2012-10-02T15:48:38-07:00 2011-12-31 990 2011-01-01 390201015 CATHOLIC FINANCIAL LIFE CATH 4142736266 1100 W Wells Street Milwaukee WI 532332316 Jeffrey Tilley 4142736266 2012-10-02 2011 2016-02-24 21:20:13Z Jeffrey B Tilley 1100 W Wells St Milwaukee WI 53233 307045752 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 2011, members volunteered over 72,000 hours of service valued at over $1,571,909 to extend their hand to help others in need. Over $1.5 million in contributions were raised through the Society's efforts to promote Catholic education, Diocesan programs, civic causes and more. 19 17 275 14000 1155 0 5570 5900 101941228 96336162 51452338 54248412 1292325 2666450 154691461 153256924 1309693 975074 135845260 126551419 12143188 9771844 0 0 0 17358325 13850738 166656466 151149075 -11965005 2107849 1196641433 1242691239 1170541484 1214740621 26099949 27950618 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 150319388 0 153249868 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. 828532 0 5900 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 72,000 hours of service were donated to support various Diocesan and community programs and events in 2011 valued at more than $1,571,909. 0 0 0 151147920 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 0 1 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 X 35095 0 1 275 1 1 0 0 0 0 0 0 X 19 17 0 0 1 0 1 1 1 1 1 0 1 1 0 1 1 1 1 1 1 1 0 CA X Jeffrey B Tilley 4142736266 1100 W Wells Street Milwaukee WI 532332316 Alphonse Raymond Auclair 3 X 9500 0 0 Mary E Baker 3 X 10000 0 0 Mary Bowser 3 X 10100 0 0 Carla Breunig 3 X 9950 0 0 Robert N Dippold 3 X 9900 0 0 William Dreyer 3 X 10350 0 0 Mildred Jandrin 3 X 9800 0 0 Phyllis A John 4 X 12600 0 0 Dennis Kabat 3 X 9800 0 0 John F Kenawell 3 X 12000 0 0 Donald Layden 3 X 7950 0 0 Archbishop Jerome Listecki 1 X 8500 0 0 Patrick Murphy 4 X 11750 0 0 Paul Pinsonnault 3 X 9900 0 0 Chuck Rebek 3 X 9500 0 0 Janet A Stelken 4 X 11250 0 0 Thomas W VanHimbergen 5 X 17900 0 0 Arthur W Wigchers 5 X 12600 0 0 William O'Toole 45 X 262971 0 35053 Allan G Lorge 45 X 206546 0 28514 Lee Berg 45 X 96532 0 24568 John Borgen 45 X 98078 0 17620 Rogelio Cabral 45 X 116640 0 26534 John Callen 45 X 53635 0 10902 Joseph E Gadbois 45 X 97174 0 14849 Kim Ingram 45 X 88935 0 25052 Dan Lloyd 45 X X 115185 0 24162 Fred Muenkel 45 X 143726 0 24443 Kerry Riemer 45 X 107079 0 25115 Dan Strasburg 45 X 177751 0 29714 Jeffrey B Tilley 45 X 119875 0 26752 Glen Unold 45 X 139463 0 5574 Ish Cardenas 0 X 126274 0 3955 Paul Hill 0 X 172299 0 27256 Jeff Long 0 X 156655 0 27583 James Schaefer 0 X 206798 0 31401 Mike Soczka 0 X 159200 0 11532 2838166 0 420579 13 1 1 0 Wellington Management Company LLC 280 Congress St Boston MA 02210 Investment management 719614 Klein William 590 Grand Canyon Drive Madison WI 53719 Sales representative 306918 Augustine John W248 S6115 Deerfield Cr Waukesha WI 53189 Sales representative 287127 Piette James 200 S Washington Suite 300 Green Bay WI 54301 Sales representative 279884 Sells Printing Company LLC PO Box 1170 Milwaukee WI 53201 Printing services 208576 13 0 5900 0 0 0 0 0 5900 Premium income 524113 96336162 96336162 0 0 0 0 0 0 96336162 63856026 63856026 0 0 0 0 0 0 0 0 0 0 2333226 0 1486070 0 847156 0 847156 847156 0 0 142143979 551165 151680393 622365 -9536414 -71200 -9607614 -9607614 0 0 0 Net allocated investment expense 524113 1808418 1808418 0 0 Miscellaneous income 524113 10876 9721 1155 0 0 0 0 0 1819294 153256924 153249869 1155 0 X 0 0 975074 975074 0 0 126551419 126551419 6637420 6637420 0 0 0 0 0 0 1 1 0 0 1238628 1238628 0 0 975028 975028 0 0 920767 920767 0 0 0 0 0 0 174356 174356 0 0 157769 157769 0 0 0 0 0 0 0 0 0 0 0 0 557016 557016 0 0 337261 337261 0 0 150872 150872 