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← TRUSTED FRATERNAL LIFE

Form 990 for tax year 2024

Filed by TRUSTED FRATERNAL LIFE.

Totals

Total revenue
$162,824,762
Total expenses
$158,715,741
Contributions and grants received
$1,720
Grants paid
$1,149,097
Program service revenue
$77,439,406
Investment income
$72,732,227
Other revenue
$12,651,409
Total assets, end of year
$1,905,498,742
Total liabilities, end of year
$1,743,981,043
Net assets or fund balances, end of year
$161,517,699
Program services expenses (Part IX)
$158,715,741
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$158,715,741

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

    $1,720

  • 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 $75,373,751 · related or exempt $75,373,751 · unrelated business $0 · excluded $0

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

    total $2,065,655 · related or exempt $2,065,655 · 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 $82,739,654 · related or exempt $82,739,654 · 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 $2,768,160 · personal property $0

  • 6b · Less rental expenses

    real property $2,175,784 · personal property $0

  • 6c · Rental income or loss

    real property $592,376 · personal property $0

  • 6d · Net rental income or loss

    total $592,376 · related or exempt $592,376 · unrelated business $0 · excluded $0

  • 7a · Gross sales of assets other than inventory

    securities $183,031,597 · other assets $0

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

    securities $193,039,024 · other assets $0

  • 7c · Gain or loss

    securities -$10,007,427 · other assets $0

  • 7d · Net gain or loss

    total -$10,007,427 · related or exempt -$10,007,427 · 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 $5,873,135 · related or exempt $5,873,135 · unrelated business $0 · excluded $0

  • 11b · Other revenue: Miscellaneous income

    total $6,185,898 · related or exempt $6,185,898 · unrelated business $0 · excluded $0

  • 11d · All other revenue

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

  • 11e · Other revenue, total

    $12,059,033

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $805,169 · program services $805,169

  • 2 · Grants to domestic individuals

    total $343,928 · program services $343,928

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $120,679,778 · program services $120,679,778

  • 5 · Compensation of officers, directors and key employees

    total $4,127,885 · program services $4,127,885

  • 6 · Compensation of disqualified persons

    total $0 · program services $0

  • 7 · Other salaries and wages

    total $6,001,728 · program services $6,001,728

  • 8 · Pension plan contributions

    total $524 · program services $524

  • 9 · Other employee benefits

    total $2,729,323 · program services $2,729,323

  • 10 · Payroll taxes

    total $1,174,257 · program services $1,174,257

  • 11a · Fees: management

    total $612,892 · program services $612,892

  • 11b · Fees: legal

    total $369,490 · program services $369,490

  • 11c · Fees: accounting

    total $0 · program services $0

  • 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 $1,837,941 · program services $1,837,941

  • 12 · Advertising and promotion

    total $653,723 · program services $653,723

  • 13 · Office expenses

    total $13,943 · program services $13,943

  • 14 · Information technology

    total $0 · program services $0

  • 15 · Royalties

    total $0 · program services $0

  • 16 · Occupancy

    total $1,120,208 · program services $1,120,208

  • 17 · Travel

    total $584,038 · program services $584,038

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0

  • 19 · Conferences, conventions and meetings

    total $456,740 · program services $456,740

  • 20 · Interest

    total $0 · program services $0

  • 21 · Payments to affiliates

    total $211,833 · program services $211,833

  • 22 · Depreciation, depletion and amortization

    total $2,405,835 · program services $2,405,835

  • 23 · Insurance

    total $176,359 · program services $176,359

  • 24a · Other expenses: Commissions

    total $4,308,874 · program services $4,308,874 · management and general $0 · fundraising $0

  • 24b · Other expenses: Field representatives expenses

    total $1,144,701 · program services $1,144,701 · management and general $0 · fundraising $0

  • 24c · Other expenses: One time merger expenses

    total $1,538,100 · program services $1,538,100 · management and general $0 · fundraising $0

  • 24d · Other expenses: Fraternal expenses

    total $219,983 · program services $219,983 · management and general $0 · fundraising $0

  • 24e · All other expenses

    total $7,198,489 · program services $7,198,489

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year -$1,914,605 · end of year -$2,221,295

