2021-10-22T15:20:21-07:00 2020-12-31 990 2020-01-01 390201015 CATHOLIC FINANCIAL LIFE CATH 4142736266 1100 W WELLS ST MILWAUKEE WI 53233 Kari Diestelhorst Chief Financial Officer 4142786582 2021-10-22 1 11 0 AAL2 2020 2022-09-23 18:48:47Z Kari R Diestelhorst 1100 W Wells St Milwaukee WI 53233 282487399 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 2020, members volunteered over 39,000 hours of service valued at nearly $1.1 million to extend their hand to help others in need. Over $1.2 million in contributions were raised through the Society's efforts to promote Catholic education, Diocesan programs, civic causes and more. 13 11 155 5675 0 0 2480 2380 79655998 63070141 72465614 75907987 2642773 2586111 154766865 141566619 1138206 906181 119833598 106089188 10451588 8755222 0 0 0 14666350 11862646 146089742 127613237 8677123 13953382 1678942715 1683228815 1569701932 1569101193 109240783 114127622 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 126565157 0 141566618 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. 1048080 0 2380 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 39,000 hours of service were donated to support various Diocesan and community programs and events in 2020 valued at nearly $1.1 million. 0 0 0 127613237 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 30982 0 1 155 1 0 0 0 0 0 0 0 0 X 13 11 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 William R O'Toole President and Chief Executive Officer 45 1 X X 555530 0 96425 Jeffrey R Piotrowski Chief Operations Officer 22 23 X 296157 0 38948 Kari R Diestelhorst Chief Financial Officer 45 0 X 251439 0 16780 John T Borgen Chief Marketing Officer 45 2 X 215138 0 35163 Rogelio Cabral Vice President - Sales 45 0 X 194708 0 36481 Linda M Hanson Vice President Actuary 45 0 X 206321 0 11628 Kristen L Mueller Secretary and Vice President - Human Resources 45 0 X X 184337 0 19960 Kerry E Riemer Controller 45 1 X 170215 0 27717 Kristin O'Connell Regional Sales Manager 45 0 X 155875 0 24976 Joseph Kohut Director of Brokerage Operations 45 0 X 154893 0 11769 Mike Attewell Director -Information Technology 45 0 X 150699 0 9918 Peter Duelmann Associate Actuary 45 0 X 140229 0 18351 Kristin Jorgenson Sr. Project Manager 45 0 X 128661 0 23598 Milagros Gonzalez Executive Director 45 3 X 103882 0 30797 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 Archbishop Jerome E Listecki Director 1 0 X 18000 0 0 Sandra T Dempsey Director 3 0 X 18000 0 0 Coral M Grout Director 3 0 X 18000 0 0 Lisa A Mick Director 3 0 X 18000 0 0 Jeffrey B Tilley Director 3 0 X 18000 0 0 Kari L Niefeldt Thomas Director 3 0 X 6000 0 0 3129084 0 402511 19 0 1 0 WELLINGTON MANAGEMENT CO LLP 280 Congress St Boston MA 02210 Investment management 1157058 AMERICAN BENEFIT LLC 4415 Mormon Coulee RD La Crosse WI 54601 Independent insurance agency 252913 JOHN AUGUSTINE 2665 S Moorland Road Suite 212 New Berlin WI 53151 Sales Advisor 181382 KAREN STILES 1100 W Wells Street Milwaukee WI 53233 Sales Advisor 160217 STROHM BALLWEG LLP 9701 Brader Way Suite 301 Middleton WI 535629201 Auditors 148466 9 X 0 2380 0 0 0 0 0 2380 Premium income 524113 61790918 61790918 0 0 Commissions and exp allowances on reins 524113 1279223 1279223 0 0 0 0 0 0 63070141 71279719 71279719 0 0 0 0 0 0 0 0 0 0 2204283 0 1679412 0 524871 0 524871 524871 0 0 143354390 515246 138807475 433893 4546915 81353 4628268 4628268 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 2051798 2051798 0 0 Miscellaneous income 524113 9442 9442 0 0 0 0 0 0 2061240 141566619 141564239 0 0 X 650385 650385 255796 255796 0 0 106089188 106089188 1170773 1170773 6810404 6810404 774045 774045 0 0 0 0 0 0 144365 144365 0 0 264994 264994 0 0 0 0 0 0 0 0 0 0 0 0 839878 839878 0 0 269736 269736 0 0 93308 93308 0 0 718383 718383 0 0 0 0 0 0 839784 839784 0 0 114953 114953 0 0 0 0 0 0 154130 154130 0 0 0 0 0 0 225811 225811 0 0 992991 992991 0 0 104891 104891 0 0 Commissions 3332458 3332458 0 0 Field representatives expenses 1033267 1033267 0 0 Fraternal expenses 43876 43876 0 0 