ANNUAL REPORT
2021-2022
Hello, Friends of the Foundation.
In this Annual Report, we’re thrilled to share some of the great work the Foundation has accomplished during this past year.
Notably, we met and then exceeded our $5 million fundraising goal for the Educate. Connect. Change. Campaign, which kicked off in 2019 in honor of the Foundation’s 25th anniversary. We celebrated this incredible accomplishment during our inaugural Formula 2022 Virtual Gala in May. More than 800 people from across the country attended the Virtual Gala, and together we raised nearly $500,000 to help the Foundation reach more students with our math tutoring, competition and scholarship programs, particularly those from diverse backgrounds and underserved communities.
We are profoundly grateful for our volunteers, individual and corporate supporters, staff and Board of Trustees who make our important work possible. We couldn’t accomplish our mission without you. Thank you.
Sincerely,
Michael Wacek, FCAS, CERA
2021-2022 Chair
Board of Trustees
Since 2004, The Actuarial Foundation has received support from the U.S. actuarial organizations. Their trust and encouragement are key elements in the Foundation’s growth and continued success as the U.S. philanthropic organization for the actuarial profession. Thank you to these organizations for supporting our mission and vision.
Our Mission
To enhance math education and financial literacy through the talents and resources of actuaries.
Our Vision
An educated public in pursuit of a secure financial future.
Thank you to all of our incredible volunteers and donors who have given their time, talent and resources to further our mission and programs. We couldn’t do it without you!
Here’s a look at what we’ve accomplished in 2021-2022.
By the Numbers
Students who received FREE math tutoring through our Math Motivators program, thanks to 543 tutors who volunteered 11,187 hours of their time.
Total awarded by the Foundation in scholarship funds to 83 college students.
Middle school students who participated in The Hardest Math Problem Student Contest this year.
Students who completed our Expect the Unexpected With Math real-world digital math lessons in 2021.
Students who participated in our Modeling the Future Challenge, with $60,000 in scholarship awards split among the 4 winning teams.
Diverse students successfully recruited for our new STEM Stars Actuarial Scholars Program. Each student received a $5,000 scholarship in 2021-2022 and can receive up to $20,000 over 4 years.
Value of the 14,731 hours our volunteers dedicated to our programs this year.
FUNDRAISING ACTIVITIES
Our Educate. Connect. Change. Campaign raised $5,167,150, which was 103% of our $5 million goal.
We raised $26,450 for our Modeling the Future Challenge on GivingTuesday.
1,273 people registered to attended Formula 2022, our inaugural Virtual Gala, which raised $479,410 in support of our mission and programs.
101 members of the Casualty Actuarial Society (CAS) stepped up to the challenge and exceeded the CAS Community Counts Campaign goal by more than 60%.
The program offers high school seniors:
Our STEM Stars Scholars Are Grateful for Your Investment in Their Future
Money Mentors is the Foundation’s new eight-week financial literacy tutoring program that empowers young people to make conscious choices about their resources, time, and energy. We focus on the basics of thinking about money coming in and money going out, and we avoid getting bogged down in details that aren’t relevant or practical.
What makes Money Mentors different from other financial literacy programs is that it is more personalized for students, with a low tutor-to-student ratio (1:1 up to 1:4), Most volunteer tutors are math and financial professionals and receive training and support from our team of professional educators.
Money Mentors was piloted at an Indianapolis-area school in April.
New Offering
Robert D. Shapiro Memorial Scholarship Fund for Actuarial Excellence
As one of the founding members of The Actuarial Foundation, Bob Shapiro’s visionary leadership, dedication and enthusiasm for serving others made a difference in the lives of many. The Foundation is honored to recognize his life and work by establishing a scholarship fund for future actuaries in Bob’s memory. The scholarship fund is intended to support inclusion, equity and diversity in the actuarial profession by providing an annual scholarship award for rising third- and fourth-year undergraduate college students who have already made the decision to pursue an actuarial career.
The scholarship fund will award 3 to 5 scholarships each year starting in 2022.
Each recipient will receive a $12,500 award.
The Modeling the Future Challenge is a real-world competition for high school students that combines math modeling, data analysis and risk management. To compete, students conduct their own research project that models real-world data to analyze risks and make recommendations.
2021-2022 Challenge
A record number of teams (197) registered and completed Phase One of the 2021-2022 Modeling the Future Challenge. Of those 197 teams, 101 moved on to the Semi-Finals. Thirteen teams then were selected as finalists and were invited to the Virtual Symposium in May to present their projects to a panel of actuary judges. From these finalist teams, 4 were selected as winners.
CORPORATE SUPPORTERS
RGA Foundation
Lincoln Financial Group
Principal® Foundation
Nationwide Financial
Helen & James C. Galt
Rick & Beth Jones
Roy & Georgia Goldman
Math Motivators offers free virtual and in-person math tutoring to underserved students in grades 3-12 who need and want tutoring but otherwise cannot afford it. The goal of Math Motivators is to close the opportunity gap to, in turn, close the achievement gap by using a volunteer-driven math tutoring program that pairs underserved students with professionals and college students with strong mathematics backgrounds.
Students Are Succeeding
They’re performing better on tests and getting higher grades. In fact, nearly 50% of students experience an average increase of a full letter-grade or more.
CORPORATE SUPPORTERS
Legacy Circle
Each of these donors has created a lasting legacy by making a bequest or estate gift to the Foundation. We are grateful for their generosity, both now and in the future.
Bob and Pat Anker
John and Beverly Antliff
Craig and Merilyn Baldwin
Paul Braithwaite
Bob and Maggie Conger
Gary and Consuelo Corbett
Michael and Cathleen Corey
Robert V. Deutsch
William Falk
Doug and Toni French
Dave and Kitty Hartman
Joe and Michelle Kelly
Jim and Barbara MacGinnitie
John O. Nigh
Steve and Janie Radcliffe
Rod and Lori Rohda
Gail Ross
Walter and Amelia Rugland
Steven Schreiber and Amy Lorowitz
Karen Shapiro
Vinaya Sharma
Fred and Sue Sievert
Michelle Smith
Joanne Spalla
Eileen and Bill Streu
Mavis Walters
Math GEMs – Ensuring Our Success
Thank you to our monthly donors who provide regular and consistent support for our mission and work.
Andrea Christopherson
Christopher Donahue
Wendy Engel
William Esakov
Adam Feit
Toni French
Elton Kwan
James Lescoe
JoDee Lymburner
Damon Mehrl
Ryan Morris
Joanne Ottone
Margaret Resce Milkint
John Reynolds
John Robinson
Parag Shah
Valerie Thompson
Annie Voldman
Andrea Weetman
Nathan Worrell
Innovator ($250,000+)
Discoverer ($100,000+)
Pioneer ($50,000+)
Pathfinder ($25,000+)
Pacesetter ($10,000+)
