Catholic Financial Life
- Assets
- $1.7b
- Revenue
- $161.8m
- Investments
- $348.8m
- Employees
- 135
- Location
- Milwaukee, WI
- Founding
- 11/1941
- Data as of
- 12/2023
- EIN
- 39-0201015
Organization Overview
Catholic Financial Life is located in Milwaukee, WI. 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 12/2023, Catholic Financial Life employed 135 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Catholic 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 12/2023, Catholic Financial Life generated $161.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.7% each year. All expenses for the organization totaled $151.7m during the year ending 12/2023. While expenses have increased by 2.8% per year over the past 9 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 2015, Catholic Financial Life has awarded 111 individual grants totaling $3,536,432. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John T Borgen President And Chief Executive Officer | OfficerTrustee | 45 | $434,536 |
Kari R Diestelhorst Chief Financial Officer | Officer | 45 | $265,323 |
Rogelio Cabral Vice President Sales | Officer | 45 | $255,877 |
Joseph K Kohut Director Of Brokerage Operations | 45 | $242,822 | |
Michael J Attewell Chief Information Officer | Officer | 45 | $244,174 |
Michael C Eyrich SVP Membership | Officer | 45 | $209,353 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wellington Management Co Llp Investment Management | 12/30/23 | $1,088,005 |
Asset Allocation & Management Co Llc Investment Management | 12/30/23 | $272,542 |
Deer District Llc Event Hosting | 12/30/23 | $180,317 |
Tuxedo Ins Agency Inc Insurance | 12/30/23 | $173,293 |
Strohm Ballweg Llp Audit Services And Consulting | 12/30/23 | $163,874 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,730 |
| 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 | $1,730 |
| Total Program Service Revenue | $84,939,256 |
| Investment income | $71,791,095 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $506,736 |
| Net Gain/Loss on Asset Sales | $5,034 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $161,829,151 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $933,696 |
| Grants and other assistance to domestic individuals. | $234,685 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $122,860,095 |
| Compensation of current officers, directors, key employees. | $3,607,343 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,117,603 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,511,143 |
| Payroll taxes | $800,296 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $131,210 |
| Fees for services: Accounting | $245,664 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $572,303 |
| Advertising and promotion | $317,997 |
| Office expenses | $119,485 |
| Information technology | $861,654 |
| Royalties | $0 |
| Occupancy | $755,288 |
| Travel | $328,731 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $580,503 |
| Interest | $0 |
| Payments to affiliates | $223,416 |
| Depreciation, depletion, and amortization | $1,298,831 |
| Insurance | $133,430 |
| All other expenses | $0 |
| Total functional expenses | $151,748,838 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$1,914,605 |
| Savings and temporary cash investments | $10,634,097 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $5,874,923 |
| Investments—publicly traded securities | $1,320,288,962 |
| Investments—other securities | $348,794,984 |
| Investments—program-related | $27,354,675 |
| Intangible assets | $0 |
| Other assets | $20,306,740 |
| Total assets | $1,731,339,776 |
| Accounts payable and accrued expenses | $7,823,353 |
| 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 | $1,585,153,056 |
| Total liabilities | $1,592,976,409 |
| 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 | $138,363,367 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,731,339,776 |
Grants Awarded
Over the last fiscal year, Catholic Financial Life has awarded $323,254 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
CATHOLIC FINANCIAL LIFE FOUNDATION INC PURPOSE: Primarily supporting Catholic education | $219,000 |
CRISTO REY JESUIT HIGH SCHOOL PURPOSE: High School Scholarships | $27,500 |
ST FRANCIS DE SALES SEMINARY PURPOSE: Sponsorship | $10,000 |
ST VINCENT DE PAUL PURPOSE: Sponsorship | $15,300 |
MILWAUKEE HABITAT FOR HUMANITY PURPOSE: Housing | $10,500 |
SPECIAL OLYMPICS WISCONSIN PURPOSE: Sponsorship | $11,350 |