2014-01-06T20:48:54-06:00 2013-05-31 261659234 CW ASSOCIATES CPAS 700 BISHOP STREET SUITE 1040 HONOLULU HI 96813 990 2012-06-01 990078306 HAWAII PREPARATORY ACADEMY HAWA 8088857321 65-1692 KOHALA MOUNTAIN ROAD KAMUELA HI 967438476 GREGORY R MOOERS 8088857321 2014-01-06 1 MARK A HAYES P00085205 8085311040 2012 2015-11-30 17:44:51Z LINDSAY R BARNES JR 65-1692 KOHALA MOUNTAIN ROAD KAMUELA HI 967438476 36075526 0 X WWW.HPA.EDU X 1957 HI EDUCATION 20 17 286 316 542289 -124696 680066 991202 17147247 17934216 2409985 2308774 1139286 839979 21376584 22074171 3024724 3284617 0 0 11223418 10863312 0 0 440728 7527711 7455588 21775853 21603517 -399269 470654 135122805 129936952 8654505 7796513 126468300 122140439 TO PROVIDE EXCEPTIONAL LEARNING OPPORTUNITIES AND A DIVERSE COMMUNITY HONORING THE TRADITIONS OF HAWAII. SEE SCHEDULE O. 0 0 17553743 3284617 18010441 K-12 EDUCATIONAL PROGRAM - PROVIDES EDUCATION FOR APPROXIMATELY 600 STUDENTS FROM KINDERGARTEN TO GRADE 12 17553743 1 1 0 0 0 1 0 1 0 1 1 0 0 1 1 1 1 0 1 0 0 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 1 0 0 0 1 X 30 0 286 1 1 1 0 0 0 0 0 0 0 0 0 X 20 17 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X ROBERT MCKENDRY 8088857321 65-1692 KOHALA MOUNTAIN ROAD KAMUELA HI 967438476 LAURIE T AINSLIE 4.00 X X 0 0 0 GREGORY R MOOERS 2.00 X X 0 0 0 WILL J HANCOCK 2.00 X X 0 0 0 MICHAEL K FUJIMOTO 2.00 X X 0 0 0 ALLISON HOLT GENDREAU 2.00 X 0 0 0 C SCOTT BRADLEY 2.00 X 0 0 0 CHARLES G KING 2.00 X 0 0 0 DAVID W PRATT 2.00 X 0 0 0 DONNA TANOUE 2.00 X 0 0 0 DUNCAN MACNAUGHTON 2.00 X 0 0 0 HANNAH KIHILANI SPRINGER 2.00 X 0 0 0 JAKE J MIZUNO 2.00 X 0 0 0 MICHAEL J CHUN 2.00 X 0 0 0 MICHAEL S SPALDING 2.00 X 0 0 0 NONA HASEGAWA 2.00 X 0 0 0 PETER M VITOUSEK 2.00 X 0 0 0 HARRY M PONO VON HOLT 2.00 X 0 0 0 PUTMAN D CLARK 2.00 X 0 0 0 ROBERT L REED 2.00 X 0 0 0 ROY A VITOUSEK III 2.00 X 0 0 0 WILLIAM D PRATT 2.00 X 0 0 0 LINDSAY BARNES JR 40.00 X 193211 0 40210 KATHERINE PURDY 40.00 X 49250 0 5251 ROBERT MCKENDRY 40.00 X 106992 0 25473 SHIRLEY ANN FUKUMOTO 40.00 X 120905 0 16382 MARK NOETZEL 40.00 X 110580 0 27109 580938 0 114425 4 0 1 0 QUALITY BUILDERS INC PO BOX 2135 KAMUELA HI 96743 RESIDENCE HALL UPDATE PROJECT 292582 1 79738 911464 71864 991202 TUITION AND FEES 611710 16934192 16934192 SPECIAL PROGRAMS 611710 1000024 1000024 17934216 1454665 1454665 14420173 3500 13569564 0 850609 3500 854109 854109 520857 79738 307649 213208 213208 200367 124142 76225 76225 ISAACS ART GALLERY 900099 542289 542289 OTHER INCOME 900099 8257 8257 550546 22074171 18010441 542289 2530239 3284617 3284617 408349 68031 317641 22677 6891537 5576374 1157864 157299 535911 414313 107182 14416 2515944 1932535 507412 75997 511571 399026 102314 10231 46967 46967 57239 57239 76058 64040 12018 39360 39360 880650 508938 353119 18593 1587628 1479342 