Western Catholic Union
- Assets
- $183.1m
- Revenue
- $48.8m
- Investments
- $0.0
- Employees
- 14
- Location
- Quincy, IL
- Founding
- 10/1940
- Data as of
- 12/2023
- EIN
- 37-0580740
Organization Overview
Western Catholic Union is located in Quincy, IL. The organization was established in 1940. 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 12/2023, Western Catholic Union employed 14 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Western Catholic Union 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 12/2023, Western Catholic Union generated $48.8m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $48.0m during the year ending 12/2023. While expenses have increased by 5.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
FRATERNAL BENEFIT SOCIETY OFFERING LIFE INSURANCE AND ANNUITY PLANS TO ITS MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE WESTERN CATHOLIC UNION IS A FRATERNAL BENEFIT SOCIETY OFFERING LIFE INSURANCE AND ANNUITY PLANS TO ITS MEMBERS. PROGRAM SERVICES INCLUDE $47,248,944 FOR BENEFITS PAID TO MEMBERS FOR LIFE INSURANCE AND ANNUITY BENEFITS. THE REMAINING EXPENSES COVER OPERATIONAL EXPENSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sherri Schaefer Chairwoman, Interim President | OfficerTrustee | 30 | $70,800 |
August Boessen Trustee | Trustee | 1 | $9,600 |
David Hutt Trustee | Trustee | 1 | $9,600 |
James Obert Trustee | Trustee | 1 | $9,600 |
Philip Hildebrand Jr Trustee | Trustee | 1 | $9,600 |
Michael Bickhaus Trustee | Trustee | 1 | $9,600 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Miller & Newberg Inc Actuarial | 12/30/23 | $200,058 |
Aqs Asset Management Lcc Asset Management | 12/30/23 | $198,010 |
Illustrate Inc Digital Solutions | 12/30/23 | $153,065 |
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 | $40,768,963 |
| Investment income | $9,114,755 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,560,472 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $48,814,232 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $16,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $47,248,944 |
| Compensation of current officers, directors, key employees. | $274,179 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $392,938 |
| Pension plan accruals and contributions | $28,832 |
| Other employee benefits | $76,537 |
| Payroll taxes | $56,020 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,362 |
| Fees for services: Accounting | $71,059 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $629,023 |
| Fees for services: Other | $393,045 |
| Advertising and promotion | $200 |
| Office expenses | $70,029 |
| Information technology | $2,300 |
| Royalties | $0 |
| Occupancy | $29,500 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | -$1,494,212 |
| Total functional expenses | $48,028,581 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $697,242 |
| Savings and temporary cash investments | $21,585,840 |
| 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 | $16,584,720 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $663,333 |
| Investments—publicly traded securities | $140,636,709 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,940,498 |
| Total assets | $183,108,342 |
| Accounts payable and accrued expenses | $193,908 |
| Grants payable | $0 |
| Deferred revenue | $13,863 |
| 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 | $175,196,655 |
| Total liabilities | $175,404,426 |
| 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 | $7,703,916 |
| Total liabilities and net assets/fund balances | $183,108,342 |