2023-09-07T11:18:59-07:00 2022-12-31 990 2022-01-01 390201015 CATHOLIC FINANCIAL LIFE CATH 4142736266 1100 W WELLS ST MILWAUKEE WI 53233 Kari Diestelhorst Chief Financial Officer 4142786582 2023-09-07 1 1 11 1 AAL2 X 2022 2023-04-26 12:10:37Z Kari R Diestelhorst 1100 W WELLS STREET MILWAUKEE WI 53233 282946443 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 2022, Catholic Financial Life members performed nearly 73,000 hours of volunteer service, valued at more than $2.1 million to extend their hand to help others in need. Over $1.5 million in contributions were raised through the Society's efforts to promote Catholic education, Diocesan programs, civic causes and more. 12 10 128 11351 0 0 2170 1860 62874361 58227341 72374366 65842551 3041255 3533561 138292152 127605313 1289052 1086364 104748305 95849147 8242465 9279849 0 0 0 12825897 12471276 127105719 118686636 11186433 8918677 1696774589 1688153935 1572788976 1554382452 123985613 133771483 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 117378697 0 127605313 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. 1307939 0 1860 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 73,000 hours of service were donated to support various Diocesan and community programs and events in 2022 valued at nearly $2.1 million. 0 0 0 118686636 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 30107 0 1 128 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 407507 0 48594 Kari R Diestelhorst Chief Financial Officer 45 0 X 262499 0 19432 William R O'Toole Director and Former Chief Executive Officer 45 2.00 X 231897 0 14748 Rogelio Cabral Vice President Sales 45 0 X 197921 0 38889 Jeffrey R Piotrowski Former Chief Operations Officer 45 0 X 194533 0 33957 Linda M Hanson Vice President of Actuarial 45 0 X 214004 0 14429 Michael C Eyrich Vice President Distribution 45 0 X 180790 0 42310 Kristen L Mueller Secretary and Vice President Human Resources 45 0 X X 187472 0 24855 Sara J Walker Vice President Investments 45 1 X 190936 0 19254 Michael J Attewell Vice President of Information Technology 45 0 X 199805 0 9491 Joseph K Kohut Director of Brokerage Operations 45 0 X 166470 0 42614 Kristin O'Connell Sales Advisor 45 1 X 173123 0 28958 Peter L Duellman Director of Actuarial and Analytics 45 0 X 172143 0 11454 Kerry E Riemer Former Controller 45 0 X 129877 0 22451 Rachel L Wolf Associate Actuary 45.00 1.00 X 118877 0 19586 Cynthia E Feld Controller 45 1 X 123492 0 8019 Allan G Lorge Director and Board Chair 4 0 X 39500 0 0 Joseph G Kopinski Director 3 0 X 24500 0 0 Susan M Obermiller Director 3 0 X 24500 0 0 Jeffrey B Tilley Director 3 0 X 24500 0 0 Kari L Niedfeldt-Thomas Director 0 0 X 24000 0 0 John C Mack Director 3.00 0 X 23500 0 0 Lisa A Mick Director 3 0 X 23500 0 0 Coral M Grout Director 3 0 X 23500 0 0 Sandra T Dempsey Director 3 0 X 23000 0 0 3381846 0 399041 17 1 1 0 WELLINGTON MANAGEMENT CO LLP 280 Congress St Boston MA 02210 Investment management 994804 REINHART BOERNER VAN DEUREN SC 1000 N Water St Suite 1700 Milwaukee WI 53202 Legal services 207264 MILWAUKEE CITY CENTER LLC 509 W Wisconsin Ave Milwaukee WI 53203 Event hosting 195650 DATAMATION IMAGING SERVICES CORP 7700 Griffin Way B Willowbrook IL 60527 Business process outsourcing, and document scanning services 193926 STROHM BALLWEG LLP 9701 Brader Way Suite 301 Middletong WI 53562 Audit services and consulting 160651 15 X 0 1860 0 0 0 0 0 1860 Premium Income 524113 56584590 56584590 0 0 Commissions and exp allowances on reinsurance 524113 1642751 1642751 0 0 0 0 0 0 58227341 69439071 69439071 0 0 0 0 0 0 0 0 0 0 3096886 0 1668103 0 1428783 0 1428783 1428783 0 0 150462524 -386017 150926983 2746044 -464459 -3132061 -3596520 -3596520 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 2104778 2104778 0 0 Miscellaneous Income 524113 0 0 0 0 0 0 0 0 2104778 127605313 127603453 0 0 X 879651 879651 206713 206713 0 0 95849147 95849147 3802887 3802887 0 0 2715682 2715682 0 0 2069905 2069905 691375 691375 0 0 305416 305416 223914 223914 0 0 0 0 0 0 820190 820190 342776 342776 119287 119287 738481 738481 0 0 792508 792508 323911 323911 0 0 394438 394438 0 0 278310 278310 1076537 1076537 139388 139388 Commissions 3095490 3095490 0 0 Field Representatives Expenses 985221 985221 0 0 Fraternal Expenses 170633 170633 0 0 Other Expenses 2664776 2664776 0 0 118686636 118686636 0 0 -917701 -1940405 11900128 20113842 20173660 14536073 5488754 5637587 1345890058 1320857317 280871793 296955398 33227418 27804297 20314139 18725899 1696774589 1688153935 6658397 5964374 1566130579 1548418078 1572788976 1554382452 X 0 0 123985613 133771483 0 0 123985613 133771483 1696774589 1688153935 X 8918677 -2801290 0 0 0 3668483 X 0 1 X 1 0 0 0 X X 0 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 1469727 338670 -9919 37731 0 1775 1758972 0 1 0 0 1 1 0 0 0 0 10027060 5654197 4372863 0 7845459 6981615 863844 0 2301141 1900261 400880 0 0 0 0 5637587 Private Commercial Loans 38835896 C Private Placement Bonds 241000572 C Private Equity Holding 659786 F Other 16459144 C 296955398 0 Policy and Claim Reserves 1525651644 Asset Valuation Reserve 11879224 Interest Maintenance Reserve 6612097 Advance