2024-05-15T12:45:39-05:00 2023-06-30 PwC US Tax LLP 655 NEW YORK AVE SUITE 1100 WASHINGTON DC 20001 990 2022-07-01 990073480 TRUSTEES OF THE ESTATE OF BERNICE PAUAHI BISHOP % LOUIS K ANDERSON TRUS 8085236200 567 S KING STREET SUITE 200 HONOLULU HI 96813 ELLIOT MILLS TRUSTEE 8085236200 2024-05-09 ELLIOT MILLS 999009999 TRAVIS L PATTON P00369623 2024141000 2024-04-30 2 2022 2023-04-26 12:10:37Z KAMEHAMEHA SCHOOLS LIVINGSTON SM WONG 567 S KING STREET SUITE 200 HONOLULU HI 96813 5056089088 false X WWW.KSBE.EDU X 1885 HI KAMEHAMEHA SCHOOLS' MISSION IS TO FULFILL PAUAHI'S DESIRE TO CREATE EDUCATIONAL OPPORTUNITIES IN PERPETUITY TO IMPROVE THE CAPABILITY AND WELL-BEING OF PEOPLE OF HAWAIIAN ANCESTRY. 5 4 3445 4157 8489721 621130 29339 41593458 45218831 739781779 409720127 135046611 139683800 917042978 594652097 99975615 93689317 0 0 256093971 264470740 0 0 0 240728221 271624610 596797807 629784667 320245171 -35132570 11621172512 11241089771 614392931 596061097 11006779581 10645028674 X KAMEHAMEHA SCHOOLS' MISSION IS TO FULFILL PAUAHI'S DESIRE TO CREATE EDUCATIONAL OPPORTUNITIES IN PERPETUITY TO IMPROVE THE CAPABILITY AND WELL-BEING OF PEOPLE OF HAWAIIAN ANCESTRY. false false 426618498 93689317 49338661 KAMEHAMEHA SCHOOLS WAS ESTABLISHED UNDER THE WILL AND CODICILS OF BERNICE PAUAHI BISHOP IN 1885 AND OPENED IN 1887 AND IS NOW ONE OF THE LARGEST SCHOOLS IN THE UNITED STATES SERVING KINDERGARTEN THROUGH GRADE 12 AND 31 PRESCHOOLS. FOR OVER ONE-HUNDRED AND THIRTY YEARS, KAMEHAMEHA SCHOOLS HAS CONTINUOUSLY PROVIDED QUALITY EDUCATION GIVING PREFERENCE TO STUDENTS OF HAWAIIAN ANCESTRY TO THE EXTENT PERMITTED BY LAW. (SEE SCHEDULE O FOR ADDITIONAL INFORMATION ON PROGRAM SERVICE ACCOMPLISHMENTS). 426618498 true true false true false false false true false true true true false false true true false true true true true false false false true false false true true true false false false false false false true false false false false false true true true true false false true X 992 0 true 3445 true true true true false false false false false false false false true false X 5 4 true false false true false false false true true false false true true true true true true true true false HI X LOUIS K ANDERSON 8085236200 567 S KING STREET SUITE 200 HONOLULU HI 96813 X TIMOTHY DONOHUE CIO 50.0 1.0 X 3143276 0 68912 BURTON YUEN MANAGING DIR. - FIN'L ASSETS 50.0 1.0 X 1430383 0 76690 CARA NAKAMURA MANAGING DIR. - FIN'L ASSETS 50.0 0.0 X 1141736 0 79128 JON IWATANI MANAGING DIR. - FIN'L ASSETS 50.0 1.0 X 1151447 0 61844 L JACK WONG CEO 50.0 1.0 X 1066985 0 144835 CHRISTOPHER PICCIONE COO FINANCIAL ASSETS 50.0 0.0 X 1015283 0 74020 ELLIOT MILLS TRUSTEE 10.0 2.0 X 985658 0 0 DAVID AMES MANAGING DIR. - FIN'L ASSETS 50.0 0.0 X 741223 0 57095 DARREL HOKE EVP - ADMINISTRATION 50.0 1.0 X 495565 0 60994 TARAN CHUN HEAD OF SCHOOL - KAPALAMA 50.0 0.0 X 418892 0 55274 LAUREN NAHME VP - STRATEGY & TRANSFORMATION 50.0 0.0 X 396702 0 52717 M KAHEALANI NAE'OLE-WONG HEAD OF SCHOOL-HAWAI'I ISLAND 50.0 0.0 X 349037 0 55796 WALTER