0 0 127507 127507 0 0 0 0 0 0 1161448 1161448 0 0 285782 285782 0 0 0 0 0 0 323312 323312 0 0 0 0 0 0 287070 287070 0 0 385053 385053 0 0 141848 141848 0 0 Commissions 5004435 5004435 0 0 Field representatives expenses 1648051 1648051 0 0 Printing, publications, postage & telephone 768018 768018 0 0 Other 2340940 2339785 1155 0 151149075 151147920 1155 0 -2022023 3907489 18336894 12137734 6574811 6199160 1027133251 1035657942 92620387 143222719 58887263 41139862 13447744 12564067 1196641433 1242691239 4391308 4094054 1166150176 1210646567 1170541484 1214740621 X 0 0 0 0 26099949 27950618 26099949 27950618 1196641433 1242691239 X 2107849 -257180 X 0 1 1 X 0 0 0 X X 0 0 0 0 0 10027060 5462197 4564863 0 6176893 4714211 1462682 0 2132941 1961326 171615 0 0 0 0 6199160 Private commercial loans 53827607 C Private placement bonds 85619806 C Private equity holding 607886 F Other private holdings 3167420 C 143222719 0 Policy and claim reserves 1190113978 Minimum pension liability 7997927 Asset valuation reserve 5530734 Refunds payable 2671129 Advance premiums 2077007 Interest maintenance reserve 1732000 Other miscellaneus liabilities 523792 1210646567 SchD_P03_S00_L01 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 & Procedures Manual. These assets are accordingly excluded from the Society's balance sheet. SchD_P03_S00_L04 Schedule D, Part III, Line 4 The Society has an extensive collection of historical items. The items are display 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. SchD_P06_S00_L01a Schedule D, Part VI, Line 1a Amounts are aggregated for the Society's land and buildings on Schedule D, Part VI, line b. 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 194 chapters out of 199 throughout the United States (132 of which are in Wisconsin) conducted 647 fundraisers in 2011. In 2011, $956,890 was raised by chapters, $356,272 was matched by the Home Office for a total of $1,313,162. 15000 356272 0 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 2011 our chapters and the Home Office donated funds in support of our local communities and dioceses through direct donations. In 2011, $51,678 was donated by chapters and $195,731 was donated by the Home Office for a total of $247,409. While the number of recipients are not accumulated on an individual basis, the Society annually audits a sample of its local chapters. 0 247409 0 Cash Educational benefits: Grade school scholarships. Members attending Catholic elementary schools are eligible for annually renewable scholarships. 470 94000 0 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. 290 23322 0 Cash Financial benefits: Estate planning, Prenatal Benefit, Newborn Protection Benefit, Guaranteed Protection Benefit, Orphan's Benefit and Child Cancer Benefit 129 37250 0 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. 36 1830 78765 Cash 4,724 prescriptions with a value of $78,765 as reported by the benefit adminstrator. 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 41362 0 Cash SchI_P01_S00_L02 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, CFO and the Fraternal Vice President. 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 0 0 0 William O'Toole 231214 0 18000 0 13758 0 16818 0 18236 0 298026 0 0 0 Allan G Lorge 191978 0 13500 0 1068 0 14384 0 14130 0 235060 0 0 0 Dan Strasburg 165951 0 9600 0 2200 0 12479 0 17235 0 207465 0 0 0 Fred Muenkel 135542 0 8100 0 84 0 10314 0 14129 0 168169 0 0 0 Dan Lloyd 80000 0 35185 0 0 0 6793 0 17369 0 139347 0 0 0 Paul Hill 40000 0 132299 0 0 0 12231 0 15026 0 199556 0 0 0 Jeff Long 40000 0 116655 0 0 0 10213 0 17370 0 184238 0 0 0 James Schaefer 40000 0 166798 0 0 0 14031 0 17370 0 238199 0 0 0 Mike Soczka 40000 0 118402 0 798 0 11052 0 480 0 170732 0 0 0 