Modern Woodmen of America

“Modern woodmen of america is organized as a fraternal benefit society with members.”

“The form 990 is prepared by the accounting staff and reviewed by the chief financial officer with the assistance of an external accounting firm. The form 990 is then provided to the governing body for final review after filing with the internal revenue service.”

“Conflict of interest, ethics and external auditor questionnaires are sent out every january to all directors, officers and key employees. These are returned to the president for review. This information, including the president's information, is reviewed at the annual board of directors meeting each february. Each employee is asked to periodically acknowledge their understanding of modern woodmen of america's principles of conduct. The president and general counsel determine if there are conflicts of interest. The general counsel reports all potential conflicts of interest to the board of directors. If a conflict is determined to exist, the board of directors determines the appropriate course of action for modern woodmen of america and the person reporting the conflict.”

“Review and approval of compensation for the president and national secretary is determined annually based on a recommendation of the board's compensation committee and approved by the board of directors. The review includes industry peer group survey data factored for relative assets managed, benchmarking the median base pay as the midpoint of the range recommended. Total compensation targets include variable bonus pay, perquisites, and the comprehensive benefits program available to all modern woodmen of america employees. The board may engage external consultant resources to conduct the review and formulate recommendations to the compensation committee when deemed necessary. Approval of compensation for the president and national secretary is documented in the compensation committee's meeting minutes. Review and approval of compensation for officers and key employees other than the president and national secretary is conducted annually by management, reviewed by the compensation committee, and approved by the board of directors. The review includes the evaluation of industry peer group survey data factored for the relative assets managed, based on the median as the midpoint of a pay range recommended for each position. The review may entail the use of an outside compensation consultant. Total compensation targets include base pay, variable compensation programs, and the comprehensive benefits program available to all modern woodmen of america employees. Approval of compensation for officers and key employees other than president and national secretary is documented in the compensation committee's meeting minutes. Both processes last occured in november 2024.”

“Federal tax law does not require that such documents be made publicly available. Certain information is available through the department of insurance, on our website, and in our member publication.”

“Change in nonadmitted assets -72,569,260. Change in asset valuation reserve -120,666,827. Fraternal benefit reserve change -305,510. Change in postretirement medical benefits for employees & fieldworkers 4,041,703. Change in prepaid pension plan costs 27,667,859. Change in pension plan liability for benefits 926,586. Change in postretirement pension plan liability for benefits 13,525,737.”

“The financial statements and tax return are prepared on the basis of accounting practices prescribed or permitted by the illinois department of financial and professional regulation - division of insurance (statutory accounting practices).”

“Modern woodmen of america did not change the oversight or the selection process from the prior year.”