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.


Michael Wacek, FCAS, CERA
2021-2022 Chair
Board of Trustees


Message from the Executive Director



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!

2021-2022 Accomplishments

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.


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%.

Program Impacts


New Offering

STEM Stars Actuarial Scholars Program

The actuarial profession has a diversity challenge. Many scholarship programs have been developed to increase diversity, yet the needle hasn’t moved. A new approach was needed.

Enter the STEM Stars Actuarial Scholars Program, which identifies, recruits and supports high school students with strong math acumen who are interested in the field. By walking alongside these students and providing an array of supportive services to help keep them on their journey to becoming an actuary, we believe we can successfully increase diversity in the actuarial profession. Each STEM Stars Scholar is matched with two mentors. They check in at least monthly to answer questions and provide feedback.

The program offers high school seniors:

  • A $5,000 scholarship, renewable annually for four years
  • Mentoring
  • Tutoring
  • Immersion and other early job experiences
  • Exposure to internships and job shadowing opportunities
  • Opportunities to build their personal and professional networks

Our STEM Stars Scholars Are Grateful for Your Investment in Their Future


Harrison Lim

STEM Stars Corporate Advisory Council Representative, State Farm®

“The STEM Stars program is addressing the need for diverse candidates in the actuarial profession by taking action and providing the needed mentorship and educational support for a pool of talented scholars. Diversity is important because diverse perspectives drive business results and brings various perspectives to the table; STEM Stars is beginning this process at the grassroots level.”


Stephanie Lerner

STEM Stars Corporate Advisory Council Representative, Travelers

“The actuarial profession is a very promising career path, but there are many barriers to entry that have contributed to the lack of diverse representation in the profession. The STEM Stars program helps remove some of these barriers by providing students not only with financial support, but also exposure to mentors, job shadows and connection to potential future employers. This program gives students a helping hand as they navigate into a challenging but rewarding career.” ­


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.

Bob Shapiro, FSA, 1942–2021

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 each year starting in 2022.

Each recipient will receive a 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.

The first place team’s project explored the costs and solutions to homicides in the city of Chicago.

Mentors provided invaluable insights to participants throughout the competition by talking about their careers, personal lives and interests and, of course, the Challenge. In total, there were 155 hours of mentor discussions.

After participating, 69% of students said the Challenge increased their enjoyment of mathematics, and 86% said it increased their confidence in their ability to deal with complex, real-world data.

Teachers whose students participated in the Challenge noted big changes in their students’ abilities: 95% said their students’ mathematical confidence and problem-solving skills increased or greatly increased.

Modeling the Future Challenge Winners Reflect on Their Experience

Title 1 School Support Program

The Title 1 School Support Program, sponsored by the Casualty Actuarial Society (CAS) and F&G, was launched in Summer 2021 with the goal of increasing and expanding access to the Challenge for high school students who are traditionally underserved.

  • The Program provided $600 training stipends to participating educators and a virtual six-week summer training course
  • 5 teachers registered 18 teams in the 2021-2022 Challenge
  • 3 of those teams successfully made it to the Semi-Finals


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.


New Offering

Virtual Tutoring Center

In response to school closures and learning loss experienced in 2020, our free Math Motivators tutoring program moved quickly yet cautiously from in-person to virtual tutoring. In 2021, the Virtual Tutoring Center was established to continue providing free virtual tutoring to students across the country, no matter their location, greatly expanding the reach and impact of the program.

There's Always Help When Students Need It

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.


Bob Conger

Math Motivators volunteer tutor

“As my student worked on a particular set of challenging algebra problems, I could see—from the light in his eyes and from the way he was gripping his pencil—that the pieces were falling into place. He finished the problem set and exclaimed to himself with excitement, ‘I think I’ve got this!’”

The Hardest Math Problem Student Contest

The Hardest Math Problem Student Contest is an annual contest presented by Scholastic, The Actuarial Foundation and the New York Life Foundation that challenges students in grades 6-8 to solve multistep, grade-specific math problems with real-world situations and engaging characters. It also aims to build confidence with math and establish important foundational math skills for students.

Thank you to the 17 volunteers who judged the contest this year to select the winners.

Hannah C., eighth-grade  grand-prize winner
Hannah C., eighth-grade grand-prize winner

Total awarded to each of the 3 grand-prize winners as a 529 savings plan

Number of runner-up winners who received the prize of a new tablet


Amount winning teachers from each grade receive as a gift card


Abhinav N.

Sixth-grade grand-prize winner

“I take part in several math and science competitions, but The Hardest Math Problem Student Contest was unique in that it focuses not only on the math but also gave importance to my reasoning. I really would like to thank you for your encouragement, recognition, the scholarship and of course the computer! It is an amazing feeling to be able to win something while doing math, which is a subject that I love.”



