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Nonprofiteer
← TRUSTED FRATERNAL LIFE

Form 990 for tax year 2023

Filed by TRUSTED FRATERNAL LIFE.

Totals

Total revenue
$161,829,151
Total expenses
$151,748,838
Contributions and grants received
$1,730
Grants paid
$1,168,381
Program service revenue
$84,939,256
Investment income
$71,796,129
Other revenue
$5,092,036
Total assets, end of year
$1,731,339,776
Total liabilities, end of year
$1,592,976,409
Net assets or fund balances, end of year
$138,363,367
Program services expenses (Part IX)
$151,748,838
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$151,748,838

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

    $1,730

  • 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 $82,974,480 · related or exempt $82,974,480 · unrelated business $0 · excluded $0

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

    total $1,964,776 · related or exempt $1,964,776 · 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 $71,791,095 · related or exempt $71,791,095 · 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 $2,247,553 · personal property $0

  • 6b · Less rental expenses

    real property $1,740,817 · personal property $0

  • 6c · Rental income or loss

    real property $506,736 · personal property $0

  • 6d · Net rental income or loss

    total $506,736 · related or exempt $506,736 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $100,868,614 · other assets $0

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

    securities $100,863,580 · other assets $0

  • 7c · Gain or loss

    securities $5,034 · other assets $0

  • 7d · Net gain or loss

    total $5,034 · related or exempt $5,034 · 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 $4,585,300 · related or exempt $4,585,300 · 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

    $4,585,300

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $933,696 · program services $933,696

  • 2 · Grants to domestic individuals

    total $234,685 · program services $234,685

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $122,860,095 · program services $122,860,095

  • 5 · Compensation of officers, directors and key employees

    total $3,607,343 · program services $3,607,343 · management and general $0 · fundraising $0

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 7 · Other salaries and wages

    total $3,117,603 · program services $3,117,603 · management and general $0 · fundraising $0

  • 8 · Pension plan contributions

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 9 · Other employee benefits

    total $2,511,143 · program services $2,511,143 · management and general $0 · fundraising $0

  • 10 · Payroll taxes

    total $800,296 · program services $800,296 · management and general $0 · fundraising $0

  • 11a · Fees: management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11b · Fees: legal

    total $131,210 · program services $131,210 · management and general $0 · fundraising $0

  • 11c · Fees: accounting

    total $245,664 · program services $245,664 · management and general $0 · fundraising $0

  • 11d · Fees: lobbying

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11e · Fees: professional fundraising services

    total $0 · fundraising $0

  • 11f · Fees: investment management

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 11g · Fees: other

    total $572,303 · program services $572,303 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $317,997 · program services $317,997 · management and general $0 · fundraising $0

  • 13 · Office expenses

    total $119,485 · program services $119,485 · management and general $0 · fundraising $0

  • 14 · Information technology

    total $861,654 · program services $861,654 · management and general $0 · fundraising $0

  • 15 · Royalties

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 16 · Occupancy

    total $755,288 · program services $755,288 · management and general $0 · fundraising $0

  • 17 · Travel

    total $328,731 · program services $328,731 · management and general $0 · fundraising $0

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 19 · Conferences, conventions and meetings

    total $580,503 · program services $580,503 · management and general $0 · fundraising $0

  • 20 · Interest

    total $0 · program services $0 · management and general $0 · fundraising $0

  • 21 · Payments to affiliates

    total $223,416 · program services $223,416 · management and general $0 · fundraising $0

  • 22 · Depreciation, depletion and amortization

    total $1,298,831 · program services $1,298,831 · management and general $0 · fundraising $0

  • 23 · Insurance

    total $133,430 · program services $133,430 · management and general $0 · fundraising $0

  • 24a · Other expenses: Commissions

    total $4,953,609 · program services $4,953,609 · management and general $0 · fundraising $0

  • 24b · Other expenses: Field representatives expenses

    total $1,465,140 · program services $1,465,140 · management and general $0 · fundraising $0

  • 24c · Other expenses: Other expenses

    total $5,590,753 · program services $5,590,753 · management and general $0 · fundraising $0

  • 24d · Other expenses: Fraternal expenses

    total $105,963 · program services $105,963 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year -$1,940,405 · end of year -$1,914,605

  • 2 · Savings and temporary cash investments

    beginning of year $20,113,842 · end of year $10,634,097

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

    $20,827,622

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

    $14,952,699

  • 10c · Land, buildings and equipment, net

    beginning of year $5,637,587 · end of year $5,874,923

  • 11 · Investments: publicly traded securities

    beginning of year $1,320,857,317 · end of year $1,320,288,962

  • 12 · Investments: other securities

    beginning of year $296,955,398 · end of year $348,794,984

  • 13 · Investments: program-related

    beginning of year $27,804,297 · end of year $27,354,675

  • 15 · Other assets

    beginning of year $18,725,899 · end of year $20,306,740

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,964,374 · end of year $7,823,353

  • 25 · Other liabilities

    beginning of year $1,548,418,078 · end of year $1,585,153,056

  • 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 $133,771,483 · end of year $138,363,367

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2023

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 2023, Catholic Financial Life members performed nearly 78,500 hours of volunteer service, valued at more than $2.5 million to extend their hand to help others in need. Over $1.6 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 $150,362,421 · Revenue $161,828,951

  • 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 78,500 hours of service were donated to support various Diocesan and community programs and events in 2023 valued at nearly $2.5 million.

    Expenses $1,386,417 · Revenue $1,730

As filed on the 2023 return.

