Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1d · Related organizations

  $524,618

• 1f · All other contributions, gifts and grants

  $87,790

• 2a · Program service revenue: TUITION

  total $42,210,913 · related or exempt $42,210,913

• 2b · Program service revenue: STUDENT FEES

  total $7,573,501 · related or exempt $7,573,501

• 2c · Program service revenue: BOOKSTORE

  total $382,731 · related or exempt $382,731

• 2d · Program service revenue: OTHER

  total $157,072 · related or exempt $157,072

• 3 · Investment income

  total $66,416,508 · unrelated business $14,057,101 · excluded $52,359,407

• 5 · Royalties

  total $1,215,035 · excluded $1,215,035

• 6a · Gross rents

  real property $297,257,793

• 6b · Less rental expenses

  real property $166,993,764

• 6c · Rental income or loss

  real property $130,264,029

• 6d · Net rental income or loss

  total $130,264,029 · excluded $130,264,029

• 7a · Gross sales of assets other than inventory

  securities $4,239,884,915 · other assets $65,768,411

• 7b · Less cost or other basis and sales expenses

  securities $3,641,986,015 · other assets $8,967

• 7c · Gain or loss

  securities $597,898,900 · other assets $65,759,444

• 7d · Net gain or loss

  total $663,658,344 · excluded $663,658,344

• 8a · Fundraising events: gross income

  $1,163,926

• 8b · Fundraising events: direct expenses

  $418,527

• 8c · Net income from fundraising events

  total $745,399 · excluded $745,399

• 11a · Other revenue: GOLF REVENUE

  total $5,392,265 · unrelated business $5,392,265

• 11b · Other revenue: NET PREMIUMS EARNED

  total $3,596,036 · related or exempt $3,595,722 · unrelated business $314

• 11c · Other revenue: PARKING

  total $2,848,474 · unrelated business $2,095,213 · excluded $753,261

• 11d · All other revenue

  total $2,383,256 · related or exempt $2,367,768 · unrelated business $15,380 · excluded $108

• 11e · Other revenue, total

  $14,220,031

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $36,715,017 · program services $36,715,017

• 2 · Grants to domestic individuals

  total $70,088,416 · program services $70,088,416

• 5 · Compensation of officers, directors and key employees

  total $11,985,839 · program services $2,388,671 · management and general $9,597,168

• 6 · Compensation of disqualified persons

  total $1,047,820 · program services $501,783 · management and general $317,173 · fundraising $228,864

• 7 · Other salaries and wages

  total $250,260,957 · program services $164,284,463 · management and general $84,251,999 · fundraising $1,724,495

• 8 · Pension plan contributions

  total $22,102,703 · program services $14,509,378 · management and general $7,441,021 · fundraising $152,304

• 9 · Other employee benefits

  total $34,769,842 · program services $22,824,754 · management and general $11,705,496 · fundraising $239,592

• 10 · Payroll taxes

  total $18,520,981 · program services $12,158,147 · management and general $6,235,211 · fundraising $127,623

• 11a · Fees: management

  total $816,933 · program services $118,895 · management and general $698,038

• 11b · Fees: legal

  total $19,618,439 · management and general $19,618,089 · fundraising $350

• 11c · Fees: accounting

  total $821,486 · management and general $821,486

• 11d · Fees: lobbying

  total $271,044 · management and general $271,044

• 11f · Fees: investment management

  total $26,842,747 · management and general $26,842,747

• 11g · Fees: other

  total $58,578,228 · program services $20,256,674 · management and general $38,139,390 · fundraising $182,164

• 12 · Advertising and promotion

  total $810,332 · program services $142,406 · management and general $667,926

• 13 · Office expenses

  total $2,838,549 · program services $893,788 · management and general $1,928,722 · fundraising $16,039

• 14 · Information technology

  total $15,496,984 · program services $283,728 · management and general $15,120,079 · fundraising $93,177

• 16 · Occupancy

  total $13,709,687 · program services $10,371,930 · management and general $3,335,676 · fundraising $2,081

• 17 · Travel

  total $4,613,340 · program services $2,293,783 · management and general $2,041,245 · fundraising $278,312

• 19 · Conferences, conventions and meetings

  total $1,201,067 · program services $744,061 · management and general $455,646 · fundraising $1,360

• 20 · Interest

  total $21,338,241 · management and general $21,338,241

• 22 · Depreciation, depletion and amortization

  total $50,367,675 · program services $44,344,721 · management and general $6,022,954

• 23 · Insurance

  total $10,973,591 · program services $75,269 · management and general $10,898,322

