Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: PREMIUMS & OTHER RECEIPTS

  total $1,219,487,065 · related or exempt $1,219,487,065

• 2b · Program service revenue: GROSS INVESTMENT INCOME

  total $725,120,874 · related or exempt $672,582,695 · unrelated business $52,538,179

• 2c · Program service revenue: OTHER INCOME

  total $28,496,826 · related or exempt $28,496,826

• 2d · Program service revenue: PRINTING INCOME

  total $102,645 · unrelated business $102,645

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $704,757

• 2 · Grants to domestic individuals

  total $518,000

• 4 · Benefits paid to or for members

  total $1,447,172,547

• 5 · Compensation of officers, directors and key employees

  total $10,183,084

• 7 · Other salaries and wages

  total $50,443,397

• 8 · Pension plan contributions

  total -$4,803,321

• 9 · Other employee benefits

  total $20,588,649

• 10 · Payroll taxes

  total $7,757,656

• 11b · Fees: legal

  total $288,418

• 11c · Fees: accounting

  total $490,763

• 11f · Fees: investment management

  total $2,098,064

• 11g · Fees: other

  total $2,775,744

• 12 · Advertising and promotion

  total $7,211,616

• 13 · Office expenses

  total $5,341,718

• 14 · Information technology

  total $15,865,633

• 16 · Occupancy

  total $7,926,808

• 17 · Travel

  total $508,793

• 19 · Conferences, conventions and meetings

  total $5,950,262

• 20 · Interest

  total $35,867,821

• 22 · Depreciation, depletion and amortization

  total $6,456,716

• 23 · Insurance

  total $597,882

• 24a · Other expenses: COMMISSIONS

  total $64,927,588

• 24b · Other expenses: TRANSFERED TO SA

  total $13,717,078

• 24c · Other expenses: FRATERNAL ACTIVITIES AN

  total $12,339,085

• 24d · Other expenses: FEDERAL AND STATE INCOM

  total $7,025,049

• 24e · All other expenses

  total $17,080,347

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $3,300,026 · end of year $3,293,204

• 2 · Savings and temporary cash investments

  beginning of year $234,785,592 · end of year $149,543,427

• 10a · Land, buildings and equipment: cost or other basis

  $84,712,521

• 10b · Land, buildings and equipment: accumulated depreciation

  $62,836,135

• 10c · Land, buildings and equipment, net

  beginning of year $17,946,898 · end of year $21,876,386

• 12 · Investments: other securities

  beginning of year $2,698,604 · end of year $2,573,331

• 13 · Investments: program-related

  beginning of year $15,339,283,510 · end of year $15,653,084,036

• 15 · Other assets

  beginning of year $1,540,388,764 · end of year $1,902,665,780

• 17 · Accounts payable and accrued expenses

  beginning of year $22,166,406 · end of year $22,383,371

• 23 · Secured mortgages and notes payable

  beginning of year $722,027,107 · end of year $751,821,816

• 25 · Other liabilities

  beginning of year $13,978,173,905 · end of year $14,507,917,287

• 29 · Capital stock, trust principal or current funds

  beginning of year $0 · end of year $0

• 30 · Paid-in or capital surplus, or land, building or equipment fund

  beginning of year $0 · end of year $0

• 31 · Retained earnings, endowment or other funds

  beginning of year $2,416,035,976 · end of year $2,450,913,690

The filer's explanations (Part III)

PART I, LINE 1A

MODERN WOODMEN OF AMERICA PROVIDES THE FOLLOWING TO INDIVIDUALS REPORTED IN PART VII, SECTION A, LINE IA: FIRST-CLASS OR CHARTER TRAVEL: IN TAX YEAR 2023, THE FOLLOWING TYPE OF INDIVIDUAL LISTED IN PART VII RECEIVED THE FIRST-CLASS OR CHARTER TRAVEL BENEFIT: 1 OFFICER. TRAVEL FOR COMPANIONS: IN TAX YEAR 2023, THE FOLLOWING TYPES OF INDIVIDUALS REPORTED IN PART VII RECEIVED THE TRAVEL FOR COMPANIONS BENEFIT: 6 DIRECTORS, 12 OFFICERS, AND 3 HIGHEST COMPENSATED EMPLOYEES. THE DOLLAR AMOUNT OF THE BENEFIT IS INCLUDED IN REPORTABLE COMPENSATION ON THE FORM 990 PART VII, AND SCHEDULE J PART, II. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: IN TAX YEAR 2023, THE FOLLOWING TYPES OF INDIVIDUALS REPORTED IN PART VII RECEIVED TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: 6 DIRECTOR, 11 OFFICERS, AND 4 HIGHEST COMPENSATED EMPLOYEES. THE DOLLAR AMOUNT OF THE BENEFIT IS INCLUDED IN REPORTABLE COMPENSATION ON THE FORM 990 PART VII, AND SCHEDULE J, PART II. HEALTH OR SOCIAL CLUB DUES: IN TAX YEAR 2023, THE FOLLOWING TYPES OF INDIVIDUALS REPORTED IN PART VII RECEIVED HEALTH OR SOCIAL DUES: 6 OFFICERS. THE DOLLAR AMOUNT OF THE BENEFIT IS INCLUDED IN REPORTABLE COMPENSATION ON THE FORM 990 PART VII, AND SCHEDULE J, PART II.

