Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $137,571

• 1f · All other contributions, gifts and grants

  $161,675

• 1g · Noncash contributions included above

  $41,000

• 2a · Program service revenue: SUPP SVCS TO TAX-EXEMPT AFFILIATES

  total $214,951,746 · related or exempt $214,951,746

• 2f · All other program service revenue

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

• 3 · Investment income

  total $27,088,880 · unrelated business $7,918 · excluded $27,080,962

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7a · Gross sales of assets other than inventory

  securities $129,181,027 · other assets $0

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

  securities $126,182,007 · other assets $619

• 7c · Gain or loss

  securities $2,999,020 · other assets -$619

• 7d · Net gain or loss

  total $2,998,401 · excluded $2,998,401

• 11a · Other revenue: CARELINK REVENUE

  total $7,627,900 · related or exempt $7,627,900

• 11b · Other revenue: RETURN ON CAPITAL

  total $1,147,602 · excluded $1,147,602

• 11c · Other revenue: REBATES

  total $546,326 · related or exempt $546,326

• 11d · All other revenue

  total $773,966 · related or exempt $773,966 · unrelated business $0 · excluded $0

• 11e · Other revenue, total

  $10,095,794

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $0 · program services $0

• 2 · Grants to domestic individuals

  total $0 · program services $0

• 3 · Grants to foreign organizations and individuals

  total $0 · program services $0

• 4 · Benefits paid to or for members

  total $0 · program services $0

• 5 · Compensation of officers, directors and key employees

  total $8,607,623 · program services $7,316,480 · management and general $1,291,143 · fundraising $0

• 6 · Compensation of disqualified persons

  total $0 · program services $0 · management and general $0 · fundraising $0

• 7 · Other salaries and wages

  total $89,286,053 · program services $75,893,145 · management and general $13,392,908 · fundraising $0

• 8 · Pension plan contributions

  total $5,935,094 · program services $5,044,830 · management and general $890,264 · fundraising $0

• 9 · Other employee benefits

  total $13,475,224 · program services $11,453,940 · management and general $2,021,284 · fundraising $0

• 10 · Payroll taxes

  total $5,977,871 · program services $5,081,190 · management and general $896,681 · fundraising $0

• 11a · Fees: management

  total $0 · program services $0 · management and general $0 · fundraising $0

• 11b · Fees: legal

  total $353,722 · program services $0 · management and general $353,722 · fundraising $0

• 11c · Fees: accounting

  total $802,897 · program services $0 · management and general $802,897 · fundraising $0

• 11d · Fees: lobbying

  total $20,710 · program services $0 · management and general $20,710 · fundraising $0

• 11e · Fees: professional fundraising services

  total $0 · fundraising $0

• 11f · Fees: investment management

  total $140,588 · program services $0 · management and general $140,588 · fundraising $0

• 11g · Fees: other

  total $37,069,721 · program services $31,509,262 · management and general $5,560,459 · fundraising $0

• 12 · Advertising and promotion

  total $320,749 · program services $272,637 · management and general $48,112 · fundraising $0

• 13 · Office expenses

  total $1,557,994 · program services $1,324,295 · management and general $233,699 · fundraising $0

• 14 · Information technology

  total $34,251,295 · program services $29,113,601 · management and general $5,137,694 · fundraising $0

• 15 · Royalties

  total $0 · program services $0 · management and general $0 · fundraising $0

• 16 · Occupancy

  total $8,878,915 · program services $7,547,078 · management and general $1,331,837 · fundraising $0

• 17 · Travel

  total $173,886 · program services $147,803 · management and general $26,083 · fundraising $0

• 18 · Travel or entertainment for public officials

  total $0 · program services $0 · management and general $0 · fundraising $0

• 19 · Conferences, conventions and meetings

  total $485,005 · program services $412,254 · management and general $72,751 · fundraising $0

• 20 · Interest

  total $462,140 · program services $392,819 · management and general $69,321 · fundraising $0

• 21 · Payments to affiliates

  total $0 · program services $0 · management and general $0 · fundraising $0

• 22 · Depreciation, depletion and amortization

  total $12,091,758 · program services $10,277,994 · management and general $1,813,764 · fundraising $0