95780 12506 147960 134010 6824 7126 53270 47095 6175 137057 137057 916728 870892 45378 458 FOOD SERVICES 1169124 1160424 8700 STUDENT ACTIVITIES 895540 883993 11547 OTHER EXPENSES 787678 83432 588996 115250 ART CENTER OPERATIONS 574063 568150 5913 86266 86266 21603517 17553743 3609046 440728 399214 498441 371952 400751 934267 97987 498901 526382 192 2255259 2127253 129988 149867 60586318 17821926 42672258 42764392 19800095 22170769 68060679 61201110 135122805 129936952 2084218 2091387 1699379 2045416 3420662 3403399 1200000 250246 256311 8654505 7796513 X 46128781 47950223 8476002 9039949 71863517 65150267 126468300 122140439 135122805 129936952 X 470654 2051555 -6850070 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1 15000 476919 0 0 1850735 X X X X FUNDRAISING 1 19581957 177615 3483782 1356307 21887047 21716089 23091 -864713 1292510 19581957 17809651 1503552 3685993 1283107 21716089 15694279 1272028 1925739 1082395 17809651 21130804 144836 -4589300 992061 15694279 0.47690 0.42100 0.10210 1 0 6312078 6312078 43058865 9210030 33848835 1012428 768764 243664 10202947 7843132 2359815 42764392 BENEFICIAL INTERESTS IN TRUSTS HELD BY OTHERS 19344986 DONATED ARTWORK HELD FOR INVESTMENT 2638897 DONATED REAL ESTATE HELD FOR INVESTMENT 2626558 BENEFICIAL INTERESTS IN PARKER RANCH FOUNDATION 36590669 61201110 CHARITABLE GIFT ANNUITY LIABILITIES 254032 GENERAL EXCISE TAX LIABILITY 2279 256311 X 13271962 2051555 -11181595 -9130040 22402002 -327831 -327831 22074171 17599823 327831 327831 17271992 4331525 4331525 21603517 PART III, LINE 4: THE ACADEMY MAINTAINS AN EXTENSIVE COLLECTION OF HAWAIIAN ART INCLUDING PAINTINGS AND HAND-MADE ARTIFACTS. ARTWORK IS DONATED TO THE ACADEMY AND MAINTAINED BY THE ISAACS ART GALLERY. ARTWORK IS KEPT FOR EDUCATIONAL PURPOSES, PRESERVATION OF HAWAIIAN CULTURE OR SOLD FOR FUNDRAISING PURPOSES. DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: THE ACADEMY'S ENDOWMENT INCLUDES 72 INDIVIDUAL DONOR-RESTRICTED FUNDS ESTABLISHED FOR A VARIETY OF PURPOSES. THE ACADEMY'S ENDOWMENT CONSISTS OF BOTH DONOR-RESTRICTED FUNDS AND FUNDS DESIGNATED BY THE BOARD TO FUNCTION AS ENDOWMENTS. NET ASSETS ASSOCIATED WITH THESE ENDOWMENT FUNDS, INCLUDING BOARD-DESIGNATED FUNDS, ARE CLASSIFIED AND REPORTED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. THE ACADEMY HAS ADOPTED INVESTMENT AND SPENDING POLICIES FOR ENDOWMENT ASSETS THAT ATTEMPT TO PROVIDE A PREDICTABLE STREAM OF FUNDING TO PROGRAMS SUPPORTED BY ITS ENDOWMENT WHILE SEEKING TO MAINTAIN THE PURCHASING POWER OF THE ENDOWMENT ASSETS. ENDOWMENT ASSETS INCLUDE THOSE ASSETS OF DONOR-RESTRICTED FUNDS THAT THE ACADEMY MUST HOLD IN PERPETUITY OR FOR A DONOR-SPECIFIED PERIOD AS WELL AS BOARD-DESIGNATED FUNDS. UNDER THIS POLICY, THE ENDOWMENT ASSETS ARE INVESTED IN A MANNER TO ENSURE THAT THE