2015-08-07T12:38:10-07:00 2014-12-31 990 2014-01-01 390201015 CATHOLIC FINANCIAL LIFE CATH 4142736266 1100 W Wells Street Milwaukee WI 53233 Jeffrey Tilley Chief Financial Officer 4142786583 2015-08-10 2014 2016-04-25 22:37:26Z Jeffrey Tilley 1100 W Wells St Milwaukee WI 53233 295014579 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 2014, members volunteered over 81,500 hours of service valued at nearly $1.9 million to extend their hand to help others in need. Nearly $1.3 million in contributions were raised through the Society's efforts to promote Catholic education, Diocesan programs, civic causes and more. 16 14 228 15428 0 0 4330 3970 65578156 63593231 61311214 63086014 2450376 2361329 129344076 129044544 1154488 1136939 99765531 96330018 9405135 9129169 0 0 0 11831344 11689979 122156498 118286105 7187578 10758439 1320445745 1350071147 1277293521 1304077496 43152224 45993651 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 exists to benefit the members of the Society and their beneficiaries. The Society is proud to be a membership organization that has served its members for more than 125 years. The Society's Articles of Incorporation state that it exists to provide assistance to its members, unite its members fraternally for social, religious, benevolent and intellectual improvement and to engage in the insurance business and in any other business reasonably incidental to the insurance business for the benefit of its members and their beneficiaries. 0 0 117463622 0 129040574 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. 822483 0 3970 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 81,500 hours of service were donated to support various Diocesan and community programs and events in 2014 valued at nearly $1.9 million. 0 0 0 118286105 0 0 0 0 0 0 1 0 0 1 1 0 0 1 0 0 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 33013 0 1 228 1 0 0 0 0 0 0 X 16 14 0 0 0 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X Jeffrey B Tilley 4142786583 1100 W Wells Street Milwaukee WI 53233 Mary E Baker Board member 3 X 14225 0 0 Carla Breunig Board member 3 X 15500 0 0 Robert N Dippold Board member 3 X 23025 0 0 William Dreyer Board member 3 X 14825 0 0 Dennis Kabat Board member 3 X 15250 0 0 John F Kenawell Board member 3 X 16525 0 0 Donald Layden Board member 3 X 14825 0 0 Archbishop Jerome E Listecki Board member 1 X 11500 0 0 John Mack Board member 3 X 15675 0 0 Patrick J Murphy Board member 4 X 17800 0 0 Paul Pinsonnault Board member 3 X 14400 0 0 David Singer Board member 3 X 13800 0 0 Michael Stivoric Board member 3 X 15250 0 0 Thomas W VanHimbergen Board member 5 X 15500 0 0 Arthur W Wigchers Board member 5 X 16950 0 0 Allan G Lorge Secretary, Treasurer, Executive Vice President 45 0 X X 114712 0 18580 William O'Toole President and Chief Executive Officer 45 1 X X 311303 0 54137 Lee Berg Vice President - Marketing 45 1 X 34988 0 7588 John Borgen Senior Vice President -Membership 45 2 X 130162 0 23067 Rogelio Cabral Vice President - Sales 45 0 X 119607 0 23300 John Callen Chief Investment Officer 45 0 X 118750 0 23470 Elizabeth Emory Gabrys Vice President & Chief Actuary 45 0 X 105277 0 5095 Joseph Gadbois Vice President Fraternal Outreach 45 0 X 95030 0 18506 Frederick Muenkel Vice President - Insurance Services 45 0 X 136690 0 20169 Kerry Riemer Controller 45 1 X 106550 0 23784 Jeffrey Tilley Secretary and Chief Financial Officer 45 0 X 160029 0 22844 Donald Delo Director Information Systems Development 45 0 X 106621 0 12201 Ismael Cardenas Regional Sales Manager 45 0 X 148337 0 6505 Kristin O'Connell Regional Sales Manager 45 0 X 185134 0 26090 Michael Soczka Regional Sales Manager 45 0 X 142234 0 6654 Jim Schaefer Regional