Thrivent Financial For Lutherans
- Assets
- $108.0b
- Revenue
- $10.3b
- Investments
- $21.2b
- Employees
- 8,085
- Location
- Minneapolis, MN
- Founding
- 03/1965
- Data as of
- 12/2022
- EIN
- 39-0123480
Organization Overview
Thrivent Financial For Lutherans is located in Minneapolis, MN. The organization was established in 1965. 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, Thrivent Financial For Lutherans employed 8,085 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Thrivent Financial For Lutherans 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, Thrivent Financial For Lutherans generated $10.3b in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.8% each year. All expenses for the organization totaled $9.1b during the year ending 12/2022. While expenses have increased by 0.3% 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.
Since 2014, Thrivent Financial For Lutherans has awarded 16,839 individual grants totaling $620,694,404. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THRIVENT FINANCIAL FOR LUTHERANS IS A FRATERNAL BENEFIT SOCIETY OPERATING UNDER THE LODGE SYSTEM AND PROVIDING LIFE, HEALTH, AND OTHER BENEFITS TO ITS MEMBERS & DEPENDENTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
AS A FRATERNAL BENEFIT SOCIETY, THRIVENT HAS A LEGAL PURPOSE TO PROVIDE FOR THE PAYMENT OF LIFE AND OTHER BENEFITS TO ITS MEMBERS. THESE BENEFITS ARE IN THE FORM OF LIFE INSURANCE AND ANNUITIES, DISABILITY INCOME INSURANCE, LONG-TERM CARE INSURANCE, AND MEDICARE SUPPLEMENT INSURANCE.
THRIVENT ACTION TEAMS IS A VOLUNTEER PROGRAM THAT OFFERS A SIMPLE, FLEXIBLE WAY FOR MEMBERS TO BRING FRIENDS, FAMILIES, NEIGHBORS, AND OTHER THRIVENT MEMBERS TOGETHER TO MAKE AN IMMEDIATE IMPACT AND STRENGTHEN THEIR COMMUNITIES THROUGH SERVICE PROJECTS. IN 2022, 98,782 INDIVIDUALS LED 145,543 THRIVENT ACTION TEAMS AROUND THE COUNTRY. THESE VOLUNTEER TEAMS ENGAGED NEARLY 1.9 MILLION VOLUNTEERS WHO TOGETHER CONTRIBUTED 12.7 MILLION HOURS OF VOLUNTEER TIME AND RAISED MORE THAN $190 MILLION FOR COMMUNITITES AND CAUSES NATIONWIDE.
THE THRIVENT CHOICE PROGRAM CROWD-SOURCES GENEROSITY. MEMBERS NOMIMATE NONPROFIT ORGANIZATIONS TO BE ENROLLED IN THE PROGRAM. THE NOMINATED ORGANIZATIONS ARE THEN REVIEWED AND APPROVED OR REJECTED BY THE MEMBER LEADERS OF THRIVENT'S CHAPTERS. QUALIFYING MEMBERS CAN THEN REQUEST THAT THRIVENT SUPPORT ENROLLED ORGANIZATIONS WITH DONATIONS. THRIVENT CHOICE ALSO ENABLES MEMBERS AND NONMEMBERS ALIKE TO MAKE FEE-FREE ONLINE DONATIONS OF THEIR OWN MONEY TO ENROLLED ORGANIZATIONS. IN 2022, 202,706 THRIVENT MEMBERS AND 12,000 OTHERS PARTICIPATED IN THRIVENT CHOICE, WITH $31.8 MILLION IN FUNDING DISTRIBUTED TO 41,000 ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Teresa Rasmussen CEO | Officer | 55 | $6,920,027 |
Mary Jane Fortin Evp, Cco | Officer | 55 | $4,734,598 |
David Royal Evp, CFO | Officer | 55 | $4,581,478 |
Paul Johnston Evp, General Counsel | Officer | 55 | $3,583,874 |
Matthew Finn Vp, Head Of Equity Funds | 55 | $2,661,718 | |
Eric Bilger Practice Developer | 55 | $2,358,528 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Novus Media Llc Marketing Consultant | 12/30/22 | $14,108,128 |
Mckinsey Company Inc Mgmt Consultant | 12/30/22 | $11,628,889 |
Coforge Inc It Contractor | 12/30/22 | $11,538,312 |
Jump Associates Llc Strategy Consulting | 12/30/22 | $10,027,512 |
Innova Solutions Inc Staffing | 12/30/22 | $7,851,888 |
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 | $6,573,165,918 |
| Investment income | $2,095,903,787 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $904,331 |
| Net Gain/Loss on Asset Sales | $69,026,018 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $10,282,948,737 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $92,330,672 |
| Grants and other assistance to domestic individuals. | $190,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $7,671,434,688 |
| Compensation of current officers, directors, key employees. | $38,434,842 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $481,780,662 |
| Pension plan accruals and contributions | $23,461,618 |
| Other employee benefits | $34,655,295 |
| Payroll taxes | $44,873,143 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,681,972 |
| Fees for services: Accounting | $2,688,768 |
| Fees for services: Lobbying | $616,524 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,749,979 |
| Fees for services: Other | $160,002,096 |
| Advertising and promotion | $35,030,720 |
| Office expenses | $0 |
| Information technology | $63,373,884 |
| Royalties | $0 |
| Occupancy | $21,772,176 |
| Travel | $15,872,957 |
| 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 | $39,439,651 |
| Insurance | $2,328,984 |
| All other expenses | $131,238,724 |
| Total functional expenses | $9,133,658,483 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,188,337,329 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $238,830,371 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,437,239 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $44,136,428 |
| Net Land, buildings, and equipment | $127,172,413 |
| Investments—publicly traded securities | $49,740,303,557 |
| Investments—other securities | $21,226,211,949 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $35,390,796,599 |
| Total assets | $107,958,225,885 |
| Accounts payable and accrued expenses | $101,300,373 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $94,088,968,716 |
| Total liabilities | $94,190,269,089 |
| 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 | $13,767,956,796 |
| Total liabilities and net assets/fund balances | $107,958,225,885 |
Grants Awarded
Over the last fiscal year, Thrivent Financial For Lutherans has awarded $68,098,774 in support to 1,548 organizations.
| Grant Recipient | Amount |
|---|---|
12TH ROCK MINISTRIES PURPOSE: General Support | $11,200 |
1HOPE TOGETHER INC PURPOSE: General Support | $23,851 |
4 PAWS FOR ABILITY INC PURPOSE: General Support | $7,689 |
ABBREDERIS SOW FOUNDATION INC PURPOSE: General Support | $18,000 |
ABIDING HOPE LUTHERAN CHURCH PURPOSE: General Support | $10,000 |
ABIDING HOPE LUTHERAN CHURCH PURPOSE: General Support | $12,600 |