2014-08-05T14:58:41-07:00 2013-12-31 990 2013-01-01 390201015 CATHOLIC FINANCIAL LIFE CATH 4142736266 1100 W Wells Street Milwaukee WI 53233 Jeffrey Tilley Chief Financial Officer 4142786583 2014-08-05 2013 2015-11-30 17:44:51Z Jeffrey Tilley 1100 W Wells Street Milwaukee WI 53233 257185462 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 2013, members volunteered over 85,500 hours of service valued at nearly $1.9 million to extend their hand to help others in need. Nearly $1.6 million in contributions were raised through the Society's efforts to promote Catholic education, Diocesan programs, civic causes and more. 16 14 230 15250 0 0 5210 4330 82734288 65578156 57944856 61311214 2442573 2450376 143126927 129344076 1010995 1154488 117211549 99765531 9287095 9405135 0 0 0 12854112 11831344 140363751 122156498 2763176 7187578 1288204173 1320445745 1257384449 1277293521 30819724 43152224 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 121276510 0 129339746 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. 879988 0 4330 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 85,500 hours of service were donated to support various Diocesan and community programs and events in 2013 valued at nearly $1.9 million. 0 0 0 122156498 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 33390 0 1 230 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 St Milwaukee WI 532332316 Mary E Baker Board member 3 X 14000 0 0 Carla Breunig Board member 3 X 16125 0 0 Robert N Dippold Board member 3 X 16725 0 0 William Dreyer Board member 3 X 16300 0 0 Dennis Kabat Board member 3 X 14450 0 0 John F Kenawell Board member 3 X 16925 0 0 Donald Layden Board member 3 X 13175 0 0 Archbishop Jerome E Listecki Board member 1 X 9250 0 0 John Mack Board member 3 X 16300 0 0 Patrick J Murphy Board member 4 X 19050 0 0 Paul Pinsonnault Board member 3 X 13750 0 0 David Singer Board member 3 X 14175 0 0 Michael Stivoric Board member 3 X 15450 0 0 Thomas W VanHimbergen Board member 5 X 25400 0 0 Arthur W Wigchers Board member 5 X 17350 0 0 William R O'Toole President & Chief Executive Officer 45 1 X 311377 0 56100 Allan G Lorge Secretay/Treasury, Executive Vice President 45 X 218743 0 20049 James Schaefer Regional Sales Manager 0 X 158907 0 17848 Jeffrey B Tilley Vice President & Chief Financial Officer 45 X 148630 0 21933 Frederick W Muenkel Vice President - Insurance Services 45 X 144499 0 17684 Michael G Soczka Regional Sales Manager 0 X 151471 0 5001 Ismael Cardenas Regional Sales Manager 0 X 142672 0 4756 John T Borgen Senior VP Membership 45 2 X 123608 0 21463 Rogelio Cabral Vice President - Sales 45 X 121119 0 21030 John Callen Investment Officer 45 X 114226 0 21218 Paul Hill Regional Sales Manager 0 X 112775 0 21054 Donald D Delo Director I.S. Applications Development 45 X 116807 0 10587 Kerry Riemer Controller 45 1 X 106420 0 20011 Lee F Berg Vice President - Marketing 45 1 X 100840 0 20388 Elizabeth Emory Gabrys Vice President - Chief Actuary 30 X 114216 0 3951 Joseph E Gadbois Vice President - Fraternal Outreach 45 X 94474 0 16027 2519209 0 299100 17 0 1 0 Wellington Management Co LLP PO Box 13694 Newark NJ 071880694 Investment management 1012885 Sungard Iworks LLC 11560 Great Oaks Way Suite 200 Alpharetta GA 30022 Accounting solutions 207371 Kristin O'Connell 2388 Dew Ln Green Bay WI 54313 Advisor 200594 William Klein 2990 Osmundsen Street Fitchburg WI 53711 Advisor 177456 James Piette CLU CHFC FIC 172 Detrie Dr Green Bay WI 54301 Advisor 174404 10 X 0 4330 0 0 0 0 0 4330 Premium income 524113 65402256 65402256 0 0 Commissions and expense allowances 524113 175900 175900 0 0 0 0 0 0 65578156 62447481 62447481 0 0 0 0 0 0 0 0 0 0 2103132 0 1596240 0 506892 0 506892 506892 0 0 124439003 669876 125928808 316338 -1489805 353538 -1136267 -1136267 0 0 0 Net allocated investment expense 524113 1933312 1933312 0 0 Miscellaneous income 524113 10172 10172 0 0 0 0 0 0 1943484 129344076 129339746 0 0 X 915441 915441 239047 239047 0 0 99765531 99765531 2818309 2818309 0 0 0 0 0 0 3789398 3789398 0 0 889438 889438 0 0 1011459 1011459 0 0 896531 896531 0 0 0 0 0 0 174168 174168 0 0 177005 177005 0 0 0 0 0 0 0 0 0 0 0 0 509521 509521 0 0 206739 206739 0 0 140225 140225 0 0 92783 92783 0 0 0 0 0 0 802469 802469 0 0 238188 238188 0 0 0 0 0 0 366163 366163 0 0 0 0 0 0 291722 291722 0 0 967326 967326 0 0 126627 126627 0 0 Commissions 3844748 3844748 0 0 Field representative expenses 1076459 1076459 0 0 Fraternal expenses 78983 78983 0 0 Other 2738218 2738218 0 0 122156498 122156498 0 0 972950 47437 18451254 12807843 5868471 