THOEMMES MANAGING DIR. - COMMERCIAL RE 50.0 0.0 X 350721 0 53735 SCOTT PARKER HEAD OF SCHOOL - MAUI 50.0 0.0 X 346620 0 40713 M WAI'ALE'ALE SARSONA VP - HI'IALO 50.0 0.0 X 321708 0 55322 BENJAMIN SALAZAR MANAGING DIR. - FINANCE & CFO 50.0 1.0 X 317978 0 55511 JOHN KOMEIJI GEN COUNSEL & VP (UNTIL 9/22) 50.0 1.0 X 319800 0 49523 T KA'EO DUARTE VP-COMMUNITY & AINA RESILIENCY 50.0 1.0 X 290579 0 49421 SHELLI KIM FORMER INTERIM HEAD-PRESCHOOLS 50.0 0.0 X 264708 0 35521 SABRINA TOMA INT. 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THE PIECES RANGE FROM HISTORICAL TO CONTEMPORARY AND ENCOMPASS A BROAD SPECTRUM OF MEDIA INCLUDING SCULPTURE, DRAWING, PAINTING, PRINTING, AND PHOTOGRAPHY. KAMEHAMEHA SCHOOLS HAS IDENTIFIED THE FOLLOWING AS THE ROLE OF ART WITHIN THE INSTITUTION: - TO INSPIRE AND EDUCATE - TO FOSTER AN APPRECIATION AND RESPECT FOR ARTISTIC EXPRESSION - TO EMBODY THE ESSENCE OF NATIVE HAWAIIAN LANGUAGE, CULTURE, HISTORY, TRADITIONS, AND VALUES. THE COLLECTION SERVES AS A VALUABLE EDUCATIONAL RESOURCE FOR TEACHERS AND STUDENTS. THE ADMINISTRATION AND GOVERNANCE OF THE COLLECTION IS THE RESPONSIBILITY OF KAMEHAMEHA SCHOOLS' ENTERPRISE INFORMATION GOVERNANCE (EIG) DEPARTMENT. EIG WILL WORK WITH INTERNAL ADVISORY DEPARTMENTS, SUCH AS VISUAL ARTS, HERITAGE CENTER, AND KA'IWAKILOUMOKU, TO ALIGN THE EDUCATIONAL VALUE, CULTURAL SIGNIFICANCE, AND ARTISTIC MERIT OF THE COLLECTION WITH THE DEVELOPMENT AND ENFORCEMENT OF APPROPRIATE GOVERNANCE STANDARDS OF PRACTICE FOR FINE ART LIFECYCLE MANAGEMENT (FROM ACQUISITION TO DISPOSITION). SCHEDULE D, PART V, LINES 2A AND 2B ENDOWMENT PRESENTATION AND PERCENTAGES: THE PERCENTAGE SHOWN AS BOARD DESIGNATED OR QUASI-ENDOWMENT REPRESENTS ENDOWMENT NET ASSETS WITHOUT DONOR RESTRICTIONS. THE PERCENTAGE SHOWN AS PERMANENT ENDOWMENT REPRESENTS ENDOWMENT NET ASSETS WITH DONOR RESTRICTIONS INCLUDING THOSE WITH TEMPORARY RESTRICTIONS. THIS IS CONSISTENT WITH THE PRESENTATION OF NET ASSETS ON THE AUDITED FINANCIAL STATEMENTS, WHICH ARE CLASSIFIED BASED ON THE EXISTENCE OR ABSENCE OF DONOR-IMPOSED RESTRICTIONS. SCHEDULE D, PART V, LINE 4 INTENDED USE OF ENDOWMENT FUNDS: THE KE ALI'I PAUAHI FOUNDATION, A RELATED SUPPORTING ORGANIZATION TO KAMEHAMEHA SCHOOLS, HOLDS AND ADMINISTERS CERTAIN ENDOWMENT FUNDS FOR THE PURPOSE OF AWARDING VARIOUS SCHOLARSHIPS AND FINANCIAL AID ON BEHALF OF KAMEHAMEHA SCHOOLS. SCHEDULE D, PART X, LINE 2 FIN 48 (ASC 740) FOOTNOTE: THE ORGANIZATION EVALUATES UNCERTAIN TAX POSITIONS UTILIZING A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. AT JUNE 30, 2023 AND 2022, MANAGEMENT BELIEVES THERE WERE NO SIGNIFICANT UNCERTAIN TAX POSITIONS. true true true true true true true false false false false false false false false false false true SCHEDULE E, PART I, LINE 3 THE NONDISCRIMINATION POLICY IS REGULARLY PUBLICIZED THROUGH VARIOUS PRINT, BROADCAST, AND ELECTRONIC MEDIA AND IS INCLUDED WITH PROMOTIONAL INFORMATION CONCERNING PROGRAM OFFERINGS. Central America and the Caribbean 0 0 Investments 3238015816 East Asia and the Pacific 