Trusted Fraternal Life

“William O'Toole, Director and former Chief Executive Officer, sits on the Board of Directors of Town Bank. John Mack, President of Town Bank, is a member of the Board of Directors of Catholic Financial Life. The majority of the officers and directors of Catholic Financial Life Foundation are also officers, directors or financial representatives of Catholic Financial Life.”

“Catholic Financial Life is a fraternal benefit society operated under a mutual form owned by its members who own financial products.”

“The Board of Directors meet, at a minimum, quarterly.”

“In the case of a merger with another fraternal with assets greater than the Society, the Society's delegates are required to vote on and approve the merger as previously approved by the Society's Board of Directors.”

“The Form 990 is reviewed by the Chief Financial Officer for accuracy and completeness. The return is then reviewed by the Accounting, Finance and Investment Committee (AFI) of the Board of Directors before filing. All Directors are provided with access to the final copy before it is filed.”

“Annually all officers and directors are provided a copy of the Society's Code of Ethics (which includes conflict of interest policies) and they are required to certify they have read the Code, have no conflicts of interests, and have not violated the Code. The Secretary reviews all signed certified copies. The Board of Directors also completes an annual self-evaluation process.”

“Annually, all officer positions are compared to market averages for like positions utilizing insurance industry market data for similar insurance companies to determine compensation that is reasonable. All top officer salaries are reviewed with the Compensation Committee. The Compensation Committee completes an annual written evaluation of the President from all Directors. Considering this performance evaluation and industry average compensation survey data, the Compensation Committee recommends the President's compensation for full Board of Directors action. Deliberations and decisions by the Compensation Committee and Board of Directors are recorded in their respective meetings minutes.”

“Governing documents are available on the Society's website. Financial statements of the Society are available upon request. All members are provided a summary annual financial statement in the Society's membership magazine. Approved bylaw changes are also reported to all members in the membership magazine.”

“All revenues are regarded as being from activities substantially related to the organization's exempt purpose and are therefore included in column B as related or exempt function revenue.”

“Catholic Financial Life filed Form 8868, Extension of Time to File an Exempt Organization Return by the original due date of May 15, 2023 and was granted an extension until November 15th, 2023.”

“All expenses are regarded as being from activities substantially related to the organization's exempt purpose and therefore, included in column B, Program service expenses of the Statement of Functional Expenses.”

“1) $425,417 change in non-admitted assets, 2) $1,577,493 change in Asset Valuation Reserve, 3) $-175,900 change in surplus as a result of reinsurance, 4) $ -1,307,124 change in minimum pension liability.”