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← CATHOLIC FINANCIAL LIFE FOUNDATION INC

Form 990 for tax year 2022

Filed by CATHOLIC FINANCIAL LIFE FOUNDATION INC.

Totals

Total revenue
$71,850,379
Total expenses
$78,547,910
Contributions and grants received
$0
Grants paid
$565,554
Program service revenue
$33,341,378
Investment income
$38,454,180
Other revenue
$54,821
Total assets, end of year
$1,055,250,995
Total liabilities, end of year
$1,025,448,009
Net assets or fund balances, end of year
$29,802,986
Program services expenses (Part IX)
$0
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$51,632,870

Program services were 0.0% 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.

  • 2a · Program service revenue: Premium Income

    total $32,688,495 · related or exempt $32,688,495 · unrelated business $0 · excluded $0

  • 2f · All other program service revenue

    total $652,883 · related or exempt $652,883 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $41,731,762 · related or exempt $0 · unrelated business $0 · excluded $41,731,762

  • 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 $461,933 · personal property $0

  • 6b · Less rental expenses

    real property $407,112 · personal property $0

  • 6c · Rental income or loss

    real property $54,821 · personal property $0

  • 6d · Net rental income or loss

    total $54,821 · related or exempt $0 · unrelated business $0 · excluded $54,821

  • 7a · Gross sales of assets other than inventory

    securities -$3,277,582 · other assets $0

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

    securities $0 · other assets $0

  • 7c · Gain or loss

    securities -$3,277,582 · other assets $0

  • 7d · Net gain or loss

    total -$3,277,582 · related or exempt $0 · unrelated business $0 · excluded -$3,277,582

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $354,504

  • 2 · Grants to domestic individuals

    total $211,050

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $50,714,977

  • 5 · Compensation of officers, directors and key employees

    total $918,928

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $5,213,058

  • 8 · Pension plan contributions

    total $875,555

  • 9 · Other employee benefits

    total $722,000

  • 10 · Payroll taxes

    total $538,821

  • 11a · Fees: management

    total $0

  • 11b · Fees: legal

    total $109,342

  • 11c · Fees: accounting

    total $534,242

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $740,957

  • 11g · Fees: other

    total $1,525,822

  • 12 · Advertising and promotion

    total $331,531

  • 13 · Office expenses

    total $546,313

  • 14 · Information technology

    total $765,604

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $349,491

  • 17 · Travel

    total $110,527

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $54,885

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $232,988

  • 23 · Insurance

    total $126,646

  • 24a · Other expenses: Sales Expenses

    total $2,534,133

  • 24b · Other expenses: Operational Expenses

    total $228,467

  • 24c · Other expenses: Interest Income Pai10808d to Reinsurer

    total $10,808,069

  • 24e · All other expenses

    total $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $3,918,030 · end of year $5,918,335

  • 2 · Savings and temporary cash investments

    beginning of year $20,396,358 · end of year $1,344,367

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $4,877 · end of year $2,926

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $4,525,409 · end of year $4,958,502

  • 8 · Inventories for sale or use

    beginning of year $3,453,564 · end of year $4,119,801

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $0

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

    $8,783,923

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

    $7,465,410

  • 10c · Land, buildings and equipment, net

    beginning of year $1,369,498 · end of year $1,318,513

  • 11 · Investments: publicly traded securities

    beginning of year $921,702,111 · end of year $937,674,850

  • 12 · Investments: other securities

    beginning of year $96,202,581 · end of year $90,264,118

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $9,109,932 · end of year $9,649,583

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,561,402 · end of year $1,485,715

  • 25 · Other liabilities

    beginning of year $1,022,592,179 · end of year $1,023,962,294

  • 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 $36,528,779 · end of year $29,802,986

Mission and programs · 2022

Mission

Catholic United Financial exists as a not-for-profit fraternal benefit society to: Promote fraternalism and charity among its members through a Local Council system and a representative form of goverment. Provide its members with life insurance, annuities and other products, services and benefits that will contribute to the financial well-being of our members and their families. Support the Roman Catholic Church in extending the faith, especially by commending and encouraging Catholic schools and religious education. Strive to be a good employer and contributing member of our community.

Activities or mission (Part I)

To provide our members with life insurance, annuities and other products that contribute to their financial well-being and support the Roman Catholic Church in extending the faith.

  • Benefits totaling $50,888,577 were paid to our members in accordance with our mission to provide life insurance, annuities and other products, services and benefits that contribute to the financial well-being of our members and their families. $10,738,850 was paid in death claims, $39,983,127 was paid for annuity, supplementary contract and other policy benefits, and $166,600 was paid for post-high school scholarships.