• 24a · Other expenses: REPAIRS & MAINTENANCE

  total $62,856,446 · program services $48,814,583 · management and general $14,041,863

• 24b · Other expenses: SUPPLIES

  total $23,016,270 · program services $21,333,178 · management and general $1,632,389 · fundraising $50,703

• 24c · Other expenses: BUSINESS EXPENSES

  total $13,393,106 · program services $3,927,287 · management and general $9,297,535 · fundraising $168,284

• 24d · Other expenses: OTHER STUDENT EXPENSES

  total $8,893,212 · program services $5,697,794 · management and general $3,195,005 · fundraising $413

• 24e · All other expenses

  total -$6,908,721 · program services -$4,515,420 · management and general -$2,404,231 · fundraising $10,930

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $12,200 · end of year $14,819

• 2 · Savings and temporary cash investments

  beginning of year $298,475,436 · end of year $411,471,085

• 4 · Accounts receivable

  beginning of year $156,099,490 · end of year $161,367,411

• 7 · Other notes and loans receivable

  beginning of year $317,694 · end of year $482,122

• 9 · Prepaid expenses and deferred charges

  beginning of year $139,985,151 · end of year $146,583,822

• 10a · Land, buildings and equipment: cost or other basis

  $1,938,241,997

• 10b · Land, buildings and equipment: accumulated depreciation

  $1,099,372,275

• 10c · Land, buildings and equipment, net

  beginning of year $827,243,707 · end of year $838,869,722

• 11 · Investments: publicly traded securities

  beginning of year $434,435,981 · end of year $566,506,351

• 12 · Investments: other securities

  beginning of year $10,130,707,580 · end of year $10,681,114,425

• 15 · Other assets

  beginning of year $183,938,591 · end of year $194,255,330

• 17 · Accounts payable and accrued expenses

  beginning of year $105,780,489 · end of year $78,045,222

• 19 · Deferred revenue

  beginning of year $142,033,688 · end of year $136,357,642

• 23 · Secured mortgages and notes payable

  beginning of year $553,783,809 · end of year $568,179,761

• 25 · Other liabilities

  beginning of year $944,687,728 · end of year $951,060,881

• 27 · Net assets without donor restrictions

  beginning of year $10,424,930,116 · end of year $11,267,021,581

The filer's explanations (Part III)

PART I, LINE 1A

THE HEAD OF SCHOOL FOR KAPALAMA CAMPUS IS PROVIDED HOUSING IN ACCORDANCE WITH SECTION 119 OF THE CODE BECAUSE THOSE IN THIS POSITION ARE REQUIRED TO LIVE ON CAMPUS AS A CONDITION OF EMPLOYMENT. THE RESIDENCE IS NOT TREATED AS TAXABLE COMPENSATION. IN ACCORDANCE WITH KS' TRAVEL POLICIES, TWO TRUSTEES, ONE KEY EMPLOYEE, AND THE TOP FIVE HIGHEST PAID EMPLOYEES FLEW FIRST CLASS FOR BUSINESS TRIPS THAT WERE TAKEN SOLELY TO FURTHER KS' CHARITABLE MISSION. THIS BENEFIT WAS PROPERLY TREATED AS NONTAXABLE.

PART I, LINE 4B

L. "JACK" WONG RECEIVED A CONTRIBUTION OF $83,659 TO HIS SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN IN CALENDAR YEAR 2024. THIS AMOUNT IS INCLUDED IN COLUMN C OF SCHEDULE J, PART II.

PART I, LINE 7

THE CEO AND CURRENT OFFICERS' PERFORMANCE AND ACCOMPLISHMENTS ARE REVIEWED AND EVALUATED EACH YEAR BY THE BOARD OF TRUSTEES, WHO, AT THEIR DISCRETION, MAY PROVIDE A BONUS PAYMENT TO THE CEO AND/OR CURRENT OFFICERS COMMENSURATE WITH SUCH PERFORMANCE AND ACCOMPLISHMENTS. THE PERFORMANCE AND ACCOMPLISHMENTS OF OTHER EMPLOYEES ARE REVIEWED AND EVALUATED EACH YEAR BY THE CEO, WHO, AT HIS DISCRETION, MAY PROVIDE A BONUS PAYMENT TO OTHER EMPLOYEES COMMENSURATE WITH SUCH PERFORMANCE AND ACCOMPLISHMENTS.