Other expenses 2689821 2689821 0 0 127613237 127613237 0 0 -380143 548756 21190146 24925532 19463393 13874160 5675800 5589233 1316236243 1309279496 280731781 289396796 36299972 33397971 19188916 20091031 1678942715 1683228815 5751312 5539644 0 0 0 0 0 0 0 1563950620 1563561549 1569701932 1569101193 X 0 0 109240783 114127622 0 0 109240783 114127622 1678942715 1683228815 X 13953382 -6846991 0 0 0 -2219552 X 0 1 X 1 0 0 0 X X 0 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 294327 0 11951 7736 0 792 297750 0 1 0 0 1 1 0 0 0 0 10027060 5627063 4399997 0 7597715 6672777 924938 0 1838618 1574320 264298 0 0 0 0 5589233 Private commercial loans 27668112 C Private placement bonds 246956496 C Private equity holding 672577 F Other 14099611 C 289396796 Policy and claim reserves 1535520249 Asset valuation reserve 10511464 Interest maintenance reserve 10162599 Pension liability 3236958 Advanced premiums 2222579 Refunds payable 1597301 Other miscellaneous liabilities 310399 1563561549 134886552 0 0 0 0 0 134886552 2051797 4628270 6680067 141566619 125561440 0 0 0 0 0 125561440 2051797 0 2051797 127613237 Schedule D, Part III, Line 1 The Society considers all works of art and historical exhibits to be nonadmitted 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 United Community Center Inc 1028 S 9th St Milwaukee WI 53204 391146191 501(c)(3) 45500 Cash Sponsorship for initiatives Dominican High School 120 E Silver Spring Dr Whitefish Bay WI 53217 390914630 501(c)(3) 30000 Cash Support Catholic education Society of St Vincent de Paul 58 Progress Parkway Maryland Heights MO 63043 135562362 501(c)(3) 28707 Cash National partner St Joan Antida High School 1341 N Cass St Milwaukee WI 53202 391570745 501(c)(3) 15000 Cash Support Catholic education Mount Mary University 2900 Menomonee River Parkway Milwaukee WI 53222 390806154 501(c)(3) 15000 Cash Sponsorship St Joseph Catholic Academy 2401 69th Street Kenosha WI 53143 391091323 501(c)(3) 15000 Cash Support Catholic education Special Olympics Wisconsin 2310 Crossroads Dr Ste 1000 Madison WI 53718 391176591 501(c)(3) 11000 Cash Sponsorships United Performing Arts 301 Wisconsin Ave Ste 600 Milwaukee WI 53203 396100399 501(c)(3) 10000 Cash Sponsorship African American Chamber 633 W Wisconsin Ave Ste 603 Milwaukee WI 53203 391768969 501(c)(3) 8750 Cash Sponsorship Capuchin Community Services 1927 N Vel R Phillips Ave Milwaukee WI 53212 381525161 501(c)(3) 6500 Cash General support and 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 267 fundraisers were conducted in 2020. In 2020, $302,384 was raised by chapters, $253,660 was matched by the home office for a total of $556,044. 267 253660 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 2020 our chapters and the home office donated funds in support of our local communities through direct donations. In 2020, $65,369 was donated by chapters and $551,676 was donated by the Home Office for a total of $617,045. While the number of recipients are not accumulated on an individual basis, the Society annually audits a sample of its local chapters. 0 617045 0 Cash The number of recipients cannot be determined. Impact Teams: Impact Teams are a member benefit that put 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 provides Impact Team t-shirts to members who sponsor an approved project. 0 3960 0 Cash Educational benefits: Grade school and seminarian scholarships. Members attending Catholic elementary schools, Catholic high schools, colleges or studying for the priesthood are eligible for applicable scholarships. 704 269150 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 prayer book for celebrating the Sacrament of First Holy Communion, 3. Up to $100 for 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. 301 25169 0 Cash Financial benefits: Estate planning, Prenatal Benefit, Newborn Protection, Child Protection Benefit, Orphan's Benefit, Childhood Cancer Benefit, Special Needs Benefit and Member Rewards Program. 