Catholic Financial Life Foundation Inc

“The Society made one amendment to the Articles of Incorporation and four amendments to its bylaws in 2018: 1. Amended the Articles of Incorporation to require amendments to the Articles to be considered at a regular meeting of the Council to be submitted to the Judiciary Committee by May 1 of the year of the regular meeting of the Council rather than not less than one hundred twenty (120) days prior to the regular meeting of the Council. 2. Bylaw section 8(a)(2) Number of Directors and Term of Office: Amended to allow the Board, in consummating a merger, to increase the number of director positions provided that the number of elected directors serving on the Society's Board before a merger constitute at least 2/3's of the total number of elected directors serving on the Society's Board after the merger and that the added positions serve until the end of the calendar year of the next regular meeting of the Council. 3. Bylaw Section 8 (e) Number of Directors and Term of Office: Deleted wording that required compliance with the agreement of merger between Catholic Knights and Catholic Family that is no longer applicable. 4. Bylaw Section 15 Mergers: Amended to authorize the Board of Directors to approve mergers with fraternal benefit societies with less assets than the Society and 5. Bylaw Section 19 Duties: Amended to remove Board responsibility for assignment of duties to Other Principal Officers and the Vice Presidents and Other Officers.”

“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 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 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 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 insurance industry market data for similar insurance companies 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. $-1,375,287 change in non-admitted assets, 2. $-122,148 change in Asset Valuation Reserve, 3. $438,358 change in pension liability, 4. $-175,900 change in surplus as a result of reinsurance.”