  • 2 · Savings and temporary cash investments

    beginning of year $10,634,097 · end of year $16,102,149

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

    $25,117,232

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

    $16,691,115

  • 10c · Land, buildings and equipment, net

    beginning of year $5,874,923 · end of year $8,426,117

  • 11 · Investments: publicly traded securities

    beginning of year $1,320,288,962 · end of year $1,424,462,817

  • 12 · Investments: other securities

    beginning of year $348,794,984 · end of year $407,638,399

  • 13 · Investments: program-related

    beginning of year $27,354,675 · end of year $28,642,981

  • 15 · Other assets

    beginning of year $20,306,740 · end of year $22,447,574

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,823,353 · end of year $8,430,910

  • 25 · Other liabilities

    beginning of year $1,585,153,056 · end of year $1,735,550,133

  • 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 $138,363,367 · end of year $161,517,699

  • 31 · Retained earnings, endowment or other funds

    beginning of year $0 · end of year $0

Mission and programs · 2024

Mission

Trusted Fraternal Life's mission is serving communities, providing financial security and enhancing quality of life.

Activities or mission (Part I)

Trusted Fraternal Life, a fraternal benefit society, facilitates consolidation within the fraternal life insurance sector while preserving the unique identities and traditions of its member organizations. It provides financial strength, technology, and additional products to its family of brands, which include Catholic Financial Life, Woman's Life, and Degree of Honor. TFL's core purpose is to serve communities, provide financial security, and enhance the quality of life for its members and their families.

  • 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 $156,889,912 · Revenue $162,823,042

  • 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 109,775 hours of service were donated to support various Diocesan and community programs and events in 2024 valued at nearly $3.7 million.

    Expenses $1,825,829 · Revenue $1,720

As filed on the 2024 return.

Listed in Part VII

  • John T Borgen

    President and Chief Executive Officer

    Total calculated
    $558,701
    From this org
    $509,886
    From related orgs
    $0
    Other
    $48,815
    Hours/week
    45 + 2 related

    Schedule J breakdown matched by us

    Base
    $343,983
    Bonus
    $94,940
    Other
    $12,248
    Deferred
    $77,015
    Nontaxable benefits
    $30,515
    Filer's total
    $558,701

  • Christopher J Martin

    Vice President Compliance

    Total calculated
    $436,940
    From this org
    $410,094
    From related orgs
    $0
    Other
    $26,846
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $253,222
    Bonus
    $5,000
    Other
    $137,876
    Deferred
    $24,997
    Nontaxable benefits
    $15,845
    Filer's total
    $436,940

  • Kari R Diestelhorst

    Chief Financial Officer

    Total calculated
    $336,058
    From this org
    $287,809
    From related orgs
    $0
    Other
    $48,249
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $191,520
    Bonus
    $44,900
    Other
    $270
    Deferred
    $68,853
    Nontaxable benefits
    $30,515
    Filer's total
    $336,058

  • Michael C Eyrich

    Vice President Distribution

    Total calculated
    $294,239
    From this org
    $263,559
    From related orgs
    $0
    Other
    $30,680
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $144,194
    Bonus
    $28,800
    Other
    $66,938
    Deferred
    $26,162
    Nontaxable benefits
    $28,146
    Filer's total
    $294,240

  • Joseph K Kohut

    Director of Brokerage Operations

    Total calculated
    $275,820
    From this org
    $229,920
    From related orgs
    $0
    Other
    $45,900
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $72,821
    Bonus
    $0
    Other
    $118,336
    Deferred
    $53,416
    Nontaxable benefits
    $31,247
    Filer's total
    $275,820

  • Michael J Attewell

    Chief Information Officer

    Total calculated
    $271,687
    From this org
    $260,874
    From related orgs
    $0
    Other
    $10,813
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $212,013
    Bonus
    $35,600
    Other
    $1,674
    Deferred
    $21,517
    Nontaxable benefits
    $883
    Filer's total
    $271,687

  • Rogelio Cabral

    Vice President Sales

    Total calculated
    $254,873
    From this org
    $215,135
    From related orgs
    $0
    Other
    $39,738
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $107,827
    Bonus
    $0
    Other
    $71,056
    Deferred
    $45,505
    Nontaxable benefits
    $30,484
    Filer's total
    $254,872

  • Linda M Hanson

    Vice President Actuary

    Total calculated
    $251,552
    From this org
    $240,685
    From related orgs
    $0
    Other
    $10,867
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $180,577
    Bonus
    $35,500
    Other
    $1,314
    Deferred
    $32,706
    Nontaxable benefits
    $1,456
    Filer's total
    $251,553

  • Janet J Carmody

    Director of Information Systems

    Total calculated
    $250,996
    From this org
    $229,393
    From related orgs
    $0
    Other
    $21,603
    Hours/week
    45 + 2 related