0 0 Investments 6320344 North America 0 0 Investments 11556226 Sub-Saharan Africa 0 0 Investments 135740890 0 0 0 0 3391633276 3391633276 true false true true true true STUDENT ACTIVTY 848379 848379 266622 0 848379 848379 266622 266622 581757 true AHA KANE 677 ALA MOANA BLVD 1015 HONOLULU HI 96813 270502942 501(C)(3) 170806 N/A N/A EDUCATIONAL SUPPORT AHA PUNANA LEO 96 PUUHONU PL HILO HI 96720 990226111 501(C)(3) 881000 N/A N/A EDUCATIONAL SUPPORT AKAULA SCHOOL 1000 KALAE HWY KAUNAKAKAI HI 96748 562393609 501(C)(3) 131400 N/A N/A EDUCATIONAL SUPPORT ASSETS SCHOOLS ONE OHANA NUI WAY HONOLULU HI 96818 996001152 501(C)(3) 516000 N/A N/A EDUCATIONAL SUPPORT BIG ISLAND SUBSTANCE ABUSE COUNCIL 16-179 MELEKAHIWA ST KEAAU HI 96749 990118043 501(C)(3) 100000 N/A N/A EDUCATIONAL SUPPORT BOYS & GIRLS CLUB OF THE BIG ISLAND 100 KAMAKAHONU ST HILO HI 96720 810575345 501(C)(3) 140000 N/A N/A EDUCATIONAL SUPPORT 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HI 96822 990328687 501(C)(3) 17000 N/A N/A EDUCATIONAL SUPPORT PURPLE MAIA FOUNDATION 98-820 MOANALUA RD 15-547 AIEA HI 96701 464326249 501(C)(3) 436706 N/A N/A EDUCATIONAL SUPPORT SAINT LOUIS SCHOOL 3142 WAIALAE AVE HONOLULU HI 96816 990272260 501(C)(3) 1880000 N/A N/A EDUCATIONAL SUPPORT SAINT MARK LUTHERAN SCHOOL 45-725 KAMEHAMEHA HWY KANEOHE HI 96744 990090474 501(C)(3) 600000 N/A N/A EDUCATIONAL SUPPORT SALVATION ARMY PO BOX 3170 DEPT 715 HONOLULU HI 96802 990301431 501(C)(3) 10000 N/A N/A EDUCATIONAL SUPPORT ST ANDREW'S SCHOOLS 224 QUEEN EMMA SQ HONOLULU HI 96813 990073525 501(C)(3) 1058000 N/A N/A EDUCATIONAL SUPPORT STATE OF HAWAII DEPARTMENT OF EDUCATION PO BOX 2360 HONOLULU HI 96804 990266482 GOVT ENTITY 563803 N/A N/A EDUCATIONAL SUPPORT SUPPORTING THE LANGUAGE OF KAUAI INC 3-1821J KAUMUALII HWY LIHUE HI 96766 204088998 501(C)(3) 396513 N/A N/A EDUCATIONAL SUPPORT THE ESTRIA FOUNDATION 484 LAKE PARK AVE 667 OAKLAND CA 94610 273639013 501(c)(3) 429033 N/A N/A EDUCATIONAL SUPPORT THE KOHALA CENTER INC PO BOX 437462 KAMUELA HI 96743 990354676 501(c)(3) 75000 N/A N/A EDUCATIONAL SUPPORT ULU AE LEARNING CENTER 1120 KAKALA ST 503 KAPOLEI HI 96707 465123215 501(C)(3) 15365 N/A N/A EDUCATIONAL SUPPORT UNIVERSITY OF HAWAII FOUNDATION 1314 SOUTH KING ST STE B HONOLULU HI 96814 990085260 501(C)(3) 1026120 N/A N/A EDUCATIONAL SUPPORT UNIVERSITY OF HAWAII 2440 CAMPUS RD BOX 368 HONOLULU HI 96822 996000354 GOVT ENTITY 795116 N/A N/A EDUCATIONAL SUPPORT VIBRANT HAWAII 200 KANOELEHUA AVE PMB 366 HILO HI 96720 853693179 501(C)(3) 42550 N/A N/A EDUCATIONAL SUPPORT WAIANAE COMMUNITY RE-DEVELOPMENT CORP PO BOX 441 WAIANAE HI 96792 990350803 501(C)(3) 350000 N/A N/A EDUCATIONAL SUPPORT WAIANAE ECONOMIC DEVELOPMENT COUNCIL PO BOX 194 WAIANAE HI 96792 471646700 501(C)(3) 132704 N/A N/A GENERAL SUPPORT WHITWORTH UNIVERSITY 300 W HAWTHORNE RD SPOKANE WA 99251 910473310 501(C)(3) 1800000 N/A N/A EDUCATIONAL SUPPORT 107 3 SCHOLARSHIPS - PRESCHOOL 1302 12046815 N/A N/A SCHOLARSHIPS - K-12 778 7361352 N/A N/A SCHOLARSHIPS - POST-HIGH 2141 11039373 N/A