2023-11-14T14:52:38-06:00 2022-12-31 420714325 RSM US LLP 4650 EAST 53RD STREET DAVENPORT IA 528073479 990 2022-01-01 361493430 MODERN WOODMEN OF AMERICA MODE 3097866481 1701 1ST AVE ROCK ISLAND IL 612018724 TODD D SWANSON CHIEF FINANCIAL OFFICER 3097866481 2023-11-14 1 TODD SWANSON 999009999 0 JENIFER L CHASE P01306883 5638884000 2023-11-14 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z W KENNY MASSEY 1701 1ST AVE ROCK ISLAND IL 612018724 1753210728 0 X WWW.MODERNWOODMEN.ORG X 1883 IL TO IMPROVE THE QUALITY OF LIFE FOR OUR MEMBERS. 9 4 1835 278000 27461419 9046187 0 0 1781138211 1753210728 0 0 0 0 1781138211 1753210728 1097883 1084039 1180569623 1393865485 71173342 69257613 0 0 0 445125228 171308125 1697966076 1635515262 83172135 117695466 17486511569 17138403394 15086840207 14722367418 2399671362 2416035976 TO IMPROVE THE QUALITY OF LIFE FOR OUR MEMBERS. 0 0 LIFE INSURANCE PROGRAMS: MODERN WOODMEN OF AMERICA PROVIDES BENEFITS AND SERVICES COVERAGE FOR LIFE, ANNUITY, AND ACCIDENT & HEALTH INSURANCE (717,981 MEMBERS). FRATERNAL BENEFITS (20,373 BENEFICIARIES). YOUTH COMMUNITY SERVICE ACTIVITIES (3,457). 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 1 0 0 0 1 0 0 0 0 0 0 1 1 1 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 1 213376 0 1 1835 1 1 1 0 0 0 0 0 1 0 X 9 4 0 0 0 0 1 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X TODD D SWANSON 3095583077 1701 FIRST AVENUE ROCK ISLAND IL 61201 WILLIAM KENNY MASSEY PRESIDENT AND CEO 40.00 X X 2404645 0 243895 JERALD J LYPHOUT NATIONAL SECRETARY AND EXECUTIVE VICE PRESIDENT 40.00 X X 1251358 0 -1126476 LESTER L BOHNERT GENERAL COUNSEL 40.00 X X 661611 0 -407838 BRETT M VAN CHIEF INVESTMENT OFFICER & TREASURER 40.00 X X 848455 0 -991992 JOSEPH A SZTAPKA DIRECTOR & REGIONAL DIRECTOR 40.00 X 591847 70053 -628350 LORI NEWBERG DIRECTOR 5.00 X 129583 0 0 JAMES E TEMPERLEY DIRECTOR 5.00 X 115970 0 0 SAM KUPRESIN DIRECTOR 5.00 X 103933 0 0 DAVE NUERNBERGER DIRECTOR 5.00 X 99139 0 0 SHEA E DOYLE ASSISTANT NATIONAL SECRETARY 40.00 X 390230 0 -413119 MICHAEL SCOTT ANDREWS CHIEF ACTUARY 40.00 X 444552 0 -975858 TODD DAVID SWANSON CHIEF ACCOUNTING OFFICER 40.00 X 481262 0 -363984 JILL LAIN WEAVER CHIEF FRATERNAL OFFICER 40.00 X 368026 0 -597260 DANIEL G DEPUYDT CHIEF HUMAN RESOURCES OFFICER 40.00 X 488598 0 -15880 STEVEN J OLLENBURG CHIEF RISK OFFICER 40.00 X 484886 0 -398669 JEFFREY N SOWARDS CHIEF DISTRIBUTION & MARKETING OFFICER 40.00 X 672372 0 -284347 DARWIN D LARRISON CHIEF INFORMATION SECURITY OFFICER 40.00 X 278609 0 2007 XIN LIU CHIEF FINANCIAL ACTUARY 40.00 X 364833 0 -136934 ROBERT KEORKUNIAN REGIONAL DIRECTOR 40.00 X 1026475 114920 -276755 