NEW! RIMS Grants for Risk Management Course Development

In 2013, the Risk and Insurance Management Society, Inc. (RIMS) made a significant and generous donation to the Foundation with the guidance that the monies be used to develop risk management and insurance curriculum at schools that do not currently have such courses. This grant fills a key goal:  Create awareness about the risk management and insurance industry and the role it plays in today’s business  environment. Long-term, the Foundation would like to see risk management and insurance be commonplace in business curricula.

Grants of $25,000 and $10,000 respectively will be awarded for proposals to:

Develop an undergraduate course on risk management and insurance principles at a university or college that currently does not offer such a curriculum.
Develop a module about risk management and insurance within an existing undergraduate business course at a school that currently does not offer such a curriculum.

FM Global Grants for Loss Control Course Development




FM Global Grants
In 2008, FM Global contributed $525,000 to the Spencer Educational Foundation, the largest gift in the Foundation’s 33-year history. The gift included $300,000 earmarked to assist universities in developing new loss prevention-related courses. In April, 2009, the first two $50,000 grants were awarded to the University of Hartford and Virginia Commonwealth University. In 2010, a $50,000 grant was awarded to Ball State University. The committee did not select a 2011 grant recipient. In 2012, California State University at Fullerton and Old Dominion University each received a $50,000 grant and in 2013, Temple University was awarded a grant.

We are currently awaiting future funding for this grant, please check our website in the Fall 2013.

2013 Funding Guidelines


A.      Overview


The  Loss Prevention Education Grant program is intended for academic institutions with risk management programs that are interested in creating either undergraduate course curricula or a graduate course to provide future risk managers with a greater understanding of the value of engineering in loss prevention.     


With the growth of the global economy, and as many organizations become increasingly interdependent across borders, risks to many entities have grown rapidly as have the financial consequences of loss.  In economically trying times, sound loss prevention methods become especially important as many organizations are under increasing pressure to do more with less, facing more scrutiny by their stakeholders to operate responsibly and develop sustainable and winning long-term business strategies that minimize operational risks. 


Unfortunately, for many students pursuing studies in risk management, current loss prevention-related academic course material is scant and often outdated at both the undergraduate and graduate levels.  Risk management courses that focus on the value of engineering in loss prevention often do not exist or are not as robust as many institutions of higher learning, or their students, would prefer.  With the benefit of relevant and the most up-to-date course materials, these students will be better prepared to meet the challenges of the organizations that one day will employ them. 


As such, this grant program gives colleges and universities financial backing to take a leading role in loss prevention advocacy.  This in turn has the promise to make their collegiate programs even more competitive.


Spencer Educational Foundation, Inc.’s Loss Prevention Education Grant Program is being underwritten by FM Global, one of the world’s largest business property insurers (


B.          Funding


In 2013, the program will award one grant of up to US$50,000* for either:


  1. Development of one to three undergraduate modules of 50 to 75 minutes each in length, that aim to increase students’ understanding of how loss prevention engineering helps manage risk effectively

  2. Development of a graduate loss prevention course curriculum for students studying risk management

*Up to ten percent of the grant may be spent by a recipient on expenses.  No matching funds are required by the grant recipient.


C.          Eligibility Requirements


Grant applicants must represent colleges or universities with a formal risk management curriculum. 


Applicants may represent institutions of higher learning located anywhere in the world.

In addition, for the undergraduate module activity, a team of up to three educators representing various colleges or universities may apply for one grant.  All applicants or applicant teams should have a risk management program at their respective academic institution(s).


Grant recipients agree to:

  • Complete all curricula or course development work within one year of receiving the grant.

  • Implement their program by the September 2015 semester

  • Formally report on progress (view application by clicking link below)



D.          Application Process and Deadline


All applicants must complete the accompanying grant application form. All proposals will be treated as confidential documents.


Grant applications are due by 5 p.m. ET  January 31, 2013.   

Grant recipients will be notified in March 2013.


Applicants should send completed applications via e-mail or hard copy to:


FM Global Grant Committee

Spencer Educational Foundation, Inc.

1065 Avenue of the Americas, 13th Floor

New York, NY  10018
or  Angela Sabatino at

To download a 2013 application for the SEF/FM Global grants clickhere

VCU "Risk Management Challenge" Contest - $15,000 Grant


Hosted by VCUbusiness Risk & Insurance Studies Center

Virginia Commonwealth University

Sponsored by The Spencer Educational Foundation


The Risk Management Challenge has been established with the following goals: 1) to increase students’ awareness and understanding of the unique role of risk management in the economy; 2) to promote greater interest in risk management as a subject for undergraduate and postgraduate study, and as the basis for a future career; 3) to develop students’ research, cooperation, presentation and critical thinking skills; and 4) to develop a closer relationship between the college community, RIMS and the Spencer Educational Foundation.

The first contest was held the end of March 2012; eight universities participated.  First Prize of $5,000 was awarded to the VCU Team, Second Prize of $3,000 was awarded to Illinois State University, Katie School of Insurance Team and Third Prize of $2,000 went to the Utica College Team.

Does your university or college have a program that would benefit from a Spencer grant?  Click here to download an application.  While grants are reviewed throughout the year, we receive a good amount of submissions the first quarter of the year; we have a limited budget for this program.  Send in your application early!

$40,000 Grant to RIMS' Anita Benedetti Student Involvement Program

Anita Benedetti Students at the 2010 RIMS Conference in Boston

 Anita Benedetti
In 2013, the Foundation awarded a $40,000 grant to the Anita Benedetti Student Involvement Program (ABSIP). The program, administered by the Risk and Insurance Management Society, Inc. (RIMS), sends selected students to attend educational sessions at the RIMS Annual Conference and Exhibition.  The Program is named after Anita Benedetti, a Deputy Executive Director of RIMS and President of the Spencer Educational Foundation, who passed away in August 1996.