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Nonprofiteer
← TRUSTED FRATERNAL LIFE

Form 990 for tax year 2022

Filed by TRUSTED FRATERNAL LIFE.

Totals

Total revenue
$127,605,313
Total expenses
$118,686,636
Contributions and grants received
$1,860
Grants paid
$1,086,364
Program service revenue
$58,227,341
Investment income
$65,842,551
Other revenue
$3,533,561
Total assets, end of year
$1,688,153,935
Total liabilities, end of year
$1,554,382,452
Net assets or fund balances, end of year
$133,771,483
Program services expenses (Part IX)
$118,686,636
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$118,686,636

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1a · Federated campaigns

    $0

  • 1b · Membership dues

    $1,860

  • 1c · Fundraising events

    $0

  • 1d · Related organizations

    $0

  • 1e · Government grants (contributions)

    $0

  • 1f · All other contributions, gifts and grants

    $0

  • 1g · Noncash contributions included above

    $0

  • 2a · Program service revenue: Premium Income

    total $56,584,590 · related or exempt $56,584,590 · unrelated business $0 · excluded $0

  • 2b · Program service revenue: Commissions and exp allowances on reinsurance

    total $1,642,751 · related or exempt $1,642,751 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $69,439,071 · related or exempt $69,439,071 · unrelated business $0 · excluded $0

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 5 · Royalties

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 6a · Gross rents

    real property $3,096,886 · personal property $0

  • 6b · Less rental expenses

    real property $1,668,103 · personal property $0

  • 6c · Rental income or loss

    real property $1,428,783 · personal property $0

  • 6d · Net rental income or loss

    total $1,428,783 · related or exempt $1,428,783 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $150,462,524 · other assets -$386,017

  • 7b · Less cost or other basis and sales expenses

    securities $150,926,983 · other assets $2,746,044

  • 7c · Gain or loss

    securities -$464,459 · other assets -$3,132,061

  • 7d · Net gain or loss

    total -$3,596,520 · related or exempt -$3,596,520 · unrelated business $0 · excluded $0

  • 8a · Fundraising events: gross income

    $0

  • 8a · Fundraising events: contributions included on line 1c

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0 · unrelated business $0 · excluded $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11a · Other revenue: Net allocated investment expense

    total $2,104,778 · related or exempt $2,104,778 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Miscellaneous Income

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $2,104,778

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $879,651 · program services $879,651

  • 2 · Grants to domestic individuals

    total $206,713 · program services $206,713

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $95,849,147 · program services $95,849,147

  • 5 · Compensation of officers, directors and key employees

    total $3,802,887 · program services $3,802,887

  • 6 · Compensation of disqualified persons

    total $0 · program services $0

  • 7 · Other salaries and wages

    total $2,715,682 · program services $2,715,682

  • 8 · Pension plan contributions

    total $0 · program services $0

  • 9 · Other employee benefits

    total $2,069,905 · program services $2,069,905

  • 10 · Payroll taxes

    total $691,375 · program services $691,375

  • 11a · Fees: management

    total $0 · program services $0

  • 11b · Fees: legal

    total $305,416 · program services $305,416

  • 11c · Fees: accounting

    total $223,914 · program services $223,914

  • 11d · Fees: lobbying

    total $0 · program services $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0

  • 11g · Fees: other

    total $820,190 · program services $820,190

  • 12 · Advertising and promotion

    total $342,776 · program services $342,776

  • 13 · Office expenses

    total $119,287 · program services $119,287

  • 14 · Information technology

    total $738,481 · program services $738,481

  • 15 · Royalties

    total $0 · program services $0

  • 16 · Occupancy

    total $792,508 · program services $792,508

  • 17 · Travel

    total $323,911 · program services $323,911

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0

  • 19 · Conferences, conventions and meetings

    total $394,438 · program services $394,438

  • 20 · Interest

    total $0 · program services $0

  • 21 · Payments to affiliates

    total $278,310 · program services $278,310

  • 22 · Depreciation, depletion and amortization

    total $1,076,537 · program services $1,076,537

  • 23 · Insurance

    total $139,388 · program services $139,388

  • 24a · Other expenses: Commissions

    total $3,095,490 · program services $3,095,490 · management and general $0 · fundraising $0

  • 24b · Other expenses: Field Representatives Expenses

    total $985,221 · program services $985,221 · management and general $0 · fundraising $0

  • 24c · Other expenses: Fraternal Expenses

    total $170,633 · program services $170,633 · management and general $0 · fundraising $0

  • 24d · Other expenses: Other Expenses

    total $2,664,776 · program services $2,664,776 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year -$917,701 · end of year -$1,940,405

