | 1 | — |
| Lori Seidenberg Retired 1124 | Director | 1 | — |
| Ben Sloop | Director | 1 | — |
| Sue Srinivasan | Director | 1 | — |
| Elizabeth Ricciardelli | Director | 1 | — |
| Robin Roeder | Director | 1 | — |
| Alban Laloum Joined 1124 | Director | 1 | — |
| Teresa Black Retired 121124 | Director | 1 | — |
| Kristen Bessette Ret 121124 | Director | 1 | — |
| Johnell Holly | Chair | 5 | — |
| Jeffrey Cohen | President | 3 | — |
| Bob Thomas | Vice President | 3 | — |
| Jackie Bolig | Secretary | 3 | — |
| Michael Vanacker | Treasurer | 3 | — |
| Megan Miller | Executive Director | 40 | $341,738 |
| Gina M Boyle | Finance and Operations Dir | 40 | $22,750 |
| Tandeka Nomvete | External Engagement Direct | 40 | $161,731 |
| Kenneth Goldstein | University Partnerships Di | 40 | $170,048 |
Recent News & Activity
Recent developments and announcements
Spencer Educational Foundation has announced record-breaking scholarship awards in recent years, including setting new milestones with 2025 scholarship awards and awarding a record-breaking number of scholarships in 2024. In 2023, the organization awarded close to $700,000 in scholarships and over $1.6 million for risk management and insurance education initiatives.
Spencer Educational Foundation Sets New Milestones with 2025 ...Subject Areas
Focus areas based on grantmaking activity
Frequently Asked Questions
What does Spencer Educational Foundation Inc fund?
The Spencer Educational Foundation funds the education of tomorrow's risk management and insurance leaders through scholarships, grants, course development, and internships. The organization operates four primary program areas: **Scholarships** — Merit-based scholarships and grants to university students pursuing careers in risk management, insurance, and/or actuarial science. Spencer awards undergraduate, graduate, and PhD scholarships to students studying at institutions in the United States …
How do I apply for a grant from Spencer Educational Foundation Inc?
**Grant Activity (2023)** • 103 scholarships awarded • 32 internship grants awarded • Total giving: $1,597,471 **Grant Types** • Internship grants: up to $7,500 • Scholarships: undergraduate, graduate, and PhD levels • Course development grants • General grants supporting RMI education initiatives
Where does Spencer Educational Foundation Inc make grants?
Spencer funds educational institutions and programs in the United States and Canada.
What size grants does Spencer Educational Foundation Inc award?
In 2024, Spencer Educational Foundation Inc awarded 71 grants totaling $955K — an average of about $13K per grant, based on its IRS Form 990 filings.
What is Spencer Educational Foundation Inc's EIN?
Spencer Educational Foundation Inc's EIN (Employer Identification Number) is 58-1420617. IRS Form 990 filing data is available on this page for 2020–2024.
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Data last updated September 2026. Sourced from IRS Form 990-PF filings. Research dossier generated April 2026.