DARREN G FINCHER FINANCIAL REPRESENTATIVE 40.00 X 925866 1560 10943 DANIEL L LAWRENCE REGIONAL DIRECTOR 40.00 X 772207 91589 -705354 JONATHON MARSH REGIONAL DIRECTOR 40.00 X 739326 54080 -262348 STEVEN EATON MANAGING PARTNER 40.00 X 584941 67315 -157252 DARCY CALLAS FORMER SPECIAL PROJECTS COORDINATOR 0.00 X 133887 0 16542 14362611 399517 -7469029 345 1 1 0 ZINNIA 5801 SW SIXTH AVENUE TOPEKA KS 66636 PRODUCT MANAGEMENT 738485 IMPRINT EVENTS COLORADO LLC 4100 W 38TH AVE STE 201 DENVER CO 80212 EVENT PLANNING & MANAGEMENT 699771 THE C2 GROUP 560 5TH ST NW SUITE 100 GRAND RAPIDS MI 49504 SOFTWARE DEVELOPMENT & PROJECT MGMT 565280 WILLIS TOWERS WATSON US LLC 1735 MARKET STREET PHILADELPHIA PA 191037501 PRODUCT DEVELOPMENT 491681 INVESCO 6803 SOUTH TUCSON WAY CENTENNIAL CO 80112 INVESTMENT MANAGEMENT 475414 32 PREMIUMS & OTHER RECEIPTS 524113 1105618594 1105618594 GROSS INVESTMENT INCOME 524113 620472282 593093332 27378950 OTHER INCOME 524113 27030383 27030383 PRINTING INCOME 323100 89469 7000 82469 1753210728 1753210728 1725749309 27461419 0 565578 518461 1393865485 9741479 45083157 -11220242 18241612 7411607 449628 370660 1102688 4376396 1589304 5224850 10624576 5881640 621769 2061746 16221798 7881699 654779 COMMISSIONS 54166413 MISCELLANEOUS EXPENSE 15410606 CAMP ADMIN & EXPENSE 11837759 FIELD EXPENSE ALLOWANCE 8328334 24503480 1635515262 10751714 3300026 729572520 234785592 77720631 59773733 17085897 17946898 2863808 2698604 14805088619 15339283510 1921149011 1540388764 17486511569 17138403394 19450138 22166406 586091215 722027107 14481298854 13978173905 15086840207 14722367418 X 0 0 0 0 2399671362 2416035976 2399671362 2416035976 17486511569 17138403394 X 117695466 -405135732 303804880 X X 0 1 X 1 0 1345245 1345245 1069999 67552081 52773255 15848825 7753306 7000478 752828 17946898 BONDS 12705970866 F COMMON STOCKS 1002861518 F MORTGAGE LOANS 319462632 C OTHER INVESTED ASSETS 1112657770 F CERTIFICATE LOANS 127293064 C PREFERRED STOCKS 71037660 F 15339283510 SECURITIES LENDING 295223895 SEPARATE ACCOUNTS 1089108953 INVESTMENT INCOME DUE & ACCRUED 122989782 AMOUNTS RECOVERABLE FROM REINSURERS 31796621 RECEIVABLE FROM SUBSIDIARIES & AFFILIATES 290027 UNCOLLECTED PREMIUMS 407157 REINSURANCE RECEIVABLE 310494 MISCELLANEOUS ASSETS 261835 1540388764 CONTRACT RESERVES 10600884420 SECURITIES LENDING 295223895 ASSET VALUATION RESERVE 194782503 SEPARATE ACCOUNTS 1089108953 OTHER LIABILITIES -5078225 LIABILITY FOR BENEFITS FOR EMPLOYEES & FIELDWORKERS 78529303 CONTRACT CLAIM LIABILITY 47280864 DRAFTS OUTSTANDING 25115690 FUNDS HELD UNDER COINSURANCE 1638310605 PROVISION FOR REFUNDS PAYABLE 10660000 PREMIUMS RECEIVED IN ADVANCE 