  • 2 · Savings and temporary cash investments

    beginning of year $11,900,128 · end of year $20,113,842

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

    $20,173,660

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

    $14,536,073

  • 10c · Land, buildings and equipment, net

    beginning of year $5,488,754 · end of year $5,637,587

  • 11 · Investments: publicly traded securities

    beginning of year $1,345,890,058 · end of year $1,320,857,317

  • 12 · Investments: other securities

    beginning of year $280,871,793 · end of year $296,955,398

  • 13 · Investments: program-related

    beginning of year $33,227,418 · end of year $27,804,297

  • 15 · Other assets

    beginning of year $20,314,139 · end of year $18,725,899

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,658,397 · end of year $5,964,374

  • 25 · Other liabilities

    beginning of year $1,566,130,579 · end of year $1,548,418,078

  • 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 $123,985,613 · end of year $133,771,483

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

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.

Activities or mission (Part I)

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 2022, Catholic Financial Life members performed nearly 73,000 hours of volunteer service, valued at more than $2.1 million 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.

  • 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.

    Expenses $117,378,697 · Revenue $127,605,313

  • 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 73,000 hours of service were donated to support various Diocesan and community programs and events in 2022 valued at nearly $2.1 million.

    Expenses $1,307,939 · Revenue $1,860

As filed on the 2022 return.

Listed in Part VII

  • John T Borgen

    President and Chief Executive Officer

    Total calculated
    $456,101
    From this org
    $407,507
    From related orgs
    $0
    Other
    $48,594
    Hours/week
    45 + 2 related

    Schedule J breakdown matched by us

    Base
    $328,489
    Bonus
    $66,500
    Other
    $12,518
    Deferred
    $18,300
    Nontaxable benefits
    $30,294
    Filer's total
    $456,101

  • Kari R Diestelhorst

    Chief Financial Officer

    Total calculated
    $281,931
    From this org
    $262,499
    From related orgs
    $0
    Other
    $19,432
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $230,129
    Bonus
    $32,100
    Other
    $270
    Deferred
    $16,807
    Nontaxable benefits
    $2,625
    Filer's total
    $281,931

  • William R O'Toole

    Director and Former Chief Executive Officer

    Total calculated
    $246,645
    From this org
    $231,897
    From related orgs
    $0
    Other
    $14,748
    Hours/week
    45 + 2 related

    Schedule J breakdown matched by us

    Base
    $23,256
    Bonus
    $86,700
    Other
    $5,941
    Deferred
    $6,702
    Nontaxable benefits
    $8,046
    Filer's total
    $130,645

  • Rogelio Cabral

    Vice President Sales

    Total calculated
    $236,810
    From this org
    $197,921
    From related orgs
    $0
    Other
    $38,889
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $173,087
    Bonus
    $22,500
    Other
    $2,334
    Deferred
    $8,143
    Nontaxable benefits
    $30,746
    Filer's total
    $236,810

  • Jeffrey R Piotrowski

    Former Chief Operations Officer

    Total calculated
    $228,490
    From this org
    $194,533
    From related orgs
    $0
    Other
    $33,957
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $158,117
    Bonus
    $35,600
    Other
    $816
    Deferred
    $13,427
    Nontaxable benefits
    $20,530
    Filer's total
    $228,490

  • Linda M Hanson

    Vice President of Actuarial

    Total calculated
    $228,433
    From this org
    $214,004
    From related orgs
    $0
    Other
    $14,429
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $188,490
    Bonus
    $24,200
    Other
    $1,314
    Deferred
    $12,485
    Nontaxable benefits
    $1,944
    Filer's total
    $228,433

  • Michael C Eyrich

    Vice President Distribution

    Total calculated
    $223,100
    From this org
    $180,790
    From related orgs
    $0
    Other
    $42,310
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $178,085
    Bonus
    $2,500
    Other
    $205
    Deferred
    $11,551
    Nontaxable benefits
    $30,759
    Filer's total
    $223,100

  • Kristen L Mueller

    Secretary and Vice President Human Resources

    Total calculated
    $212,327
    From this org
    $187,472
    From related orgs
    $0
    Other
    $24,855
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $167,092
    Bonus
    $20,200
    Other
    $180
    Deferred
    $12,961
    Nontaxable benefits
    $11,894
    Filer's total
    $212,327

  • Sara J Walker

    Vice President Investments

    Total calculated
    $210,190
    From this org
    $190,936
    From related orgs
    $0
    Other
    $19,254
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $173,698
    Bonus
    $16,050
    Other
    $1,188
    Deferred
    $6,786
    Nontaxable benefits
    $12,468
    Filer's total
    $210,190

