2019-11-13T18:00:12-07:00 2018-12-31 990 2018-01-01 390201015 CATHOLIC FINANCIAL LIFE CATH 4142736266 1100 W WELLS ST MILWAUKEE WI 53233 Kari Diestelhorst Vice President of Finance 4142786582 2019-11-13 104.129.196.69 2018 2020-03-31 21:24:44Z Kari R Diestelhorst 1100 W Wells St Milwaukee WI 53233 300781917 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 2018, members volunteered over 96,000 hours of service valued at nearly $2.4 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. 15 13 199 15289 0 24074 2830 2770 78713394 79754548 75841989 74780133 2828913 2445414 157387126 156982865 1040946 958440 116505311 117879959 11310921 9615800 0 0 0 16477506 14221140 145334684 142675339 12052442 14307526 1641577299 1653316399 1553525352 1553958979 88051947 99357420 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 141608059 0 156980095 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. 1067280 0 2770 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 96,000 hours of service were donated to support various Diocesan and community programs and events in 2018 valued at nearly $2.4 million. 0 0 0 142675339 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 0 0 1 35457 0 1 199 1 0 0 0 0 0 0 0 0 X 15 13 0 0 1 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X Kari R Diestelhorst 4142786582 1100 W WELLS ST MILWAUKEE WI 53233 Sandra Dempsey Director 3 0 X 16400 0 0 Dennis N Kabat Director 3 0 X 19400 0 0 John F Kenawell Director 3 0 X 18800 0 0 Joseph G Kopinski Director 3 0 X 17000 0 0 Archbishop Jerome E Listecki Director 1 0 X 12375 0 0 Allan G Lorge Director 4 0 X 23600 0 0 John C Mack Director 5 0 X 31700 0 0 Lisa Mick Director 3 0 X 16400 0 0 Patrick J Murphy Director 4 0 X 23600 0 0 Susan Obermiller Director 3 0 X 17900 0 0 Paul B Pinsonnault Director 3 0 X 17900 0 0 David C Singer Director 3 0 X 18500 0 0 Michael Stivoric Director 4 0 X 19700 0 0 Marion Strauss Director 3 0 X 16400 0 0 William R O'Toole President and Chief Executive Officer 45 1 X X 477034 0 80875 Jeffrey B Tilley Secretary and Chief Financial Officer 45 0 X X 263365 0 49703 John T Borgen Senior Vice President -Membership 45 2 X 185475 0 33154 Rogelio Cabral Vice President - Sales 45 0 X 255934 0 37058 John Callen Chief Investment Officer 45 0 X 187419 0 35362 Elizabeth E Gabrys Vice President & Chief Actuary 45 0 X 171748 0 11120 Joseph E Gadbois Vice President Fraternal Outreach 45 0 X 118704 0 8149 Kristen L Mueller Vice President - Human Resources 45 0 X 162197 0 18279 Charles A B Haas Vice President - Business Development 45 0 X 131317 0 30203 Jeffrey R Piotrowski Senior VP IT & Insurance Services 45 0 X 236619 0 38836 Kerry E Riemer Controller 45 1 X 156102 0 32951 Kari R Diestelhorst Vice President - Finance 45 0 X 122977 0 8847 Daniel Lloyd Regional Sales Manager 45 0 X 117371 0 7656 Kristin O'Connell Regional Sales Manager 45 0 X 146919 0 29552 Mike Attewell Director -Information Technology 45 0 X 129046 0 9309 Brian Brugger Actuary 45 0 X 109941 0 22023 3241843 0 453077 21 0 1 0 Wellington Management CO LLP P O BOX 13694 Newark NJ 071880694 Investment management 1067176 American Benefit LLC 4415 Mormon Coulee R La Crosse WI 54601 Independent insurance agent 354497 John Augustine 2665 S Moorland Road Suite 212 New Berlin WI 53151 Sales advisor 215665 Paul Hill 1100 West Wells Street Milwaukee WI 53233 Sales advisor 197648 Griffith Ballard & Co 100 FIirst Ave NE Suite 117 Cedar Rapids IA 52401 Financial services 169326 12 X 0 2770 0 0 0 0 0 2770 Premium Income 524113 79578648 79578648 0 0 Commissions and expense allowances on reinsurance ceded 524113 175900 175900 0 0 0 0 0 0 79754548 74497538 74497538 0 0 0 0 0 0 0 0 0 0 2142369 0 1619667 0 522702 0 522702 522702 0 0 140466927 1995053 140575973 1603412 -109046 391641 282595 282595 0 0 0 Net allocated investment expense 524113 1912894 1912894 0 0 Miscellaneous income 524113 9818 9818 0 0 0 0 0 0 1922712 156982865 156980095 0 0 X 758352 758352 200088 200088 0 0 117879959 117879959 3694920 3694920 0 0 0 0 0 0 3677296 3677296 0 0 341971 341971 0 0 1084101 1084101 0 0 817512 817512 0 0 0 0 0 0 212853 212853 0 0 186017 186017 0 0 0 0 0 0 0 0 0 0 0 0 976075 976075 0 0 630242 630242 0 0 146476 146476 0 0 594577 594577 0 0 0 0 0 0 883239 883239 0 0 243218 243218 0 0 0 0 0 0 336269 336269 0 0 0 0 0 0 325497 325497 0 0 818905 818905 0 0 103511 103511 0 0 Commissions 4323919 4323919 0 0 Field Representative Expense 1457609 1457609 0 0 Merger related expenses 223024 223024 0 0 Other expenses 2759709 2759709 0 0 