Betterlife FY2021 filing

Tax-deductible

Madison, WI501(c)(8)Since 1897EIN 42-0594470Revenue $59.4M in FY2021

On file with the IRSbetterlifeins.com901 Deming Way Ste 303, 53717-1964 · Madison, WITax-exempt since Sep 1940

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Fraternal Benefit Society - As a fraternal benefit insurance society, our mission is to provide meaningful fraternal programs and benefits for our members as well as high quality insurance products and services. We strengthen our members fraternally through charitable, educational and volunteer programs that encourage family values, help improve communities, support patriotism for our country and help others in need.

501(c)(8) charity; gifts are tax-deductible.
$3.0M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Pay: Part VII

Before you give

FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(8)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 5
filings with a surplus
Average deficit $5.5M a year · 10% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$3.0M
to officers and key staff · 5% of spending
Looks good: pay to officers and key staff is 5% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
<1 mo
of spending, in cash
Concern: -0.0 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$593.3M
91% of total assets
Concern: liabilities are 91% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 10 voting members
Looks good: 8 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$59.4M
+136% vs prior year
Spent
$61.5M
To programs
0%
Net assets
$55.7M
By yearFY2020–FY2024
Revenue
$59.4M
FY2021▲ +136%
Tap a bar for its year
Revenue by fiscal year
FY2020$25.1M
FY2021$59.4M
FY2022$51.2M
FY2023$64.3M
FY2024$63.5M
Expenses
$61.5M
FY2021▲ +123%
Tap a bar for its year
Expenses by fiscal year
FY2020$27.6M
FY2021$61.5M
FY2022$62.8M
FY2023$69.7M
FY2024$69.2M
Net assets
$55.7M
FY2021▲ +170%
Tap a bar for its year
Net assets by fiscal year
FY2020$20.7M
FY2021$55.7M
FY2022$70.0M
FY2023$64.8M
FY2024$60.2M

From the FY2021 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 1940.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Who runs it and what they're paid

25 people listed on the 990; $3.0M paid to officers and key staff.

Part VII, Section A · reportable compensation
CEO/Board Chair
$402,925Pt VII · Sec A
President/Chief Investment Officer
$292,198Pt VII · Sec A
Svp-Finance/Treasurer
$226,789Pt VII · Sec A
Svp-Member Acquisition
$181,308Pt VII · Sec A
$153,743Pt VII · Sec A
Svp-Member Experience
$152,260Pt VII · Sec A
Svp-IT/Secretary
$150,268Pt VII · Sec A
Svp-Merger Integration/Svp-Finance and Treasurer
$149,053Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Christopher Campbell$555,540$315,824———
Daniel L Shinnick$43,470$372,461$403,696$402,925—
Craig a Van Dyke$228,042$364,162$334,014$292,198—
Matthew P Mikulcik$301,443————
Derek J Metcalf$270,707$24,138———
Craig Van Dyke————$260,317
Steven G Reindl——$116,744$226,789—
Angel L Thomas$211,170$178,152$156,177$152,260—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Offers insurance and fraternal programs that strengthen members, improve communities, and support charitable causes.

Questions for Betterlife

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Provided by the organization

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2 programs · $61.5M · in their own filed words · FY2021
01

Insurance Activities

The primary purpose of the insurance activities of BetterLife is to accomplish the exempt purpose of the fraternal benefit society rather than to produce income. Number of members: 62,807

$60.1Mprogram expense
02

Fraternal Actvities and Programs

The following is a report of expenditures, activities and programs of BetterLife and its branches completed in 2021 in fulfillment of the Society's fraternal character: 1. National Office Branch Support: Subsidies are sent to fraternal branches on a quarterly basis, based on the number of members in a geographic area.