3799 52150 45925 Cash Wellness Benefits / Prescription Savings: Prescription savings on brand name and generic medications, vision care, hearing care, diabetes care and supplies and daily living products. Free Medic alert membership for qualifying members for the first year. Free apartment (Family Care Suite) for members or families of members who are hospitalized in the Milwaukee area. 15 727 10929 Cash 290 prescriptions with a value of $10,929 as reported by the benefit administrator. Member recognition program: Members are honored for longevity of membership with Catholic Financial Life. 25-year members are eligible to receive a custom-designed ornament, 50-year members are eligible to receive a gold rosary and 75-year members are eligible to receive a statue of the Immaculate Conception. 0 12350 Cash Rogelio Uriostegui 0 10000 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/CEO, Corporate Secretary/VP of Human Resources, Chief Marketing Officer and the Executive Director. X 1 1 X X X X 0 1 0 John T Borgen Chief Marketing Officer 194843 0 19000 0 1295 0 13972 0 21191 0 250301 0 0 0 Rogelio Cabral Vice President - Sales 184035 0 0 0 10673 0 13526 0 22955 0 231189 0 0 0 Linda M Hanson Vice President Actuary 190039 0 15000 0 1282 0 9960 0 1668 0 217949 0 0 0 Kristen L Mueller Secretary and Vice President - Human Resources 168487 0 15600 0 250 0 10960 0 9000 0 204297 0 0 0 William R O'Toole President and Chief Executive Officer 448713 0 75600 0 12604 0 79063 0 17362 0 633342 0 0 0 Jeffrey R Piotrowski Chief Operations Officer 250393 0 44200 0 1564 0 15869 0 23079 0 335105 0 0 0 Kerry E Riemer Controller 153982 0 15000 0 1233 0 10457 0 17260 0 197932 0 0 0 Kari R Diestelhorst Chief Financial Officer 233654 0 16600 0 1185 0 15070 0 1710 0 268219 0 0 0 Joseph Kohut Director of Brokerage Operations 135625 0 11567 0 7701 0 10277 0 1492 0 166662 0 0 0 Kristin O'Connell Regional Sales Manager 72530 0 0 0 83344 0 10219 0 14757 0 180850 0 0 0 Mike Attewell Director -Information Technology 142737 0 6858 0 1104 0 8361 0 1557 0 160617 0 0 0 Kristin Jorgenson Sr. Project Manager 126589 0 1325 0 748 0 2995 0 20602 0 152259 0 0 0 Peter Duelmann Associate Actuary 137710 0 1425 0 1094 0 8465 0 9885 0 158579 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. 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 Supplemental deferred compensation to William O'Toole ($61,963) is included in individual's officer compensation on Part VII, section A. Form 990, Header, Line A Catholic Financial Life filed a Form 8868, Extension of Time to File an Exempt Organization Return, by the original due date of May 15, 2021 and was granted an extension until November 15, 2021. Form 990, Part VI, Section A, Line 2 William O'Toole, President and Chief Executive Officer, is on the Board of Directors at Town Bank. John Mack, President at Town Bank, is a member of the Board of Directors at Catholic Financial Life. Form 990, Part VI, Section A, Line 4 The governing bylaws were changed after 12/31/2020. 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's local chapters elect delegates to represent them at the triennial convention. Those delegates then elect Board of Directors at the triennial convention. 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 Governance and Audit Committees 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. In 2019, the Society began recording reinsurance expense allowance as miscellaneous income as compared to a premium income reduction in compliance with statutory accounting requirements. 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. $-724,517 change in non-admitted assets, 2. $1,310,097 change in Asset Valuation Reserve, 3. $-175,900 change in surplus as a result of reinsurance, 4. $-2,629,232 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 -420992 1225175 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 1057051 Cash Catholic Financial Life filed a Form 8868, Extension of Time to File an Exempt Organization Return, by the original due date of May 15, 2021 and was granted an extension until November 15, 2021.