1891 Financial Life
- Assets
- $164.9m
- Revenue
- $15.1m
- Investments
- $0.0
- Employees
- 25
- Location
- Schaumburg, IL
- Founding
- 06/1941
- Data as of
- 12/2022
- EIN
- 36-1981330
Organization Overview
1891 Financial Life is located in Schaumburg, IL. The organization was established in 1941. According to its NTEE Classification (Y40) the organization is classified as: Fraternal Societies, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 12/2022, 1891 Financial Life employed 25 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. 1891 Financial Life is a 501(c)(8) and as such, is described as a "Fraternal Beneficiary Society and/or Association" by the IRS.
For the year ending 12/2022, 1891 Financial Life generated $15.1m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.3%) each year. All expenses for the organization totaled $14.6m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.1%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
1891 FINANCIAL LIFE IS A MEMBER BASED ORGANIZATION THAT PARTNERS WITH CHRISTIAN FAMILIES BY EXTENDING QUALITY PRODUCTS SERVICES FRATERNAL
Describe the Organization's Program Activity:
Part 3 - Line 4a
1891 FINANCIAL LIFE OFFERS A VARIETY OF BOTH LIFE INSURANCE AND ANNUITY PRODUCTS TO ITS MEMBERS AND IS LICENSED TO WRITE BUSINESS IN 17 STATES CONCENTRATED IN THE CENTRAL UNITED STATES.
1891 FINANCIAL LIFE OFFERS FRATERNAL BENEFITS INCLUDING: 1)CATHOLIC GRADE SCHOOL GRANTS 2) CATHOLIC HIGH SCHOOL GRANTS 3) RELIGIOUS EDUCATION GRANTS 4) HIGHER EDUCATION SCHOLARSHIPS
1891 FINANCIAL LIFE SUPPORTS FRATERNAL ACTIVITIES INCLUDING: 1)MEANINGFUL VOLUNTEER OPPORTUNITIES 2) MATCHING FUNDS TO LOCAL CHAPTERS (COURTS), FUNDRAISING TO BENEFIT PARISHES, COMMUNITIES AND FAMILIES OR INDIVIDUALS IN NEED
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Collette Cesar Director | Trustee | 2 | $13,000 |
Michael Friar Director | Trustee | 2 | $5,417 |
Christine Corso Director | Trustee | 2 | $13,000 |
David Bonacker Director | 2 | $7,583 | |
Sandra Troyanoski Director | 2 | $7,583 | |
Brian Lawless Board Treasurer | OfficerTrustee | 2 | $18,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Griffith Ballard & Co Actuarial Services | 12/30/22 | $136,200 |
Management Data Inc Insurance Software | 12/30/22 | $405,025 |
Parkway Advisors Investment Advisors | 12/30/22 | $164,226 |
Zinnia Insurance Software Eapp | 12/30/22 | $185,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $6,201,384 |
| Investment income | $7,622,097 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,249,592 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,073,073 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $20,357 |
| Grants and other assistance to domestic individuals. | $52,575 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $10,652,688 |
| Compensation of current officers, directors, key employees. | $111,394 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,304,034 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $275,876 |
| Payroll taxes | $117,107 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $61,275 |
| Fees for services: Accounting | $43,461 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $193,553 |
| Fees for services: Other | $384,284 |
| Advertising and promotion | $4,734 |
| Office expenses | $167,924 |
| Information technology | $441,101 |
| Royalties | $0 |
| Occupancy | $143,410 |
| Travel | $30,061 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $56,866 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $145,272 |
| Insurance | $60,237 |
| All other expenses | $23,036 |
| Total functional expenses | $14,633,274 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $193,704 |
| Savings and temporary cash investments | $32,392 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,011,677 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $15,480 |
| Investments—publicly traded securities | $160,742,919 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,910,842 |
| Total assets | $164,907,014 |
| Accounts payable and accrued expenses | $499,742 |
| Grants payable | $0 |
| Deferred revenue | $98,541 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $146,159,794 |
| Total liabilities | $146,758,077 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $18,148,937 |
| Total liabilities and net assets/fund balances | $164,907,014 |