2022-10-10T12:12:23-07:00 2021-12-31 990 2021-01-01 390201015 CATHOLIC FINANCIAL LIFE CATH 4142736266 1100 W WELLS ST MILWAUKEE WI 53233 Kari Diestelhorst Chief Financial Officer 4142786582 2022-10-10 1 11 1 AAL2 X 2021 2022-09-23 18:48:47Z Kari R Diestelhorst 1100 W Wells St Milwaukee WI 53233 266757195 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 2021, members volunteered over 58,000 hours of service valued at nearly $1.7 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. 13 11 138 8998 0 0 2380 2170 63070141 62874361 75907987 72374366 2586111 3041255 141566619 138292152 906181 1289052 106089188 104748305 8755222 8242465 0 0 0 11862646 12825897 127613237 127105719 13953382 11186433 1683228815 1696774589 1569101193 1572788976 114127622 123985613 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 125983873 138292152 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. 1121846 2170 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 58,000 hours of service were donated to support various Diocesan and community programs and events in 2021 valued at nearly $1.7 million. 0 0 0 127105719 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 44231 0 1 138 1 0 0 0 0 0 0 0 0 X 13 11 1 0 1 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 William R O'Toole Chief Executive Officer 45 1 X 505961 0 35142 John T Borgen President 45 2 X X 322211 0 41008 Jeffrey R Piotrowski Chief Operations Officer 45 0 X 268076 0 37139 Kari R Diestelhorst Chief Financial Officer 45 0 X 253770 0 13787 Rogelio Cabral Vice President Sales 45 0 X 187977 0 31572 Linda M Hanson Vice President Actuary 45 0 X 202970 0 9591 Kristen L Mueller Secretary and Vice President Human Resources 45 0 X X 179228 0 18226 Kerry E Riemer Controller 45 1 X 165473 0 25566 Kristin O'Connell Regional Sales Manager 45 1 X 164681 0 24608 Peter L Duellman Director of Actuarial and Analytics 45 0 X 153941 0 11264 Joseph K Kohut Director of Brokerage Operations 45 0 X 143334 0 17798 Michael J Attewell Director Information Technology 45 0 X 145625 0 9438 Sara J Walker Vice President Investments 45 0 X 123234 0 21053 Robert W Chappo Regional Sales Director 45 0 X 119983 0 8417 Milagros Gonzalez Former Executive Director 45 3 X 92878 0 25474 Michael Stivoric Director/Board Chair 4 0 X 30000 0 0 Joseph G Kopinski Director 3 0 X 19000 0 0 Allan G Lorge Director 4 0 X 19000 0 0 John C Mack Director 5 0 X 19000 0 0 Susan M Obermiller Director 3 0 X 19000 0 0 David C Singer Director 3 0 X 19000 0 0 Kari L Niedfeldt-Thomas Director 3 0 X 19000 0 0 Lisa A Mick Director 3 0 X 18500 0 0 Sandra T Dempsey Director 3 0 X 18000 0 0 Coral M Grout Director 3 0 X 18000 0 0 Jeffrey B Tilley Director 3 0 X 18000 0 0 Michael C Eyrich Vice President Distribution 45 0 X 13995 0 1902 3259837 0 331985 15 1 1 0 WELLINGTON MANAGEMENT CO LLP 280 Congress St Boston MA 02210 Investment management 1097804 ASSET ALLOCATION & MANAGEMENT CO LLC 30 W Monroe St 3rd Floor Chicago IL 606032405 Investment management 614695 JOHN AUGUSTINE 1100 W Wells St Milwaukee WI 53233 Sales Advisor 196324 AMERICAN BENEFIT LLC 4415 Mormon Coulee RD La Crosse WI 54601 Independent insurance agency 196187 KAREN STILES 1100 W Wells St Milwaukee WI 53233 Sales Advisor 180304 9 X 0 2170 0 0 0 0 0 2170 Premium Income 524113 61355101 61355101 0 0 Commissions and exp allowances on reinsurance 524113 1519260 1519260 0 0 62874361 71483505 71483505 0 0 0 0 2187324 0 1645307 0 542017 0 542017 542017 0 0 127396441 314156 126507587 312149 888854 2007 890861 890861 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 2482752 2482752 0 0 Miscellaneous income 524113 16486 16486 0 0 0 0 0 0 2499238 138292152 138289982 0 0 X 1061986 1061986 227066 227066 0 0 104748305 104748305 3591822 3591822 0 0 0 0 0 0 2691982 2691982 0 0 0 0 0 0 1239666 1239666 0 0 718995 718995 0 0 0 0 0 0 137532 137532 0 0 288031 288031 0 0 0 0 0 0 0 0 0 0 0 0 1154108 1154108 0 0 191451 191451 0 0 101427 101427 764276 764276 0 0 812040 812040 156882 156882 0 0 437777 437777 0 0 239496 239496 1033474 1033474 167077 167077 Commissions 3216325 3216325 0 0 Field representative expenses 888066 888066 0 0 Fraternal expenses 128760 128760 0 0 Other expenses 3109175 