Overview
What is Spencer Educational Foundation Inc?
Spencer Educational Foundation Inc, located in New York, New York, is a nonprofit organization dedicated to nurturing future leaders in the field of risk management and insurance. Established in 1979, the foundation has been a significant contributor to this sector, providing financial aid through scholarships and grants. To date, they have awarded over $16 million in scholarships and grants to students and institutions in the United States and Canada, impacting an estimated 70,000 individuals directly. Their mission extends beyond financial support, offering internships, experiential learning opportunities, and supporting risk management curricula.
Official website here: www.spencered.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Star rating)
The Spencer Educational Foundation Inc has received a commendable Four-Star rating from Charity Navigator, indicating a high level of accountability and financial health. With an impressive 97% score in Accountability & Finance, the organization demonstrates a strong commitment to responsible governance, evidenced by its 100% independent board and solid financial oversight practices. The absence of any material diversion of assets further reinforces its integrity.
Additionally, the foundation shows a strong focus on effective program expenditure, with a program expense ratio of 79.16%, ensuring that a significant portion of its funds goes directly to its educational initiatives. The organization also maintains excellent fundraising efficiency, with a low cost of fundraising at $0.15 per dollar raised. Moreover, its robust working capital ratio of 4.07 years suggests a solid financial footing.
While the foundation has a strong performance overall, its Culture & Community score of 83 indicates there may be areas for improvement in fostering community engagement and culture. Nonetheless, its leadership and adaptability score of 100 highlights a commitment to ongoing development and responsiveness to changing needs within the educational landscape.
This AI summary has been generated from information found on Charity Navigator.
Is Spencer Educational Foundation Inc legitimate?
Spencer Educational Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Spencer Educational Foundation Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $485,282
Professional Fundraising Fees: $0
Other Salaries and Wages: $413,275
For more financial information, click here
Official website here: www.spencered.org
What is the mission statement of Spencer Educational Foundation Inc?
The Spencer Educational Foundation Inc's mission is centered around fostering future leaders in the risk management and insurance industry. Since its establishment in 1979, the foundation has provided scholarships worth nearly $9 million to students pursuing related studies. Additionally, grants totaling over $7 million have been given to universities and professional institutions in this field. The foundation's activities have impacted an estimated 70,000 students through its programs. Its mission includes facilitating scholarships, grants, internship opportunities, experiential learning, and supporting risk management curricula. Scholarships are awarded to undergraduate, graduate, and Ph.D. students, as well as part-time graduate students continuing their education in risk and insurance.
Official website here: www.spencered.org
What is the revenue of Spencer Educational Foundation Inc?
Spencer Educational Foundation Inc's revenue in 2023 was $2,484,287.
Official website here: www.spencered.org
Who are the executives of Spencer Educational Foundation Inc and what are their salaries?
There 50 volunteers at Spencer Educational Foundation Inc.
Here are 31 key members and their salaries:
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- Other: $41,628
Official website here: www.spencered.org
Where can I find the form 990 for Spencer Educational Foundation Inc?
Spencer Educational Foundation Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.spencered.org
Learn more at the official website: www.spencered.org
Mission Statement of Spencer Educational Foundation Inc
The Spencer Educational Foundation Inc, with its roots dating back to 1979, is dedicated to fostering the development of future leaders in the risk management and insurance industry. Its mission, in essence, revolves around providing financial assistance through scholarships and grants. This support extends to students pursuing undergraduate, graduate, and doctoral degrees in these fields, as well as to established professionals seeking further education.
The Foundation's mission is multifaceted. It goes beyond just offering financial aid. It also provides internship opportunities, on-and-off-campus experiential learning, and supports risk management curricula at various educational institutions. By doing so, it aims to nurture a new generation of informed and skilled professionals in the risk management and insurance sector.
In essence, Spencer Educational Foundation Inc is committed to investing in the education of tomorrow's leaders in the risk management and insurance industry. Through its various programs, it seeks to equip students and professionals with the necessary knowledge and skills to make significant contributions to this field. By doing so, the Foundation is not only shaping the future of the industry but also ensuring that it remains dynamic, innovative, and responsive to the ever-evolving needs of society.
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Impact
July, 2024
Spencer Educational Foundation Inc has had a significant impact on the risk management and insurance industry by funding the education of future leaders in this field. Since its establishment in 1979, Spencer has awarded almost $9 million in scholarships to students studying risk management and insurance, benefiting an estimated 70,000 students. In addition, the foundation has provided over $7 million in grants to universities and professional institutions, further supporting the development of quality education in this sector. Through its various programs, scholarships, and grants, Spencer Educational Foundation Inc plays a crucial role in nurturing talent and advancing knowledge within the risk management and insurance industry.
This information is meant to be a general summary of Spencer Educational Foundation Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $231,803
- Gross Receipts: $15,731,031
Assets and Liabilities:
- Total Assets: $9,082,783
- Total Liabilities: $496,347
- Net Assets: $8,586,436
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Organization Details
Founding Year
1979
Principal Officer
Megan Miller
Website
www.spencered.orgNTEE Category
Code: B82Z - Education
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