Thrivent

Legal name: Thrivent Financial for Lutherans

Nonprofit profile at a glance

EIN
390123480
IRS 990 coverage
2010–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Minneapolis, MN, USA
Phone
6128444249
Rating
88
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$11,798,685,276
Expenses
$11,201,117,675
Assets
$117,961,275,629
Liabilities
$103,433,167,208

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

26 people listed

Executive titles in this filing

  • TERESA RASMUSSEN (CEO)
  • BRAD HEWITT (CEO (FORMER))

Highest reported compensation

  • TERESA RASMUSSEN (CEO): $23,314,953 total reported compensation
  • DAVID ROYAL (EVP, CFO): $8,627,405 total reported compensation
  • PAUL JOHNSTON (EVP, GENERAL COUNSEL): $6,940,042 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Our purpose is to empower lives of service and faith. Thrivent is a membership-owned fraternal organization dedicated to serving the unique needs of our clients—guiding them toward financial choices that will help them live the lives they want today and tomorrow. As a fraternal benefit society, we have a shared purpose, have clients who share a common Christian bond, provide mutual protection in the form of insurance to eligible clients and offer clients opportunities to support their local communities through regional Thrivent Member Networks.

What it reported doing in 2024

The thrivent choice program crowd-sources generosity. Members nomimate nonprofit organizations to be enrolled in the program. The nominated organizations are then reviewed and approved or rejected by the member leaders of thrivent's chapters. Qualifying members can then request that thrivent support enrolled organizations with donations. Thrivent choice also enables members and nonmembers alike to make fee-free online donations of their own money to enrolled organizations. In 2024, 244,805 thrivent members and 5,497 others participated in thrivent choice, with $33.5 million in funding distributed to 36,000 organizations.

Operating model

Revenue model
Earned-program. 66% of the money available for current operations came from fees and other program revenue.
Distribution model
Member-benefit provider. The nonprofit used 84% of its reported program spending for member benefits.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 86
  • Accountability: 96
  • Sustainability: 65
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 95.2%; rating input score 95
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 25th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 67.8%; rating input score 68; 14th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 92.9%; rating input score 93; 42nd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 5.1%; rating input score 57; 57th percentile among comparable filings
  • Total-asset coverage ratio: 10.53; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.88; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 0.5%; rating input score 84; 84th percentile among comparable filings

Growth

  • Program expense growth: 3.3% per year; rating input score 100; 24th percentile among comparable filings
  • Revenue growth: 1.9% per year; rating input score 100; 13th percentile among comparable filings
  • Asset growth: 4.8% per year; rating input score 100; 35th percentile among comparable filings

Details

  • What they do: 2 programs and campaigns described on the official site
  • Where the money goes: 95.2% of revenue deployed · 100% of spending went to programs
  • Governance: 13 of 14 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $23.3M · 26 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $66.6M reported
  • Consistency: 35 of 36 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes grants, executive pay, and related organizations
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1486 filed money-flow records
  • Related organizations: 1529 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Sustainability: Operating margin scored 57/100.
  • High — Sustainability: Liabilities to assets ratio scored 14/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.