2024-09-19T17:17:58-07:00 2023-12-31 990 2023-01-01 390201015 CATHOLIC FINANCIAL LIFE CATH 4142736266 1100 W WELLS ST MILWAUKEE WI 53233 Kari Diestelhorst Chief Financial Officer 4142786582 2024-09-19 1 2023 2024-08-08 14:25:15Z Kari R Diestelhorst 1100 W WELLS ST MILWAUKEE WI 53233 264433548 0 0507 X WWW.CATHOLICFINANCIALLIFE.ORG X 1885 WI Catholic Financial Life, a faith-based membership organization, puts Catholic values in action by serving God through serving others, providing financial security and enhancing quality of life. The Society offers individual life insurance and annuity products through a network of Financial Advisors. Members also have access to fraternal benefits that include child cancer and orphan benefits, will preparation benefit and social activities through the chapter system. The Society is committed to hosting and supporting fraternal activities and community outreach. In 2023, Catholic Financial Life members performed nearly 78,500 hours of volunteer service, valued at more than $2.5 million to extend their hand to help others in need. Over $1.6 million in contributions were raised through the Society's efforts to promote Catholic education, Diocesan programs, civic causes and more. 12 10 135 11948 0 0 1860 1730 58227341 84939256 65842551 71796129 3533561 5092036 127605313 161829151 1086364 1168381 95849147 122860095 9279849 10036385 0 0 0 12471276 17683977 118686636 151748838 8918677 10080313 1688153935 1731339776 1554382452 1592976409 133771483 138363367 Catholic Financial Life, a faith-based membership organization, puts Catholic values in action by serving God through serving others, providing financial security and enhancing quality of life. 0 0 150362421 161828951 Financial Security: The Society operates to provide its members long term financial security through the offering of individual life insurance and annuity products. Members are served by a network of Financial Advisors that provide financial planning, estate planning and other financial services. Each member has access to their financial products and information through their own Financial Service Advisors and/or Home Office Member Services Representative. 1386417 1730 Fraternal Benefits & Community Outreach: The Society exists to benefit its members and community in non-financial ways. This includes faith based education, fraternal social events and community outreach. The Society is committed to provide fraternal benefits including child cancer and orphan benefits, will preparation benefit and the coordination and support of community service. In addition to monetary contributions, over 78,500 hours of service were donated to support various Diocesan and community programs and events in 2023 valued at nearly $2.5 million. 0 0 0 151748838 0 0 0 0 0 0 1 0 1 1 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 1 27059 0 1 135 1 0 0 0 0 0 0 0 0 X 12 10 1 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 1 1 CA X Kari R Diestelhorst 4142786582 1100 W WELLS ST MILWAUKEE WI 53233 John T Borgen President and Chief Executive Officer 45 2 X X 434536 0 50795 Kari R Diestelhorst Chief Financial Officer 45 0 X 265323 0 47542 Rogelio Cabral Vice President Sales 45 0 X 255877 0 42243 Joseph K Kohut Director of Brokerage Operations 45 0 X 242822 0 43666 Michael J Attewell Chief Information Officer 45 0 X 244174 0 10230 Michael C Eyrich SVP Membership 45 0 X 209353 0 44241 Sara J Walker Vice President Investments 45 1 X 201690 0 25050 Linda M Hanson Vice President of Actuarial 45 0 X 214810 0 10577 Peter L Duellman Director of Actuarial and Analytics 45 0 X 206702 0 12349 Kristen L Mueller Secretary and Vice President Human Resources 45 0 X X 192017 0 22485 Cynthia E Feld Controller 45 2.00 X 140888 0 39935 Jake G Maliszewski Director of Financial