Spencer Educational Foundation Inc.

“Form 990 is prepared by a nationally recognized accounting firm in conjunction with the organization's management. Draft form 990 is reviewed by the organization's management and audit/finance committee. After review the form 990 is then provided to all members of the board of directors before it is filed with the internal revenue service.”

“The organization has a "board approved" conflicts of interest policy. Each board member, upon appointment and annually, must fill out a declaration stating they had no conflicts or identifying the nature of their interested party transactions.”

“The organization does not compensate any officer or key employee.”

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“Line (24) MEGAN E. MILLER and LINE (25) KATHERINE GLEDHILL; PART VII, SECTION B: UNDER A WRITTEN MANAGEMENT AGREEMENT THE REPORTING ORGANIZATION PAID RISK AND INSURANCE MANAGEMENT SOCIETY, INC. ("RIMS") (A NON-RELATED ORGANIZATION FOR PURPOSES OF FORM 990, SCHEDULE R REPORTING) A MANAGEMENT FEE (REPORTED IN ACCOMPANYING FORM 990, PART VII, SECTION B) THAT INCLUDES THE SERVICES OF 1) DEVELOPMENT DIRECTOR, 2) PROGRAM DIRECTOR, 3) VP FINANCE & ACCOUNTING AND HR DEPARTMENT, 4) HUMAN RESOURCES, 5) GENERAL COUNCIL, 6) SUPPORT SERVICES, 7) MARKETING SERVICES, 8) INFORMATION TECHNOLOGY, AND 10) FACILITIES AND LOGISTICS. THE EXECUTIVE DIRECTOR (TOP MANAGEMENT OFFICIAL) AND VP FINANCE (TOP FINANCIAL OFFICIAL) WERE BOTH COMMON LAW EMPLOYEES OF THE REPORTING ORGANIZATION.”

“Spencer educational foundation is the premier organization awarding scholarships and grants in risk management and insurance. Since its founding, the foundation has awarded more than 1,000 scholarships totaling approximately $x million, and approximately $3.8 million in grants to universities and professional institutions for educational programs and conferences. The foundation was named in honor of the late robert s. Spencer, an innovative leader and past president of the risk and insurance management society, and an outspoken advocate for risk management education. With support from individuals, corporations, rims chapters, and fundraising events, the foundation provides: a) scholarships b) grants supporting student and professional education initiatives c) grants for summer internships d) funding for risk management/insurance related curriculum at universities e) grants supporting student and professional education initiatives”