Catholic Financial Life Foundation Inc

“The majority of the officers and directors of Catholic Financial Life Foundation are also officers or employees of Trusted Fraternal Life.”

“Effective March 4, 2024, the Society changed its name from Catholic Financial Life to Trusted Fraternal Life. The name change was approved by the State of Wisconsin Office of the Commissioner of Insurance.”

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

“Members elect the Board of Directors using the direct vote method. Each eligible member receives one vote.”

“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 and Controller 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 Governance and Human Capital Committee. The Governance and Human Capital Committee completes an annual written evaluation of the President from all Directors. Considering this performance evaluation and industry average compensation survey data, the Governance and Human Capital Committee recommends the President's compensation for full Board of Directors action. Deliberations and decisions by the Governance and Human Capital 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 with 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.”

“Effective March 4, 2024, Catholic Financial Life changed its name to Trusted Fraternal Life. The name change was approved by the State of Wisconsin, Office of the Commissioner of Insurance. On September 1, 2024, Trusted Fraternal Life (39-0201015) completed a merger with Woman's Life Insurance Society (38-1185570), another fraternal benefit society. In accordance with statutory merger accounting practices, the Society's financial statements reflect the combined results of the previously separate organizations for 2024. The Merger Agreement and Internal Revenue Service correspondence verifying the Society's name change are attached.”

“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.”

“Change in non-admitted assets, change in Asset Valuation Reserve, change in surplus due to reinsurance, change in reserve due to change in valuation basis and other.”