$1.3Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · this organization's grantmaking
Grants paid · 7 grants · $207K · 2020–2020
Unitemized GrantFY2020$147,585
Unitemized GrantFY2020$25,800
Unitemized GrantFY2020$16,107
Unitemized GrantFY2020$5,750
Unitemized GrantFY2020$5,000
Unitemized GrantFY2020$3,845
Unitemized GrantFY2020$3,000

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$59.4M
Ln 12
Fees for servicesLn 2g$59.4M
Money outPt IX
$61.5M
Ln 25
Owns and owesPt X
$55.7M
net assets · Ln 32
Cash and savingsLn 1–2−$133K
Total assetsLn 16$649.0M
LiabilitiesLn 26$593.3M
PeoplePt VI, VII
25
listed · VII A
PaidVII A25
Voting boardVI 1a10
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$59.4M
Total revenueLn 12$59.4M
Assets in detailPt X, end of year
CashLn 1−$133K
SavingsLn 2$0
Cash and savings togetherLn 1–2−$133K
InvestmentsLn 11–13$637.4M
Land, buildings, equipmentLn 10c$1.5M
Other assetsLn 15$10.2M
Total assetsLn 16$649.0M
LiabilitiesLn 26$593.3M
Net assetsLn 32$55.7M
OperationsPt I, VI
EmployeesI 5148
VolunteersI 63,250
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$3.2M−$133K
InvestmentsLn 11–13$276.6M$637.4M
Land, buildings, equipmentLn 10c$946K$1.5M
Total assetsLn 16$302.3M$649.0M
LiabilitiesLn 26$281.7M$593.3M
Net assetsLn 32$20.7M$55.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$0
Grants to domestic individualsLn 2$0
Grants and assistance to foreign recipientsLn 3$0
Benefits paid to or for membersLn 4$43.5M
Pay of current officers, directors and key staffLn 5$2.7M
Pay of disqualified personsLn 6$0
Other salaries and wagesLn 7$3.4M
Pension plan contributionsLn 8$315K
Other employee benefitsLn 9$1.1M
Payroll taxesLn 10$453K
Management feesLn 11a$0
Legal feesLn 11b$91K
Accounting feesLn 11c$621K
Lobbying feesLn 11d$0
Professional fundraising feesLn 11e$0
Investment management feesLn 11f$899K
Other fees for servicesLn 11g$296K
Advertising and promotionLn 12$91K
Office expensesLn 13$1.8M
Information technologyLn 14$578K
RoyaltiesLn 15$0
OccupancyLn 16$470K
TravelLn 17$184K
Travel and entertainment for public officialsLn 18$0
Conferences, conventions and meetingsLn 19$35K
InterestLn 20$0
Payments to affiliatesLn 21$0
Depreciation, depletion and amortizationLn 22$134K
InsuranceLn 23$102K
Other expenses (24a–d)Ln 24$4.6M
All other expensesLn 24e$185K
Total functional expensesLn 25$61.5M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $63.5M$69.2M−$5.7M$60.2M 990 PDF
FY2023 $64.3M$69.7M−$5.5M$64.8M 990 PDF
FY2022 $51.2M$62.8M−$11.6M$70.0M 990 PDF
FY2021 Viewing $59.4M$61.5M−$2.1M$55.7M 990 PDF
FY2020 $25.1M$27.6M−$2.5M$20.7M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (6 parts)
Part I · Summary $59,441,063 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $12,600,702$59,441,063
I-10 Investment incomePrior year $12,540,934$0
I-11 Other revenuePrior year $7,572$0
I-12 Total revenuePrior year $25,149,208$59,441,063
I-13 Grants and similar amounts paidPrior year $207,087$0
I-14 Benefits paid to membersPrior year $20,449,014$43,473,760
I-15 Salaries and benefitsPrior year $3,358,471$7,973,923
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $3,604,597$10,050,348
I-18 Total expensesPrior year $27,619,169$61,498,031
I-19 Revenue less expensesPrior year −$2,469,961−$2,056,968
Part VI · Governance 8 of 10 board members independent, no flags
VI-1a Voting members of the governing body10
VI-1b Independent voting members8
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $59,441,063 across 3 lines filed
