BBB Wise Giving Report for
Spencer Educational Foundation

BBB Wise Giving Report issued June 2011
BBB Wise Giving Report expires June 2013


This BBB Accredited charity meets all 20 Standards for Charity Accountability and is a Seal Holder. Find out more...


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Charity Contact Information

Name: Spencer Educational Foundation
Address: 1065 Avenue of the Americas, 13th Floor
  New York, NY 10018
Phone: 212-286-9292
Web Address: www.spencered.org
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BBB Wise Giving Alliance Comments

Year, State Incorporated: 1980, New York
Affiliates: Risk and Insurance Management Society (RIMS)
Stated Purpose: "to stimulate, promote and encourage promising students in the risk management discipline in fulfilling their educational goals, primarily by providing scholarship awards and education grants."

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Evaluation Conclusions

               

Spencer Educational Foundation (SEF) meets the 20 Standards for Charity Accountability.
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Programs

               

SEF awards scholarships to students and risk professionals. Scholarship programs include scholarships in undergraduate, graduate, and pre-dissertation doctorate categories. SEF also provides students with aid through its Risk Manager in Residence Program, Student Internship Program, and university grants. The Risk Manager in Residence is awarded to risk managers so they can lecture for two days on college and university campuses in the United States and Canada.

For the year ended December 31, 2010, SEF's program expenses were:

  
Scholarship and other programs 530,334
Student involvement 81,000
Total Program Expenses: $611,334
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Governance

               

Chief Executive : Roger Andrews, Board Chair
Compensation*:
 $0

Highest Paid Executive: Lynn T. Chambers, Chief Financial Officer
Compensation*: $190,988

Chair of the Board: Roger Andrews
Chair's Profession / Business Affiliation: Risk manager

Board Size: 24

Paid Staff Size: 1

*Ms. Chambers is compensated by the affiliate organization RIMS. 2009 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

               

Method(s) Used:

Special events, grant proposals, Internet appeals and membership appeals.
Fund raising costs were 13% of related contributions. (Related contributions, which totaled $1,685,134, are donations received as a result of fund raising activities.)
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Tax Status

               

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

               

The following information is based on SEF's audited financial statements for the year ended December 31, 2010.

Source of Funds  
Investment income 616,541
Special events (net) 610,309
Scholarship contributions 583,756
General contributions 442,369
Contribution from RIMS 225,000
In-kind contributions 48,700
Total Income $2,526,675


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Uses of Funds as a % of Total Expenses

Programs: 66%  Fund Raising: 24%  Administrative: 10% 

Total income   $2,526,675
  Program expenses $611,334
  Fund raising expenses 223,212
  Administrative expenses 88,047
 
Total expenses   $922,593
Income in Excess of Expenses   1,604,082
Beginning net assets   5,109,251
Ending net assets   6,713,333
Total liabilities  
Total assets   $6,713,333

Note: According to audited financial statements for the year ended December 31, 2010, SEF received $48,700 of in-kind contributions, which included printing/ advertising services and rent.

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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

This report is not to be used for fund raising or promotional purposes.

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