142675339 142675339 0 0 -215019 336283 32563982 10435653 19365814 13554347 5655750 5811467 1358187684 1378154127 186288531 200742504 39112792 38335526 19983579 19500839 1641577299 1653316399 5725825 5516554 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1547799527 1548442425 1553525352 1553958979 X 0 0 88051947 99357420 0 0 88051947 99357420 1641577299 1653316399 X 14307526 -1767075 0 0 0 -1234978 X 0 1 X 1 0 0 0 X X 0 1469728 338670 -9919 37731 0 1775 1758973 297751 1181225 15548 24183 0 613 1469728 294328 0 11951 7736 0 792 297751 220629 75376 2448 3773 0 352 294328 213079 0 11443 3583 0 310 220629 0 1 0 0 1 1 0 0 0 0 10027060 5596706 4430354 0 7345135 6304402 1040733 0 1993619 1653239 340380 0 0 0 0 5811467 Private commercial loans 10329288 C Private placement bonds 172565912 C Private equity holding 565479 F Other 17281825 C 200742504 0 Policy and claim reserves 1522022171 Pension liability 1593303 Asset Valuation Reserve 10048572 Refunds payable 2040335 Advance premiums 2162866 Interest Maintenance Reserve 10186279 Other miscellaneus liabilities 388899 1548442425 154787376 0 0 0 0 0 154787376 1912894 282595 2195489 156982865 140762444 0 0 0 0 0 140762444 1912895 0 1912895 142675339 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 gains 1 Archdiocese of Milwaukee 3501 S Lake Dr Milwaukee WI 53207 390807221 501(c)(3) 25000 0 Cash Sponsorships and general support Catholic Memorial High School 601 East College Ave Waukesha WI 53186 390964819 501(c)(3) 10000 0 Cash Support Catholic education Father Pablos Mission Helpers of the Holy Savior 455 E Eisenhower Pkwy STE 355 Ann Arbor MI 48108 472492914 501(c)(3) 10000 0 CASH Nicaraguan seminary contribution Marquette University 1250 W Wisconsin Ave Milwaukee WI 53201 390806251 501(c)(3) 10500 0 Cash Sponsorships for education and peacemakimg Notre Dame School of Milwaukee 2604 W Orchard St Milwaukee WI 53204 391850760 501(c)(3) 55000 0 Cash Support Catholic education Seton Catholic Schools 3501 S Lake Dr Milwaukee WI 53207 475493941 501(c)(3) 50500 0 Cash Support Catholic education St Anthony Schools 1727 S 9th St Milwaukee WI 53213 390924288 501(c)(3) 10465 0 Cash Support Catholic education Society of St Vincent de Paul 58 Progress Parkway Maryland Heights MO 63043 135562362 501(c)(3) 50204 0 Cash National partner United Community Center Inc 1028 S 9th St Milwaukee WI 53204 391146191 501(c)(3) 9500 0 Cash Support local education 9 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 626 fundraisers were conducted in 2018. In 2018, $793,182 was raised by chapters, $328,075 was matched by the Home Office for a total of $1,121,257. 626 328075 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 2018 our chapters and the Home Office donated funds in support of our local communities and dioceses through direct donations. In 2018, $31,218 was donated by chapters and $511,299 was donated by the Home Office for a total of $542,517. While the number of recipients are not accumulated on an individual basis, the Society annually audits a sample of its local chapters. 0 542517 Cash The number of recipients cannot be determined. Impact Teams: In 2018, a new member engagement program was launched, putting 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. There were 30 Impact Teams in 2018. 0 5700 Cash The number of recipients cannot be determined. Educational benefits: Grade school and seminarian scholarships. Members attending Catholic elementary schools or studying for the priesthood are eligible for applicable scholarships. 465 96800 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. 553 51958 Cash Financial benefits: Estate planning, Prenatal Benefit, Newborn Protection Benefit, Guaranteed Protection Benefit, Uninsurable Child Protection Benefit, Orphan's Benefit, Child Cancer Benefit, Special Needs Benefit and Member Rewards Program. 3521 34050 65630 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. 16 777 13103 Cash 356 prescriptions with a value of $13,103 as reported by the benefit administrator. Member recognition program: Members are honored for longevity of membership with Catholic Financial Life. 50 year members are eligible to receive a gold rosary and 75 year members are eligible to receive a statue of the Immaculate Conception. Number of recipients are not tracked on an individual basis. 