Betterlife
- Assets
- $603.8m
- Revenue
- $64.3m
- Investments
- $0.0
- Employees
- 108
- Location
- Madison, WI
- Founding
- 09/1940
- Data as of
- 12/2023
- EIN
- 42-0594470
Organization Overview
Betterlife is located in Madison, WI. 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, Betterlife employed 108 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Betterlife 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, Betterlife generated $64.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $69.7m during the year ending 12/2023. While expenses have increased by 12.8% per year over the past 7 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 - AS A FRATERNAL BENEFIT INSURANCE SOCIETY, OUR MISSION IS TO HELP OUR MEMBERS PROTECT THEIR FAMILIES' FINANCIAL FUTURES, BUILD BETTER LIVES, AND BETTER THEIR COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FRATERNAL ACTVITIES AND PROGRAMS - BETTERLIFE PROVIDES QUARTERLY FUNDING TO FRATERNAL GROUPS, VARYING IN AMOUNT. ADDITIONALLY, VOLUNTEERS MAY RECEIVE CASH AWARDS FOR THEIR EFFORTS. FUNDS SUPPORT VARIOUS INITIATIVES: A. COMMUNITY BENEFIT: BETTERLIFE MEMBERS ORGANIZE PROJECTS AIDING SCHOLARSHIP PROGRAMS, BLOOD DRIVES, AND MORE. B. FUNDRAISERS AND MATCHING FUNDS: GRANTS ARE OFFERED FOR FUNDRAISING EVENTS SUPPORTING MEMBERS IN NEED. C. FAMILY ACTIVITIES: EVENTS LIKE PICNICS AND HOLIDAY PARTIES FOSTER FAMILY BONDS. D. EDUCATIONAL LEADERSHIP: SEMINARS TRAIN VOLUNTEERS FOR COMMUNITY OUTREACH. E. PATRIOTIC PROGRAMS: SUPPORT FOR FLAG DAY OBSERVANCES, VETERAN AND SCHOOL INITIATIVES. F. FRATERNAL SUPPORT: ACTIVITIES MAINTAINING GROUP COHESION AND DEVELOPMENT. G. FRATERNAL SERVICES: RESOURCES FOR NATIONAL MISSION IMPLEMENTATION. 2023 STATISTICS FOR A-G: $244,065 ACTIVITY PAYMENTS; 975 EVENTS; 31,242 VOLUNTEER HOURS; $41,315 CORPORATE DONATIONS; $236,061 FUNDRAISING FUNDS RAISED; $14,184 FUNDRAISING FUNDS MATCHED BY BETTERLIFE. FRATERNAL BENEFIT PROGRAM: BETTERLIFE OFFERS NON-CONTRACTUAL FRATERNAL BENEFITS TO MEMBERS AT NO EXTRA COST, ALONGSIDE THEIR LIFE INSURANCE COVERAGE: A. DISASTER BENEFIT: GRANTS OF UP TO $1,500 FOR EXPENSES INCURRED FROM NATURAL DISASTERS. B. HEALTH BENEFIT: GRANTS OF UP TO $1,500 FOR SPECIFIC DISEASE EXPENSES. C. FAMILY FRATERNAL BENEFIT: INCLUDES NEWBORN DEATH BENEFIT AND GUARANTEED INSURANCE. D. FAMILY BENEFIT: OFFERS TEN $1,000 AWARDS YEARLY FOR VARIOUS FAMILY EXPENSES. E. MEMBER MAGAZINE: QUARTERLY PUBLICATION COVERING MEMBER ACTIVITIES AND SERVICES. F. ORPHAN INCOME BENEFIT: MONTHLY ALLOWANCE FOR ORPHAN CARE UNTIL AGE 18. G. ORPHAN SCHOLARSHIP BENEFIT: UP TO $3,000 YEARLY FOR ORPHANED CHILD EDUCATION. H. NATIONAL SCHOLARSHIP PROGRAM: AWARDS SCHOLARSHIPS TO YOUNG MEMBERS INVOLVED IN COMMUNITY SERVICE. I. MEMBERS IN ACTION: GRANTS UP TO $200 TWICE YEARLY FOR LOCAL SERVICE PROJECTS. 2023 STATISTICS FOR A-I: $0 (A), $12,000 (B); $0 (C); $10,000 (D); $108,331 (E); $16,900 (F); $0 (G); $68,000 (H); $5,950 (I). LODGE SYSTEM: BETTERLIFE OPERATES THROUGH LOCAL FRATERNAL LODGES KNOWN AS MEMBER GROUPS. EACH MEMBER BELONGS TO A SPECIFIC GROUP, WHICH HOSTS PLANNING MEETINGS, BIENNIAL ELECTIONS, AND CONDUCTS ACTIVITIES WITHIN AN ASSIGNED AREA. THESE GROUPS ADHERE TO SOCIETY BYLAWS AND ORGANIZE VARIOUS BENEVOLENT, CHARITABLE, EDUCATIONAL, AND PATRIOTIC INITIATIVES WITHIN THEIR COMMUNITIES.