N/A STIPENDS - POST-HIGH 79 208000 N/A N/A FIN. AID - KS STUDENTS PK-12 & SUMMER SCHOOL 6529 29169251 N/A N/A SCHEDULE I, PART I, LINE 2 GRANTS TO ORGANIZATIONS: THE GRANTS ARE MADE THROUGH A WRITTEN AGREEMENT WITH AT LEAST ANNUAL REPORTING REQUIREMENTS (PROGRAMMATIC AND FINANCIAL) BY THE ORGANIZATION WHO RECEIVES THE GRANT. IN ADDITION, KS CONDUCTS REGULAR CHECK-INS WITH GRANTEES AND MAY PERIODICALLY CHOOSE TO CONDUCT SITE VISITS TO HELP ENSURE THE OBJECTIVES OF THE GRANT ARE ACHIEVED AND ADDRESS ANY CHALLENGES/ISSUES ON A TIMELY BASIS. GRANTS TO INDIVIDUALS: (I) WITH RESPECT TO SCHOLARSHIPS: SCHOLARSHIP AWARDS ARE MADE THROUGH CHECKS IN THE NAME OF THE RECIPIENT SCHOOLS AND SENT TO THE SCHOOLS. FUNDS NOT USED ARE RETURNED TO KS. (II) WITH RESPECT TO STIPENDS: STIPEND AWARDS ARE MADE THROUGH CHECKS IN THE NAME OF THE STUDENT UPON COMPLETION OF A PREAPPROVED INTERNSHIP PROGRAM COORDINATED BY KS. STUDENT INTERNS ARE ASSIGNED A KS COUNSELOR WHO MONITORS THE INTERNSHIP COMPLETION. (III) WITH RESPECT TO FINANCIAL AID: FINANCIAL AID FOR TUITION, MEALS TRANSPORTATION, AND FEES IS PROVIDED TO STUDENTS WITH A DEMONSTRATED FINANCIAL NEED WHO ACTUALLY ENROLL AND ATTEND KS SCHOOLS. X X true true X X X false true false false false false false true false TIMOTHY DONOHUE CIO 1005757 0 2134657 0 2862 0 48950 0 19962 0 3212188 0 0 0 BURTON YUEN MANAGING DIR. - FIN'L ASSETS 651819 0 775000 0 3564 0 56390 0 20300 0 1507073 0 0 0 CARA NAKAMURA MANAGING DIR. - FIN'L ASSETS 465926 0 675000 0 810 0 50923 0 28205 0 1220864 0 0 0 JON IWATANI MANAGING DIR. - FIN'L ASSETS 474125 0 675000 0 2322 0 50916 0 10928 0 1213291 0 0 0 L JACK WONG CEO 720554 0 343569 0 2862 0 118634 0 26201 0 1211820 0 0 0 CHRISTOPHER PICCIONE COO FINANCIAL ASSETS 439473 0 575000 0 810 0 49400 0 24620 0 1089303 0 0 0 ELLIOT MILLS TRUSTEE 90745 0 0 0 894913 0 0 0 0 0 985658 0 760141 0 DAVID AMES MANAGING DIR. - FIN'L ASSETS 340791 0 400000 0 432 0 44434 0 12661 0 798318 0 0 0 DARREL HOKE EVP - ADMINISTRATION 448237 0 45000 0 2328 0 34394 0 26600 0 556559 0 0 0 TARAN CHUN HEAD OF SCHOOL - KAPALAMA 379533 0 38000 0 1359 0 32213 0 23061 0 474166 0 0 0 LAUREN NAHME VP - STRATEGY & TRANSFORMATION 358920 0 36000 0 1782 0 31015 0 21702 0 449419 0 0 0 M KAHEALANI NAE'OLE-WONG HEAD OF SCHOOL-HAWAI'I ISLAND 315310 0 32000 0 1727 0 29418 0 26378 0 404833 0 0 0 WALTER THOEMMES MANAGING DIR. - COMMERCIAL RE 345359 0 2500 0 2862 0 28105 0 25630 0 404456 0 0 0 SCOTT PARKER HEAD OF SCHOOL - MAUI 314128 0 31200 0 1292 0 32090 0 8623 0 387333 0 0 0 M WAI'ALE'ALE SARSONA VP - HI'IALO 290859 0 29600 0 1249 0 28884 0 26438 0 377030 0 0 0 BENJAMIN SALAZAR MANAGING DIR. - FINANCE & CFO 314166 0 2500 0 1312 0 31876 0 23635 0 373489 0 0 0 JOHN KOMEIJI GEN COUNSEL & VP (UNTIL 9/22) 316831 0 0 0 2969 0 34472 0 15051 0 369323 0 0 0 T KA'EO DUARTE VP-COMMUNITY & AINA RESILIENCY 262811 0 26600 0 1168 0 27594 0 21827 0 340000 0 0 0 SHELLI KIM FORMER INTERIM HEAD-PRESCHOOLS 260730 0 2500 0 1478 0 25476 0 10045 0 300229 0 0 0 SABRINA TOMA INT. GEN COUNS, VP (9/22-2/23) 