Catholic Financial Life Foundation Inc

“The Society made three amendments to its bylaws in 2017 in conjunction with the merger. 1. Degree of Honor Delegates: The members of the DOH Advisory Committee are appointed as delegates to the 2018 Triennial Council representing DOH chapters. Following the 2018 Triennial Council meeting, delegates representing DOH chapters shall be elected in accordance with the rules and procedures applicable to the other chapters of the Society as provided in these Bylaws, except that the requirement that such person be a Catholic member shall not apply to delegates of DOH chapters. 2. Officer Qualifications: Principal officers of DOH chapters need not be Catholic. 3. Retained Position: Any Society member serving as an officer of a DOH Service Club or Lodge and in that capacity as of the effective date of the merger of DOH and the Society shall be eligible to continue to serve in that positon and seek reelection, while the individual remains a member of the Society until leaving the positon in the normal course, regardless of whether the member satisfies eligibility requirements under the Society's Articles of Incorporation and/or Bylaws. Complete copies of the amended bylaws are available upon request.”

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

“Members of the Society's local chapters elect delegates to represent them at the triennial convention. Those delegates then elect Board of Directors at the triennial convention. The Board of Directors meets, at a minimum, quarterly.”

“In the case of a merger with another fraternal with more than 10,000 members or more than $50 million of assets, the Society's delegates are required to vote on and approve the merger and/or Bylaw changes as previously approved by the Society's Board of Directors.”

“The Form 990 is reviewed by select officers of the Society for accuracy and completeness. The return is then reviewed by the Governance and Audit Committees of the Board of Directors before filing. All Directors are provided access to a 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 interest and have not violated the Code. The Secretary/CFO 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 a mix of insurance and not for profit industry market data to determine compensation that is reasonable. All top officer salaries are reviewed with the Executive Committee of the Board of Directors. The Executive Committee of the Board of Directors completes an annual written evaluation of the President from all Directors. Considering this performance evaluation and industry average compensation survey data, the Executive Committee recommends the President's compensation for full Board of Directors action. Deliberations and decisions by the Executive Committee and Board of Directors are recorded in their respective meeting 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. Delegates to the Society's triennial conventions receive complete copies of the Bylaws each time the convention convenes.”

“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.”

“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. $-809,104 change in non-admitted assets, 2. $-1,407,288 change in Asset Valuation Reserve, 3. $436,446 change in pension liability, 4. $-175,900 change in surplus as a result of reinsurance, 5. $-1,000,000 change in surplus note.”