2017-10-17T11:49:01-07:00 2016-12-31 990 2016-01-01 390201015 CATHOLIC FINANCIAL LIFE CATH 4142736266 1100 W WELLS ST MILWAUKEE WI 53233 Jeffrey Tilley Chief Financial Officer 4142786583 2017-07-12 104.129.196.191 2016 2021-01-29 14:40:06Z JEFFREY B TILLEY 1100 W WELLS ST MIWAUKEE WI 53233 249721753 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 2016, members volunteered over 85,600 hours of service valued at more than $2 million to extend their hand to help others in need. Over $1.8 million in contributions were raised through the Society's efforts to promote Catholic education, Diocesan programs, civic causes and more. 14 12 198 14683 0 0 3440 3110 61686561 70793080 63326347 66077394 2473741 2469728 127490089 139343312 1222381 1222381 96313302 104849811 9141327 9732741 0 0 11168257 11918202 117845267 127723135 9644822 11620177 1378099759 1417204684 1320497145 1346420871 57602614 70783813 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 126582368 0 139340202 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. 1140767 0 3110 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 85,600 hours of service were donated to support various Diocesan and community programs and events in 2016 valued at over $2 million. 0 0 0 127723135 0 0 0 0 0 0 1 0 0 1 1 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 31354 0 1 198 1 0 0 0 0 0 0 X 14 12 0 0 0 0 1 1 1 1 1 0 1 1 1 1 1 1 1 1 1 1 0 CA X Jeffrey B Tilley 4142786583 1100 W WELLS ST MILWAUKEE WI 53233 Dennis N Kabat Board member 3 0 X 17100 0 0 John F Kenawell Board member 3 0 X 17100 0 0 Archbishop Jerome E Listecki Board member 1 0 X 11625 0 0 Allan G Lorge Board member 4 0 X 23000 0 0 John C Mack Board member 5 0 X 28700 0 0 Lisa Mick Board member 3 0 X 15825 0 0 Patrick J Murphy Board member 4 0 X 20000 0 0 Susan Obermiller Board member 3 0 X 16850 0 0 Paul B Pinsonnault Board member 3 0 X 15225 0 0 Kristine Rappe Board member 3 0 X 16850 0 0 David C Singer Board member 3 0 X 16675 0 0 Michael Stivoric Board member 4 0 X 17100 0 0 Marion Strauss Board member 3 0 X 15825 0 0 William R O'Toole President and Chief Executive Officer 45 1 X X 411615 0 65729 Jeffrey B Tilley Secretary and Chief Financial Officer 45 0 X X 225614 0 24680 John T Borgen Senior Vice President -Membership 45 2 X 157216 0 26931 Rogelio Cabral Vice President - Sales 45 0 X 215931 0 25359 John Callen Chief Investment Officer 45 0 X 157843 0 23161 Elizabeth E Gabrys Vice President & Chief Actuary 45 0 X 139419 0 7824 Joseph E Gadbois Vice President Fraternal Outreach 45 0 X 112466 0 20375 Kristen L Mueller Vice President - Human Resources 45 0 X 125752 0 13788 Frederick W Muenkel Vice President - Insurance Services 45 0 X 138617 0 21769 Jeffrey R Piotrowski Senior VP IT & Insurance Services 45 0 X 199916 0 28235 Kerry E Riemer Controller 45 1 X 135390 0 26105 Brian Brugger Associate Actuary 45 0 X 109099 0 19738 Daniel Lloyd Regional Sales Manager 45 0 X 138998 0 7787 Kristin O'Connell Regional Sales Manager 45 0 X 165043 0 29841 Linda Hanson Financial Actuary 45 0 X 114115 0 6271 Ida Martinez Director of Business Development 45 0 X 108047 0 25061 2886956 0 372654 26 0 1 0 Wellington Management Co LLP PO Box 13694 Newark NJ 071880694 Investment management 1062652 Richard Kremel 2665 S Moorland Road Suite 212 New Berlin WI 53151 Sales Advisor 234428 John Augustine 2665 S Moorland Road Suite 212 New Berlin WI 53151 Sales Advisor 234097 Matthew Tomlinson 32088 N Pine Ave 0 Grayslake IL 60030 Sales Advisor 145894 James Piette 200 S Washington St Green Bay WI 54301 Sales Advisor 139569 6 X 0 3110 0 0 0 0 0 3110 Premium income 524113 70617180 70617180 0 0 Reinsurance commission and expense 524113 175900 175900 0 0 0 0 0 0 70793080 66616299 66616299 0 0 0 0 0 0 0 0 0 0 2159823 0 1534173 