221219 0 2500 0 2538 0 21282 0 16929 0 264468 0 0 0 ROBERT NOBRIGA TRUSTEE 229953 0 0 0 0 0 0 0 0 0 229953 0 0 0 KEVIN COCKETT VP - COMMS & CCO (UNTIL 9/22) 185831 0 0 0 405 0 20082 0 18102 0 224420 0 0 0 ELIZABETH CAWREY DIRECTOR - AUDIT (UNTIL 7/22) 135445 0 45000 0 181 0 21984 0 4998 0 207608 0 0 0 SHERYL NICHOLSON FORMER INTERIM VP-LEGAL & GC 168173 0 0 0 1913 0 21283 0 6337 0 197706 0 0 0 LANCE WILHELM TRUSTEE 188451 0 0 0 0 0 0 0 0 0 188451 0 0 0 CRYSTAL ROSE TRUSTEE 183451 0 0 0 0 0 0 0 0 0 183451 0 0 0 ANDREA KANNO INT VP,COMMNS & CCO(FROM 9/22) 155134 0 2500 0 959 0 15134 0 7861 0 181588 0 0 0 TIMOTHY SLOTTOW FORMER EVP-FIN. & CFO 107329 0 0 0 743 0 36276 0 4756 0 149104 0 0 0 SCHEDULE J, PART I, LINE 1A THE HEAD OF SCHOOL FOR KAPALAMA CAMPUS IS PROVIDED HOUSING BECAUSE HE IS REQUIRED TO LIVE ON CAMPUS AS A CONDITION OF HIS EMPLOYMENT. THE RESIDENCE IS NOT TREATED AS TAXABLE COMPENSATION. IN ACCORDANCE WITH KS' TRAVEL POLICIES, TWO TRUSTEES, ONE KEY EMPLOYEE AND FOUR OF THE TOP FIVE HIGHEST PAID EMPLOYEES FLEW FIRST CLASS FOR BUSINESS TRIPS THAT WERE TAKEN SOLEY TO FURTHER KS' CHARITABLE MISSION. THIS BENEFIT WAS PROPERLY TREATED AS NONTAXABLE. SCHEDULE J, PART I, LINE 4B L. "JACK" WONG RECEIVED A CONTRIBUTION OF $72,827 TO HIS SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN IN CALENDAR YEAR 2022. THIS AMOUNT IS INCLUDED IN COLUMN C OF SCHEDULE J, PART II. SCHEDULE J, 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 RISKAWARDED ONLY WHEN SPECIFIC INVESTMENT RETURN BENCHMARKS ARE MET OR EXCEEDED. INCENTIVE COMPENSATION IS BASED ON THE PORTFOLIO'S PRIOR FISCAL YEAR PERFORMANCE, AND IT IS AWARDED IN THE CURRENT FISCAL YEAR. THE 'AT RISK' COMPENSATION PLAN IS ALIGNED WITH ENDOWMENT INDUSTRY STANDARDS. KAWIKA ROSE SEE PART V 118119 SEE PART V false SCH L, PART IV, BUSINESS TRANSACTIONS INVOLVING INTERESTED PERSONS: (A) NAME OF PERSON: KAWIKA ROSE (B) RELATIONSHIP BETWEEN INTERESTED PERSON AND ORGANIZATION: KAWIKA ROSE IS AN EMPLOYEE OF THE ORGANIZATION AND FAMILY MEMBER OF CRYSTAL ROSE, A TRUSTEE OF THE ORGANIZATION. (C) AMOUNT OF TRANSACTION = $118,119 (D) DESCRIPTION OF TRANSACTION: COMPENSATION (E) SHARING OF ORGANIZATION REVENUES = NO FORM 990, PART III, LINE 4A: FOR THE FISCAL YEAR ENDING JUNE 30, 2023, KAMEHAMEHA SCHOOLS SPENT $272 MILLION ON CAMPUS PROGRAMS; $96 MILLION FOR SCHOLARSHIPS AND COMMUNITY INVESTMENTS; AND $118 MILLION FOR OTHER EDUCATIONAL INFRASTRUCTURE AND COSTS, INCLUDING CAPITAL, DEBT FINANCING, SUPPORT SERVICES, AND LEGAL SETTLEMENTS EDUCATIONAL SPENDING AND LEARNERS SERVED FOR THIS FISCAL YEAR INCLUDE: CAMPUSES: A TOTAL OF $272 MILLION SPENT SERVING 7,106 LEARNERS - PRESCHOOLS: $42 MILLION SPENT SERVING 1,660 LEARNERS AT 30 PRESCHOOLS; AND - K-12: $230 MILLION SPENT SERVING 5,446 LEARNERS INCLUDING 686 GRADUATES AT THREE CAMPUSES - KS HAWAI'I (1,172 LEARNERS); - KS MAUI (1,112 LEARNERS); AND - KS KAPALAMA (3,162 LEARNERS). SCHOLARSHIPS: $31.4 MILLION SPENT SERVING 4,281 LEARNERS, INCLUDING: - $11 MILLION SPENT FOR PAUAHI KEIKI SCHOLARS