FUTURE GROWTH OF THE ENDOWMENT ASSETS IS SUFFICIENT TO OFFSET NORMAL INFLATION PLUS REASONABLE SPENDING, THEREBY PRESERVING THE CONSTANT DOLLAR VALUE AND PURCHASING POWER OF THE ENDOWMENT FUNDS FOR FUTURE GENERATIONS. DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X, LINE 2: ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE UNCERTAIN TAX POSITIONS TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THEY ARE MORE LIKELY THAN NOT TO FAIL UPON REGULATORY EXAMINATION. MANAGEMENT HAS EVALUATED THE ACADEMY'S TAX POSITIONS AS OF MAY 31, 2013 AND 2012 AND FOR THE YEARS THEN ENDED BY REVIEWING ITS INCOME TAX RETURNS AND CONFERRING WITH ITS TAX ADVISORS, AND DETERMINED THAT THE ACADEMY HAD NO UNCERTAIN TAX POSITIONS REQUIRED TO BE REPORTED IN ACCORDANCE WITH SUCH GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. THE TAX RETURNS ARE OPEN FOR EXAMINATION UNTIL THE STATUTES OF LIMITATIONS EXPIRE. PART XI, LINE 2D - OTHER ADJUSTMENTS: CHANGES IN BENEFICIAL INTERESTS IN TRUSTS HELD BY OTHERS -6,850,070. STUDENT AID (NETTED AGAINST REVENUE PER AUDIT REPORT) -3,282,900. TUITION REMISSION (NETTED AGAINST REVENUE PER AUDIT REPORT) -1,048,625. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF SALES - INVENTORY (NETTED AGAINST REVENUE PER TAX RETURN) -124,142. RECLASS OF FUNDRAISING EXPENSES -203,689. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF SALES - INVENTORY (NETTED AGAINST REVENUE PER TAX RETURN) 124,142. RECLASS OF FUNDRAISING EXPENSES 203,689. PART XII, LINE 4B - OTHER ADJUSTMENTS: STUDENT AID AND TUITION REMISSION (NETTED AGAINST REVENUE PER AUDIT REPORT) 3,282,900. TUITION REMISSION (NETTED AGAINST REVENUE PER AUDIT REPORT) 1,048,625. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 EXPLANATION OF NONDISCRIMINATORY POLICY PUBLICATION SCHEDULE E, PART I, LINE 3 NONDISCRIMINATORY POLICY PRINTED ON ADMISSION AND FINANCIAL AID PUBLICATION AND IN NEWSPAPER ADVERTISEMENTS. SCHOLARSHIP AUCTION 584205 76218 507987 296374 GOLF EVENT 16390 3520 12870 3780 2812 2477 2206 600595 79738 520857 3780 2812 2477 298580 307649 213208 1 STUDENT TUITION FINANCIAL AID 263 3284617 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: THE SCHOOL PROVIDES GRANTS IN THE FORM OF CREDITS AGAINST TUITION INVOICES. GRANT FUNDS ARE NOT ACTUALLY DISBURSED FROM THE SCHOOL. X X X X X 1 1 X X 0 0 0 0 0 0 0 0 0 LINDSAY BARNES JR 193211 0 0 0 0 0 0 0 40210 0 233421 0 0 0 PART I, LINE 1A THE HEADMASTER AND SPOUSE MAY TRAVEL BETWEEN HAWAII AND THE U.S. MAINLAND UNDER AN ACCOUNTABLE PLAN ARRANGEMENT. THE HEADMASTER RESIDES ON CAMPUS AS A CONDITION OF EMPLOYMENT. THE HEADMASTER IS A MEMBER OF A COUNTRY CLUB FOR THE PURPOSE OF RECREATION, NETWORKING, AND ENTERTAINMENT. BANK OF HAWAII (BOH) BOARD MEMBERS, DONNA TANOUE & MICHAEL CHUN, ARE OFFICERS/DIRECTORS OF BOH 105915 INVESTMENT