INSURANCE ACTIVITIES: THE PRIMARY PURPOSE OF THE INSURANCE ACTIVITIES OF BETTERLIFE IS TO ACCOMPLISH THE TAX-EXEMPT PURPOSE OF THE FRATERNAL BENEFIT SOCIETY RATHER THAN TO PRODUCE INCOME. NUMBER OF MEMBERS: 57,324
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel L Shinnick Ceo/board Chair/chief Member Advocate/independent Director | OfficerTrustee | 22 | $372,461 |
Craig A Van Dyke President/chief Investment Officer | OfficerTrustee | 40 | $364,162 |
Christopher Campbell Board Chair/ceo/president | OfficerTrustee | 40 | $315,824 |
Angel L Thomas Svp-Member Experience | Officer | 40 | $178,152 |
Donald M Nieland Svp-It/secretary | Officer | 40 | $172,247 |
David J Schlesser Vp-National Sales | Officer | 40 | $164,536 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ipipeline Inc Technology Vendor | 12/30/23 | $889,107 |
Asset Allocation & Management Inc Investment Managers | 12/30/23 | $477,119 |
Griffith Ballard & Company Actuarial Consultants | 12/30/23 | $280,509 |
Paradigm Partners International Llc Strategy Consultants | 12/30/23 | $231,115 |
Louie Caballero Independent Agent | 12/30/23 | $158,712 |
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 | $64,263,803 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $64,263,803 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $37,057,636 |
| Compensation of current officers, directors, key employees. | $2,814,522 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,885,185 |
| Pension plan accruals and contributions | $342,031 |
| Other employee benefits | $586,478 |
| Payroll taxes | $498,817 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $200,320 |
| Fees for services: Accounting | $537,590 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $602,917 |
| Fees for services: Other | $380,121 |
| Advertising and promotion | $249,759 |
| Office expenses | $1,321,116 |
| Information technology | $775,506 |
| Royalties | $0 |
| Occupancy | $350,004 |
| Travel | $241,191 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $28,041 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $264,127 |
| Insurance | $139,909 |
| All other expenses | $1,850,785 |
| Total functional expenses | $69,734,945 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | -$2,034,762 |
| Savings and temporary cash investments | $0 |
| 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 | $582,936 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $587,187,282 |
| Intangible assets | $0 |
| Other assets | $18,112,464 |
| Total assets | $603,847,920 |
| Accounts payable and accrued expenses | $1,374,017 |
| Grants payable | $0 |
| Deferred revenue | $233,986 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $46,536 |
| 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 | $537,399,584 |
| Total liabilities | $539,054,123 |
| 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 | $64,793,797 |
| Total liabilities and net assets/fund balances | $603,847,920 |