2012-08-15T15:39:54-05:00 2011-12-31 420714325 MCGLADREY LLP 1 S WACKER DRIVE STE 800 CHICAGO IL 60606 990 2011-01-01 362136422 Society of Actuaries SOCI 8477063500 475 N Martingale Road No 600 Schaumburg IL 601732252 Stacy DR Lin 8477063500 2012-08-15 1 Zack Fortsch P00052725 3126343400 2011 2016-02-24 21:20:13Z Gregory Heidrich 475 N Martingale Road No 600 Schaumburg IL 601732252 61599375 0 X www.soa.org X 1948 IL The Society's mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business, and societal problems involving uncertain future events. 28 28 127 3263 149189 109103 0 0 38476204 41166758 290833 1552745 170184 176504 38937221 42896007 1028427 1230885 0 0 12792655 13116087 0 0 11127 21240689 24738594 35061771 39085566 3875450 3810441 43424870 46123560 12181432 12444199 31243438 33679361 X The Society's mission is to advance actuarial knowledge and to enhance the ability of actuaries to provide expert advice and relevant solutions for financial, business, and societal problems involving uncertain future events. 0 0 9008875 1230885 12006990 The SOA is a membership organization with more than 23,000 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 actuaries, credentialed members 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. 14713749 22499543 SOA's examinations include core topics common to all actuarial disciplines to ensure that all SOA actuaries 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. 5689417 5453694 The SOA conducts various events and professional development opportunities to ensure continued professional growth and excellence for its actuaries. SOA actuaries are required to meet a defined level of continuing education annually in order to maintain their credential. This requirement assures that all SOA actuaries, 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. 5588380 1233846 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. 5588380 1233846 35000421 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 163 0 1 127 1 1 1 1 CA 0 0 0 0 0 0 0 0 X 28 28 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 Al Klein 1.00 X 0 0 0 Alice Rosenblatt 1.00 X 0 0 0 C Ian Genno 1.00 X 0 0 0 Cecil Bykerk 1.00 X X 0 0 0 Donald Segal 1.00 X X 0 0 0 Jeffrey Beckley 1.00 X 0 0 0 Jennifer Gillespie 1.00 X 0 0 0 Jim Toole 1.00 X 0 0 0 John Nigh 1.00 X 0 0 0 Mark Freedman 1.00 X X 0 0 0 Martine Sohier 1.00 X 0 0 0 Dale Hall 1.00 X 0 0 0 Ronald Poon-Affat 1.00 X 0 0 0 S Michael McLaughlin 1.00 X X 0 0 0 Sim Segal 1.00 X 0 0 0 Steven Easson 1.00 X 0 0 0 Thomas Terry 1.00 X X 0 0 0 Tonya Manning 1.00 X X 0 0 0 Valerie Paganelli 1.00 X 0 0 0 William Falk 1.00 X 0 0 0 Joan Barrett 1.00 X 0 0 0 Sue Blanck 1.00 X 0 0 0 Larry Bruning 1.00 X 0 0 0 Daniel Cassidy 1.00 X 0 0 0 Gaetano Geretto 1.00 X 0 0 0 Jeremy Gold 1.00 X 0 0 0 Abrabam Gootzeit 1.00 X 0 0 0 Peggy Hauser 1.00 X 0 0 0 Susan Pantely 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 Bradley Smith 1.00 X X 0 0 0 Darryl Wagner 1.00 X 0 0 0 Donna Weninger 1.00 X 0 0 0 Gregory Heidrich 40.00 X 360834 0 45116 Stacy Lin 40.00 X 267198 0 44796 Richard Veys 40.00 X 237710 0 31742 Kenneth Guthrie 40.00 X 216159 0 38836 Margaret Ann Jordan 40.00 X 208365 0 32754 Emily Kessler 40.00 X 206279 0 28509 Michael Boot 40.00 X 209200 0 37562 Robert Wolf 40.00 X 199558 0 40118 Bruce Iverson 40.00 X 196343 0 39916 Stuart Klugman 40.00 X 199428 0 27649 Steve Siegel 40.00 X 171277 0 37355 Sara Teppema 40.00 X 180755 0 30694 2653106 0 435047 29 0 1 0 Prometric PO Box 223608 Pittsburgh PA 15251 Host Test Centers 3921259 MIB 160 University Avenue Westwood MA 02284 Experience Studies 683174 Audio Visual One Ltd 9611 W Foster Ave