SchJ_P01_S00_L01a 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 Compensation Committee of the Board of Directors. SchJ_P01_S00_L03 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. F990_P04_S00_L10 Form 990, Part IV, Line 10 In prior years, the Society has donated funds to the Catholic Financial Life Foundation, a related party identified on Schedule R. These funds are Board designated and are not temporarily or permanently restricted. A Form 990 will be filed separately for the Catholic Financial Life Foundation for 2011. F990_P05_S00_L03b Form 990, Part V, Line 3b The Society's Form 990T will be filed separately by November 15, 2012. F990_P06_S0A_L04 Form 990, Part VI, Section A, Line 4 The Society approved amended Bylaws on July 15 2011. The most significant changes were made in the areas of delegate representation, Board of Directors qualifications, the appointment process for the Society's president and small mergers. Complete copies of the amended bylaws are available upon request. F990_P06_S0A_L06 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. F990_P06_S0A_L07a 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 the majority of the Board of Directors at the triennial convention. The Board of Directors meets, at a minimum, quarterly. F990_P06_S0A_L07b 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. F990_P06_S0B_L11b 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. F990_P06_S0B_L12c 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. F990_P06_S0B_L15 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. F990_P06_S0C_L19 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. F990_P08_S00_L01a 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. Immaterial unrelated business income of $1,155 is included for the Society's non-member sales agency. Expenses for the same amount are reported resulting in no impact on net income. F990_P09_S00_L01 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), Related or exempt function revenue. Immaterial unrelated business expense of $1,155 is included for the Society's non-member sales agency. Revenues for the same amount are reported resulting in no impact on net income. F990_P11_S00_L05 Form 990, Part XI, Line 5 1. $-258,368 change in unrealized gains and losses, 2. $-915,485 change in non-admitted assets, 3. $-133,865 change in Asset Valuation Reserve, 4. $-1,852,892 change in minimum pension liability, 5. $2,638,507 change in surplus as a result of reinsurance, 6. $264,924 St. Joseph Benevolent Society net asset transfer. Catholic Family Financial Services LLC 1100 W Wells St Milwaukee WI 53233 201679014 Insurance agency for non members WI 1155 0 Catholic Financial Life Catholic Financial Life Foundation Inc 1100 W Wells St Milwaukee WI 53233 204780760 Religious and educational scholarships 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 180411 607886 1 Catholic Financial Services Corp 1100 W Wells Street Milwaukee WI 53233 391796176 Securities brokerage WI N/A C 0 Catholic Brokerage Services Corp 1100 W Wells Street Milwaukee WI 53233 391807368 Supplemental brokerage services WI N/A C 0 Catholic Family Financial Services LLC 1100 W Wells Street Milwaukee WI 53233 201679014 Supplemental brokerage services WI N/A C 1 1 1 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 Catholic Financial Services Corp a-iv 25170 Cash Catholic Knights Financial Services Inc b 100000 Cash Catholic Financial Services Corp i 1633 Cash Catholic Financial Life Foundation Inc n 25000 Estimated hours expended by Society employees Catholic Financial Services Corp p 106105 Cash Catholic Brokerage Services Corp p 21600 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, 2012 and was granted an extension until August 15, 2012.