0 7286 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, Sr VP of Membership and the President's Sr Executive Assistant. X X 1 1 X X X 0 1 0 John T Borgen Senior Vice President -Membership 163113 0 22200 0 162 0 11352 0 21802 0 218629 0 0 0 Rogelio Cabral Vice President - Sales 127955 0 0 0 127979 0 15346 0 21712 0 292992 0 0 0 John Callen Chief Investment Officer 167705 0 19300 0 414 0 13650 0 21712 0 222781 0 0 0 Elizabeth E Gabrys Vice President & Chief Actuary 154050 0 16400 0 1298 0 10743 0 377 0 182868 0 0 0 Kristen L Mueller Vice President - Human Resources 146028 0 15150 0 1019 0 9869 0 8410 0 180476 0 0 0 Charles A B Haas Vice President - Business Development 124255 0 6900 0 162 0 8664 0 21539 0 161520 0 0 0 William R O'Toole President and Chief Executive Officer 405556 0 60000 0 11478 0 59014 0 21861 0 557909 0 0 0 Jeffrey R Piotrowski Senior VP IT & Insurance Services 208555 0 27400 0 664 0 16975 0 21861 0 275455 0 0 0 Kerry E Riemer Controller 139328 0 16000 0 774 0 16499 0 16452 0 189053 0 0 0 Jeffrey B Tilley Secretary and Chief Financial Officer 231677 0 30500 0 1188 0 33464 0 16239 0 313068 0 0 0 Kristin O'Connell Regional Sales Manager 106548 0 0 0 40370 0 8741 0 20811 0 176470 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 Executive Committee of the Board of Directors. 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 Executive Committee of the Board of Directors. The Executive Committee of the Board of Directors completes an annual written evaluation of the President from all Directors. Considering this performance evaluation and industry average compensation survey data, the Executive Committee recommends the President's compensation for full Board of Directors action. Deliberations and decisions by the Executive Committee and Board of Directors are recorded in their respective meeting minutes. Schedule J, Part I, Line 4 Line 4b) Supplemental deferred compensation to William O'Toole ($42,814) and Jeffrey Tilley ($19,663). Payment(s) are included in the individual's officer compensation on Part VII, section A. Form 990, Part VI, Section A, Line 4 The Society made one amendment to the Articles of Incorporation and four amendments to its bylaws in 2018: 1. Amended the Articles of Incorporation to require amendments to the Articles to be considered at a regular meeting of the Council to be submitted to the Judiciary Committee by May 1 of the year of the regular meeting of the Council rather than not less than one hundred twenty (120) days prior to the regular meeting of the Council. 2. Bylaw section 8(a)(2) Number of Directors and Term of Office: Amended to allow the Board, in consummating a merger, to increase the number of director positions provided that the number of elected directors serving on the Society's Board before a merger constitute at least 2/3's of the total number of elected directors serving on the Society's Board after the merger and that the added positions serve until the end of the calendar year of the next regular meeting of the Council. 3. Bylaw Section 8 (e) Number of Directors and Term of Office: Deleted wording that required compliance with the agreement of merger between Catholic Knights and Catholic Family that is no longer applicable. 4. Bylaw Section 15 Mergers: Amended to authorize the Board of Directors to approve mergers with fraternal benefit societies with less assets than the Society and 5. Bylaw Section 19 Duties: Amended to remove Board responsibility for assignment of duties to Other Principal Officers and the Vice Presidents and Other Officers. 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 CFO 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 Executive Committee of the Board of Directors. The Executive Committee of the Board of Directors completes an annual written evaluation of the President from all Directors. Considering this performance evaluation and industry average compensation survey data, the Executive Committee recommends the President's compensation for full Board of Directors action. Deliberations and decisions by the Executive 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 conventions 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. $-1,375,287 change in non-admitted assets, 2. $-122,148 change in Asset Valuation Reserve, 3. $438,358 change in pension liability, 4. $-175,900 change in surplus as a result of reinsurance. 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 0 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 Catholic Financial Life filed a Form 8868, Extension of Time to File an Exempt Organization Return, by the original due date of May 15, 2019 and was granted an extension until November 15, 2019 .