0 625650 0 625650 625650 0 0 108288395 16968 108844212 56 -555817 16912 -538905 -538905 0 0 0 Net allocated investment expense 524113 1850334 1850334 0 0 Miscellaneous income 524113 -6256 -6256 0 0 0 0 0 0 1844078 139343312 139340202 0 0 X 1032452 1032452 179929 179929 10000 10000 104849811 104849811 3259608 3259608 0 0 3680776 3680776 845417 845417 1137533 1137533 809407 809407 163156 163156 206044 206044 0 0 0 0 0 0 373804 373804 312987 312987 118977 118977 585614 585614 0 0 802628 802628 255769 255769 331533 331533 0 0 275700 275700 533003 533003 94718 94718 Commissions 3670912 3670912 0 0 Field representatives expense 1477408 1477408 0 0 Fraternal expenses 228125 228125 0 0 Other 2487824 2487824 0 0 127723135 127723135 0 0 892472 -1139390 18278887 20852616 18648425 13102275 5534994 5546150 1145763859 1172565567 162862844 169123774 28898097 33494141 15868606 16761826 1378099759 1417204684 4378619 4641168 1316118526 1341779703 1320497145 1346420871 X 0 0 57602614 70783813 0 0 57602614 70783813 1378099759 1417204684 X 11620177 658546 0 0 0 902476 X 0 1 X 1 0 0 0 X X 0 0 0 0 0 10027060 5563417 4463643 0 6759699 5937347 822352 0 1861666 1601511 260155 0 0 0 0 5546150 Private commercial loans 22370871 C Private placement bonds 145108854 C Private equity holding 502541 F Other private holdings 1141508 C 169123774 Policy and claim reserves 1321262753 Minimum pension liability 2478284 Asset valuation reserve 8100054 Refunds payable 2020396 Advance premiums 2092741 Interest maintenance reserve 5592179 Other miscellaneus liabilities 233296 1341779703 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 VI, Line 1a Amounts are aggregated for the Society's land and buildings on Schedule D, Part VI, line b. Central America and the Caribbean Construction of housing community for retired priests. 10000 Check 0 1 0 0 0 0 0 0 0 1 Archdiocese of Milwaukee 3501 S Lake Dr Milwaukee WI 53207 390807221 501(c)(3) 31505 Cash Soles for Education Walk sponsorship, sponsorships, general support etc. Catholic Financial Life Foundation Inc 1100 W Wells St Milwaukee WI 53233 204780760 501(c)(3) 478405 Cash Scholarships and educational initiatives Catholic Memorial High School 601 East College Ave Waukesha WI 53186 390964819 501(c)(3) 10000 Cash CMHS sponsorship Catholic Relief Services 228 W Lexington St Baltimore MD 21201 135563422 501(c)(3) 25000 Cash Support for various causes/campaigns Irish Festivals Inc 1532 Wauwatosa Ave Wauwatosa WI 53213 391374611 501(c)(3) 8000 Cash Irish Fest sponsorship Kindness for Katrina 12500 Bell Rd Caledonia WI 53108 814059230 7000 Cash Support for community cause. Messmer High School 742 W Capital Dr Milwaukee WI 53206 391482053 501(c)(3) 15000 Cash Sponsorship and general support Milwaukee Habitat for Humanity 3726 N Booth St Milwaukee WI 53212 391496741 501(c)(3) 10000 Cash Pope Francis House Build sponsorship Society of St Vincent de Paul 58 Progress Parkway Maryland Heights MO 63043 135562362 501(c)(3) 40290 Cash National partner St Anthony Schools 1727 S 9th St Milwaukee WI 53213 390924288 501(c)(3) 16800 Cash Scholarships and educational initiatives Cardinal Stritch University Inc 6801 N Yates Rd Milwaukee WI 53217 390806196 501(c)(3) 10000 Cash Sponsorship for hispanic initiative United Community Center Inc 1028 S 9th St Milwaukee WI 53204 391146191 501(c)(3) 15500 Cash Sponsorship for hispanic initiatives Waukesha Catholic Schools 221 S Hartwell Ave Waukesha WI 53186 391688421 501(c)(3) 15500 Cash Sponsorships Milwaukee Marathon Inc 27351 Foxhaven Dr Wind Lake WI 53185 465471334 501(c)(3) 10000 Cash Sponsorship St Gabriel 3733 Hubertus Rd Hubertus WI 53033 810555020 501(c)(3) 6915 Cash Sponsorship and general support 14 1 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 164 chapters out of 178 throughout the United States (124 of which are in Wisconsin) conducted 679 fundraisers in 2016. In 2016, $1,018,021 was raised by chapters, $342,694 was matched by the Home Office for a total of $1,360,715. 