3355897 13978173905 1308722098 -405135732 -405135732 1713857830 39352898 39352898 1753210728 1596162364 0 1596162364 39352898 39352898 1635515262 CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 0 0 INVESTMENTS 52248192 EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIUM 0 0 INVESTMENTS 26375543 0 0 0 0 0 0 78623735 0 78623735 1 0 1 1 1 0 PART III ACCOUNTING METHOD: 1 AMERICAN RED CROSS 1100 RIVER DRIVE MOLINE IL 61265 530196605 501(C)(3) 20210 0 GENERAL SUPPORT BETHANY FOR CHILDREN & FAMILIES 1830 6TH AVE MOLINE IL 61265 362166973 501(C)(3) 8000 0 COMMUNITY CELEBRATION SPONSORSHIP BIG BROTHERS BIG SISTERS 130 W 5TH STREET DAVENPORT IA 52801 421320809 501(C)(3) 10540 0 GENERAL SUPPORT BOYS AND GIRLS CLUB OF MISSISSIPPI VALLEY 338 6TH ST MOLINE IL 61265 363838421 501(C)(3) 8000 0 SPONSORSHIP CENTER FOR ACTIVE SENIORS INC 1035 W KIMBERLY RD DAVENPORT IA 52806 421011267 501(C)(3) 5070 0 GENERAL SUPPORT CHILDREN'S THERAPY CENTER 1504 13TH AVE MOLINE IL 61265 362207922 501(C)(3) 21460 0 CAPITAL CAMPAIGN PROJECT CHRISTIAN FRIENDLINESS ASSOCIATION - YOUTHHOPE 3928 12TH AVE MOLINE IL 61265 362193602 501(C)(3) 73460 0 CAPITAL CAMPAIGN PROJECT FRIENDLY HOUSE 1221 N MYRTLE ST DAVENPORT IA 52804 420733466 501(C)(3) 9910 0 GENERAL SUPPORT FRIENDSHIP MANOR 1209 21ST AVE ROCK ISLAND IL 61201 362524984 501(C)(3) 7000 0 CAPITAL CAMPAIGN/GENERAL SUPPORT GILDA'S CLUB OF QUAD CITIES 1234 E RIVER DR DAVENPORT IA 52803 421446989 501(C)(3) 6460 0 SPONSORSHIP HABITAT FOR HUMANITY QC 3625 MISSISSIPPI AVE DAVENPORT IA 52807 421404937 501(C)(3) 12460 0 GENERAL SUPPORT/SPONSORSHIP HUMILITY HOMES & SERVICES INC 3805 MISSISSIPPI AVE DAVENPORT IA 52807 010916973 501(C)(3) 6690 0 GENERAL SUPPORT JUNIOR ACHIEVEMENT 800 12TH AVE MOLINE IL 61265 362684253 501(C)(3) 10000 0 SPONSORSHIP LL GLOBAL INC 300 DAY HILL RD WINDSOR CT 06095 261339203 501(C)(6) 10000 0 CONTINUING EDUCATION FUND LIFE HAPPENS 1530 WILSON BLVD SUITE ARLINGTON VA 22209 521904610 501(C)(6) 21945 0 GENERAL SUPPORT NAMI COLORADO 3333 S BANNOCK ST STE ENGLEWOOD CO 80110 742240544 501(C)(3) 10000 0 GENERAL SUPPORT PALMER COLLEGE OF CHIROPRACTIC 1000 BRADY ST DAVENPORT IA 52803 426081293 501(C)(3) 15000 0 CAPITAL CAMPAIGN PROJECT POST TRAUMATIC GROWTH INSTITUTE 1065 NORTH 115TH ST SUITE OMAHA NE 68154 272012749 501(C)(3) 10000 0 GENERAL SUPPORT QUAD CITIES CHAMBER OF COMMERCE 331 W 3RD ST SUITE DAVENPORT IA 52801 362878405 501(C)(6) 35000 0 GENERAL SUPPORT/MEMBERSHIP Q2030 QUAD CITIES REGIONAL VISION 2550 MIDDLE RD STE BETTENDORF IA 52722 861972292 501(C)(3) 25000 0 SPONSORSHIP/GENERAL SUPPORT QUAD CITY BOTANICAL CENTER 2525 4TH AVENUE ROCK ISLAND IL 61201 363496537 