Premiums 2402210 Refunds Payable 1599347 Other Miscellaneous Liabilities 273556 Pension Liability 0 1548418078 129097055 0 0 0 0 0 129097055 2104778 -3596520 -1491742 127605313 116581858 0 0 0 0 0 116581858 2104778 0 2104778 118686636 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) 215000 0 CASH 0 Catholic education and community outreach Archdiocese of Milwaukee 3501 South Lake Dr Milwaukee WI 53207 390807221 501(c)(3) 35000 0 CASH 0 Catholic education Cristo Rey Jesuit High School 1818 W National Ave Milwaukee WI 53204 465457943 501(c)(3) 25525 0 CASH 0 High School Scholarships St Gabriel Catholic Parish School 1200 St Gabriel Way Hubertus WI 53033 810555020 501(c)(3) 19225 0 CASH 0 Sponsorship Special Olympics Wisconsin 2310 Crossroads Drive No 1000 Madison WI 53718 391176591 501(c)(3) 17500 0 CASH 0 Sponsorship United Community Center Inc 1028 S 9th St Milwaukee WI 53204 391146191 501(c)(3) 13000 0 CASH 0 Sponsorship Society of St Vincent de Paul Inc 66 Progress Parkway Maryland Heights MO 63043 135562362 501(c)(3) 10000 0 CASH 0 Civic Sponsorship Catholic Center High School 148 McHenry Street Burlington WI 53105 391488719 501(c)(3) 10000 0 CASH 0 Catholic education Hispanic WI Scholarship Foundation Inc 2997 S 20th St Milwaukee WI 53215 391522543 501(c)(3) 6500 0 CASH 0 Catholic education United Performing Arts Fund 301 W Wisconsin Ave No 600 Milwaukee WI 53203 396100399 501(c)(3) 6225 0 CASH 0 Sponsorship 10 0 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 500 fundraisers were conducted in 2022. In 2022, $683,988 was raised by Chapters, $257,477 was matched by the home office for a total of $941,465. 500 257477 0 Cash The number of recipients cannot be determined so an estimate is used based on the number of events matched. Direct Charitable Outreach: Catholic Financial Life embodies Catholic values in action. In 2022 our chapters and the home office donated funds in support of our local communities through direct donations. 0 787169 0 Cash The number of recipients cannot be determined. Impact Teams: This program puts the power of sponsoring a community service project 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 3420 0 Cash 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. 506 194400 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. 360 33896 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. 4016 145993 0 Cash Schedule I, Part I, Line 2 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, 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 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 328489 0 66500 0 12518 0 18300 0 30294 0 456101 0 0 0 Kari R Diestelhorst Chief Financial Officer 230129 0 32100 0 270 0 16807 0 2625 0 281931 0 0 0 William R O'Toole Director and Former Chief Executive Officer 23256 0 86700 0 5941 0 6702 0 8046 0 130645 0 0 0 Rogelio Cabral Vice President Sales 173087 0 22500 0 2334 0 8143 0 30746 0 236810 0 0 0 Jeffrey R Piotrowski Former Chief Operations Officer 158117 0 35600 0 816 0 13427 0 20530 0 228490 0 0 0 Linda M Hanson Vice President of Actuarial 188490 0 24200 0 1314 0 12485 0 1944 0 228433 0 0 0 Michael C Eyrich Vice President Distribution 178085 0 2500 0 205 0 11551 0 30759 0 223100 0 0 0 Kristen L Mueller Secretary and Vice President Human Resources 167092 0 20200 0 180 0 12961 0 11894 0 212327 0 0 0 Sara J Walker Vice President Investments 173698 0 16050 0 1188 0 6786 0 12468 0 210190 0 0 0 Michael J Attewell Vice President of Information Technology 186883 0 11174 0 1749 0 8711 0 780 0 209297 0 0 0 Joseph K Kohut Director of Brokerage Operations 103254 0 13749 0 49467 0 10778 0 31836 0 209084 0 0 0 Kristin O'Connell Sales Advisor 50491 0 4159 0 118473 0 10282 0 18676 0 202081 0 0 0 Peter L Duellman Director of Actuarial and Analytics 165075 0 6006 0 1062 0 9557 0 1897 0 183597 0 0 0 Kerry E Riemer Former Controller 109833 0 19400 0 644 0 8246 0 14205 0 152328 0 0 0 Rachel L Wolf Associate Actuary 116871 0 1774 0 232 0 7449 0 12137 0 138463 0 0 0 Cynthia E Feld Controller 115107 0 7201 0 1185 0 6779 0 1240 0 131512 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 $149,590. 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, 2023 and was granted an extension until November 15th, 2023. Form 990, Part VI, Section A, Line 2 William O'Toole, Director and former Chief Executive Officer, sits on the Board of Directors of Town Bank. John Mack, President of Town Bank, is a member of the Board of Directors of Catholic Financial Life. 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) $425,417 change in non-admitted assets, 2) $1,577,493 change in Asset Valuation Reserve, 3) $-175,900 change in surplus as a result of reinsurance, 4) $ -1,307,124 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 30065 Worcester MA 01603 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 -1540632 1327066 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 875000 Catholic Financial Life Foundation Inc b 215000 Catholic Financial Life filed form 8868, Extension of Time to File an Exempt Organization Return, by the original due date of May 15, 2023 and was granted an extension until November 15, 2023.