SCHEDULE J, PART II, COLUMN (B)(II)

CERTAIN INVESTMENT PROFESSIONALS RESPONSIBLE FOR THE INVESTMENT PORTFOLIO HAVE A PORTION OF THEIR COMPENSATION PLACED 'AT RISK AND AWARDED ONLY WHEN SPECIFIC INVESTMENT RETURN BENCHMARKS ARE MET OR EXCEEDED. INCENTIVE COMPENSATION IS BASED ON THE PORTFOLIO'S PRIOR FISCAL YEARS' PERFORMANCE, AND IT IS AWARDED IN THE CURRENT FISCAL YEAR. THE 'AT RISK' COMPENSATION PLAN IS ALIGNED WITH ENDOWMENT INDUSTRY STANDARDS.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• P&C INSURANCE COMPANY LLC

  INSURANCE · HI · income $4,570,723 · assets $18,331,139

  Directly controlled by TRUSTEES OF THE ESTATE OF BERNICE PAUAHI BISHOP

• KALOKO'ELI PROPERTIES LLC

  REAL ESTATE · HI · income $1,791,962 · assets $19,447,310

  Directly controlled by TRUSTEES OF THE ESTATE OF BERNICE PAUAHI BISHOP

• GE HAWAII BLOCK A2 HOLDING LLC

  INVESTMENTS · DE · income $6,778,634 · assets $70,902,936

  Directly controlled by TRUSTEES OF THE ESTATE OF BERNICE PAUAHI BISHOP

• GE HAWAII BLOCK A2 LLC

  INVESTMENTS · DE · income $6,778,634 · assets $70,902,936

  Directly controlled by GE HAWAII BLOCK A2 HOLDING LLC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

• SINO FINANCE GROUP LLC

  EXCLUDED · INTL BUS IN CHINA · DE · 90.48% owned · share of income $676,830 · share of assets $6,679,580

  Directly controlled by KS

• KAYNE KS CREDIT FUND LP

  EXCLUDED · INVESTMENTS · DE · 99.67% owned · share of income -$377,850 · share of assets $15,344,666

  Directly controlled by KS

• CRESCENTKAMEHAMEHA SCHOOLS PARTNERSHIP

  EXCLUDED · INVESTMENTS · DE · 99.98% owned · share of income $358,962 · share of assets $45,748,080

  Directly controlled by KS

• KURAMO AFRICA OPPORTUNITY FUND LP

  EXCLUDED · INVESTMENTS · DE · 83.63% owned · share of income -$875,007 · share of assets $9,378,147

  Directly controlled by KS

• ORION MINE FINANCE (DELAWARE) FUND I-A LP

  EXCLUDED · INVESTMENTS · DE · 64.21% owned · share of income $4,162,189 · share of assets $4,345,145

  Directly controlled by KS

• CSKS OPPORTUNITIES FUND LP

  EXCLUDED · INVESTMENTS · DE · 95.63% owned · share of income $9,017,270 · share of assets $11,661,930

  Directly controlled by KS

• KSOH LLC

  EXCLUDED · INVESTMENTS · DE · 98.9% owned · share of income $2,688,114 · share of assets $26,540,129

  Directly controlled by KS

• KSBCS FUND LP

  EXCLUDED · INVESTMENTS · DE · 100% owned · share of income $43,234 · share of assets $3,075,542

  Directly controlled by KS

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

• BISHOP HOLDINGS CORPORATION

  C · HOLDING COMPANY · HI · 100% owned · share of income $510,129 · share of assets $15,775,990 · controlled entity

  Directly controlled by KS

• PAUAHI MANAGEMENT CORPORATION

  C · PROPERTY MGMT · HI · controlled entity

  Directly controlled by BISHOP HOLDINGS CORPORATION

• KAMEHAMEHA INVESTMENT CORPORATION

  C · RE DEV/INVESTMENT · HI · controlled entity

  Directly controlled by BISHOP HOLDINGS CORPORATION

• KBH INC

  C · RE ASSET MGMT · HI · controlled entity

  Directly controlled by PAUAHI MANAGEMENT CORPORATION

• KEAUHOU COMMUNITY SERVICES INC

  C · WASTEWATER TRMT · HI · controlled entity

  Directly controlled by KAMEHAMEHA INVESTMENT CORPORATION

• KAUPULEHU FOUNDATION

  C · LAND MANAGEMENT · HI · 100% owned · share of income $169,550 · share of assets $138,821 · controlled entity

  Directly controlled by KS

• KAIAULU'O KAKA'AKO OWNERS ASSOC INC

  C · OWNER ASSOCIATION · HI · 100% owned · share of income $390,346 · share of assets $386,730 · controlled entity

  Directly controlled by KS

• KAMVUS FUND

  C · INVESTMENTS · EI · 100% owned · share of income $94,380,602 · share of assets $336,179,156 · controlled entity

  Directly controlled by KS