501(C)(3) 10000 0 GENERAL SUPPORT QC SYMPHONY ORCHESTRA 327 BRADY ST DAVENPORT IA 52801 426017663 501(C)(3) 10000 0 SPONSORSHIP RIVER BEND FOOD BANK 4010 KIMMEL DR DAVENPORT IA 52802 363147342 501(C)(3) 27770 0 CAPITAL CAMPAIGN PROJECT TWO RIVERS YMCA 2040 53RD ST MOLINE IL 61265 362169199 501(C)(3) 36000 0 CAPITAL CAMPAIGN PROJECT YWCA OF THE QUAD CITIES 229 16TH ST ROCK ISLAND IL 61201 362171176 501(C)(3) 5500 0 SPONSORSHIP 23 3 SCHOLARSHIPS 198 475711 ORPHAN BENEFITS 13 42750 PART I, LINE 2: ALTHOUGH MODERN WOODMEN DOES NOT HAVE SPECIFIC PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS, IT DOES HAVE PROCEDURES IN PLACE TO DECIDE WHO RECEIVES GRANTS, CONTRIBUTIONS, SCHOLARSHIPS AND ORPHAN BENEFITS. TO BE ELIGIBLE TO RECEIVE CONTRIBUTIONS AN ORGANIZATION MUST BE A 501(C)(3) OR 501(C)(6) ORGANIZATION. CONTRIBUTION RECIPIENTS ARE SELECTED BY A MODERN WOODMEN COMMITTEE OR BOARD OF DIRECTORS BASED ON ESTABLISHED CRITERIA. ELIGIBLE SCHOLARSHIP RECIPIENTS MUST BE BENEFICIAL MEMBERS OF MODERN WOODMEN AND ARE SELECTED BY AN INDEPENDENT COMMITTEE OR AT RANDOM BASED ON ESTABLISHED CRITERIA. SCHOLARSHIP CHECKS ARE MADE PAYABLE TO THE SCHOOL AND NOT THE INDIVIDUAL. ORPHAN BENEFITS ARE PROVIDED TO MEMBERS' CHILDREN OR JUNIOR MEMBERS WHO BECOME ORPHANED BEFORE THEIR 19TH BIRTHDAY. ELIGIBILITY REQUIREMENTS ARE ESTABLISHED BY THE BOARD OF DIRECTORS AND PAYMENTS ARE PAID ONLY TO LEGAL GUARDIANS. X X X X 1 1 X X X 0 1 0 WILLIAM KENNY MASSEY PRESIDENT AND CEO 1876929 0 451000 0 76716 0 229713 0 14182 0 2648540 0 0 0 DARREN G FINCHER FINANCIAL REPRESENTATIVE 0 0 0 0 925866 1560 1541 0 9402 0 936809 1560 0 0 ROBERT KEORKUNIAN REGIONAL DIRECTOR 487493 0 68299 0 470683 114920 -286157 0 9402 0 749720 114920 0 0 JONATHON MARSH REGIONAL DIRECTOR 237692 0 56657 0 444977 54080 -272857 0 10509 0 476978 54080 0 0 STEVEN EATON MANAGING PARTNER 0 0 63102 0 521839 67315 -176761 0 19509 0 427689 67315 0 0 DANIEL G DEPUYDT CHIEF HUMAN RESOURCES OFFICER 400010 0 76900 0 11688 0 -30062 0 14182 0 472718 0 0 0 JEFFREY N SOWARDS CHIEF DISTRIBUTION & MARKETING OFFIC 459885 0 83400 0 129087 0 -302457 0 18110 0 388025 0 0 0 DARWIN D LARRISON CHIEF INFORMATION SECURITY OFFICER 240180 0 37655 0 774 0 -16103 0 18110 0 280616 0 0 0 LESTER L BOHNERT GENERAL COUNSEL 517725 0 116593 0 27293 0 -422020 0 14182 0 253773 0 0 0 XIN LIU CHIEF FINANCIAL ACTUARY 317580 0 45406 0 1847 0 -145662 0 8728 0 227899 0 0 0 DANIEL L LAWRENCE REGIONAL DIRECTOR 278843 0 55888 0 437476 91589 -720633 0 15279 0 66853 91589 0 0 DARCY CALLAS FORMER SPECIAL PROJECTS COORDINATOR 0 0 0 0 133887 0 0 0 16542 0 150429 0 133887 0 PART I, LINE 1A MODERN WOODMEN OF AMERICA PROVIDES THE