Society of Actuaries to Shift to an Outreach-Oriented Charter
September 25, 2019 by Allison Bell
Members of the Society of Actuaries are defending themselves against the rise of the data scientists by having the SOA shift to a new, more market-oriented structure.
SOA members have voted 92.3% to 7.7% to move the top-level SOA entity to a charter based on Section 501(c)(6) of the Internal Revenue Code, from a 501(c)(3) charter, the SOA announced last week.
Both types of charters exempt entities from federal income taxes.
A 501(c)(3) charter lets a charity, an educational organization or research institute receive tax-deductible contributions from individuals, foundations and other donors.