679 342694 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 2016 our chapters and the Home Office donated funds in support of our local communities and dioceses through direct donations. In 2016, $17,907 was donated by chapters and $457,505 was donated by the Home Office for a total of $475,412. While the number of recipients are not accumulated on an individual basis, the Society annually audits a sample of its local chapters. 0 475412 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. 518 107100 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. 466 42207 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. 2234 103500 27499 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. 31 1560 28455 Cash 929 prescriptions with a value of $28,455 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 56407 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, Secretary/CFO, and the Sr VP of Membership. Additionally, the Society provides funding to the Catholic Financial Life Foundation for high school and college scholarships which is reported as a fraternal expense in the year of the funding to the Foundation. X X 1 1 X X X X 0 1 0 John T Borgen Senior Vice President -Membership 142854 0 14200 0 162 0 7755 0 19176 0 184147 0 0 0 Rogelio Cabral Vice President - Sales 130529 0 13000 0 72402 0 10908 0 14451 0 241290 0 0 0 John Callen Chief Investment Officer 144373 0 13200 0 270 0 3985 0 19176 0 181004 0 0 0 Frederick W Muenkel Vice President - Insurance Services 123967 0 12500 0 2150 0 7318 0 14451 0 160386 0 0 0 William R O'Toole President and Chief Executive Officer 366859 0 33400 0 11356 0 46553 0 19176 0 477344 0 0 0 Jeffrey R Piotrowski Senior VP IT & Insurance Services 196996 0 2650 0 270 0 9059 0 19176 0 228151 0 0 0 Kerry E Riemer Controller 122716 0 11900 0 774 0 6929 0 19176 0 161495 0 0 0 Jeffrey B Tilley Secretary and Chief Financial Officer 205326 0 19100 0 1188 0 10229 0 14451 0 250294 0 0 0 Kristin O'Connell Regional Sales Manager 110623 0 13302 0 41117 0 12519 0 17322 0 194883 0 0 0 Schedule J, Part I, Line 1a The Society directly pays for social and health club dues for the President, Sr VP of Membership and VP Chief Actuary 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 a mix of insurance and not for profit industry market data 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 ($33,303) which is included in Mr. O'Toole's officer compensation on Part Vll, section A. 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 more than 10,000 members or more than $50 million of assets, the Society's delegates are required to vote on and approve the merger and/or Bylaw changes 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/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 a mix of insurance and not for profit industry market data 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 therefore, included in column (B), 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. $-808,133 change in non-admitted assets, 2. $-446,294 change in Asset Valuation Reserve, 3. $2,332,803 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 Catholic Knights Financial Services Inc 1100 W Wells St Milwaukee WI 53233 391796482 Holding company WI N/A C 58089 502541 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 Foundation Inc b 478405 Cash Reasonable cause for late filing: Catholic Financial Life filed a Form 8868, Extension of Time to File an Exempt Organization Return, by the original due date of May 15, 2017 and was granted an extension until November 15, 2017.