Lines not itemized here account for $1,014,774 of total revenue; see the IRS return.
VIII-1h Total contributions, gifts and grants$0
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $58,426,289 · Unrelated business $0 · Excluded from tax $0$58,426,289
VIII-12 Total revenueRelated to mission $59,441,063 · Unrelated business $0 · Excluded from tax $0$59,441,063
Part IX · Statement of functional expenses $61,498,031 across 31 lines filed
IX-1 Grants to domestic organizations$0
IX-2 Grants to domestic individuals$0
IX-3 Grants and assistance to foreign recipients$0
IX-4 Benefits paid to or for members$43,473,760
IX-5 Pay of current officers, directors and key staff$2,706,270
IX-6 Pay of disqualified persons$0
IX-7 Other salaries and wages$3,420,440
IX-8 Pension plan contributions$315,431
IX-9 Other employee benefits$1,078,745
IX-10 Payroll taxes$453,037
IX-11a Management fees$0
IX-11b Legal fees$90,553
IX-11c Accounting fees$620,981
IX-11d Lobbying fees$0
IX-11e Professional fundraising fees$0
IX-11f Investment management fees$899,152
IX-11g Other fees for services$296,200
IX-12 Advertising and promotion$91,347
IX-13 Office expenses$1,796,436
IX-14 Information technology$577,776
IX-15 Royalties$0
IX-16 Occupancy$470,004
IX-17 Travel$183,526
IX-18 Travel and entertainment for public officials$0
IX-19 Conferences, conventions and meetings$34,795
IX-20 Interest$0
IX-21 Payments to affiliates$0
IX-22 Depreciation, depletion and amortization$134,417
IX-23 Insurance$102,431
IX-24 Other expenses (24a–d)$4,567,259
IX-24e All other expenses$185,471
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$61,498,031
Part X · Balance sheet $648,970,346 assets, 22 lines filed
X-1 Cash, non-interest-bearingStart of year $296,458−$133,194
X-2 Savings and temporary cash investmentsStart of year $2,890,499$0
X-3 Pledges and grants receivableStart of year $0$0
X-4 Accounts receivableStart of year $33,493$0
X-8 Inventories for sale or useStart of year $0$0
X-9 Prepaid expenses and deferred chargesStart of year $0$0
X-10c Land, buildings and equipment, netStart of year $946,004$1,516,783
X-11 Publicly traded securitiesStart of year $276,624,880$0
X-12 Other securities$0
X-13 Program-related investments$637,375,714
X-14 Intangible assets$0
X-15 Other assetsStart of year $21,523,079$10,211,043
X-16 Total assetsStart of year $302,314,413$648,970,346
X-17 Accounts payable and accrued expensesStart of year $2,372,116$1,102,806
X-18 Grants payableStart of year $0$0
X-19 Deferred revenueStart of year $0$259,810
X-20 Tax-exempt bond liabilitiesStart of year $0$0
X-24 Unsecured notes and loans payableStart of year $0$0
X-25 Other liabilitiesStart of year $279,280,335$591,859,375
X-26 Total liabilitiesStart of year $281,652,451$593,271,475
X-32 Total net assets or fund balancesStart of year $20,661,962$55,698,871
X-33 Total liabilities and net assetsStart of year $302,314,413$648,970,346
Part XI · Reconciliation of net assets $55,698,871 net assets at year end
XI-1 Total revenue$59,441,063
XI-2 Total expenses$61,498,031
XI-3 Revenue less expenses−$2,056,968
XI-4 Net assets at start of year$20,661,962
XI-5 Net unrealized gains (losses) on investments$1,135,974
XI-6 Donated services and use of facilities$0
XI-7 Investment expenses$0
XI-8 Prior period adjustments$0
XI-9 Other changes in net assets$35,957,903
XI-10 Net assets at end of year$55,698,871

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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