SCHOLARSHIPS (EARLY LEARNING) SERVING 1,302 LEARNERS; - $5.5 MILLION SPENT FOR KIPONA SCHOLARSHIPS (K-12) SERVING 663 LEARNERS; AND - $14.9 MILLION SPENT FOR POST-HIGH SCHOLARSHIPS SERVING 2,316 LEARNERS. FINANCIAL AID: $29.2 MILLION SPENT SERVING 5,139 LEARNERS AT KS' PRESCHOOLS AND K-12 CAMPUSES. COMMUNITY: $95.8 MILLION SPENT SERVING 70,430 LEARNERS. FOR MORE, INCLUDING A COPY OF KS' AUDITED "CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES" FOR THE FISCAL YEAR 2023, VISIT KSBE.EDU/ANNUALREPORTS. FORM 990, PART V, LINE 4B - FOREIGN COUNTRIES BRAZIL CANADA CHINA COLOMBIA CZECH REPUBLIC DENMARK HUNGARY ICELAND INDONESIA IRELAND ISRAEL JAPAN NORWAY PERU POLAND PORTUGAL ROMANIA SOUTH KOREA SWEDEN TURKEY FORM 990, PART VI, LINE 2: BISHOP HOLDINGS CORPORATION - ROBERT NOBRIGA, ELLIOT MILLS, CRYSTAL ROSE, LANCE WILHELM, AND JENNIFER GOODYEAR-KA'OPUA (BUSINESS RELATIONSHIP - BISHOP HOLDINGS CORPORATION IS A SUBSIDIARY OF PARENT ORGANIZATION KAMEHAMEHA SCHOOLS AND THESE INDIVIDUALS SERVED ON THE BOARD) KAMEHAMEHA INVESTMENT CORPORATION - ROBERT NOBRIGA, ELLIOT MILLS, CRYSTAL ROSE, LANCE WILHELM, AND JENNIFER GOODYEAR-KA'OPUA (BUSINESS RELATIONSHIP - KAMEHAMEHA INVESTMENT CORPORATION IS A 2ND TIER SUBSIDIARY OF KAMEHAMEHA SCHOOLS AND THESE INDIVIDUALS SERVED ON THE BOARD) PAUAHI MANAGEMENT CORPORATION - ROBERT NOBRIGA, ELLIOT MILLS, CRYSTAL ROSE, LANCE WILHELM, AND JENNIFER GOODYEAR-KA'OPUA (BUSINESS RELATIONSHIP - PAUAHI MANAGEMENT CORPORATION IS A 2ND TIER SUBSIDIARY OF KAMEHAMEHA SCHOOLS AND THESE INDIVIDUALS SERVED ON THE BOARD) FORM 990, PART VI, LINE 5: AFTER A COMPREHENSIVE INTERNAL INVESTIGATION THAT COMMENCED AT THE END OF THE FISCAL YEAR, KAMEHAMEHA SCHOOLS BELIEVES THAT OVER A THREE YEAR PERIOD, A NON-MANAGERIAL EMPLOYEE DIVERTED MORE THAN $360,000 THROUGH KS' CORPORATE CARD PROGRAM TO THE EMPLOYEE'S PERSONAL ACCOUNT WITHOUT AUTHORIZATION. KS ALSO BELIEVES THAT IT DISCOVERED A SEPARATE DIVERSION OF AROUND $4,700 INVOLVING AN ADMINISTRATIVE STAFF MEMBER USING THE KS CORPORATE CARD TO PAY FOR UNAUTHORIZED, PERSONAL PURCHASES. BOTH OF THESE INDIVIDUALS ARE NO LONGER EMPLOYED BY KS. KS IS COOPERATING FULLY WITH THE POLICE DEPARTMENT AND IS SUPPORTING APPROPRIATE CRIMINAL CONSEQUENCES AND LEGAL ACTION TO COMPLETELY RECOVER THE OVER $360,000 THE FIRST INDIVIDUAL HAS TAKEN FROM THE SCHOOL. ADDITIONALLY, KS IS CURRENTLY IN THE COLLECTIONS PROCESS TO RECOVER THE $4,700 AMOUNT FROM THE SECOND EMPLOYEE. TO ENSURE THAT THIS DIVERSION OF ASSETS NEVER OCCURS AGAIN, KS IS CURRENTLY SCRUTINIZING ITS SYSTEMS, PRACTICES, AND POLICIES. A TEAM OF INDEPENDENT, NATION-LEADING EXPERTS HAS BEEN HIRED TO EVALUATE KS' POLICIES, PRACTICES, TRAINING, AND ANALYTICS TO HELP KS IMPLEMENT STEPS THAT WILL BETTER PREVENT, DETER, AND DETECT THESE INCIDENTS IN THE FUTURE. KS HAS ALREADY STARTED TO IMPLEMENT IMPROVEMENTS TO ITS PAYMENT PROCEDURES AND WILL CONTINUE TO DO SO. KS REMAINS COMMITTED TO UPHOLDING THE HIGHEST STANDARDS OF FISCAL RESPONSIBILITY AND ETHICAL PRACTICES, TO PROTECT THE TRUST OF KE ALI'I