Schiller Park IL 60176 AV Services 495408 Ektron 542 Amherst Street Nashua NH 03063 IT Consultant 424280 Burson Marsteller 222 Merchandise Mart Plaza Chicago IL 60654 Marketing Consultant 407720 16 Examination Fees 611710 22499543 22499543 Membership Dues 611710 11353380 11353380 Meeting Registrations 611710 5453694 5453694 Research Income 541900 1233846 1233846 Sponsorships 541800 611300 611300 14995 14995 41166758 525140 525140 19730973 18703368 1027605 1027605 1027605 Website-Joblink 541800 128367 128367 Mailing Labels 541800 20822 20822 Centers of Excellence 541800 4500 4500 22815 22815 176504 42896007 41194073 149189 1552745 692716 692716 281335 281335 256834 256834 3087154 2597879 489275 7275389 6124898 1141643 8848 913075 771464 140855 756 1112432 939902 171609 921 728037 615124 112311 602 256147 171499 84648 101159 101159 1393076 1366256 26820 4238802 4010362 228440 919327 800734 118593 3505516 3183427 322089 3641306 3400386 240920 1576141 1500253 75888 248095 211932 36163 Host for Test Centers 4247502 4247502 Equipment Maintenance 1394684 1134330 260354 Experience Studies 803198 803198 International Relations 336472 336472 2077169 1553918 523251 39085566 35000421 4074018 11127 488499 1706463 25949321 3071702 1097400 1114985 208572 208732 441530 675108 11059986 7247937 3719928 3812049 11405565 35158466 114055 376055 43424870 46123560 6247241 5913235 5934191 6530964 12181432 12444199 X 31243438 33679361 31243438 33679361 43424870 46123560 X 3810441 -1374518 X 0 1 1 X 0 X 34598512 36698991 35338817 38475849 41166758 186278927 34598512 36698991 35338817 38475849 41166758 186278927 24870 19375 16155 15640 14555 90595 0 24870 19375 16155 15640 14555 90595 186188332 1075890 765963 360385 290833 525140 3018211 1075890 765963 360385 290833 525140 3018211 125594 38042 123786 90435 109103 486960 193495 50817 27315 271627 35799996 37502996 36016483 38907934 41828316 190055725 0.97970 0.97590 0.01590 0.01940 X Schedule A, Part IV, Supplemental Information: Other Income, Part III, Line 12: Description: Mailing Labels 2009: 15,361 2010: 22,345 2011: 0 Description: Website 2009: 134,107 2010: 0 2011: 0 Description: Centers of Excellence 2009: 22,500 2010: 13,500 2011: 4,500 Description: Miscellaneous 2009: 21,527 2010: 14,972 2011: 22,815 375449 193500 181949 3456386 2247174 1209212 7228151 4807263 2420888 3812049 42896007 39085566 3810441 -1374518 -1374518 2435923 41521489 -1374518 -1374518 42896007 0 42896007 39085566 0 39085566 0 39085566 Description of Uncertain Tax Positions Under FIN 48: Part X: 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. 1 North America 0 0 Grants to Recipients Educational or Research 182244 Europe 0 0 Grants to Recipients Educational or Research 39069 East Asia and Pacific 0 0 Grants to Recipients Educational or Research 35521 East Asia and Pacific 1 1 Program Services Education 424948 North America 0 127 Program Services Education 331891 Europe (Including Iceland & Greenland) 0 0 Program Services Education 103979 1 128 0 0 1 128 1117652 0 1117652 X Europe (Including Iceland & Greenland) Research Grant 20000 Check n/a n/a East Asia and the Pacific Research Grant 6000 Check n/a n/a North America Research Grant 20000 Check n/a n/a 1 2 Research Grants EAST ASIA & PACIFIC 1 7000 Check n/a n/a Research Grants Europe (Including Iceland & Greenland) 1 1250 Check n/a n/a Research Grants North America 12 40308 Check n/a n/a Educational Scholarships North America 23 116936 Check n/a n/a Educational Scholarships Europe (Including Iceland & Greenland) 5 12819 Check n/a n/a Educational Scholarships EAST ASIA & PACIFIC 21 22521 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 