5643411 1099071304 1114576191 136338709 154542375 32583892 31267550 13368847 14368781 1288204173 1320445745 3766955 4467650 1253617494 1272825871 1257384449 1277293521 X 0 0 0 0 30819724 43152224 30819724 43152224 1288204173 1320445745 X 7187578 1124311 0 0 0 4020611 X 0 1 X 1 0 0 0 X X 0 0 0 0 0 10027060 5506233 4520827 0 6317491 5296728 1020763 0 2106703 2004882 101821 0 0 0 0 5643411 Private commercial loans 37981421 C Private placement bonds 114286862 C Private equity holding 443783 F Other private holdings 1830309 C 154542375 Policy and claim reserves 1257570941 Minimum pension liability 1469876 Asset valuation reserve 6122530 Refunds payable 2044953 Advance premiums 2099002 Interest maintenance reserve 3086067 Other miscellaneous liabilities 432502 1272825871 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. These 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. 1 Archdiocese of Milwaukee PO Box 070912 Milwaukee WI 53207 390807221 501(c)(3) 25000 Cash Soles for Education Walk Sponsorship Catholic Charities Foundation of the Archdiocese of Milwaukee 3501 S Lake Dr Milwaukee WI 53207 391231223 501(c)(3) 10655 Cash Support for various causes Catholic Financial Life Foundation Inc 1100 W Wells St Milwaukee WI 53233 204780760 501(c)(3) 160000 Cash Scholarships Jesuit Retreat House 4800 Fahrnwald Rd Oshkosh WI 54902 390977744 501(c)(3) 10000 Cash Expansion capital campaign Marquette University 1250 W Wisconsin Ave Milwaukee WI 53233 390806251 501(c)(3) 10950 Cash Support for various causes Society of St Vincent de Paul 58 Progress Parkway Maryland Heights MO 63043 135562362 501(c)(3) 63493 Cash National partner St Gabriel Parish 1200 St Gabriel Way Hubertus WI 53033 810555020 501(c)(3) 8000 Cash Technology and general support 7 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 184 chapters out of 190 throughout the United States (127 of which are in Wisconsin) conducted 690 fundraisers in 2013. In 2013, $942,848 was raised by chapters, $364,945 was matched by the Home Office for a total of $1,307,793. 15000 364945 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 2013 our chapters and the Home Office donated funds in support of our local communities and dioceses through direct donations. In 2013, $60,323 was donated by chapters and $180,299 was donated by the Home Office for a total of $240,622. While the number of recipients are not accumulated on an individual basis, the Society annually audits a sample of its local chapters. 0 240622 Cash Educational benefits: Grade school scholarships. Members attending Catholic elementary schools are eligible for annually renewable scholarships. 540 108000 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. 756 70065 Cash Financial benefits: Estate planning, Prenatal Benefit, Newborn Protection Benefit, Guaranteed Protection Benefit, Orphan's Benefit and Child Cancer Benefit 178 30400 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. 30 1520 64436 Cash 3,147 prescriptions with a value of $64,436 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 5846 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/Sr VP, and the Fraternal Sr VP. 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 William R O'Toole President & Chief Executive Officer 276218 0 23000 0 12159 0 38901 0 17199 0 367477 0 0 0 Allan G Lorge Secretay/Treasury, Executive Vice President 201373 0 17000 0 370 0 6955 0 13094 0 238792 0 0 0 James Schaefer Regional Sales Manager 135726 0 0 0 23180 0 5603 0 12244 0 176753 0 0 0 Jeffrey B Tilley Vice President & Chief Financial Officer 139630 0 8900 0 100 0 4734 0 17199 0 170563 0 0 0 Frederick W Muenkel Vice President - Insurance Services 135473 0 8800 0 100 0 4590 0 13094 0 162057 0 0 0 Michael G Soczka Regional Sales Manager 125553 0 0 0 25918 0 4521 0 480 0 156472 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. 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 convention 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. $-1,141,100 change in non-admitted assets, 2. $-1,310,412 change in Asset Valuation Reserve, 3. $6,648,023 change in minimum pension liability, 4. $-175,900 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 50438 443783 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 0 1 1 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 Catholic Financial Life Foundation Inc b 160000 Cash Catholic Knights Financial Services Inc o 850 Cash Catholic Brokerage Service Corp o 9000 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, 2014 and was granted an extension until August 15, 2014.