2024-05-14T18:53:05-07:00 2023-06-30 990316220 McEnerney Shimabukuro Okazaki & Fuj 1100 Ward Ave Suite 720 Honolulu HI 96814 990 2022-07-01 996086871 The Waterhouse Charitable Trust WATE 8085924800 770 Kapiolani Blvd Honolulu HI 96813 Stanley Y Mukai Co-Trustee 8085924800 2024-05-09 true Stanley Mukai XXX-XX-XXXX true Steven T Fujita P00031680 8085230462 3 AAL1 IAL1 FAL1 2022 2023-04-26 12:10:37Z Stanley Y Mukai 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 350901 false X N/A X 2000 HI To distribute amounts to certain charitable organizations 2 0 0 0 0 0 0 0 39758 350901 0 39758 350901 3099400 2971165 0 461723 455000 0 0 305816 269836 3866939 3696001 -3827181 -3345100 44619072 41584902 0 44619072 41584902 To distribute amounts to certain charitable organizations false false 3131470 2971165 350901 During the year, the Trust made grant distributions to the five charitable organizations that it was established to support. 3131470 true false false false false false false false false false false true false false false false true false false false false false false false false false false true false true false false false false false false false false false false false false true true true true false false true 5 0 true 0 false false false false false false false false false false X 2 0 false true false false false false false true false true false true true true true false true true false false X Alan Tsuruda 8085924800 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 Stanley Y Mukai Co-Trustee 5.00 X 70000 407000 39480 First Hawaiian Bank Successor Co-Trustee 25.00 X 550000 0 0 620000 407000 39480 false true false 350901 0 350901 350901 0 0 350901 2971165 2971165 455000 152250 302750 0 44502 5555 38947 0 13150 0 13150 0 165000 0 165000 0 697 0 697 0 21462 0 21462 0 Administrative fee 25000 2500 22500 0 Other taxes and licenses 25 0 25 0 3696001 3131470 564531 0 569274 522089 18769798 15782813 25280000 25280000 44619072 41584902 0 0 X 44619072 41584902 44619072 41584902 44619072 41584902 X -3345100 307525 3405 X X false true X false false X X X 5 The Waialae Baptist Church 990117996 1 true 271000 0 Punahou School 990073523 2 true 400000 0 University of Hawaii Foundation 990085260 5 true 1327165 0 Palama Settlement 990074140 7 true 925000 0 New Mexico Military Inst Foundation 856010718 7 true 48000 0 5 2971165 0 0 0 0 0 true false false false false false false false false false false true false false false false true false true 0 5956 3405 39758 350901 45714 354306 0 172136 172000 0 -126422 182306 1026336 9286051 21038948 9746701 81215733 75524665 103281017 94557417 5590500 0 103281017 94557417 1549215 1418361 101731802 93139056 3560613 3259867 5956 3405 3566569 3263272 -126422 -107459 3566569 3566569 0 3566569 2971165 0 552839 0 0 0 3524004 1196000 3566569 0.335000000000 3566569 0 0 0 0 0 1056668 1056668 0 1056668 0 0 3524004 0 2509901 1014103 0 0 1014103 0 0 0 0 1014103 Pt IV Sec D Ln 3 Carrie J.S. Wong a co-trustee of The Waterhouse Charitable Trust through February 2021, served on the board of the Trust's supported organization, Palama Settlement ("Palama") until September 2015. Stanley Y. Mukai is also a co-trustee of The Waterhouse Charitable Trust and served on the Palama board, from September 2015 to March 31, 2018. By means of their prior relationship, both Ms. Wong when she was co-trustee and Mr. Mukai have had regular face-to-face or telephonic meetings with representatives of Palama, and have continued this "close continuous working relationship" with Palama. Mr. Mukai, Ms. Wong while she was co-trustee and First Hawaiian Bank (Ms. Wong's successor co-trustee) also have quarterly meetings with Palama and Waialae Baptist Church's("Waialae") executive director and board president, during which they discuss projected needs and ways in which they would like The Waterhouse Charitable Trust to use its income and invest its assets. The co-trustees and representatives of The Waterhouse Charitable Trust also have regular periodic contact with officers and directors of the other supported organizations. Pt IV Sec D Ln 3 As described in line (2) above, the co-trustees personally and through trust representatives maintain a close and continuous working relationship with the beneficiaries of The Waterhouse Charitable Trust and communicate regularly about its investments and its plans for distribution. The co-trustees of The Waterhouse Charitable Trust maintain discretion regarding the timing, manner and amount of distributions, consistent with the co-trustees fiduciary duties. Pt V Sec D Ln 8 Of the $3,566,569 distributable amount The Waterhouse Charitable Trust incurred for the June 30, 2023 fiscal year, $925,000 was sent to Palama and $271,000 to Waialae, constituting 33.534% of The Waterhouse Charitable Trust's required distributable amount. Palama and Waialae are "attentive" to the operations of The Waterhouse Charitable Trust, as the distribution to Palama and Waialae represents at least 10% of each organization's total support based on the 2021 tax year (the tax year ending before the beginning of The Waterhouse Charitable Trust's tax year). As of December 31,2021, Palama and Waialae's total revenues equaled $2,245,851 and $1,010,854 respectively. Prior to the new regulations, the Trust met the "responsiveness" test through its relationship with Palama by having a trustee sit on Palama's board. Since then, the Trust has been satisfying the required responsiveness test with respect to all five (5) beneficiaries through quarterly meetings with all of the supported organizations' officers. Pt V Sec B Ln 1e Blockage discounts were taken, due to the size of the block of shares, on 421,146 shares of Alexander & Baldwin of 2% resulting in a discount of $185,400 and on 405,081 shares of Matson, Inc. of 2.5% resulting in a discount of $894,300. The amount on line 1c represents the value of shares in 2 nonpublicly traded companies. A lack of marketability discount of 5% resulting in a discount of $4,061,800 was taken on one company and 10% resulting in a discount of $449,000 on the second. 