Planning & Analysis 45 0 X 147744 0 26024 Eric J Atkins IT Operations Team Lead 45 0 X 129737 0 20533 William R O'Toole Director & Former Chief Executive Officer 3.00 2.00 X X 98000 0 1000 Allan G Lorge Director and Board Chair 4 0 X 42500 0 0 Kari L Niedfeldt-Thomas Director 3.00 0 X 26500 0 0 Jeffrey B Tilley Director 3 0 X 23000 0 0 Joseph G Kopinski Director 3 0 X 23000 0 0 Sandra T Dempsey Director 3 0 X 23000 0 0 Susan M Obermiller Director 3 0 X 23000 0 0 Coral M Grout Director 3 0 X 22000 0 0 Lisa A Mick Director 3 0 X 22000 0 0 Michael A Giffhorn Director 3 0 X 22000 0 0 3210673 0 396670 29 1 1 0 WELLINGTON MANAGEMENT CO LLP 280 Congress St Boston MA 02210 Investment management 1088005 ASSET ALLOCATION & MANAGEMENT CO LLC 30 W Monroe Street Chicago IL 60603 Investment management 272542 DEER DISTRICT LLC 1543 N 2nd Street Milwaukee WI 53212 Event hosting 180317 TUXEDO INS AGENCY INC 6148 Broadway Rd Suite 3167 Cleveland OH 44134 Insurance 173293 STROHM BALLWEG LLP 9701 Brader Way Suite 301 Middleton WI 53562 Audit services and consulting 163874 5 X 0 1730 0 0 0 0 0 1730 Premium Income 524113 82974480 82974480 0 0 Commissions and exp allowance on reinsurance 524113 1964776 1964776 0 0 0 0 0 0 84939256 71791095 71791095 0 0 0 0 0 0 0 0 0 0 2247553 0 1740817 0 506736 0 506736 506736 0 0 100868614 0 100863580 0 5034 0 5034 5034 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net allocated investment expense 524113 4585300 4585300 0 0 Miscellaneous Income 524113 0 0 0 0 0 0 0 0 4585300 161829151 161827421 0 0 X 933696 933696 234685 234685 0 0 122860095 122860095 3607343 3607343 0 0 0 0 0 0 3117603 3117603 0 0 0 0 0 0 2511143 2511143 0 0 800296 800296 0 0 0 0 0 0 131210 131210 0 0 245664 245664 0 0 0 0 0 0 0 0 0 0 0 0 572303 572303 0 0 317997 317997 0 0 119485 119485 0 0 861654 861654 0 0 0 0 0 0 755288 755288 0 0 328731 328731 0 0 0 0 0 0 580503 580503 0 0 0 0 0 0 223416 223416 0 0 1298831 1298831 0 0 133430 133430 0 0 Commissions 4953609 4953609 0 0 Field representatives expenses 1465140 1465140 0 0 Other expenses 5590753 5590753 0 0 Fraternal expenses 105963 105963 0 0 151748838 151748838 0 0 -1940405 -1914605 20113842 10634097 20827622 14952699 5637587 5874923 1320857317 1320288962 296955398 348794984 27804297 27354675 18725899 20306740 1688153935 1731339776 5964374 7823353 1548418078 1585153056 1554382452 1592976409 X 0 0 133771483 138363367 0 0 133771483 138363367 1688153935 1731339776 X 10080313 3286992 0 0 0 -8775421 X 0 1 1 0 0 0 X X 0 1758492 506709 239617 94740 0 10418 2399660 2112714 0 -258675 88843 0 6704 1758492 2010779 0 197071 89471 0 5665 2112714 1924918 0 155322 58595 0 10866 2010779 1758972 0 293431 118455 0 9030 1924918 0 1 0 0 1 1 0 0 0 0 10027060 5666976 4360084 0 8395940 7161526 1234414 0 2404622 2124197 280425 0 0 0 0 5874923 Private Commercial Loans 41436771 C Private Placement Bonds 290385441 C Private Equity Holdings 693271 F Other 16279501 C 348794984 Policy and claim reserves 1558457046 Asset valuation reserve 17465117 Interest maintenance reserve 4825760 Advance premiums 2417182 Refunds payable 1594781 Other miscellaneous liabilities 393170 Pension Liability 0 1585153056 157238817 0 0 0 0 0 157238817 4585300 5034 4590334 161829151 147163538 0 0 0 0 0 147163538 4585300 0 4585300 151748838 Schedule D, Part III, Line 1 The Society considers all works of art and historical exhibits to be non-admitted assets as defined by the guidance within the National Association of Insurance Commissioner's Accounting Practices and Procedures Manual. These assets are accordingly excluded from the Society's Balance Sheet. Schedule D, Part III, Line 4 The Society has an extensive collection of historical items. The items are displayed throughout the Society's home office for viewing by associates, members and the general