    Schedule J breakdown matched by us

    Base
    $132,016
    Bonus
    $2,500
    Other
    $71,960
    Deferred
    $29,157
    Nontaxable benefits
    $15,362
    Filer's total
    $250,995

  • Sara J Walker

    Vice President Investments

    Total calculated
    $245,208
    From this org
    $220,910
    From related orgs
    $0
    Other
    $24,298
    Hours/week
    45 + 1 related

    Schedule J breakdown matched by us

    Base
    $161,285
    Bonus
    $24,600
    Other
    $1,188
    Deferred
    $46,058
    Nontaxable benefits
    $12,077
    Filer's total
    $245,208

  • Amy L Bellows

    Vice President Transformation

    Total calculated
    $235,130
    From this org
    $193,599
    From related orgs
    $0
    Other
    $41,531
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $146,708
    Bonus
    $5,000
    Other
    $180
    Deferred
    $53,088
    Nontaxable benefits
    $30,154
    Filer's total
    $235,130

  • Kristen L Mueller

    Secretary and Vice President Human Resources

    Total calculated
    $233,792
    From this org
    $210,180
    From related orgs
    $0
    Other
    $23,612
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $148,432
    Bonus
    $29,000
    Other
    $270
    Deferred
    $44,562
    Nontaxable benefits
    $11,528
    Filer's total
    $233,792

  • Peter L Duellman

    Director of Actuarial and Analystics

    Total calculated
    $218,180
    From this org
    $205,694
    From related orgs
    $0
    Other
    $12,486
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $166,457
    Bonus
    $25,527
    Other
    $1,062
    Deferred
    $23,740
    Nontaxable benefits
    $1,394
    Filer's total
    $218,180

  • Julie B Langolf

    Director of Office Administration

    Total calculated
    $215,534
    From this org
    $192,783
    From related orgs
    $0
    Other
    $22,751
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $106,514
    Bonus
    $2,500
    Other
    $60,264
    Deferred
    $31,567
    Nontaxable benefits
    $14,690
    Filer's total
    $215,535

  • Jake G Maliszewski

    Director of Financial Planning & Analysis

    Total calculated
    $184,198
    From this org
    $158,628
    From related orgs
    $0
    Other
    $25,570
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $113,931
    Bonus
    $19,228
    Other
    $144
    Deferred
    $29,982
    Nontaxable benefits
    $20,913
    Filer's total
    $184,198

  • William R O'Toole

    Former Chief Executive Officer

    Total calculated
    $55,073
    From this org
    $55,073
    From related orgs
    $0
    Other
    $0
    Hours/week
    0 + 2 related

  • Allan G Lorge

    Director and Board Chair

    Total calculated
    $50,000
    From this org
    $50,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • William R O'Toole

    Director

    Total calculated
    $38,000
    From this org
    $38,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Michael A Giffhorn

    Director

    Total calculated
    $34,000
    From this org
    $34,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Kari L Niedfeldt-Thomas

    Director

    Total calculated
    $31,000
    From this org
    $31,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Susan M Obermiller

    Director

    Total calculated
    $26,750
    From this org
    $26,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Jeffrey B Tilley

    Director

    Total calculated
    $26,750
    From this org
    $26,750
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Coral M Grout

    Director

    Total calculated
    $25,000
    From this org
    $25,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Sandra T Dempsey

    Director

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

  • Joseph G Kopinski

    Director

    Total calculated
    $24,500
    From this org
    $24,500
    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

  • James B Hunsanger III

    Director

    Total calculated
    $10,750
    From this org
    $10,750
    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 · First-class or charter travel
  • 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
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4c · Equity-based compensation arrangement

The filer's explanations (Part III)

Schedule J, Part I, Line 1a
i. 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 Governance and Human Capital Committee. The Governance and Human Capital Committee completes an annual written evaluation of the President from all Directors. Considering this performance evaluation and industry average compensation survey data, the Governance and Human Capital Committee recommends the President's compensation for full Board of Directors action. Deliberations and decisions by the Governance and Human Capital Committee and Board of Directors are recorded in their respective meetings minutes.
Schedule J, Part I, Line 4
A severance payment was made to Michael Eyrich in the amount of $65,415 at the time of his termination. Payment from a supplemental deferred compensation plan was made to William O'Toole in the amount of $55,073.

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.

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 -$9,734,250 · share of assets $35,321 · controlled entity

Provenance

Return type
form_990
Tax year
2024
Filed
16 November 2025
IRS schema version
2024v5.0
Source object
202533209349301493

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