Catholic United Financial

“The Amendments to the Constitution and Bylaws of the Association, requiring a two-thirds vote of the delegates present, as approved by the 2017 Delegate Convention are as follows: 1. The Committee recommended removing the word "consecutive" to clarify the terms of office for Directors. As approved by the 2017 Delegate Convention, (91.63%/8.37%), Section 9, Paragraph 4 will read: No Director shall start a new term in office after they attain 75 years of age. Any Director is limited to no more than four three-year terms of office. 2. The Committee recommended a change in the minimum and maximum number of delegates per Local Council/Parish Volunteer Team; a minimum of 2 and a maximum of 10. As parishes and ultimately, Councils/PVTs, continue to consolidate a Local Council or Parish Volunteer Team may unintentionally become extremely large and have an inflated number of Delegates. As approved by the 2017 Delegate Convention, (85.10%/14.90%), Section 3, paragraph 1, will be edited to read: Each Local Council or Parish Volunteer Team shall be entitled to one delegate to each Delegate Convention for every 125 Members or major fraction thereof in good standing on the first day of June preceding the convention, provided that each Local Council or Parish Volunteer Team having less than 125 Members shall be entitled to a minimum of two delegates. 3. The Committee recommends a grammatical change to Section 30 as it refers to officer terms of office and is no longer applicable as Officers are now hired. As approved by the 2017 Delegate Convention, (92.54%/7.46%) paragraph 3, Section 30, will be edited to read: Both Officers shall report to the Board of Directors, be evaluated by the Board of Directors annually, and shall devote the whole of their time to the duties of their respective offices. 4. The Committee recommends changing the number of Credentials Committee Members needed from 5 to 2 as the registration process has been automated and is completely electronic only requiring verification of the number of Delegates registered and a report. As approved by the 2017 Delegate Convention, (94.63%/5.37%) Section 12, Paragraph 2, will read: Prior to each Convention, the President shall appoint a Credentials Committee composed of two delegates and, if necessary, a Good of the Association Committee composed of five delegates. These amendments are effective January 1, 2018.”

“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 $405,744, Change in Asset Valuation Reserve ($946,693), Change in Net Unrealized Capital Gains $510,937, Change in Surplus $8,372 and Change Ceding Commission from Annuity Reinsurer ($1,259,925).”