• 23 · Insurance

  total $761,602 · program services $647,362 · management and general $114,240 · fundraising $0

• 24a · Other expenses: REPAIRS & MAINTENANCE

  total $1,069,802 · program services $909,332 · management and general $160,470

• 24b · Other expenses: MARKETING

  total $820,800 · program services $697,680 · management and general $123,120

• 24c · Other expenses: RECRUITMENT & RELOCATION

  total $131,561 · program services $111,827 · management and general $19,734

• 24d · Other expenses: UBI TAX

  total $2,223 · program services $1,890 · management and general $333

• 24e · All other expenses

  total $2,643,868 · program services $2,264,891 · management and general $378,977 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $0 · end of year $0

• 2 · Savings and temporary cash investments

  beginning of year $186,330,030 · end of year $178,741,219

• 3 · Pledges and grants receivable

  beginning of year $0 · end of year $0

• 4 · Accounts receivable

  beginning of year $2,609,071 · end of year $613,625

• 5 · Loans and receivables from officers and key people

  beginning of year $0 · end of year $0

• 6 · Loans and receivables from disqualified persons

  beginning of year $0 · end of year $0

• 7 · Other notes and loans receivable

  beginning of year $61,319,445 · end of year $61,319,445

• 8 · Inventories for sale or use

  beginning of year $4,142,155 · end of year $3,906,348

• 9 · Prepaid expenses and deferred charges

  beginning of year $11,214,593 · end of year $10,678,492

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

  $202,781,726

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

  $158,029,152

• 10c · Land, buildings and equipment, net

  beginning of year $42,691,484 · end of year $44,752,574

• 11 · Investments: publicly traded securities

  beginning of year $185,072,337 · end of year $83,343,962

• 12 · Investments: other securities

  beginning of year $51,837,187 · end of year $57,729,723

• 13 · Investments: program-related

  beginning of year $0

• 15 · Other assets

  beginning of year $1,412,494,938 · end of year $2,220,876,253

• 17 · Accounts payable and accrued expenses

  beginning of year $104,723,153 · end of year $116,850,463

• 20 · Tax-exempt bond liabilities

  beginning of year $324,310,020 · end of year $352,999,812

• 22 · Loans and payables to officers and key people

  beginning of year $0 · end of year $0

• 23 · Secured mortgages and notes payable

  beginning of year $302,798,166 · end of year $300,000,000

• 25 · Other liabilities

  beginning of year $918,727,424 · end of year $1,551,564,525

• 27 · Net assets without donor restrictions

  beginning of year $305,771,711 · end of year $339,778,288

• 28 · Net assets with donor restrictions

  beginning of year $1,380,766 · end of year $768,553

The filer's explanations (Part III)

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

COMPENSATION COMMITTEE REFERS TO A COMMITTEE OF THE ORGANIZATION'S GOVERNING BODY RESPONSIBLE FOR DETERMINING THE TOP MANAGEMENT OFFICIAL'S COMPENSATION PACKAGE, WHETHER OR NOT THE COMMITTEE HAS BEEN DELEGATED THE AUTHORITY TO MAKE AN EMPLOYMENT AGREEMENT WITH THE TOP MANAGEMENT OFFICIAL ON BEHALF OF THE ORGANIZATION. THE COMPENSATION COMMITTEE MAY ALSO HAVE OTHER DUTIES.

Schedule J, Part I, Line 4a Severance or change-of-control payment

THE TERMS OF THE SEPARATION AGREEMENT ARE SUBJECT TO NON-DISCLOSURE AGREEMENT.