public. The Society maintains these items with utmost care to ensure they are available for future generations. Schedule D, Part V, Line 4 All endowment funds are held and administered by the Society's tax-exempt affiliate, Catholic Financial Life Foundation, for the sole use of the Foundation in accordance with its giving guidelines. Schedule D, Part XI, Line 4b Realized gain. 1 Catholic Financial Life Foundation Inc 1100 W Wells St Milwaukee WI 53233 204780760 501(c)(3) 219000 0 CASH 0 Primarily supporting Catholic education Cristo Rey Jesuit High School 1818 W National Ave Milwaukee WI 53204 465457943 501(c)(3) 27500 0 CASH 0 High School Scholarships St Vincent de Paul PO Box 26537 Milwaukee WI 53226 390806406 501(c)(3) 15300 0 CASH 0 Sponsorship Special Olympics Wisconsin 2310 Crossroads Drive No 1000 Madison WI 53718 391176591 501(c)(3) 11350 0 CASH 0 Sponsorship Milwaukee Habitat for Humanity 3726 N Booth St Milwaukee WI 53212 391496741 501(c)(3) 10500 0 CASH 0 Housing St Francis de Sales Seminary 3257 S Lake Dr St Francis WI 53235 390806358 501(c)(3) 10000 0 CASH 0 Sponsorship United Way of Greater Milwaukee and Waukesha County Inc 225 W Vine Street Milwaukee WI 53212 390806190 501(c)(3) 9400 0 CASH 0 Sponsorship This Time Tomorrow Foundation 700 Hickory Street Pewaukee WI 53072 274942425 501(c)(3) 9000 0 CASH 0 Sponsorship Archdiocese of Milwaukee 3501 South Lake Dr Milwaukee WI 53207 390807221 501(c)(3) 5704 0 CASH 0 Support Catholic education United Community Center Inc 1028 S 9th St Milwaukee WI 53204 391146191 501(c)(3) 5500 0 CASH 0 Sponsorship 10 0 Direct Charitable Outreach: Catholic Financial Life embodies Catholic values in action. In 2023 our chapters and the home office donated funds in support of our local communities through direct donations. 0 670341 0 Cash The number of recipients cannot be determined. Match Fund Program: Through this program our chapters and members conduct fundraisers to benefit individuals, families, communities, religious and charitable organizations. Catholic Financial Life matches up to $1,000 for each fundraiser conducted by our local chapters. Our chapters work independently or partner with local organizations to conduct fundraising activities. A total of 518 fundraisers were conducted in 2023. In 2023, $638,884 was raised by Chapters, $259,964 was matched by the home office for a total of $898,848. 518 259964 0 Cash The number of recipients cannot be determined so an estimate is used based on the number of events matched. Educational Benefits: Grade school andseminarian scholarships. Members attending Catholic elementary schools, Catholic high schools, colleges or studying for the priesthood are eligible for applicable scholarships. 444 165900 0 Cash Spiritual Benefits: Catholic Financial Life values the spiritual growth of its members. To foster and recognize this growth, several spiritual benefits are granted to members. 1. Baptismal certificates, 2. Commemorative parayer book for celebrating the Sacrament of First Holy Communion, 3. Up to $100 fpr those who participate in a retreat for the Sacrament of Confirmation or for spiritual growth, 4. Commemorative plaque for celebrating Holy Matrimony and 5. Up to $100 towards the cost of attending a Catholic summer camp. 504 71259 0 Cash Financial Benefits: Estate planing, Prenatal Benefit, Newborn Protection, Child Protection Benefit, Orphan's Benefit, Childhood Cancer Benefit, Special Needs Benefit and Member Rewards Program. 4087 208515 0 Cash Impact Teams: In 2018, a new member benefit was launched, putting the power of sponsoring a community service project conducted into the hands of individual members. The home office provides seed money of $150 to purchase supplies and five Impact Team t-shirts to members who sponsor an approved project. 