Is it real?
Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in May 1981.
IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File
Where the money goes
89 cents of each dollar spent went to programs.
Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.
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Who runs it and what they're paid
33 people listed on the 990; $661K paid to officers and key staff.
Megan Miller’s $387K as CEO is at the 98th percentile of top reported officer pay among 3395 $1–10M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.
Compensation history total reportable pay by year · 4 named individuals · Part VII
| Name | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Megan Miller | $386,769 | $341,738 | $298,904 | $255,909 | $242,954 |
| Kenneth Goldstein | $170,261 | $170,048 | $131,447 | — | — |
| Tandeka Nomvete | $103,788 | $161,731 | $134,835 | — | — |
| Gina M Boyle | — | $22,750 | $140,000 | $20,000 | — |
Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.
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Questions the 990 asks
The form asks each of these directly. These are the filed answers.
- Family or business ties among officersPt VI · Ln 2No
- Top official's pay set by an independent reviewPt VI · Ln 15aYes
Programs and updates
Funds the education of future risk management and insurance leaders through scholarships, grants, and experiential internship opportunities.
Questions for Spencer Educational Foundation INC
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General Grants
Spencer's grants program supports initiatives that align with the foundation's mission to fund the education of tomorrow's risk management and insurance leaders. Spencer considers grant proposals that fall in the following two critical branches: 1.
Scholarships
Risk management and insurance students are at the heart of everything spencer does. Spencer awards undergraduate, graduate, PH.D. And pre-instructor of practice scholarships to students studying at institutions in the united states and canada, as well as part-time graduate scholarships to risk and insurance professionals continuing their…
Internships
Through our internship grant program, spencer aims to support tomorrow's risk management and insurance leaders through experiential learning opportunities. Spencer provides internship grants of up to $7,500 to risk managers to hire interns in the risk management function of their organizations.
Funders
Who pays for it.
From grant filings on record. Receipts are incomplete: individual donors are never listed.
Grants
By the numbers
The FY2025 990, line by line.
Download 990
| Line | Start FY25 | End FY25 |
|---|---|---|
| Cash and savingsLn 1–2 | $573K | $137K |
| InvestmentsLn 11–13 | $7.8M | $7.6M |
| Land, buildings, equipmentLn 10c | $10K | $10K |
| Total assetsLn 16 | $10.1M | $9.9M |
| LiabilitiesLn 26 | $389K | $504K |
| Net assetsLn 32 | $9.7M | $9.4M |
| Line | Total | Programs | Management | Fundraising |
|---|---|---|---|---|
| Grants to domestic organizationsLn 1 | $2.0M | $2.0M | ||
| Grants to domestic individualsLn 2 | $860K | $860K | ||
| Grants and assistance to foreign recipientsLn 3 | $97K | $97K | ||
| Pay of current officers, directors and key staffLn 5 | $440K | $330K | $22K | $88K |
| Other salaries and wagesLn 7 | $532K | $426K | $45K | $61K |
| Pension plan contributionsLn 8 | $22K | $20K | $1K | $134 |
| Other employee benefitsLn 9 | $56K | $51K | $3K | $3K |
| Payroll taxesLn 10 | $63K | $50K | $4K | $9K |
| Accounting feesLn 11c | $50K | $50K | ||
| Other fees for servicesLn 11g | $93K | $93K | $105 | |
| Advertising and promotionLn 12 | $3K | $3K | ||
| Office expensesLn 13 | $49K | $17K | $18K | $13K |
| Information technologyLn 14 | $7K | $5K | $2K | $380 |
| TravelLn 17 | $258K | $208K | $26K | $24K |
| Conferences, conventions and meetingsLn 19 | $4K | $4K | ||
| InsuranceLn 23 | $12K | $2K | $10K | |
| Other expenses (24a–d)Ln 24 | $184K | $30K | $154K | |
| Total functional expensesLn 25 | $4.7M | $4.2M | $181K | $353K |
Filing history
| Year | Money in | Money out | In minus out | Net assets | Download |
|---|---|---|---|---|---|
| FY2025 Latest Viewing | $4.3M | $4.7M | −$458K | $9.4M | 990 PDF |
| FY2024 | $3.6M | $3.1M | $472K | $9.7M | 990 PDF |
| FY2023 | $2.5M | $2.7M | −$249K | $9.1M | 990 PDF |
| FY2022 | $2.7M | $2.3M | $406K | $8.6M | 990 PDF |
| FY2021 | $2.4M | $1.9M | $512K | $9.3M | 990 PDF |
| FY2020 | $2.1M | $2.1M | −$21K | $9.0M | 990 PDF |
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Schedules filed Part IV
See the full FY2025 990 (6 parts)
Part I · Summary $4,256,856 revenue, 12 lines filed
Part VI · Governance 25 of 25 board members independent, no flags
Part VIII · Statement of revenue $4,256,856 across 8 lines filed
Part IX · Statement of functional expenses $4,715,343 across 17 lines filed
Part X · Balance sheet $9,880,646 assets, 17 lines filed
Part XI · Reconciliation of net assets $9,376,528 net assets at year end
Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File
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