3109175 0 0 127105719 127105719 0 0 548756 -917701 24925532 11900128 19673064 14184310 5589233 5488754 1309279496 1345890058 289396796 280871793 33397971 33227418 20091031 20314139 1683228815 1696774589 5539644 6658397 1563561549 1566130579 1569101193 1572788976 X 0 0 114127622 123985613 0 0 114127622 123985613 1683228815 1696774589 X 11186433 935742 0 0 -881537 -1382647 X 0 1 X 1 0 0 0 X X 0 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 297750 1181225 15548 24183 0 613 1469727 0 1 0 0 1 1 0 0 0 0 10027060 5641316 4385744 0 7660423 6818045 842378 0 1985581 1724949 260632 0 0 0 0 5488754 Private commercial loans 28085963 C Private placement bonds 238266552 C Private equity holding 691439 F Other 13827839 C 280871793 0 Policy and claim reserves 1538414130 Asset Valuation Reserve 13456718 Interest Maintenance Reserve 8579357 Pension liability 1307121 Advanced premiums 2433314 Refunds payable 1585026 Other miscellaneous liabilities 354913 1566130579 134918539 0 0 0 0 0 134918539 2482752 890861 3373613 138292152 124622967 0 0 0 0 0 124622967 2482752 0 2482752 127105719 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) 320625 0 CASH 0 Primarily supporting Catholic education Federation of Croatian Societies PO Box 341548 Milwaukee WI 53234 396078342 501(c)(3) 50500 0 CASH 0 Civic Sponsorship Cristo Rey Jesuit High School 1818 W National Ave Milwaukee WI 53204 465457943 501(c)(3) 43500 0 CASH 0 High School Scholarships St Joan Antida High School 1341 N Cass St Milwaukee WI 53202 391570745 501(c)(3) 36528 0 CASH 0 Support Catholic education Milwaukee Catholic Home 2462 N Prospect Ave Milwaukee WI 53211 390806215 501(c)(3) 25000 0 CASH 0 Civic Sponsorship (Assisted Living) Society of St Vincent de Paul Inc 66 Progress Parkway Maryland Heights MO 63043 135562362 501(c)(3) 20000 0 CASH 0 Civic Sponsorship St Francis of Assisi Parish 1927 Vel R Phillips Ave Milwaukee WI 53212 381525161 501(c)(3) 17200 0 CASH 0 Church Renovation Holyland Food Pantry Inc N10362 St Paul Rd Malone WI 53049 472374044 501(c)(3) 15000 0 CASH 0 Civic Sponsorship Special Olympics Wisconsin 2310 Crossroads Drive No 1000 Madison WI 53718 391176591 501(c)(3) 13000 0 CASH 0 Sponsorship St Gabriel Catholic Parish School 1200 St Gabriel Way Hubertus WI 53033 810555020 501(c)(3) 12050 0 CASH 0 Sponsorship United Performing Arts Fund 301 W Wisconsin Ave No 600 Milwaukee WI 53203 396100399 501(c)(3) 10000 0 CASH 0 Sponsorship Waukesha Catholic School System 221 S Hartwell Ave Waukesha WI 53186 391688421 501(c)(3) 10000 0 CASH 0 Support Catholic education Cardinal Stritch University 6801 N Yates Rd Milwaukee WI 53218 390806196 501(c)(3) 10000 0 CASH 0 Civic Sponsorship Father Pablos Mission Helpers PO Box 984 Streamwood IL 60107 472492914 501(c)(3) 7500 0 CASH 0 Civic Sponsorship United Community Center Inc 1028 S 9th St Milwaukee WI 53204 391146191 501(c)(3) 7500 0 CASH 0 Sponsorship St Mary's Springs Academy 255 Co Rd K Fond du Lac WI 54937 391130623 501(c)(3) 6700 0 CASH 0 Support Catholic education St Joseph Catholic Academy 2401 69th St Kenosha WI 53143 391091323 501(c)(3) 6400 0 CASH 0 Support Catholic education African American Chamber 633 W Wisconsin Ave Milwaukee WI 53203 391768969 501(c)(3) 6250 0 CASH 0 Civic Sponsorship Pius XI Catholic High School 135 N 76th ST Milwaukee WI 53213 391101976 501(c)(3) 5500 0 CASH 0 High School Scholarships Divine Savior Holy Angels High School 4257 N 100th ST Milwaukee WI 53222 390929898 501(c)(3) 5350 0 CASH 0 High School Scholarships 19 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 422 fundraisers were conducted in 2021. In 2021, $655,169 was raised by Chapters, $255,819 was matched by the home office for a total of $910,988. 422 255819 0 Cash The number of recipients cannot be determined so an estimate is used based on the number of eevents matched. Direct Charitable Outreach: Catholic Financial Life embodies Catholic values in action. In 2021 our chapters and the home office donated funds in support of our local communities through direct donations. 0 606329 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 3060 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. 