FOLLOWING TO INDIVIDUALS REPORTED IN PART VII, SECTION A, LINE IA: FIRST-CLASS OR CHARTER TRAVEL: IN TAX YEAR 2022, THE FOLLOWING TYPE OF INDIVIDUAL LISTED IN PART VII RECEIVED THE FIRST-CLASS OR CHARTER TRAVEL BENEFIT: 1 OFFICER. TRAVEL FOR COMPANIONS: IN TAX YEAR 2022, THE FOLLOWING TYPES OF INDIVIDUALS REPORTED IN PART VII RECEIVED THE TRAVEL FOR COMPANIONS BENEFIT: 5 DIRECTORS, 9 OFFICERS, AND 4 HIGHEST COMPENSATED EMPLOYEES. THE DOLLAR AMOUNT OF THE BENEFIT IS INCLUDED IN REPORTABLE COMPENSATION ON THE FORM 990 PART VII, AND SCHEDULE J PART, II. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: IN TAX YEAR 2022, THE FOLLOWING TYPES OF INDIVIDUALS REPORTED IN PART VII RECEIVED TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: 1 DIRECTOR, 7 OFFICERS, AND 4 HIGHEST COMPENSATED EMPLOYEES. THE DOLLAR AMOUNT OF THE BENEFIT IS INCLUDED IN REPORTABLE COMPENSATION ON THE FORM 990 PART VII, AND SCHEDULE J, PART II. HEALTH OR SOCIAL CLUB DUES: IN TAX YEAR 2022, THE FOLLOWING TYPES OF INDIVIDUALS REPORTED IN PART VII RECEIVED HEALTH OR SOCIAL DUES: 6 OFFICERS. THE DOLLAR AMOUNT OF THE BENEFIT IS INCLUDED IN REPORTABLE COMPENSATION ON THE FORM 990 PART VII, AND SCHEDULE J, PART II. PART I, LINE 4B MODERN WOODMEN OF AMERICA SPONSORS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR EXECUTIVE-LEVEL EMPLOYEES WHOSE COMPENSATION EXCEEDS THE ANNUAL IRS LIMITS FOR QUALIFIED PENSION PLANS. THE PURPOSE OF THIS PLAN IS TO RESTORE RETIREMENT BENEFITS THAT ARE RESTRICTED FOR THESE EXECUTIVES UNDER THE ORGANIZATION'S QUALIFIED RETIREMENT PLANS BECAUSE OF THE IRS COMPENSATION LIMIT AND/OR IRS LIMITS ON QUALIFIED PLAN CONTRIBUTIONS AND ACCRUALS. THE PLAN WAS CLOSED TO NEW PARTICIPANTS EFFECTIVE MARCH 1, 2016. THE FOLLOWING INDIVIDUALS PARTICIPATED IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN IN 2022 SPONSORED BY MODERN WOODMEN OF AMERICA: MICHAEL SCOTT ANDREWS - $4,002, LESTER BOHNERT - $8,097, DANIEL DEPUYDT - $4,779, DARREN FINCHER - $709,124, ROBERT KEORKUNIAN - $17,639, DANIEL LAWRENCE - $12,133, JERALD LYPHOUT - $20,814, JONATHON MARSH - $9,947, WILLIAM KENNY MASSEY - $55,611, STEVEN OLLENBURG - $5,113, JOSEPH SZTAPKA - $4,477, AND BRETT VAN - $14,485. THE DOLLAR AMOUNT REPRESENTS THE CURRENT YEAR CONTRIBUTION MADE BY MODERN WOODMEN OF AMERICA ON BEHALF OF THE INDIVIDUAL TO THE PLAN IN 2022 . THIS INFORMATION IS INCLUDED IN REPORTABLE COMPENSATION ON THE FORM 990, PART VII AND SCHEDULE J, PART II. THE INCREASE OR DECREASE IN ACTUARIAL VALUE RELATED TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR THE INDIVIDUALS LISTED ABOVE IS INCLUDED IN DEFERRED COMPENSATION ON THE FORM 990, PART VII AND SCHEDULE