25280000 C 25280000 661832 307526 3405 310931 350901 350901 3696001 3696001 3696001 true Palama Settlement 810 N Vineyard Blvd Honolulu HI 96817 990074140 501(c)(3) 925000 Community based social services The Waialae Baptist Church 1047 21st Ave Honolulu HI 96816 990117996 501(c)(3) 271000 Support church lecture series Punahou School 1601 Punahou St Honolulu HI 96822 990073523 501(c)(3) 400000 Support school swim program New Mexico Military Institute Foundation 101 W College Blvd Roswell NM 88201 856010718 501(c)(3) 48000 Support school scholarships University of Hawaii Foundation 2444 Dole St Honolulu HI 96822 990085260 501(c)(3) 1327165 Support school football program 5 0 false false false false false false false false false Stanley Y Mukai 70000 407000 0 0 0 0 0 11600 0 27880 70000 446480 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other Institutional trustees have been excluded from Schedule J Part II. Pt VI, Line 8b The organization does not have any separate committees as there are only two trustees. As such, the organization has answered "no" for the documentation of committee meetings. Pt VI, Line 11b The Waterhouse Charitable Trust outside accounting firm and the The Waterhouse Charitable Trust team work together to gather the required information necessary to complete the Form 990. The outside accounting firm prepares an initial draft Form 990 and provides this initial draft to the Waterhouse Charitable Trust team for review. Any recommended changes and comments are considered and the Form 990 is updated. The final draft Form 990 is then reviewed by the two trustees and is approved prior to the filing of the return. Pt VI, Line 12c The trustees of The Waterhouse Charitable Trust are required to disclose any potential conflicts as they arise, and at a minimum annually through a written conflict of interest questionnaire. The disclosures are evaluated to help determine whether any formal action is required. Should there be a conflict, the trustees may enter into a transaction or arrangement on behalf of the Trust if: (1)The trustee has disclosed the COI in accordance with the policy; (2)The non-conflicted trustee after reasonable investigation, including reliance on independent studies and opinions, determine the transaction/arrangement to be fair and in the best interest of the Trust; (3)The conflicted-trustee recuses him/herself. Other Whistle-blower policy - As The Waterhouse Charitable Trust does not have any directors, employees, or volunteers, there is no requirement to have a whistleblower policy. Pt VI, Line 15a The individual co-trustee fee was determined by a compensation study conducted by Fredric W. Cook & Co., Inc. in 2011. The Trustees rely upon comparable data, such as an independent appraisal or an independent compensation study, in reaching its determination as to the fairness and reasonableness of the transaction or arrangement to the Trust. The compensation for all co-trustees are disclosed to the master appointed by the state court to determine the reasonableness of the Trustee's compensation and to file his report in accordance with the annual petition for approval of the trust's accounts. Pt VI, Line 19 The documents are made available upon request. Pt XII, Line 1 The organization uses the tax basis of accounting. Pt VI, Line 3 The Waterhouse Charitable Trust does not have any officers, directors or employees. The Waterhouse Charitable Trust and Waterhouse, Inc. entered into a Trust Administrator Services Agreement for Waterhouse Inc. to serve as the Trust Administrator for the Waterhouse Charitable Trust. Pt XI Refund of unspent contributions by Waialae Baptist Church. Form 990, Part VI, Line 9 First Hawaiian Bank P.O. Box 3708 Honolulu HI 96811 Ringwood LLC 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 273922065 Inactive HI 0 508268 Waterhouse Waterhouse Investments LLC 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 273921800 Holding Co HI 0 0 Waterhouse Waterhouse Management LLC 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 831770493 Inactive HI 0 0 Waterhouse The Waialae Baptist Church 1047 21st Avenue Honolulu HI 96816 990117996 Church HI 501(c)(3) 01 na false Punahou School 1601 Punahou St Honolulu HI 96822 990073523 School HI 501(c)(3) 02 na false University of Hawaii Foundation 2444 Dole St Bachman Hall 105 Honolulu HI 96822 990085260 Support Univ HI 501(c)(3) 03 Univ of HI false Palama Settlement Inc 810 North Vineyard Blvd Honolulu HI 96817 990074140 Community Serv HI 501(c)(3) 07 na false New Mexico Military Institute Fnd Inc 101 W College Blvd Roswell NM 88201 856010718 Support Univ NM 501(c)(3) 07 NM Mil Inst false Waterhouse Inc 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 990078238 Hld Co Rental HI Waterhouse Tr C 4373973 46164578 1.00000 true Soboba Springs Royal Vista Golf Courses Inc 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 990324594 Co Rental HI Waterhouse C 782298 11717260 1.00000 true San Ramon Royal Vista Golf Course Inc 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 990241099 Rental HI Soboba C 1518362 6845693 1.00000 true Francis Camera Shop Inc 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 990111294 Co Rental HI Waterhouse C 379661 774956 1.00000 true Ontario Apartments Inc 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 990143033 Inactive HI Waterhouse C 0 206 1.00000 true Waterhouse Ventures Inc 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 990241103 Investments HI Soboba C 264631 4884159 1.00000 true false true false false false false false false false false false false false true true true false false false Palama Settlement b 925000 Cost The Waialae Baptist Church b 271000 Cost New Mexico Military Institute Foundation b 48000 Cost Punahou School b 400000 Cost University of Hawaii Foundation b 1327165 Cost