PAUAHI, AND TO FULFILL OUR MISSION TO EDUCATE NATIVE HAWAIIANS. FORM 990, PART VI, LINE 11B: THE 5-STEP REVIEW PROCESS PRIOR TO THE RETURN BEING FILED CONSISTS OF THE FOLLOWING: (1) THE RETURN IS DRAFTED BY THE THIRD PARTY TAX RETURN PREPARER AND THEN REVIEWED BY THE TAX DEPARTMENT AND CONTROLLER'S DIVISION; (2) THE RETURN IS REVIEWED BY THE VICE PRESIDENT OF LEGAL, THE VICE PRESIDENT OF FINANCE AND CHIEF FINANCIAL OFFICER, COMMUNICATIONS DIVISION, AND THE CHIEF INVESTMENT OFFICER; (3) THE RETURN IS PROVIDED TO THE CEO FOR REVIEW; (4) A MEETING IS ARRANGED WITH THE CEO, REPRESENTATIVES FROM THE TAX DEPARTMENT AND THE THIRD PARTY TAX RETURN PREPARER TO REVIEW THE RETURN IN MORE DETAIL WITH THE CEO; (5) THE TAX DEPARTMENT, THE TAX RETURN PREPARER, AND THE CEO REVIEW THE RETURN IN DETAIL WITH THE TRUSTEES FOR FINAL APPROVAL. FORM 990, PART VI, LINE 12C: COMPLIANCE IS ACCOMPLISHED AS FOLLOWS: ACTION REQUIRING APPROVAL BY THE CEO OR TRUSTEES MUST BE SUBMITTED VIA AN INTERNAL FORM, REQUEST FOR ACTION ("RFA"), THAT INCLUDES A SECTION ON CONFLICT OF INTEREST REVIEW, WHICH IS CONDUCTED BY THE LEGAL DEPARTMENT AND ANY CONFLICTS ARE DISCLOSED ON THE RFA. A PERSON WITH A CONFLICT MAY NOT PARTICIPATE IN THE DECISION OR INVOLVEMENT IN THE MATTER. IN ORDER TO DO A CONFLICT CHECK, EACH YEAR THE LEGAL GROUP SENDS OUT A REQUEST TO THE TRUSTEES AND MEMBERS OF EXECUTIVE MANAGEMENT TO COMPLETE AN ANNUAL DISCLOSURE FORM IN WHICH THEY DISCLOSE THEIR FAMILY MEMBERS AND ORGANIZATIONS IN WHICH THEY ARE SHAREHOLDERS (OTHER THAN PUBLICLY TRADED COMPANIES) OR WHERE THEY SERVE AS AN OFFICER OR DIRECTOR. INDIVIDUALS ARE REQUIRED TO REPORT ANY CHANGES TO THEIR ANNUAL DISCLOSURE DURING THE YEAR TO LEGAL. THE LEGAL GROUP THEN MAINTAINS A DATABASE OF THE DISCLOSURES FOR USE IN DETERMINING WHETHER AN INDIVIDUAL HAS A CONFLICT IN A DECISION BEFORE HIM OR HER. FOR DECISIONS DELEGATED TO VICE PRESIDENTS OR STAFF BELOW A VICE PRESIDENT, THE RFA REQUIRES DISCLOSURE OF THIRD PARTIES INVOLVED IN THE MATTER TO BE APPROVED AND THE REQUESTOR MUST THEN CONDUCT A CONFLICT CHECK AND NOTE WHETHER THERE IS ANY CONFLICT. THOSE WHO HAVE A CONFLICT MAY NOT APPROVE THE TRANSACTION. FORM 990, PART VI, LINES 15A & 15B: THE CEO'S COMPENSATION IS APPROVED EACH YEAR BY THE BOARD OF TRUSTEES. AS PART OF THE APPROVAL PROCESS, THE HUMAN RESOURCE DIVISION OF KS PREPARES AN INTERNAL DOCUMENT (A REQUEST FOR APPROVAL, THE "RFA") FOR THE TRUSTEES' APPROVAL. THE RFA INCLUDES A CURRENT COMPENSATION REPORT WITH BENCHMARKS AND COMPARABILITY DATA PREPARED BY AN INDEPENDENT EXPERT, UNLESS THE REQUESTED COMPENSATION IS WITHIN THE COMPARABILITY INFORMATION PROVIDED BY THE EXPERT FROM THE PREVIOUS YEAR. THE RFA ALSO INCLUDES JUSTIFICATION FOR THE RECOMMENDED COMPENSATION. THE TRUSTEES THEN REVIEW THE RFA, DELIBERATE AND MAKE A DECISION. THE MINUTES OF THE TRUSTEES' MEETING AND DECISIONS ARE RETAINED. THE COMPENSATION OF OTHER OFFICERS AND KEY EMPLOYEES IS DETERMINED IN THE SAME MANNER AS ABOVE FOR THE CEO. FORM 990, PART VI, LINE 19: EACH YEAR THE TRUSTEES OF