MANAGEMENT FEES, INTEREST EXPENSE 0 FIRST HAWAIIAN BANK (FHB) BOARD MEMBER AND OFFICER MICHAEL FUJIMOTO IS ALSO A DIRECTOR OF FHB 90388 INVESTMENT MANAGEMENT FEES, INTEREST EXPENSE 0 X 8 50384 FAIR MARKET VALUE X FURNITURE, FIXTURES AND EQUIPMENT 5 15087 FAIR MARKET VALUE X AUCTION ITEMS 1 1758 FAIR MARKET VALUE X PROGRAM ITEMS 8 4635 FAIR MARKET VALUE 15 0 1 0 METHOD FOR DETERMINING NUMBER OF CONTRIBUTIONS: PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS RECEIVED. FORM 990, PART V: QUESTIONS 7G AND 7H ARE NOT APPLICABLE TO THE EXEMPT ORGANIZATION. AS SUCH, THEY HAVE BEEN LEFT BLANK. FORM 990, PART VI, SECTION A, LINE 2 DAVID W. PRATT (BOARD MEMBER) AND WILLIAM D. PRATT (BOARD MEMBER) HAVE A FAMILY RELATIONSHIP. PETER M. VITOUSEK (BOARD MEMBER) AND ROY A. VITOUSEK, III (BOARD MEMBER) HAVE A FAMILY RELATIONSHIP. DONNA TANOUE (BOARD MEMBER) & MICHAEL CHUN (BOARD MEMBER) HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 4 DURING 2012-13, THE BYLAWS WERE REVISED TO INCLUDE A NEW COMMITTEE, THE HEADMASTER SUPPORT AND EVALUATION COMMITTEE, AND TO ALLOW THE APPOINTMENT OF NON-TRUSTEE MEMBERS TO THE INVESTMENT, ADVANCEMENT, AND BUILDINGS AND GROUNDS COMMITTEES, SUBJECT TO A LIMITATION OF 25% OF MEMBERSHIP. FORM 990, PART VI, SECTION B, LINE 11 HPA'S ASSISTANT TREASURER WORKS WITH THE RETURN PREPARER TO COMPLETE THE FORM 990. THE RETURN IS PROVIDED TO THE AUDIT COMMITTEE FOR REVIEW. AUDIT COMMITTEE MEMBERSHIP INCLUDES THE PRESIDENT AND CHAIRMAN, TREASURER, VICE PRESIDENT AND ASSISTANT TREASURER. PRIOR TO FILING, THE CHAIR OF THE AUDIT COMMITTEE PROVIDES THE RETURN TO THE FULL BOARD AT A REGULARLY SCHEDULED MEETING. FORM 990, PART VI, SECTION B, LINE 12C A QUESTIONNAIRE IS SENT TO ALL BOARD MEMBERS PRIOR TO THE FILING OF THE FORM 990, EDUCATING THEM ABOUT THE ISSUE OF A CONFLICT OF INTEREST. THE COMMITTEE ON TRUSTEES REVIEWS INITIALLY AND ANNUALLY ALL TRANSACTIONS THAT MAY ARISE OR DO EXIST BETWEEN THE SCHOOL AND INDIVIDUALS WITH ACTUAL OR POTENTIAL CONFLICTS OF INTEREST, TRANSMITTING ITS RECOMMENDATIONS CONCERNING THE APPROPRIATENESS OF ANY SUCH TRANSACTIONS TO THE FULL BOARD OF TRUSTEES. THE BOARD OF TRUSTEES THEN DETERMINES WHETHER OR NOT TO PROCEED WITH SUCH TRANSACTION. FORM 990, PART VI, SECTION B, LINE 15 THE BOARD OF TRUSTEES IS SOLELY RESPONSIBLE FOR DECISIONS REGARDING THE ENTIRE COMPENSATION PACKAGE FOR THE HEADMASTER, OTHER OFFICERS, AND KEY EMPLOYEES. A SUBCOMMITTEE OF INDEPENDENT PERSONS IS CHARGED WITH EXECUTING OUR OFFICER AND KEY EMPLOYEE COMPENSATION POLICY, INCLUDING COLLECTING DATA, MAKING A COMPENSATION RECOMMENDATION, AND FOLLOWING ALL DOCUMENTATION REQUIREMENTS. FORM 990, PART VI, SECTION C, LINE 19 FORM 1023 - AVAILABLE UPON REQUEST FORM 990 - AVAILABLE UPON REQUEST OR VIA WWW.GUIDESTAR.ORG GOVERNING DOCUMENTS - AVAILABLE UPON REQUEST (FACT DEPENDENT) CONFLICT OF INTEREST POLICY - NOT AVAILABLE (INTERNAL USE ONLY) FINANCIAL STATEMENTS - AVAILABLE UPON REQUEST OR VIA WWW.GUIDESTAR.ORG CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: CHANGES IN BENEFICIAL INTERESTS IN TRUSTS HELD BY OTHERS -6,850,070. FORM 990, PART XII, LINE 2C: THE OVERSIGHT PROCESS OF THE AUDITED FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT HAS NOT CHANGED FROM THE PRIOR YEAR. FORM 990, PART III, LINE 1: FOUNDED IN 1949, HAWAII PREPARATORY ACADEMY IS AN INDEPENDENT COEDUCATIONAL SCHOOL PROVIDING A FULL RANGE OF OPPORTUNITIES FOR STUDENTS FROM KINDERGARTEN THROUGH GRADE 12. OUR BOARDING PROGRAM ADMITS STUDENTS IN GRADES SIX THROUGH 12. HPA FEATURES MANY UNIQUE COURSES AND ACTIVITIES (MARINE SCIENCE FIELD STUDIES, SEA TURTLE RESEARCH, SCUBA CERTIFICATION, AND MORE) THAT MAKE USE OF HAWAII'S GEOGRAPHICAL SETTING AND GIVE STUDENTS A STRONG SENSE OF HAWAII AND ITS CULTURE. OFFERINGS ALSO INCLUDE PROGRAMS IN THE VISUAL AND PERFORMING ARTS AS WELL AS A SUCCESSFUL UPPER SCHOOL INTERSCHOLASTIC ATHLETIC PROGRAM THAT STRESSES SCHOOL-WIDE PARTICIPATION AND TEACHES THE VALUES OF SPORTSMANSHIP AND FAIR PLAY. THE SCHOOL HAS TWO CAMPUSES IN THE TOWN OF WAIMEA (KAMUELA) ON THE ISLAND OF HAWAII. THE LOWER AND MIDDLE SCHOOLS ARE LOCATED ON NINE ACRES IN THE HEART OF HAWAII'S RANCHING COUNTRY, WHILE THE UPPER SCHOOL IS LOCATED JUST TWO MILES AWAY ON A 200-ACRE CAMPUS AT THE FOOT OF THE KOHALA MOUNTAINS. HPA IS FULLY ACCREDITED BY THE WESTERN ASSOCIATION OF SCHOOLS AND COLLEGES AND IS A MEMBER OF 12 EDUCATIONAL ORGANIZATIONS INCLUDING THE COUNCIL FOR THE ADVANCEMENT AND SUPPORT OF EDUCATION, COLLEGE ENTRANCE EXAMINATION BOARD, COUNCIL FOR SPIRITUAL AND ETHICAL EDUCATION, CUM LAUDE SOCIETY, NATIONAL ASSOCIATION OF COLLEGE ADMISSION COUNSELORS, HAWAII ASSOCIATION OF INDEPENDENT SCHOOLS, AND NATIONAL ASSOCIATION OF INDEPENDENT SCHOOLS. VISIT HTTP://WWW.HPA.EDU/ABOUT FOR MORE INFORMATION REGARDNG HPA'S ENROLLMENT, FACULTY, COLLEGE COUNSELING PROGRAM, SPORTS AND CO-CURRICULAR ATIVITIES, ADVANCED PLACEMENT PREPARATION, AND USE OF TECHNOLOGY IN THE LEARNING PROCESS. HAWAII PREPARATORY ACADEMY ALUMNI ASSOCIATION INC 65-1692 KOHALA MOUNTAIN ROAD KAMUELA HI 96743 990225471 SUPPORT HAWAII PREPARATORY ACADEMY HI 501(C)(3) LINE 11 N/A 0 HAWAII PREPARATORY ACADEMY PARENTS ASSOCIATION INC 65-1692 KOHALA MOUNTAIN ROAD KAMUELA HI 96743 237105675 SUPPORT HAWAII PREPARATORY ACADEMY HI 501(C)(3) LINE 11 N/A 0 PARKER RANCH FOUNDATION TRUST 66-1304 MAMALAHOA HIGHWAY KAMUELA HI 96743 996064620 SUPPORT HAWAII PREPARATORY ACADEMY AND OTHER HAWAII ORGANIZATIONS HI 501(C)(3) LINE 11 - TYPE 1 N/A 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PARKER RANCH FOUNDATION TRUST C 320000 CASH HAWAII PREPARATORY ACADEMY PARENTS ASSOCIATION INC C 42184 CASH