Listed in Part VII

  • John T Borgen

    President and Chief Executive Officer

    Total calculated
    $485,331
    From this org
    $434,536
    From related orgs
    $0
    Other
    $50,795
    Hours/week
    45 + 2 related

    Schedule J breakdown matched by us

    Base
    $366,683
    Bonus
    $55,335
    Other
    $12,518
    Deferred
    $18,300
    Nontaxable benefits
    $32,495
    Filer's total
    $485,331

  • Kari R Diestelhorst

    Chief Financial Officer

    Total calculated
    $312,865
    From this org
    $265,323
    From related orgs
    $0
    Other
    $47,542
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $229,853
    Bonus
    $35,200
    Other
    $270
    Deferred
    $15,048
    Nontaxable benefits
    $32,495
    Filer's total
    $312,866

  • Rogelio Cabral

    Vice President Sales

    Total calculated
    $298,120
    From this org
    $255,877
    From related orgs
    $0
    Other
    $42,243
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $137,533
    Bonus
    $31,450
    Other
    $86,894
    Deferred
    $9,798
    Nontaxable benefits
    $32,446
    Filer's total
    $298,121

  • Joseph K Kohut

    Director of Brokerage Operations

    Total calculated
    $286,488
    From this org
    $242,822
    From related orgs
    $0
    Other
    $43,666
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $105,259
    Bonus
    $0
    Other
    $137,563
    Deferred
    $10,396
    Nontaxable benefits
    $33,270
    Filer's total
    $286,488

  • Michael J Attewell

    Chief Information Officer

    Total calculated
    $254,404
    From this org
    $244,174
    From related orgs
    $0
    Other
    $10,230
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $215,000
    Bonus
    $28,400
    Other
    $774
    Deferred
    $9,642
    Nontaxable benefits
    $588
    Filer's total
    $254,404

  • Michael C Eyrich

    SVP Membership

    Total calculated
    $253,594
    From this org
    $209,353
    From related orgs
    $0
    Other
    $44,241
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $182,283
    Bonus
    $25,000
    Other
    $2,070
    Deferred
    $11,655
    Nontaxable benefits
    $32,586
    Filer's total
    $253,594

  • Sara J Walker

    Vice President Investments

    Total calculated
    $226,740
    From this org
    $201,690
    From related orgs
    $0
    Other
    $25,050
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $174,902
    Bonus
    $25,600
    Other
    $1,188
    Deferred
    $12,197
    Nontaxable benefits
    $12,853
    Filer's total
    $226,740

  • Linda M Hanson

    Vice President of Actuarial

    Total calculated
    $225,387
    From this org
    $214,810
    From related orgs
    $0
    Other
    $10,577
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $184,746
    Bonus
    $28,600
    Other
    $1,464
    Deferred
    $9,008
    Nontaxable benefits
    $1,569
    Filer's total
    $225,387

  • Peter L Duellman

    Director of Actuarial and Analytics

    Total calculated
    $219,051
    From this org
    $206,702
    From related orgs
    $0
    Other
    $12,349
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $177,010
    Bonus
    $28,630
    Other
    $1,062
    Deferred
    $10,851
    Nontaxable benefits
    $1,498
    Filer's total
    $219,051

  • Kristen L Mueller

    Secretary and Vice President Human Resources

    Total calculated
    $214,502
    From this org
    $192,017
    From related orgs
    $0
    Other
    $22,485
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $167,647
    Bonus
    $24,100
    Other
    $270
    Deferred
    $10,185
    Nontaxable benefits
    $12,300
    Filer's total
    $214,502

  • Cynthia E Feld

    Controller

    Total calculated
    $180,823
    From this org
    $140,888
    From related orgs
    $0
    Other
    $39,935
    Hours/week
    45 + 2 related

    Schedule J breakdown matched by us

    Base
    $127,946
    Bonus
    $12,446
    Other
    $495
    Deferred
    $7,981
    Nontaxable benefits
    $31,954
    Filer's total
    $180,822

  • Jake G Maliszewski

    Director of Financial Planning & Analysis

    Total calculated
    $173,768
    From this org
    $147,744
    From related orgs
    $0
    Other
    $26,024
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $134,100
    Bonus
    $13,500
    Other
    $144
    Deferred
    $4,067
    Nontaxable benefits
    $21,957
    Filer's total
    $173,768

  • Eric J Atkins

    IT Operations Team Lead

    Total calculated
    $150,270
    From this org
    $129,737
    From related orgs
    $0
    Other
    $20,533
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $123,178
    Bonus
    $6,289
    Other
    $270
    Deferred
    $7,995
    Nontaxable benefits
    $12,538
    Filer's total
    $150,270

  • William R O'Toole

    Director & Former Chief Executive Officer

    Total calculated
    $99,000
    From this org
    $98,000
    From related orgs
    $0
    Other
    $1,000
    Hours/week
    3 + 2 related

  • Allan G Lorge

    Director and Board Chair

    Total calculated
    $42,500
    From this org
    $42,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • Kari L Niedfeldt-Thomas

    Director

    Total calculated
    $26,500
    From this org
    $26,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jeffrey B Tilley

    Director

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

  • Joseph G Kopinski

    Director

    Total calculated
    $23,000
    From this org
    $23,000
    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

  • Susan M Obermiller

    Director

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

  • Coral M Grout

    Director

    Total calculated
    $22,000
    From this org
    $22,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Lisa A Mick

    Director

    Total calculated
    $22,000
    From this org
    $22,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Michael A Giffhorn

    Director

    Total calculated
    $22,000
    From this org
    $22,000
    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 $115,375.

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 -$931,490 · share of assets $5,337,702 · controlled entity

Provenance

Return type
form_990
Tax year
2023
Filed
19 September 2024
IRS schema version
2023v5.0
Source object
202442649349300629

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