Society of Actuaries

Analysis

Society of Actuaries is a registered charity in United States, based in Chicago, IL. It received its IRS tax-exemption ruling in November 1952, 74 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Society of Actuaries reported income of $1.4m and spending of $8.5m, spending 600% of what it took in. Across the 5 years on record, from December 2019 to December 2023, income fell from $61.4m to $1.4m (-98%), an average of -61% a year. The sharpest change came in the year to December 2022, when income dropped by 104%. Over the whole period it spent 117% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Society of Actuaries sits at the 81st percentile: it is larger than about 81% of them. Against every charity in United States with reported income it ranks in the 83rd percentile, and in the 82nd percentile within IL. Charities of a similar size with the same main cause include Penguin Club ($1.4m), Center for Study of Responsive Law ($1.4m) and St Lukes Williamsbrige Housing Development Fund Company Inc ($1.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 93% and program service revenue 11% of the total. Compensation of current officers, directors and key employees was $461k (5.5% of expenses). Other salaries and wages came to $3.1m. At year end it held assets of $41.7m against liabilities of $2.8m, net assets of $38.9m. It reported 194 employees.

Data notes from the register: Spending has exceeded income in each of the last three reported years, so the charity has been drawing on reserves or other funds.