    Expenses $50,888,577

  • In accordance with our mission to promote fraternalism and charity among our members through a local council system and representative governance, $284,268 was provided to our Councils and communities. Of this amount, $149,729 was spent on Local Councils, $69,170 on matching grants, $4,328 was spent to conduct Regional Member Gatherings, $14,750 on miscellaneous donations, and $46,291 was spent on Member Recognition programs and conducting Gather4Good events. Gather4Good is a volunteer, family oriented service project started in 2010 to assemble personal care kits for people in the local community experiencing homelessness.

    Expenses $284,268

  • In accordance with our mission to support the Roman Catholic Church in extending the faith, commending and encouraging Catholic schools and religious education, Fraternal benefits totaling $467,525 were spent during the year. Of this total, $112,014 was provided to Catholic Dioceses and parishes, $7,500 was granted to organizations supportive of extending Catholic teachings, $217,074 was spent as operating support for our Foundation, and $130,937 was spent supporting Catholic education, including the Annual Catholic Schools Raffle. This Raffle has raised almost $12 million for over 100 Catholic schools since its inception thirteen years ago.

    Expenses $460,025

As filed on the 2022 return.

Listed in Part VII

  • Michael Ahles

    President/Chairman

    Total calculated
    $426,846
    From this org
    $393,578
    From related orgs
    $0
    Other
    $33,268
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $390,000
    Bonus
    $0
    Other
    $14,262
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $404,262

  • Paul Zastrow

    Sr. VP, Secretary/Treasurer

    Total calculated
    $370,208
    From this org
    $336,942
    From related orgs
    $0
    Other
    $33,266
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $333,625
    Bonus
    $0
    Other
    $13,439
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $347,064

  • John Tetzloff

    Director of Sales

    Total calculated
    $236,872
    From this org
    $208,889
    From related orgs
    $0
    Other
    $27,983
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $203,540
    Bonus
    $12,500
    Other
    $3,383
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $219,423

  • Gregory Gall

    Central Regional Director

    Total calculated
    $197,580
    From this org
    $164,581
    From related orgs
    $0
    Other
    $32,999
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $161,585
    Bonus
    $10,800
    Other
    $2,751
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $175,136

  • Dean Demarais

    Member Advisor Team Lead

    Total calculated
    $191,257
    From this org
    $176,713
    From related orgs
    $0
    Other
    $14,544
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $177,406
    Bonus
    $3,800
    Other
    $1,344
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $182,550

  • Jack Kerbeshian

    Director of Product Management

    Total calculated
    $165,024
    From this org
    $163,564
    From related orgs
    $0
    Other
    $1,460
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $162,796
    Bonus
    $0
    Other
    $768
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $163,564

  • Butch Byers

    Southwest Regional Director

    Total calculated
    $157,802
    From this org
    $156,685
    From related orgs
    $0
    Other
    $1,117
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $144,444
    Bonus
    $10,450
    Other
    $1,791
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $156,685

  • Robert F Krattenmaker

    Board Member

    Total calculated
    $18,375
    From this org
    $18,375
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Renee Brod

    Board Member

    Total calculated
    $17,250
    From this org
    $17,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • James Wensel

    Board Member

    Total calculated
    $17,250
    From this org
    $17,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Martin Seifert

    Board Member

    Total calculated
    $17,250
    From this org
    $17,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jean Hart

    Board Member

    Total calculated
    $17,250
    From this org
    $17,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • James Gibbons

    Board Member

    Total calculated
    $17,250
    From this org
    $17,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • William Lucas

    Board Member

    Total calculated
    $17,250
    From this org
    $17,250
    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
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a
Spouses of the officers are allowed to travel as part of Catholic United Financials' top sales producer conference.
Schedule J, Part I, Line 3
Our officer's salaries are reviewed annually by the Board of Directors Compensation Committee and we use industry salary comparisons supplied by the Employer's Association.

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

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • Catholic United Financial General Agency LLC

    Established to sell nonproprietary long term care products to our members. · MN · income $307,938 · assets $157,938

    Directly controlled by Catholic United Financial

Related corporations and trusts

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

  • Conventus Now LLC

    C · Technology Solutions · DE · 50% owned · share of income -$1,350,913 · share of assets $1,327,066 · controlled entity

Provenance

Return type
form_990
Tax year
2022
Filed
14 June 2023
IRS schema version
2022v5.0
Source object
202302359349300225

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