Catholic United Financial

“Amendments to the Constitution and Bylaws of Catholic United Financial At the regular Annual Convention of Catholic United Financial held at the Verizon Wireless Center, Mankato, Minnesota, on August 8, 2015, a majority of delegates being present, the following changes were made to the Constitution and Bylaws: Bylaw 6, 9, 10, 18, 19, 24, 29 and 31 will be edited to remove any reference to "elected" Officers. Effective January 1, 2016, the Officers will be hired by the Board of Directors with the understanding that the President and Chair of the Board and the Senior Vice President and Secretary/Treasurer be eligible to be a Benefit Member. Bylaw 8, 12, 15, 16 and 17 - The Appeals and Resolutions Committees of the Convention will be abolished and any references to these committees will be removed. The Good of the Association Committee of the Convention will be called as needed. Bylaw 12 - third paragraph: Prior to each Convention, the President shall appoint a Credentials Committee and, if necessary, a Good of the Association Committee. Each committee shall be composed of five delegates. Bylaw 17 The Good of the Association Committee, if called, shall review any suggestions from Members to better the Association and consider possible recommendations for the next Delegate Convention. Bylaw 55 - Changed the length of time that a council is inactive before its treasury is deposited in the Foundation's general fund from 5 years to 2 years. If the council is inactive for two years, its treasury shall be deposited in the general fund of Catholic United Financial Foundation unless otherwise specified in the Bylaws of the Local Council. New Bylaws 56 - 68 added to acknowledge an additional form of subordinate branch of the Association - Parish Volunteer Team Bylaw 56 Another form of subordinate branches of the Association shall be known as Parish Volunteer Teams, which at their inception, shall consist of at least 18 Members. Bylaw 57 Eighteen or more persons qualified for membership in the Association may request permission to organize a Parish Volunteer Team. Under the direction of the Member Engagement Department, they shall submit to the Association their names, a proposed religious name for the Team, a parish affiliation and a slate of appointed Members to hold Team positions. Bylaw 58 A Parish Volunteer Team may continue its existence as long as it has 10 or more Members and the Team and its Members perform their duties. PARISH VOLUNTEER TEAM MEETINGS Bylaw 59 Each Parish Volunteer Team shall meet at least four times annually at the time, place and in a manner acceptable to the Team. The Team Director may call a special meeting for the purpose of transacting specific business. Notice of such special meeting shall be given to the Members. Five Members shall constitute a quorum for the transaction of business at any regular or special meeting. In the absence of the Team Director, a Chairperson may be elected by a majority vote, and such Chairperson shall act as the Team Director for that meeting. PARISH VOLUNTEER TEAM POSITIONS Bylaw 60 Each Parish Volunteer Team shall have a Team Director, Administrative Coordinator, Publicity Lead, Event Lead, Volunteer Lead and an Auditor. The Team Director, Administrative Coordinator, Publicity Lead, Event Lead and Volunteer Lead shall be appointed by the Team at the last regular meeting of the calendar year and shall begin serving on January 1 of the succeeding year. An Auditor shall be appointed by the Team Director at the last regular meeting of the calendar year and shall begin serving on January 1 of the succeeding year and shall serve for up to a maximum of two calendar years. Any person other than a Limited Member who is a Member of the Association shall be eligible to serve in any Team position. No Member shall concurrently hold more than one position. The position of any Team member absent without cause from three consecutive meetings may be declared vacant. Duties of Parish Volunteer T”

“Catholic United Financial is a not-for-profit fraternal life insurance company that is owned by its members under IRC Section 501(c)(8), Fraternal Benefit Society.”

“Delegates of the membership vote board members.”

“Per our Constitution, certain fundamental decisions must be approved by the membership. These would include organizational changes, name changes, etc.”

“Catholic United Financial has a process it follows for reviewing the Form 990. It starts with a review of the Governance Checklist. Followed by an analysis of the Form 990 draft by the President and Sr. VP Secretary/Treasurer. Once the draft is approved by management, it is posted to the Board of Directors secure website for their review. The Board reviews the Form 990 and members are required to sign off on the form prior to filing.”

“The Conflict of Interest Policy is reviewed annually or as needed throughout the year.”

“President and Secretary Treasurer position salaries are reviewed annually by the Board of Directors Compensation Committee.”

“The organization makes our governing documents available via printed Constitution Bylaws. The financial statement is filed with the State of Minnesota and made available to the public. The Conflict of Interest Policy is available by request only.”

“Change in Non-Admitted Assets ($395,632), Change in Asset Valuation Reserve ($100,153), Change in Net Unrealized Capital Gains ($1,304,841), and Change in Surplus ($251,069).”