Sales Manager 45 0 X 99500 0 17413 2349974 0 309403 21 0 1 0 Wellington Management Co LLP PO Box 13694 Newark NJ 071880694 Investment management 1018271 Ernst & Young LLP 3712 Solutions Center Chicago IL 606773007 Audit 239400 Sungard Iworks LLC 11560 Great Oaks Way Suite 200 Alpharetta GA 30022 Accounting solutions 200014 John Augustine 2665 S Moorland Road Suite 212 New Berlin WI 53151 Sales Advisor 154008 Cory Gates 401 Main Street Suite 501 LaCrosse WI 54601 Sales Advisor 149608 6 X 0 3970 0 0 0 0 0 3970 Premium income 524113 63417331 63417331 0 0 Commissions and expense allowances 524113 175900 175900 0 0 0 0 0 0 63593231 62869705 62869705 0 0 0 0 0 0 0 0 0 0 2013814 0 1565891 0 447923 0 447923 447923 0 0 164141459 478994 163956953 447191 184506 31803 216309 216309 0 0 0 Net allocated investment expense 524113 1903355 1903355 0 0 Miscellaneous income 524113 10051 10051 0 0 0 0 0 0 1913406 129044544 129040574 0 0 X 880281 880281 256658 256658 0 0 96330018 96330018 2623357 2623357 0 0 0 0 0 0 3773584 3773584 0 0 927979 927979 0 0 1023506 1023506 0 0 780743 780743 0 0 0 0 0 0 84571 84571 0 0 178933 178933 0 0 0 0 0 0 0 0 0 0 0 0 519455 519455 0 0 322417 322417 0 0 146593 146593 0 0 58884 58884 0 0 0 0 0 0 732204 732204 0 0 257905 257905 0 0 0 0 0 0 413309 413309 0 0 0 0 0 0 278890 278890 0 0 979783 979783 0 0 122570 122570 0 0 Commissions 3704302 3704302 0 0 Field representative expenses 1120789 1120789 0 0 Fraternal expenses 101315 101315 0 0 Other 2668059 2668059 0 0 0 0 0 0 118286105 118286105 0 0 47437 556533 18657893 13126296 5643411 5531597 1114576191 1140071672 154542375 156723278 31267550 32423243 14368781 14764824 1320445745 1350071147 4467650 4500422 1272825871 1299577074 1277293521 1304077496 X 0 0 0 0 43152224 45993651 43152224 45993651 1320445745 1350071147 X 10758439 438236 0 0 590810 -8946058 X 0 1 1 0 0 0 X X 0 0 0 0 0 10027060 5526080 4500980 0 6432283 5556104 876179 0 2198550 2044112 154438 0 0 0 0 5531597 0 0 Private commercial loans 30454178 C Private placement bonds 124306196 C Private equity holdings 476677 F Other private holdings 1486227 C 156723278 0 Policy and claim reserves 1274361155 Minimum pension liability 8277535 Asset valuation reserve 7632528 Refunds payable 2015290 Advance premiums 2103936 Interest maintenance reserve 4868410 Other miscellaneus liabilities 318220 1299577074 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 1b Amounts are aggregated for the Society's land and buildings on Schedule D, Part VI, line b. 1 Archdiocese of Milwaukee 3501 S Lake Dr Milwaukee WI 53207 390807221 501(c)(3) 25000 Cash Soles for Education Walk sponsorship Archdiocese of Milwaukee 3501 S Lake Dr Milwaukee WI 53207 390807221 501(c)(3) 6405 Cash Support for various causes/campaigns Catholic Financial Life Foundation Inc 1100 W Wells St Milwaukee WI 53233 204780760 501(c)(3) 110000 Cash Scholarships Catholic Financial Life Foundation Inc 1100 W Wells St Milwaukee WI 53233 204780760 501(c)(3) 17543 Cash Support of Hope 4 Katie fundraiser Catholic Relief Services 228 W Lexington St Baltimore MD 21201 135563422 501(c)(3) 13500 Cash Support for various causes/campaigns Milwaukee Art Museum 700 N Art Museum Dr Milwaukee WI 53202 390806316 501(c)(3) 22500 Cash Exhibition sponsor, benefactor member Society of St Vincent de Paul 58 Progress Parkway Maryland Heights MO 63043 135562362 501(c)(3) 54063 Cash National partner 5 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 180 chapters out of 186 throughout the United States (126 of which are in Wisconsin) conducted 675 fundraisers in 2014. In 2014, $707,230 was raised by chapters, $360,666 was matched by the Home Office for a total of $1,067,896. 