Spencer Educational Foundation, Inc. was established in 1979 by the RIMS Atlanta Chapter to honor the late Robert S. Spencer, a former president of RIMS. Spencer was a talented and innovative leader for RIMS and an outspoken advocate of risk management education. His commitment to youth and education was exemplified by establishing the RIMS Student Involvement Program (later renamed the Anita Benedetti Student Involvement Program).
From the start, the Foundation's mission has been to stimulate, promote and encourage promising undergraduate, graduate, doctoral and part-time students of risk management and insurance disciplines. Today, the Foundation is the leading organization for awarding scholarships to students and risk professionals. Students also benefit from the Foundation's Risk Manager in Residence program, student internship program and grants.
Since 1980, more than $4.5 million in scholarships and $2.1 million in grants have been awarded to risk management students and universities. In 2011, the Foundation awarded $277,500 in scholarships and $147,500 in grants.