American Academy of Actuaries

Nonprofit profile at a glance

EIN
366142798
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Washington, DC, USA
Phone
2022238196
Rating
50
Verdict
MIXED
Rating confidence
Moderate

Reported finances

Revenue
$16,165,925
Expenses
$15,250,268
Assets
$36,594,922
Liabilities
$14,246,928

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

38 people listed

Executive titles in this filing

  • Darrell Knapp (President)
  • Tricia Matson (President - Elect)
  • Lisa Slotznick (Immediate Past President)
  • Ken Kent (Penultimate Past President)
  • William Michalisin (Executive Director CEO)

Highest reported compensation

  • William Michalisin (Executive Director CEO): $834,807 total reported compensation
  • Thomas Hopkins (Chief Financial Officer): $381,034 total reported compensation
  • Brian Jackson (General Counsel): $351,186 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Academys mission is to serve the public and the United States actuarial profession.

What it reported doing in 2024

Provided independent and objective actuarial information analysis and education for the formation of public policy; Identified and addressed issues on behalf of the public in matters where actuarial science provided an understanding; Increased the publics understanding and recognition of the value of the actuarial profession; Facilitated and coordinated issues of common interest among the U.S.-based actuarial actuarial associations; and coordinated the representation of the U.S. profession globally.

Operating model

Revenue model
Other-operating. 90% of the money available for current operations came from other operating revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 86
  • Accountability: 95
  • Sustainability: 51
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 5.7%; rating input score 56; 56th percentile among comparable filings
  • Total-asset coverage ratio: 2.4; rating input score 68; 68th percentile among comparable filings
  • Liabilities to assets ratio: 0.39; rating input score 38; 38th percentile among comparable filings
  • Officer compensation ratio: 24.8%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 3.6% per year; rating input score 100; 30th percentile among comparable filings
  • Asset growth: 7.2% per year; rating input score 100; 50th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 21 of 21 board members independent · 8 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $835K · 38 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.3M reported
  • Consistency: 27 of 45 current checks pass · 18 findings to review
  • Schedules: 5 filed schedules · includes grants and executive pay
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 13 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • Review — Sustainability: Operating margin scored 56/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 38/100.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX AllOtherExpenses column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX CompCurrentOfficersDirectors column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX ConferencesMeetings column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX DepreciationDepletion column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX FeesForServicesAccounting column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX FeesForServicesLegal column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX FeesForServicesOther column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX GrantsToDomesticOrgs column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX InformationTechnology column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX Insurance column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX Occupancy column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX OfficeExpenses column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX OtherEmployeeBenefits column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX OtherSalariesAndWages column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX PayrollTaxes column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX PensionPlanContributions column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX Travel column sum did not reconcile in the filed values.