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

JASON CHANG MR. CHANG SERVES AS A TRUSTEE FOR THE QUEEN'S HEALTH SYSTEMS AND SEVERAL OTHER QUEEN'S RELATED AFFILIATES. MR. CHANG ALSO SERVES AS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE QUEEN'S HEALTH SYSTEMS ("QHS", PARENT COMPANY), PRESIDENT OF THE QUEEN'S MEDICAL CENTER ("QMC"), AND CHAIR OF QUMG, MGH, NHCH AND QEL. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR HIS VARIOUS SERVICES. JILL HOGGARD GREEN MS. HOGGARD GREEN SERVED AS A TRUSTEE FOR THE QUEEN'S HEALTH SYSTEMS AND SEVERAL OTHER QUEEN'S RELATED AFFILIATES THROUGH JULY 2024. MS. HOGGARD GREEN ALSO SERVED AS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE QUEEN'S HEALTH SYSTEMS ("QHS", PARENT COMPANY) AND CHAIR OF QUMG, MGH, NHCH AND QEL. SHE WAS A VOLUNTEER TRUSTEE AND WAS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED WAS HER TOTAL COMPENSATION FOR HER VARIOUS SERVICES. DARLENA CHADWICK MS. CHADWICK SERVES AS EVP AND COO OF QHS, VICE PRESIDENT OF QMC AND TRUSTEE OF MGH, NHCH, QEL AND QUMG. SHE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HER TOTAL COMPENSATION FOR ALL SERVICES. TIM PANKS MR. PANKS 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. PAUL MCDOWELL MR. MCDOWELL SERVED AS THE TREASURER/CHIEF FINANCIAL OFFICER OF QHS, TREASURER OF QMC AND TRUSTEE OF QEL AND QUMG THROUGH AUGUST 2024. HE WAS A VOLUNTEER TRUSTEE AND WAS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED WAS HIS TOTAL COMPENSATION FOR ALL SERVICES. GUY NITTA MR. NITTA SERVED AS THE TREASURER/CHIEF FINANCIAL OFFICER OF QHS, TREASURER OF QMC AND TRUSTEE OF QEL AND QUMG FROM AUGUST - DECEMBER 2024. HE WAS A VOLUNTEER TRUSTEE AND WAS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED WAS HIS 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. WHITNEY LIMM, MD DR. LIMM SERVES AS SENIOR VP OF CLINICAL INTEGRATION AND CHIEF PHYSICIAN EXECUTIVE OF QHS AND QMC AND TRUSTEE OF QUMG. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. STEPHANY VAIOLETI MS. VAIOLETI SERVES AS VP OF QHS AND AS PRESIDENT AND TRUSTEE OF QUEEN'S NORTH HAWAII COMMUNITY HOSPITAL ("NHCH"). SHE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HER TOTAL COMPENSATION FOR ALL SERVICES. JANICE KALANIHUIA MS. KALANIHUIA SERVES AS VP FOR THE QUEEN'S HEALTH SYSTEMS AND PRESIDENT AND TRUSTEE OF MGH. SHE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HER TOTAL COMPENSATION FOR ALL SERVICES. CLINTON YEE MR. YEE SERVES AS CORPORATE CONTROLLER OF QUEEN'S HEALTH SYSTEMS, ASSISTANT TREASURER OF QMC AND QHS AND TREASURER OF MGH. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR ALL SERVICES. KAZUMA NAKAGAWA, MD DR. NAKAGAWA SERVES AS A TRUSTEE FOR QHS, QMC AND QUMG. HE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HIS TOTAL COMPENSATION FOR SERVICES AS MEDICAL DIRECTOR, COMPREHENSIVE STROKE CENTER FOR QMC. NADINE TENN SALLE, MD DR. SALLE SERVES AS A TRUSTEE FOR QHS AND QMC. SHE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THESE SERVICES. THE COMPENSATION LISTED IS HER TOTAL COMPENSATION FOR SERVICES AS CHIEF OF PEDIATRICS FOR QUMG. BLISS KANESHIRO, MD DR. KANESHIRO SERVES AS A TRUSTEE FOR QHS. SHE IS A VOLUNTEER TRUSTEE AND IS NOT SEPARATELY COMPENSATED FOR THIS SERVICE. THE COMPENSATION LISTED IS HER TOTAL COMPENSATION FOR SERVICES AS CHIEF OF WOMEN'S HEALTH FOR QUMG.

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 SERVICES · 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 · 100% owned · share of income $227,551,661 · share of assets $140,312,422 · controlled entity

  Directly controlled by QHS

• QUEEN'S INSURANCE EXCHANGE INC

  C Corporation · INSURANCE · HI · 100% owned · share of income $1,718,724 · share of assets $39,387,519 · controlled entity

  Directly controlled by QHS

• DIAGNOSTIC LABORATORY SERVICES INC

  C Corporation · MEDICAL LAB SVCS · HI · controlled entity

  Directly controlled by NA