Behavioral Research Assoc 1740 Ridge Ave Suite 216 Evanston IL 60201 205408964 15240 n/a n/a Research Grant Duke University 2200 W Main St Durham NC 22705 560532129 115 7500 n/a n/a Research Grant LIMRA International PO Box 405575 Atlanta GA 30384 261339203 28375 n/a n/a Research Grant Milliman Inc 1099 18th Street Denver CO 80202 910675641 70500 n/a n/a Research Grant PricewaterhouseCoopers LLP PO Box 75647 Chicago IL 60675 134008324 55908 n/a n/a Research Grant Rudolph Financial Consulting LLC 5002 S 237 Circle Elkhorn WI 68022 205431956 31500 n/a n/a Research Grant Towers Watson PO Box 8500 Philadelphia PA 19178 231159360 20000 n/a n/a Research Grant University of Wisconsin Office of Research Sponsorships Milwaukee WI 53278 396006492 115 100731 n/a n/a Educational Grant Wakley Consulting Group I 9777 Pyramid Court Englewood CO 80112 593554482 20000 n/a n/a Research Grant Georgia State University 35 Broad Street Atlanta GA 30303 581845423 115 52820 n/a n/a Educational Grant D'Arcy Risk Consulting 204 E Shermin Circle Urbana IL 61802 262885663 15000 n/a n/a Research Grant Northern Illinois University Lowden Hall 301 DeKalb IL 60115 366008480 115 7000 n/a n/a Research Grant Ernst & Young PO Box 640382 Pittsburgh PA 15264 346565596 45000 n/a n/a Research Grant Hause Actuarial Solutions 7201 W 129th Street Overland Park KS 66212 481241259 18000 n/a n/a Research Grant FACT Solutions 7901 Deronia Ave Louisville KY 40222 451205898 24000 n/a n/a Research Grant Synovate 37090 Eagleway Chicago IL 60678 362061602 9000 n/a n/a Research Grant RAASKR LLC 2917 Country Pt Court Wildwood MO 63038 260142985 20000 n/a n/a Research Grant Markettools Inc 150 Spear Street San Francisco CA 94105 454421565 8500 n/a n/a Research Grant Tri Consulting 1126 Ashland Ave St Paul MN 55104 273115205 32500 n/a n/a Research Grant Risk Lighthouse LLC 950 E Paces Ferry Rd NE Atlanta GA 30326 202325962 20000 n/a n/a Research Grant DF Holdings Inc 220 Farmington Ave Farmington CT 27695 061562433 10000 n/a n/a Research Grant University of California 2195 Hearst Ave Berkley CA 94720 946002123 115 25000 n/a n/a Research Grant IPSOS 1271 Ave of Americas New York NY 10020 522337211 23000 n/a n/a Research Grant 5 18 Research Grants 58 143635 Educational Grants 95 137700 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 0 0 0 0 0 0 0 0 0 Gregory Heidrich 325834 0 35000 0 0 0 24500 0 20616 0 405950 0 0 0 Stacy Lin 242729 0 24469 0 0 0 24500 0 20296 0 311994 0 0 0 Richard Veys 220678 0 17032 0 0 0 23811 0 7931 0 269452 0 0 0 Kenneth Guthrie 196664 0 19495 0 0 0 22245 0 16591 0 254995 0 0 0 Margaret Ann Jordan 190204 0 18161 0 0 0 21298 0 11456 0 241119 0 0 0 Emily Kessler 191511 0 14768 0 0 0 20790 0 7719 0 234788 0 0 0 Michael Boot 192584 0 16616 0 0 0 22364 0 15198 0 246762 0 0 0 Robert Wolf 185037 0 14521 0 0 0 20473 0 19645 0 239676 0 0 0 Bruce Iverson 196343 0 0 0 0 0 20047 0 19869 0 236259 0 0 0 Stuart Klugman 183892 0 15536 0 0 0 19995 0 7654 0 227077 0 0 0 Steve Siegel 162789 0 8488 0 0 0 17708 0 19647 0 208632 0 0 0 Sara Teppema 162710 0 18045 0 0 0 19092 0 11602 0 211449 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. Form 990, Part VI, Section A, line 6 The organization has over 23,000 members who pay dues annually. Form 990, Part VI, Section A, line 7a The organization has an annual election in which all 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. If a conflict were to exist it would be reviewed by counsel and/or the Leadership Team. 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. Changes in Net Assets or Fund Balances: Form 990, Part XI, line 5: Net unrealized losses on investments: -1,374,518.