0 4860 0 Cash Schedule I, Part I, Line 2 Matching Funds grants are made to chapters for charitable fundraising programs which local chapters decide to support in accordance with the Matching Funds Program Policy. Elementary school tuition grants are made in accordance with a written corporate policy and are paid directly to the named educational institution or service provider. Member loyalty awards are based upon years of membership. All other contributions and grants are made by a Charitable Contributions Committee comprised of the Society's President, Corporate Secretary/VP of Human Resources, Manager of Corporate Communications and Events, and the Executive Assistant to the President. X X 1 1 X X X X 0 1 0 John T Borgen President and Chief Executive Officer 366683 0 55335 0 12518 0 18300 0 32495 0 485331 0 0 0 Kari R Diestelhorst Chief Financial Officer 229853 0 35200 0 270 0 15048 0 32495 0 312866 0 0 0 Rogelio Cabral Vice President Sales 137533 0 31450 0 86894 0 9798 0 32446 0 298121 0 0 0 Joseph K Kohut Director of Brokerage Operations 105259 0 0 0 137563 0 10396 0 33270 0 286488 0 0 0 Michael J Attewell Vice President of Information Technology 215000 0 28400 0 774 0 9642 0 588 0 254404 0 0 0 Michael C Eyrich Vice President Distribution 182283 0 25000 0 2070 0 11655 0 32586 0 253594 0 0 0 Sara J Walker Vice President Investments 174902 0 25600 0 1188 0 12197 0 12853 0 226740 0 0 0 Linda M Hanson Vice President of Actuarial 184746 0 28600 0 1464 0 9008 0 1569 0 225387 0 0 0 Peter L Duellman Director of Actuarial and Analytics 177010 0 28630 0 1062 0 10851 0 1498 0 219051 0 0 0 Kristen L Mueller Secretary and Vice President Human Resources 167647 0 24100 0 270 0 10185 0 12300 0 214502 0 0 0 Cynthia E Feld Controller 127946 0 12446 0 495 0 7981 0 31954 0 180822 0 0 0 Jake G Maliszewski Director of Financial Planning & Analysis 134100 0 13500 0 144 0 4067 0 21957 0 173768 0 0 0 Eric J Atkins IT Operations Team Lead 123178 0 6289 0 270 0 7995 0 12538 0 150270 0 0 0 Schedule J, Part I, Line 1a The Society directly pays for social and health club dues for selected officers as those facilities are used for the Society's business purposes. Spouses travel costs are paid directly by the Society in those instances where spouses attendance is considered a normal business practice for the specific event. Schedule J, Part I, Line 3 Annually, all officer positions are compared to market averages for like positions utilizing insurance market data for similar insurance companies to determine compensation that is reasonable. All top officer salaries are reviewed with the Compensation Committee. The Compensation Committee completes an annual written evaluation of the President from all Directors. Considering this performance evaluation and industry average compensation survey data, the Compensation Committee recommends the President's compensation for full Board of Directors action. Deliberations and decisions by the Compensation Committee and Board of Directors are recorded in their respective meetings minutes. Schedule J, Part I, Line 4 Payment from a supplemental deferred compensation plan was made to William O'Toole in the amount of $115,375. Form 990, Header, Line A Catholic Financial Life filed Form 8868, Extension of Time to File an Exempt Organization Return by the original due date of May 15, 2024 and was granted an extension until November 15th, 2024. Form 990, Part VI, Section A, Line 2 The majority of the officers and directors of Catholic Financial Life Foundation are also officers, directors or financial representatives of Catholic Financial Life. Form 990, Part VI, Section A, Line 6 Catholic Financial Life is a fraternal benefit society operated under a mutual form owned by its members who own financial products. Form 990, Part