Board of Trustees (June 1, 2021 - May 31, 2022)

Michael Wacek

Jeffrey Johnson

Immediate Past Chair
Margaret Resce Milkint

Andy Ferris

Sandra Brown
Robert Conger
Andie Christopherson
Kelly Cusick
Richard de Haan
Alex DeWitt
Emily Gingrich
Olga Jacobs
Steve Eisenstein

Jeremy Engdahl-Johnson
Ted Lyle
Tonya Manning
Roosevelt Mosley
Kathy Odomirok
Nadine Orloff
Sharon Robinson
Patricia Rotello
Eric Sherman

Clark Slipher
Michael S. Smith
Joanne Spalla
Dewayne Ullsperger
Chad Wischmeyer
Susan Witcraft
Benjamin Ybarra

Emeritus Trustees (June 1, 2021 - May 31, 2022)

Bob Anker
Ronald E. Bachman
Craig M. Baldwin
Edward W. Bales
Albert J. Beer
Paul Braithwaite
Cecil D. Bykerk
Suzanne Chapa
Pamela Cone
Thomas R. Corcoran

Michael J. Corey
Kevin A. Cormier
David Cummings
Robert V. Deutsch
Brian Donlan
John W. Ehrhardt
David J. Fishbaum
Douglas A. French
Michael Fusco
Roy Goldman

Jacques Goulet, Jr.
Patricia L. Guinn
Sam Gutterman
Maureen Hager
Sarah Hamid
Curtis D. Hamilton
Jane L. Hamrick
David G. Hartman
Barry Jacobson
Gary R. Josephson

Joseph W. Kelly
Joseph J. Leube
Warren Luckner
James MacGinnitie
Charles Marino
S. Michael McLaughlin, Jr.
Cynthia Miller
Joseph A. Nichols
Kathy Olcese

Arthur Panighetti
Anna Rappaport
Rodney R. Rohda
Charles E. Rohm
Walter S. Rugland
David K. Sandberg
Steven Schreiber
John J. Schubert
Carol R. Sears
Frederick J. Sievert

Robert W. Stein
Thomas C. Sutton
Dorn Swerdlin
Patricia A. Teufel
Kevin Thompson
James A. Tilley
Mavis A. Walters
Greig Woodring
Dale H. Yamamoto
Amanda E. Young

Deepening Our Impact

Individual Donors and Family Foundations

We appreciate our individual and family foundation donors who share our commitment to strengthening math education and financial literacy.

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

Extending Our Reach

Corporate and Foundation Supporters

We are grateful to our Corporate and Foundation Supporters whose contributions, sponsorships and matching gifts help us reach more students, teachers and families with exciting and an innovative math programs and resources.

Innovator ($250,000+)

Discoverer ($100,000+)

Pioneer ($50,000+)

Pathfinder ($25,000+)

Builder ($5,000+)




National Institute on Retirement

Pinnacle Actuarial Resources Inc.

Reinsurance Association of America

Securian Foundation

Swiss Re

Tokio Marine HCC

Ambassador ($2,500+)


Gabriel Roeder Smith & Co

JPMorgan Chase

NCCI Holdings, Inc.

PartnerRe U.S.

The Bannow-Larson Foundation

UnitedHealth Group

Advocate ($1,000+)

American Agricultural Insurance Co

Casualty Actuaries of New England

Milliman Seattle Life Practice

Planner ($500+)

Actuarial Careers, Inc.

Westfield Insurance

Supporter ($100+)

Buckeye Actuarial Continuing


Guardian Life Insurance Co

Guckenheimer-Dosick Group

Matczak Consulting LLC

Old Providence Presbyterian Church

Pension Research Council

Matching Gift Companies

AIG Matching Gifts Program
Allianz Global Assistance Matching Gift Program
Allstate Giving Campaign
AmazonSmile Foundation
American Family Life Insurance Co
Ameriprise Financial
Amica Companies Foundation
Aon Foundation
Bank of America
Chubb Group of Insurance Companies

CNA Foundation
Country Financial
Erie Insurance
Farmers Life Insurance Co
GE Foundation
Health Care Service Corporation
Humana Foundation
John Hancock Financial Services
Johnson & Johnson Foundation
JPMorgan Chase
Lincoln Financial Group
Marsh & McLennan Companies

New York Life Insurance
Northwestern Mutual
Pacific Life Foundation
Plymouth Rock
Prudential Foundation
Raytheon Technologies
RGA Reinsurance Company
Securian Financial Group
Southern California Edison
State Farm Foundation
The Hartford

The Moody's Foundation
The Standard
The Vanguard Group
Thrivent Financial for Lutherans
Travelers Foundation
United Services Auto Assn
UnitedHealth Group
Vanguard Matching Gift Program
Willis Towers Watson
Zurich North America