Actuaries Making a Difference

By Yvonne Cheng, FCIA

We as actuaries are especially equipped when it comes to giving back to society. Here is an organization entirely focused on doing that: the Actuarial Foundation of Canada (AFC).

For those of you who haven’t heard about the AFC, it is the philanthropic arm of the actuarial profession in Canada. It was founded in December 2003 to support youth education, consumer education, and research initiatives in Canada that utilize actuarial science and skills in the public interest. The CIA, Society of Actuaries (SOA), Casualty Actuarial Society (CAS), and individual donations provide the majority of the funding to support the foundation’s operations. In addition to making generous cash donations over the years, the CIA has provided valuable services to assist the AFC with its initiatives.

The foundation sponsors a wide range of programs, including student education and scholarships, early childhood education, and consumer education. The main goal for many of these programs is to introduce mathematical concepts early on in school and/or to improve financial literacy in society at large. For many students, an early understanding of basic math will help them grasp more advanced math later on in life.

Here are highlights of the foundation’s activities in 2011 and 2012:

Referring back to the AFC’s mission, it will continue to seek out and ultimately provide funding for worthy activities that will contribute to the goals of:
Your generous donation will help ensure the continued success of the AFC and sustain many of these education and research initiatives. The foundation’s outreach will also help to raise the profile of actuaries with the public.

Contributions made to the AFC by Canadian residents should qualify as eligible charitable donations under the Income Tax Act. Further, unlike many charitable organizations, the AFC applies almost all of the donations received from individual contributors to projects and grants, and not to administration. The AFC intends to maintain this enviable practice, and is able to do so partly as a result of the generous monetary and service donations from the CIA.

With your support, together we can make a difference.

For more information about the AFC or to make a donation, please refer to the foundation’s website at

Yvonne Cheng, FCIA, is a member of the AFC’s Communications Committee.