15000 360666 Cash The number of recipients cannot be determined so an estimate is used. Direct charitable outreach: Catholic Financial Life embodies Catholic values in action. In 2014 our chapters and the Home Office donated funds in support of our local communities and dioceses through direct donations. In 2014, $12,639 was donated by chapters and $186,503 was donated by the Home Office for a total of $199,142. While the number of recipients are not accumulated on an individual basis, the Society annually audits a sample of its local chapters. 0 199142 Cash Educational benefits: Grade school scholarships. Members attending Catholic elementary schools are eligible for annually renewable scholarships. 557 111400 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 and 4. Up to $100 towards the cost of attending a Catholic summer camp. 900 85209 Cash Financial benefits: Estate planning, Prenatal Benefit, Newborn Protection Benefit, Guaranteed Protection Benefit, Orphan's Benefit and Child Cancer Benefit 171 14400 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. 47 2360 49306 Cash 2,084 prescriptions with a value of $49,306 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 not tracked on an individual basis. 0 4128 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/Treasurer, 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 Borgen Senior Vice President -Membership 118350 0 11650 0 162 0 3993 0 19074 0 153229 0 0 0 Frederick Muenkel Vice President - Insurance Services 123102 0 12400 0 1188 0 6432 0 13737 0 156859 0 0 0 William O'Toole President and Chief Executive Officer 277416 0 30600 0 3287 0 40400 0 13737 0 365440 0 0 0 Jeffrey Tilley Secretary and Chief Financial Officer 144741 0 14100 0 1188 0 7309 0 15534 0 182872 0 0 0 Ismael Cardenas Regional Sales Manager 140774 0 100 0 7463 0 6001 0 504 0 154842 0 0 0 Kristin O'Connell Regional Sales Manager 38428 0 4323 0 142384 0 7559 0 18531 0 211225 0 0 0 Schedule J, Part I, Line 1a The Society directly pays for social and health club dues for the President and Executive Vice President 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 All officer positions are compared to market averages for like positions from an independent national survey of 20 to 30 organizations of the same size as the Society. 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. Schedule J, Part I, Line 4 Supplemental deferred compensation to William O'Toole ($30,000) 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 copy after 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/Treasurer reviews all signed certified copies. The Board of Directors also completes an annual self evaluation process. Form 990, Part VI, Section B, Line 15 All officer positions are compared to market averages for like positions from an independent national survey of 20 to 30 organizations of the same size as the Society. 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 and 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 1a 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. $-357,901 change in non-admitted assets, 2. $-1,509,998 change in Asset Valuation Reserve, 3. $-6,942,311 change in pension liability, 4. $-135,844 change in surplus as a result of reinsurance. Catholic Financial Life Foundation Inc 1100 W Wells Street Milwaukee WI 53233 204780760 Religious and educational grants WI 501(c)(3) 9 N/A 0 Catholic Knights Financial Services Inc 1100 W Wells Street Milwaukee WI 53233 391796482 Holding company WI N/A C 48399 476677 1.00 0 Catholic Brokerage Service Corp 1100 W Wells Street 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 110000 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, 2015 and was granted an extension until August 15, 2015.