Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: PURCHASED SERVICES REVENUE

  total $3,169,503 · related or exempt $2,236,704 · unrelated business $932,799

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $22,914,744 · unrelated business $220,447 · excluded $22,694,297

• 5 · Royalties

  total $1,348,131 · excluded $1,348,131

• 6a · Gross rents

  real property $94,378,179

• 6b · Less rental expenses

  real property $11,418,072

• 6c · Rental income or loss

  real property $82,960,107 · personal property $0

• 6d · Net rental income or loss

  total $82,960,107 · excluded $82,960,107

• 7a · Gross sales of assets other than inventory

  securities $837,275,592

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

  securities $812,428,718

• 7c · Gain or loss

  securities $24,846,874 · other assets $0

• 7d · Net gain or loss

  total $24,846,874 · excluded $24,846,874

• 11a · Other revenue: LAND CONSENT & SERVICE FEES

  total $155,617 · related or exempt $155,617

• 11b · Other revenue: ALL OTHER REVENUE

  total $123 · related or exempt $123

• 11d · All other revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $155,740

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $66,894,673 · program services $66,894,673

• 5 · Compensation of officers, directors and key employees

  total $444,227 · management and general $444,227

• 7 · Other salaries and wages

  total $892,487 · management and general $892,487

• 8 · Pension plan contributions

  total $152,845 · management and general $152,845

• 9 · Other employee benefits

  total $140,832 · management and general $140,832

• 10 · Payroll taxes

  total $82,702 · management and general $82,702

• 11b · Fees: legal

  total $208,485 · management and general $208,485

• 11c · Fees: accounting

  total $68,645 · management and general $68,645

• 11f · Fees: investment management

  total $547,428 · management and general $547,428

• 11g · Fees: other

  total $416,469 · program services $215,545 · management and general $200,924 · fundraising $0

• 13 · Office expenses

  total $16,406 · management and general $16,406

• 14 · Information technology

  total $12,619 · management and general $12,619

• 16 · Occupancy

  total $619,127 · program services $556,713 · management and general $62,414

• 17 · Travel

  total $2,000 · management and general $2,000

• 22 · Depreciation, depletion and amortization

  total $3,080,428 · program services $518,600 · management and general $2,561,828

• 23 · Insurance

  total $432,844 · program services $208,982 · management and general $223,862

• 24a · Other expenses: GENERAL EXCISE TAX

  total $4,981,669 · program services $113,791 · management and general $4,867,878

• 24b · Other expenses: INTERCOMPANY CHARGES

  total $4,597,647 · management and general $4,584,327 · fundraising $13,320

• 24c · Other expenses: UBI TAX EXPENSE

  total $295,374 · management and general $295,374

• 24d · Other expenses: BAS DEBT EXPENSE

  total $217,400 · management and general $217,400

• 24e · All other expenses

  total $119,665 · program services $21,474 · management and general $98,191 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $1,200 · end of year $1,200

• 2 · Savings and temporary cash investments

  beginning of year $28,832,306 · end of year $15,305,726

• 4 · Accounts receivable

  beginning of year $99,070,518 · end of year $98,383,572

• 5 · Loans and receivables from officers and key people

  end of year $0

• 6 · Loans and receivables from disqualified persons

  end of year $0

• 9 · Prepaid expenses and deferred charges

  beginning of year $1,334,300 · end of year $1,332,113

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

  $130,753,284

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

  $50,582,206

• 10c · Land, buildings and equipment, net

  beginning of year $72,805,914 · end of year $80,171,078

• 11 · Investments: publicly traded securities

  beginning of year $374,994,779 · end of year $461,225,261

• 12 · Investments: other securities

  beginning of year $285,680,580 · end of year $311,023,076

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $119,410,649 · end of year $115,700,349

• 17 · Accounts payable and accrued expenses

  beginning of year $1,598,828 · end of year $1,605,501

• 19 · Deferred revenue

  beginning of year $5,516,650 · end of year $4,454,146

• 22 · Loans and payables to officers and key people

  end of year $0

• 25 · Other liabilities

  beginning of year $8,629,562 · end of year $9,900,914

• 27 · Net assets without donor restrictions

  beginning of year $966,385,206 · end of year $1,067,181,814

The filer's explanations (Part III)

Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation

THE ORGANIZATION RELIED ON THE QUEEN'S HEALTH SYSTEMS ("QHS", PARENT COMPANY) TO DETERMINE COMPENSATION OF THE TOP MANAGEMENT OFFICIAL. QHS USED A COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, COMPENSATION SURVEY AND STUDY, FORM 990 OF OTHER ORGANIZATIONS AND APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE.

