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Chat with the Candidates & Exam Committee First Ballot Candidates are posted - Post questions to candidates here!

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  #21  
Old 07-11-2019, 01:33 PM
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Mary Pat Campbell
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Some 501(c)(6)s endorse political candidates --- will the SOA Board consider it?

A: No.

(again, the CAS does not do this)
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  #22  
Old 07-11-2019, 01:35 PM
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Mary Pat Campbell
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Impact on current governance structure: will still be a common Board between the entities?

A: it will be two boards with identical membership -- [explanation of how it works in an org he's in that has the 501(c)(6)/501(c)(3) structure]
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Old 07-11-2019, 01:35 PM
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Board will be elected by members of 501(c)(6) -- and the bylaws of the 501(c)(3) will say its Board has same composition, etc.

The 501(c)(3) will be a "controlled affiliate"
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Old 07-11-2019, 01:36 PM
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Q: Is this being triggered by pressure from the IRS?

A: No. been 501(c)(3) since 1952... never heard comments from IRS, etc.
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Old 07-11-2019, 01:38 PM
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Mary Pat Campbell
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Q: could we put ban on political activity in by-laws for 501(c)(6)?

A: Yes, we could, but we're not putting that in the proposal being voted on this year.

The proposal that will be put out there, they're trying to reduce the number of changes needed from current bylaws.
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Old 07-11-2019, 01:39 PM
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Q: would this change disciplinary process for members?

A: No. [I'm omitting all the details, but: no. Again, the CAS is 501(c)(6)... and they're not really any different from the SOA in how they deal with the ABCD in the U.S.]
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Old 07-11-2019, 01:39 PM
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Q: What's the downside for the SOA if remaining 501(c)(3)?

A: Feel limitation on ability to grow as organization and to promote profession, limitation on new certificate programs [I'm not sure how that relates]

Jim Glickman: upsides to have 501(c)(3) and 501(c)(6) organizations... the main downside of the new, more complicated structure is keeping accounting straight
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Old 07-11-2019, 01:44 PM
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Q: Triggered because we want combination w/ CAS, etc? [yes, I asked that question...in different words -- I'm sure a few other people may have asked]

A: No. The SOA Board convinced pursuing combination was good idea... the CAS Board did not want to move forward with that. The SOA Board respects that and we're collaborating with them, etc.,

Jim Glickman: what came out of combination project is that we started joint projects on other things with the CAS, even though combination concept didn't go forward. No short-term, medium-term plan to try this again.

501(c)(3)/501(c)(6) structure is how the combination would have been structured
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Old 07-11-2019, 01:45 PM
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Q: Will additional staff be needed for new structure? Additional expense?

A: Additional activity for accounting dept. Will be small amount of activity.

No new additional staff needed for this.

Current staff already deal with accounting for funding to Actuarial Foundation (a 501(c)(3))
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Old 07-11-2019, 01:48 PM
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Certificate programs: pilot program 1.5 years ago with Predictive Analytics certificate, now a permanent program... Board has asked to consider develop certificate programs in other areas of need. Will expect developing more programs, should be done in 501(c)(6)... yes, can do in 501(c)(3) today, but still may be constrained
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