544 233950 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. 241 21966 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. 3942 159397 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 1 1 X X X X 1 1 0 John T Borgen President 291485 0 28600 0 2126 0 17400 0 23608 0 363219 0 Kari R Diestelhorst Chief Financial Officer 225000 0 27600 0 1170 0 12095 0 1692 0 267557 0 Kristen L Mueller Secretary and Vice President - Human Resources 162148 0 16900 0 180 0 9128 0 9098 0 197454 0 William R O'Toole Chief Executive Officer 431900 0 62300 0 11761 0 17400 0 17742 0 541103 0 Jeffrey R Piotrowski Chief Operations Officer 235982 0 30600 0 1494 0 14060 0 23079 0 305215 0 Rogelio Cabral Vice President Sales 172528 0 14000 0 1449 0 8036 0 23537 0 219550 0 Linda M Hanson Vice President Actuary 183000 0 18800 0 1170 0 7939 0 1652 0 212561 0 Kerry E Riemer Controller 148085 0 16200 0 1188 0 7922 0 17644 0 191039 0 Peter L Duellman Director of Actuarial and Analytics 150143 0 2754 0 1044 0 9228 0 2036 0 165205 0 Joseph K Kohut Director of Brokerage Operations 116358 0 19805 0 7170 0 9063 0 8736 0 161132 0 Michael J Attewell Director Information Technology 139669 0 4282 0 1674 0 8367 0 1071 0 155063 0 Kristin O'Connell Regional Sales Manager 72478 0 0 0 92203 0 10043 0 14565 0 189289 0 Sara J Walker Vice President Investments 122442 0 0 0 792 0 9127 0 11925 0 144286 0 Milagros Gonzalez Former Executive Director 84967 0 7600 0 311 0 4719 0 20755 0 118352 0 Robert W Chappo Regional Sales Director 77740 0 0 0 42244 0 7166 0 1250 0 128400 0 Michael C Eyrich Vice President Distribution 13987 0 0 0 8 0 877 0 1025 0 15897 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. Spouse travel costs are paid directly by the Society in those instances where spouse attendance is considered a normal business practice for the specific event. All club dues and spousal attendance events are reported to and reviewed by the Compensation Committee. Schedule J, Part I, Line 3 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 meeting minutes. Schedule J, Part I, Line 4 4a. Severance pay to Milagros Gonzalez ($21,313) is included in individual's officer compensation on Part VII, section A. 4b. The Society terminated a Section 457(b) non-qualified deferred compensation plan for designated field representatives. The lump sum actuarially equivalent present value of vested accrued benefits was distributed to vested participants. 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, 2022 and was granted an extension until November 15, 2022. Form 990, Part VI, Section A, Line 2 William O'Toole, Chief Executive Officer, is 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 representative of Catholic Financial Life. Form 990, Part VI, Section A, Line 4 On March 31, 2021, the governing Bylaws were revised to move from the Assembly structure of election to the Direct Election structure to elect the Board of Directors. 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 Members of the Society moved from the Assembly structure to the Direct Election Structure and elected the Board of Directors in September 2021. The Board of Directors meets, 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 select officers of the Society 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 access to a 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 interest 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 meeting 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. Delegates to the Society's triennial convention receive complete copies of the Bylaws each time the convention convenes. 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. $-542,225 change in non-admitted assets, 2. $-2,945,254 change in Asset Valuation Reserve, 3. $-175,900 change in surplus as a result of reinsurance, 4. $2,280,732 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 -632007 2182448 0.5 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 Conventus Now LLC b 1589250 Catholic Financial Life Foundation Inc b 320625 Catholic Financial Life filed Form 8868, Extension of Time to File an Exempt Organization Return, by the original due date of May 15, 2022 and was granted an extension until November 15, 2022.