J, PART II. THE FOLLOWING INDIVIDUAL PARTICIPATED IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN IN 2022 SPONSORED BY MODERN WOODMEN OF AMERICA: DARCY ANN CALLAS - $133,887. THE DOLLAR AMOUNT REPRESENTS THE CURRENT YEAR DISTRIBUTION TO THE INDIVIDUALS BY THE PLAN IN 2016 . THIS INFORMATION IS INCLUDED IN REPORTABLE COMPENSATION ON THE FORM 990, PART VII AND SCHEDULE J, PART II. MWA FINANCIAL SERVICES SEE BELOW IN PART V 3196594 REIMBURSEMENT OF EXPENSES 0 MWA FINANCIAL SERVICES SEE BELOW IN PART V 86280 RECEIPT OF RENT 0 MWA FINANCIAL SERVICES SEE BELOW IN PART V 557441 SALARIES 0 MWAGIA SEE BELOW IN PART V 337801 REIMBURSEMENT OF EXPENSES 0 MWAGIA SEE BELOW IN PART V 13680 RECEIPT OF RENT 0 MWAGIA SEE BELOW IN PART V 281640 SALARIES 0 FORM 990, SCHEDULE L, PART IV, COLUMN B: DESCRIPTION OF RELATIONSHIP - MWA FINANCIAL SERVICES:LESTER BOHNERT, JERALD J. LYPHOUT, WILLIAM KENNY MASSEY, JEFFREY N. SOWARDS, TODD DAVID SWANSON, AND BRETT M. VAN ARE OFFICERS OF MODERN WOODMEN OF AMERICA AND ARE REPORTED ON THE FORM 990, PART VII. DURING THE TAX YEAR, JERRY J. LYPHOUT AND TODD DAVID SWANSON WERE OFFICERS, AND LESTER BOHNERT, WILLIAM KENNY MASSEY, JEFFREY N. SOWARDS, AND BRETT M. VAN WERE DIRECTORS OF MWA FINANCIAL SERVICES. FORM 990, SCHEDULE L, PART IV, COLUMN B: DESCRIPTION OF RELATIONSHIP - MWAGIA:LESTER BOHNERT, JERALD J. LYPHOUT, WILLIAM KENNY MASSEY, JEFFREY N. SOWARDS, AND BRETT M. VAN ARE OFFICERS OF MODERN WOODMEN OF AMERICA AND ARE REPORTED ON THE FORM 990, PART VII. DURING THE TAX YEAR, JERALD J. LYPHOUT AND WILLIAM KENNY MASSEY WERE OFFICERS, AND LESTER BOHNERT, JEFFREY N. SOWARDS, AND BRETT M. VAN WERE DIRECTORS OF MWAGIA. FORM 990, PART VI, SECTION A, LINE 6 THE SOCIETY IS ORGANIZED AS A FRATERNAL BENEFIT SOCIETY WITH MEMBERS. FORM 990, PART VI, SECTION B, LINE 11B BEFORE FILING WITH THE INTERNAL REVENUE SERVICE, THE RETURN IS PROVIDED TO THE GOVERNING BODY FOR FINAL REVIEW AFTER PREPARATION BY THE ACCOUNTING STAFF AND REVIEW BY THE CHIEF ACCOUNTING OFFICER WITH THE ASSISTANCE OF AN EXTERNAL ACCOUNTING FIRM. FORM 990, PART VI, SECTION B, LINE 12C CONFLICT OF INTEREST, ETHICS AND EXTERNAL AUDITOR QUESTIONNAIRES ARE SENT OUT EVERY JANUARY TO ALL DIRECTORS, OFFICERS AND KEY EMPLOYEES. THESE ARE RETURNED TO THE PRESIDENT FOR REVIEW. THIS INFORMATION, INCLUDING THE PRESIDENT'S INFORMATION, IS REVIEWED AT THE ANNUAL BOARD OF DIRECTORS MEETING EACH FEBRUARY. EACH EMPLOYEE IS ASKED TO PERIODICALLY ACKNOWLEDGE THEIR UNDERSTANDING OF MODERN WOODMEN OF AMERICA'S PRINCIPLES OF CONDUCT. FORM 990, PART VI, SECTION B, LINE 15 REVIEW AND APPROVAL OF COMPENSATION FOR THE PRESIDENT AND NATIONAL SECRETARY IS DETERMINED