  • Michael J Attewell

    Vice President of Information Technology

    Total calculated
    $209,296
    From this org
    $199,805
    From related orgs
    $0
    Other
    $9,491
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $186,883
    Bonus
    $11,174
    Other
    $1,749
    Deferred
    $8,711
    Nontaxable benefits
    $780
    Filer's total
    $209,297

  • Joseph K Kohut

    Director of Brokerage Operations

    Total calculated
    $209,084
    From this org
    $166,470
    From related orgs
    $0
    Other
    $42,614
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $103,254
    Bonus
    $13,749
    Other
    $49,467
    Deferred
    $10,778
    Nontaxable benefits
    $31,836
    Filer's total
    $209,084

  • Kristin O'Connell

    Sales Advisor

    Total calculated
    $202,081
    From this org
    $173,123
    From related orgs
    $0
    Other
    $28,958
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $50,491
    Bonus
    $4,159
    Other
    $118,473
    Deferred
    $10,282
    Nontaxable benefits
    $18,676
    Filer's total
    $202,081

  • Peter L Duellman

    Director of Actuarial and Analytics

    Total calculated
    $183,597
    From this org
    $172,143
    From related orgs
    $0
    Other
    $11,454
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $165,075
    Bonus
    $6,006
    Other
    $1,062
    Deferred
    $9,557
    Nontaxable benefits
    $1,897
    Filer's total
    $183,597

  • Kerry E Riemer

    Former Controller

    Total calculated
    $152,328
    From this org
    $129,877
    From related orgs
    $0
    Other
    $22,451
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $109,833
    Bonus
    $19,400
    Other
    $644
    Deferred
    $8,246
    Nontaxable benefits
    $14,205
    Filer's total
    $152,328

  • Rachel L Wolf

    Associate Actuary

    Total calculated
    $138,463
    From this org
    $118,877
    From related orgs
    $0
    Other
    $19,586
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $116,871
    Bonus
    $1,774
    Other
    $232
    Deferred
    $7,449
    Nontaxable benefits
    $12,137
    Filer's total
    $138,463

  • Cynthia E Feld

    Controller

    Total calculated
    $131,511
    From this org
    $123,492
    From related orgs
    $0
    Other
    $8,019
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $115,107
    Bonus
    $7,201
    Other
    $1,185
    Deferred
    $6,779
    Nontaxable benefits
    $1,240
    Filer's total
    $131,512

  • Allan G Lorge

    Director and Board Chair

    Total calculated
    $39,500
    From this org
    $39,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Joseph G Kopinski

    Director

    Total calculated
    $24,500
    From this org
    $24,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Susan M Obermiller

    Director

    Total calculated
    $24,500
    From this org
    $24,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jeffrey B Tilley

    Director

    Total calculated
    $24,500
    From this org
    $24,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kari L Niedfeldt-Thomas

    Director

    Total calculated
    $24,000
    From this org
    $24,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • John C Mack

    Director

    Total calculated
    $23,500
    From this org
    $23,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Lisa A Mick

    Director

    Total calculated
    $23,500
    From this org
    $23,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Coral M Grout

    Director

    Total calculated
    $23,500
    From this org
    $23,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Sandra T Dempsey

    Director

    Total calculated
    $23,000
    From this org
    $23,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 1a · Travel for companions
  • 1a · Health or social club dues or initiation fees
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a
The Society directly pays for social and health club dues for selected officers as those facilities are used for the Society's business purposes. Spouses travel costs are paid directly by the Society in those instances where spouses attendance is considered a normal business practice for the specific event.
Schedule J, Part I, Line 3
Annually, all officer positions are compared to market averages for like positions utilizing insurance market data for similar insurance companies to determine compensation that is reasonable. All top officer salaries are reviewed with the Compensation Committee. The Compensation Committee completes an annual written evaluation of the President from all Directors. Considering this performance evaluation and industry average compensation survey data, the Compensation Committee recommends the President's compensation for full Board of Directors action. Deliberations and decisions by the Compensation Committee and Board of Directors are recorded in their respective meetings minutes.
Schedule J, Part I, Line 4
Payment from a supplemental deferred compensation plan was made to William O'Toole in the amount of $149,590.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

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

  • Catholic Knights Financial Services Inc

    C · Holding company · WI · 100% owned

  • Catholic Brokerage Service Corp

    C · Supplemental brokerage services · WI · 0% owned

  • Conventus Now LLC

    C · Technology solutions · DE · 50% owned · share of income -$1,540,632 · share of assets $1,327,066 · controlled entity

Provenance

Return type
form_990
Tax year
2022
Filed
7 September 2023
IRS schema version
2022v5.0
Source object
202312509349301291

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