PART I, LINE 4B

MODERN WOODMEN OF AMERICA SPONSORS A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR EXECUTIVE-LEVEL EMPLOYEES WHOSE COMPENSATION EXCEEDS THE ANNUAL IRS LIMITS FOR QUALIFIED PENSION PLANS. THE PURPOSE OF THIS PLAN IS TO RESTORE RETIREMENT BENEFITS THAT ARE RESTRICTED FOR THESE EXECUTIVES UNDER THE ORGANIZATION'S QUALIFIED RETIREMENT PLANS BECAUSE OF THE IRS COMPENSATION LIMIT AND/OR IRS LIMITS ON QUALIFIED PLAN CONTRIBUTIONS AND ACCRUALS. THE ORIGINAL PLAN WAS CLOSED TO NEW PARTICIPANTS EFFECTIVE MARCH 1, 2016. MODERN WOODMEN OF AMERICA SPONSORS A SECOND SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR EXECUTIVE-LEVEL EMPLOYEES WHOSE COMPENSATION EXCEEDS THE ANNUAL IRS LIMITS FOR QUALIFIED PENSION PLANS. THE PURPOSE OF THIS PLAN IS TO RESTORE RETIREMENT BENEFITS THAT ARE RESTRICTED FOR THESE EXECUTIVES UNDER THE ORGANIZATION'S QUALIFIED RETIREMENT PLANS BECAUSE OF THE IRS COMPENSATION LIMIT AND/OR IRS LIMITS ON QUALIFIED PLAN CONTRIBUTIONS AND ACCRUALS. THIS PLAN IS EFFECTIVE JANUARY 1, 2023. THE FOLLOWING INDIVIDUALS PARTICIPATED IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN IN 2023 SPONSORED BY MODERN WOODMEN OF AMERICA: MICHAEL SCOTT ANDREWS - $4,223, LESTER BOHNERT - $10,043, DANIEL DEPUYDT - $356,361, KENNY JACKSON - $6,534, ROBERT KEORKUNIAN - $20,730, DANIEL LAWRENCE - $13,749, JERALD LYPHOUT - $27,298, JONATHON MARSH - $12,849, WILLIAM KENNY MASSEY - $14,460,730, STEVEN OLLENBURG - $5,300, JOSEPH SZTAPKA - $6,839, AND BRETT VAN - $15,409. THE DOLLAR AMOUNT REPRESENTS THE CURRENT YEAR CONTRIBUTION MADE BY MODERN WOODMEN OF AMERICA ON BEHALF OF THE INDIVIDUAL TO THE PLAN IN 2023. THIS INFORMATION IS INCLUDED IN REPORTABLE COMPENSATION ON THE FORM 990, PART VII AND SCHEDULE J, PART II. THE INCREASE OR DECREASE IN ACTUARIAL VALUE RELATED TO THE SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN FOR THE INDIVIDUALS LISTED ABOVE IS INCLUDED IN DEFERRED COMPENSATION ON THE FORM 990, PART VII AND SCHEDULE J, PART II. THE FOLLOWING INDIVIDUAL PARTICIPATED IN A SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN IN 2023 SPONSORED BY MODERN WOODMEN OF AMERICA: DARCY ANN CALLAS - $146,546. THE DOLLAR AMOUNT REPRESENTS THE CURRENT YEAR DISTRIBUTION TO THE INDIVIDUALS BY THE PLAN IN 2016. THIS INFORMATION IS INCLUDED IN REPORTABLE COMPENSATION ON THE FORM 990, PART VII AND SCHEDULE J, PART II.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• INVESCO SMALL CAP GROWTH FUND LLC

  EXCLUDED · INVESTING · DE · 100% owned · share of income $4,274,563 · share of assets $69,319,837

  Directly controlled by MODERN WOODMEN OF AMERICA

• SOUND POINT US DIRECT LENDING FUND II (UL) LP

  EXCLUDED · INVESTING · DE · 99.83% owned · share of income $4,828,668 · share of assets $45,536,114

  Directly controlled by MODERN WOODMEN OF AMERICA

• MWA FUND OF ONE

  EXCLUDED · INVESTING · DE · 97.94% owned · share of income $6,981,236 · share of assets $253,158,179

  Directly controlled by MODERN WOODMEN OF AMERICA

• 17CAPITAL STRATEGIC LENDING FUND 6 USD SCSP

  EXCLUDED · INVESTING · LU · 59.17% owned · share of income -$493,589 · share of assets $16,420,478

  Directly controlled by MODERN WOODMEN OF AMERICA

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• MWA FINANCIAL SERVICES INC

  C · BROKER/DEALER · IL · 100% owned · share of income $27,240,764 · share of assets $4,796,703 · controlled entity

  Directly controlled by MODERN WOODMEN OF AMERICA

• MWAGIA

  C · GENERAL INSURANCE AGENCY · IL · 100% owned · share of income $44,923 · share of assets $969,195 · controlled entity

  Directly controlled by MWA FINANCIAL SERVICES INC