VI, Section A, Line 7a The Board of Directors meet, at a minimum, quarterly. Form 990, Part VI, Section A, Line 7b In the case of a merger with another fraternal with assets greater than the Society, the Society's delegates are required to vote on and approve the merger as previously approved by the Society's Board of Directors. Form 990, Part VI, Section B, Line 11b The Form 990 is reviewed by the Chief Financial Officer for accuracy and completeness. The return is then reviewed by the Accounting, Finance and Investment Committee (AFI) of the Board of Directors before filing. All Directors are provided with access to the final copy before it is filed. Form 990, Part VI, Section B, Line 12c Annually all officers and directors are provided a copy of the Society's Code of Ethics (which includes conflict of interest policies) and they are required to certify they have read the Code, have no conflicts of interests, and have not violated the Code. The Secretary reviews all signed certified copies. The Board of Directors also completes an annual self-evaluation process. Form 990, Part VI, Section B, Line 15 Annually, all officer positions are compared to market averages for like positions utilizing insurance industry market data for similar insurance companies to determine compensation that is reasonable. All top officer salaries are reviewed with the Compensation Committee. The Compensation Committee completes an annual written evaluation of the President from all Directors. Considering this performance evaluation and industry average compensation survey data, the Compensation Committee recommends the President's compensation for full Board of Directors action. Deliberations and decisions by the Compensation Committee and Board of Directors are recorded in their respective meetings minutes. Form 990, Part VI, Section C, Line 19 Governing documents are available on the Society's website. Financial statements of the Society are available upon request. All members are provided a summary annual financial statement in the Society's membership magazine. Approved bylaw changes are also reported to all members in the membership magazine. Form 990, Part VIII, Line 2a - 2e All revenues are regarded as being from activities substantially related to the organization's exempt purpose and are therefore included in column B as related or exempt function revenue. Form 990, Part IX, Line 1 All expenses are regarded as being from activities substantially related to the organization's exempt purpose and therefore, included in column B, Program service expenses of the Statement of Functional Expenses. Form 990, Part XI, Line 9 1) -$5,541,272 change in non-admitted assets, 2) -$5,585,893 change in Asset Valuation Reserve, 3) $-175,900 change in surplus as a result of reinsurance, 4) $2,527,644 change in minimum pension liability. Catholic Financial Life Foundation Inc 1100 W Wells St Milwaukee WI 53233 204780760 Religious and educational grants WI 501(c)(3) 9 N/A 0 St Jean-Baptiste Educational Foundation PO Box 275 Woonsocket RI 02895 237377080 Educational scholarships RI 501(c)(3) 9 N/A 0 Catholic Knights Financial Services Inc 1100 W Wells St Milwaukee WI 53233 391796482 Holding company WI N/A C 1 0 Catholic Brokerage Service Corp 1100 W Wells St Milwaukee WI 53233 391807368 Supplemental brokerage services WI N/A C 0 0 Conventus Now LLC 1100 W Wells St Milwaukee WI 53233 842447914 Technology solutions DE N/A C -931490 5337702 0.5 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 1 1 Conventus Now LLC b 4942126 Cash Catholic Financial Life Foundation Inc b 219000 Cash Catholic Financial Life filed form 8868, Extension of Time to File an Exempt Organization Return, by the original due date of May 15, 2024 and was granted an extension until November 15, 2024.