Schedule J, Part I, Line 7 Non-fixed payments

RECOGNITION AWARDS WERE PAID TO ALL EMPLOYEES BASED ON ACCOMPLISHMENTS OF PREDETERMINED GOALS SET FORTH IN THE INCENTIVE AND STRATEGIC PLANS AND DEFINED ELIGIBILITY OF THE EMPLOYEE. RECOGNITION AWARDS ARE DISCRETIONARY AND CONSIDER QUALITY THRESHOLDS WHICH INCLUDE ANNUAL ACCREDITATION AND MINIMUM OPERATING INCOME LEVEL CRITERIA. IN ADDITION, EXECUTIVE AWARDS ARE WEIGHTED BASED ON INDIVIDUAL GOALS ESTABLISHED FOR EACH EXECUTIVE.

Schedule J, Part II COMPENSATION PAID FOR SERVICES

JILL HOGGARD GREEN MS. HOGGARD GREEN SERVES AS A TRUSTEE FOR THE QUEEN'S HEALTH SYSTEMS AND SEVERAL OTHER QUEEN'S RELATED AFFILIATES. MS. HOGGARD GREEN ALSO SERVES AS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE QUEEN'S HEALTH SYSTEMS ("QHS", PARENT COMPANY) AND CHAIR OF QUMG, MGH, NHCH AND QEL. SHE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HER TOTAL COMPENSATION FOR ALL SERVICES. ERIC MARTINSON MR. MARTINSON SERVES AS PRESIDENT AND TRUSTEE OF QEL AND VICE PRESIDENT AND CHIEF INVESTMENT OFFICER OF QHS. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. JOHN NITAO MR. NITAO SERVES AS SECRETARY/GENERAL COUNSEL FOR QHS AND QMC AND SECRETARY/TRUSTEE OF QEL. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. DARLENA CHADWICK MS. CHADWICK SERVES AS EVP AND COO OF QHS, VICE PRESIDENT OF QMC AND TRUSTEE OF QUMG, QEL, MGH AND NHCH. SHE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HER TOTAL COMPENSATION FOR ALL SERVICES. JASON CHANG MR. CHANG SERVES AS EVP, INNOVATION & STRATEGY FOR THE QUEEN'S HEALTH SYSTEMS AND PRESIDENT OF QUEEN'S INNOVATION INSTITUTE. HE ALSO SERVED AS TRUSTEE OF QEL, MGH, NHCH AND QEL THROUGH DECEMBER 2023 AND PRESIDENT/TRUSTEE OF QMC AND QUMG THROUGHT JANUARY 2023. HE WAS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. PAUL MCDOWELL MR. MCDOWELL SERVES AS THE TREASURER/CHIEF FINANCIAL OFFICER OF QHS, TREASURER OF QMC AND TRUSTEE OF QEL AND QUMG. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. BRUCE NAKAOKA MR. NAKAOKA SERVES AS VICE PRESIDENT AND TRUSTEE OF QEL. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. SHARLYN CHENET MS. CHENET SERVES AS TREASURER OF QEL AND FINANCE ADMINISTRATOR FOR QEL, QDC AND QHS. THE COMPENSATION LISTED IS HER TOTAL COMPENSATION FOR ALL SERVICES.

Related partnerships

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

• HAMAMATSUQUEEN'S PET IMAGING CENTER LLC

  N/A · PET IMAGING · HI

  Directly controlled by NA

• PRIMARY CARE PHYSICIAN ENTERPRISE LLC

  N/A · MEDICAL SVCS · HI

  Directly controlled by NA

Related corporations and trusts

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

• QUEEN'S DEVELOPMENT CORPORATION

  C Corporation · DEVELOPMENT · HI · controlled entity

  Directly controlled by NA

• QUEEN'S INSURANCE EXCHANGE INC

  C Corporation · INSURANCE · HI · controlled entity

  Directly controlled by NA

• DIAGNOSTIC LABORATORY SERVICES INC

  C Corporation · MEDICAL LAB SVCS · HI · controlled entity

  Directly controlled by NA