THE ESTATE OF BERNICE PAUAHI BISHOP DBA KAMEHAMEHA SCHOOLS MUST SUBMIT THEIR ACCOUNT FOR THE YEAR TO THE PROBATE COURT IN HONOLULU, HAWAII FOR APPROVAL. AS PART OF THAT PROCESS, THE GOVERNING DOCUMENT (THE WILL AND CODICILS) AND THE AUDITED FINANCIAL STATEMENTS ARE PUBLICLY AVAILABLE AND CAN ALSO BE PROVIDED UPON REQUEST. THE CONFLICT OF INTEREST POLICY IS NOT AVAILABLE TO THE PUBLIC. FORM 990, PART VII AND SCHEDULE J, PART II: KAMEHAMEHA SCHOOLS CREATED A NONQUALIFIED DEFERRED COMPENSATION PLAN FOR TRUSTEE MILLS EFFECTIVE OCTOBER 1, 2017. AS A RESULT, TRUSTEE MILLS WAS NOT PAID ANY AMOUNT FOR HIS SERVICES AS TRUSTEE UNTIL JUNE 30, 2022 WHEN KS AUTHORIZED THE DEFERRED COMPENSATION DISTRIBUTION. ON AUGUST 18, 2022, TRUSTEE MILLS RECEIVED A DEFERRED COMPENSATION PLAN DISTRIBUTION OF $894,913, WHICH REPRESENTS FIVE YEARS OF SERVICE AS TRUSTEE. OUT OF THE TOTAL DISTRIBUTION, $760,141 HAD BEEN PREVIOUSLY REPORTED AS DEFERRED COMPENSATION ON PART VII, COLUMN (F) AND SCHEDULE J, PART II, COLUMN (C) IN THE 2017 THROUGH 2021 FORMS 990. IN ADDITION TO THIS DISTRIBUTION, TRUSTEE MILLS RECEIVED $90,745 FOR TRUSTEE FEES EARNED FROM JULY 1 THROUGH DECEMBER 31, 2022. FORM 990, PART VII, LINE 1A, COLUMN B: THE ACTUAL NUMBER OF HOURS PER WEEK DEVOTED TO POSITION RANGES FROM 40 TO 60 HOURS FOR OFFICERS AND KEY EMPLOYEES. THE AVERAGE HOURS THAT THE TRUSTEES SPEND ON KAMEHAMEHA SCHOOLS BUSINESS MATTERS RANGES FROM 10-20 HOURS PER WEEK, WHICH INCLUDES ATTENDANCE AT THEIR REGULAR MEETINGS AND MEETINGS OF THE AUDIT COMMITTEE, AS WELL AS PARTICIPATION AND ATTENDANCE AT OTHER SCHOOL EVENTS SUCH AS GRADUATION, SCHOOL PERFORMANCES, ATHLETIC EVENTS, CULTURAL ENGAGEMENTS, AND ALUMNI EVENTS. IN ADDITION, AS AMBASSADORS OF KAMEHAMEHA SCHOOLS, THE TRUSTEES MAY DEVOTE ADDITIONAL TIME TO VARIOUS COMMUNITY LAHUI EVENTS AND ACTIVITIES. THE ACTUAL NUMBER OF HOURS PER WEEK DEVOTED TO RELATED ORGANIZATIONS BY ALL PERSONS LISTED IN PART VII RANGE FROM LESS THAN ONE HOUR PER WEEK TO TWO HOURS PER WEEK PER RELATED ORGANIZATION. FORM 990, PART XI, LINE 9: EQUITY IN EARNINGS OF SUBSIDIARIES 6,175,488 CUM. EFFECT OF CHANGE IN ACCOUNTING PRINCIPLES (10,315,734) ------------ TOTAL OTHER CHANGES IN NET ASSETS (4,140,246) FORM 990, PART XII, LINE 2B AND PART IV, LINE 12: THE INDEPENDENTLY AUDITED FINANCIAL STATEMENTS OF KAMEHAMEHA SCHOOLS ARE CONSOLIDATED WITH THOSE OF ITS WHOLLY-OWNED SUBSIDIARIES (E.G. BISHOP HOLDINGS CORPORATION, ETC.) AND THEREFORE NOT ISSUED ON A SEPARATE BASIS. P&C INSURANCE COMPANY LLC 745 FORT STREET HONOLULU HI 96813 990315757 INSURANCE HI 3385235 15925270 KS KALOKO'ELI PROPERTIES LLC 567 S KING ST 200 HONOLULU HI 96813 475464058 REAL ESTATE HI 1659881 21221986 KS GE HAWAII BK A2 HLD 567 S KING ST 200 HONOLULU HI 96813 811329814 INVESTMENTS DE 7023482 77411533 KS KE ALI'I PAUAHI FOUNDATION 567 S KING ST 160 HONOLULU HI 96813 943263044 FUNDRAISING HI 501(C)(3) 12A, I KS true CHARLES REED BISHOP TRUST PO BOX 3466 HONOLULU HI 96801 996005262 SUPPORT ORG. 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