ANNUALLY BASED ON A RECOMMENDATION OF THE BOARD'S COMPENSATION COMMITTEE AND APPROVED BY THE BOARD OF DIRECTORS. THE REVIEW INCLUDES INDUSTRY PEER GROUP SURVEY DATA FACTORED FOR RELATIVE ASSETS MANAGED, BENCHMARKING THE MEDIAN BASE PAY AS THE MIDPOINT OF THE RANGE RECOMMENDED. TOTAL COMPENSATION TARGETS INCLUDE VARIABLE BONUS PAY, PERQUISITES, AND THE COMPREHENSIVE BENEFITS PROGRAM AVAILABLE TO ALL MODERN WOODMEN OF AMERICA EMPLOYEES. THE BOARD MAY ENGAGE EXTERNAL CONSULTANT RESOURCES TO CONDUCT THE REVIEW AND FORMULATE RECOMMENDATIONS TO THE COMPENSATION COMMITTEE WHEN DEEMED NECESSARY. APPROVAL OF COMPENSATION FOR THE PRESIDENT AND NATIONAL SECRETARY IS DOCUMENTED IN THE COMPENSATION COMMITTEE'S MEETING MINUTES. REVIEW AND APPROVAL OF COMPENSATION FOR OFFICERS AND KEY EMPLOYEES OTHER THAN THE PRESIDENT AND NATIONAL SECRETARY IS CONDUCTED ANNUALLY BY MANAGEMENT, REVIEWED BY THE COMPENSATION COMMITTEE, AND APPROVED BY THE BOARD OF DIRECTORS. THE REVIEW INCLUDES THE EVALUATION OF INDUSTRY PEER GROUP SURVEY DATA FACTORED FOR THE RELATIVE ASSETS MANAGED, BASED ON THE MEDIAN AS THE MIDPOINT OF A PAY RANGE RECOMMENDED FOR EACH POSITION. THE REVIEW MAY ENTAIL THE USE OF AN OUTSIDE COMPENSATION CONSULTANT. TOTAL COMPENSATION TARGETS INCLUDE BASE PAY, VARIABLE COMPENSATION PROGRAMS, AND THE COMPREHENSIVE BENEFITS PROGRAM AVAILABLE TO ALL MODERN WOODMEN OF AMERICA EMPLOYEES. APPROVAL OF COMPENSATION FOR OFFICERS AND KEY EMPLOYEES OTHER THAN PRESIDENT AND NATIONAL SECRETARY IS DOCUMENTED IN THE COMPENSATION COMMITTEE'S MEETING MINUTES. FORM 990, PART VI, SECTION C, LINE 19 FEDERAL TAX LAW DOES NOT REQUIRE THAT SUCH DOCUMENTS BE MADE PUBLICLY AVAILABLE. CERTAIN INFORMATION IS AVAILABLE THROUGH THE DEPARTMENT OF INSURANCE, ON OUR WEBSITE, AND IN OUR MEMBER PUBLICATION. FORM 990, PART XI, LINE 9: CHANGE IN NONADMITTED ASSETS 12,084,700. CHANGE IN ASSET VALUATION RESERVE 302,688,015. FRATERNAL BENEFIT RESERVE CHANGE 33,464. CHANGE IN POSTRETIREMENT MEDICAL BENEFITS FOR EMPLOYEES & FIELDWORKERS -2,409,977. CHANGE IN PREPAID PENSION PLAN COSTS -33,193,297. CHANGE IN PENSION PLAN LIABILITY FOR BENEFITS 21,594,058. CHANGE IN POSTRETIREMENT PENSION PLAN LIABILITY FOR BENEFITS 3,007,917. FORM 990, PART XII, LINE 1: THE FINANCIAL STATEMENTS AND TAX RETURN ARE PREPARED ON THE BASIS OF ACCOUNTING PRACTICES PRESCRIBED OR PERMITTED BY THE ILLINOIS DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION - DIVISION OF INSURANCE (STATUTORY ACCOUNTING PRACTICES). FORM 990, PART XII, LINE 2C: THE ORGANIZATION DID NOT CHANGE THE OVERSIGHT OR THE SELECTION PROCESS FROM THE PRIOR YEAR. 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