The New York Chapter of RIMS said it has donated $50,000 to the Spencer Educational Foundation to create the New York City-based foundation's first named part-time master's scholarship.

This is the chapter's third named scholarship with the foundation, which will award scholarships worth up to $10,000 annually to support risk management professionals pursuing master's degrees.

“RIMS New York Chapter has been a leader in supporting risk management and insurance education,” said Ron Davis, newly elected chairman of the Spencer Educational Foundation. “This gift continues that leadership and provides risk management professionals with additional financial support to further their education.”

Four part-time master's degree scholarships will be awarded through this gift, starting in 2017.

The RIMS New York Chapter previously established two named scholarships for undergraduate students: the Dante Petrizzo Memorial/RIMS NY Chapter Scholarship and the Thomas Regan Memorial/RIMS NY Chapter Scholarship. This gift will award four part-time master's degree scholarships, with the first being awarded in the spring of 2017. 

“The New York Chapter feels very strongly that the Spencer Educational Foundation is an important and relevant way to support the risk management community,” said RIMS New York Chapter President Ellen R. Dunkin. “We are excited to be in a position to continue our sponsorship of the foundation and the professional development opportunities the foundation offers.”

In February, the chapter pledged $450,000 to the Spencer Educational Foundation to fund risk management and insurance education program — three installments of $150,000 a year were scheduled to be paid over a three-year period.

Related: RIMS gives $450,000 for risk management and insurance education