﻿<?xml version="1.0" encoding="utf-8"?>
<Return xmlns="http://www.irs.gov/efile" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" returnVersion="2023v6.0">
  <ReturnHeader binaryAttachmentCnt="0">
    <ReturnTs>2025-07-10T14:29:03-04:00</ReturnTs>
    <TaxPeriodEndDt>2024-08-31</TaxPeriodEndDt>
    <PreparerFirmGrp>
      <PreparerFirmEIN>990303190</PreparerFirmEIN>
      <PreparerFirmName>
        <BusinessNameLine1Txt>CARBONARO CPAS &amp; MANAGEMENT GROUP</BusinessNameLine1Txt>
      </PreparerFirmName>
      <PreparerUSAddress>
        <AddressLine1Txt>1885 MAIN ST STE 408</AddressLine1Txt>
        <CityNm>WAILUKU</CityNm>
        <StateAbbreviationCd>HI</StateAbbreviationCd>
        <ZIPCd>96793</ZIPCd>
      </PreparerUSAddress>
    </PreparerFirmGrp>
    <ReturnTypeCd>990PF</ReturnTypeCd>
    <TaxPeriodBeginDt>2023-09-01</TaxPeriodBeginDt>
    <Filer>
      <EIN>273374284</EIN>
      <BusinessName>
        <BusinessNameLine1Txt>FROST FAMILY FOUNDATION</BusinessNameLine1Txt>
      </BusinessName>
      <BusinessNameControlTxt>FROS</BusinessNameControlTxt>
      <PhoneNum>8085665550</PhoneNum>
      <USAddress>
        <AddressLine1Txt>5274 HALAPEPE STREET</AddressLine1Txt>
        <CityNm>HONOLULU</CityNm>
        <StateAbbreviationCd>HI</StateAbbreviationCd>
        <ZIPCd>96821</ZIPCd>
      </USAddress>
    </Filer>
    <BusinessOfficerGrp>
      <PersonNm>ASHLEY LUKENS</PersonNm>
      <PersonTitleTxt>FOUNDATION MANAGER</PersonTitleTxt>
      <PhoneNum>8085665550</PhoneNum>
      <SignatureDt>2025-05-07</SignatureDt>
      <DiscussWithPaidPreparerInd>true</DiscussWithPaidPreparerInd>
    </BusinessOfficerGrp>
    <IRSResponsiblePrtyInfoCurrInd>true</IRSResponsiblePrtyInfoCurrInd>
    <PreparerPersonGrp>
      <PreparerPersonNm>GRETCHEN KREMEYER</PreparerPersonNm>
      <PTIN>P00768528</PTIN>
      <PhoneNum>8082425002</PhoneNum>
      <PreparationDt>2025-07-10</PreparationDt>
    </PreparerPersonGrp>
    <TaxYr>2023</TaxYr>
    <BuildTS>2025-03-06 01:10:19Z</BuildTS>
  </ReturnHeader>
  <ReturnData documentCnt="9">
    <IRS990PF documentId="RetDoc10">
      <Organization501c3ExemptPFInd>X</Organization501c3ExemptPFInd>
      <FMVAssetsEOYAmt>11759279</FMVAssetsEOYAmt>
      <MethodOfAccountingCashInd>X</MethodOfAccountingCashInd>
      <AnalysisOfRevenueAndExpenses>
        <ScheduleBNotRequiredInd>X</ScheduleBNotRequiredInd>
        <InterestOnSavRevAndExpnssAmt>76259</InterestOnSavRevAndExpnssAmt>
        <InterestOnSavNetInvstIncmAmt>76259</InterestOnSavNetInvstIncmAmt>
        <DividendsRevAndExpnssAmt>147390</DividendsRevAndExpnssAmt>
        <DividendsNetInvstIncmAmt>147390</DividendsNetInvstIncmAmt>
        <NetGainSaleAstRevAndExpnssAmt>608580</NetGainSaleAstRevAndExpnssAmt>
        <GrossSalesPriceAmt>638590</GrossSalesPriceAmt>
        <CapGainNetIncmNetInvstIncmAmt>608580</CapGainNetIncmNetInvstIncmAmt>
        <OtherIncomeRevAndExpnssAmt referenceDocumentId="RetDoc7">12971</OtherIncomeRevAndExpnssAmt>
        <OtherIncomeNetInvstIncmAmt>12971</OtherIncomeNetInvstIncmAmt>
        <TotalRevAndExpnssAmt>845200</TotalRevAndExpnssAmt>
        <TotalNetInvstIncmAmt>845200</TotalNetInvstIncmAmt>
        <CompOfcrDirTrstRevAndExpnssAmt>120419</CompOfcrDirTrstRevAndExpnssAmt>
        <CompOfcrDirTrstNetInvstIncmAmt>60210</CompOfcrDirTrstNetInvstIncmAmt>
        <CompOfcrDirTrstDsbrsChrtblAmt>60209</CompOfcrDirTrstDsbrsChrtblAmt>
        <AccountingFeesRevAndExpnssAmt referenceDocumentId="RetDoc2">3426</AccountingFeesRevAndExpnssAmt>
        <AccountingFeesNetInvstIncmAmt>1713</AccountingFeesNetInvstIncmAmt>
        <AccountingFeesChrtblPrpsAmt>1713</AccountingFeesChrtblPrpsAmt>
        <OtherProfFeesRevAndExpnssAmt referenceDocumentId="RetDoc8">100710</OtherProfFeesRevAndExpnssAmt>
        <OtherProfFeesNetInvstIncmAmt>85710</OtherProfFeesNetInvstIncmAmt>
        <OtherProfFeesDsbrsChrtblAmt>15000</OtherProfFeesDsbrsChrtblAmt>
        <TaxesRevAndExpnssAmt referenceDocumentId="RetDoc9">7212</TaxesRevAndExpnssAmt>
        <TaxesNetInvstIncmAmt>7212</TaxesNetInvstIncmAmt>
        <OtherExpensesRevAndExpnssAmt referenceDocumentId="RetDoc6">2068</OtherExpensesRevAndExpnssAmt>
        <OtherExpensesNetInvstIncmAmt>2068</OtherExpensesNetInvstIncmAmt>
        <TotOprExpensesRevAndExpnssAmt>233835</TotOprExpensesRevAndExpnssAmt>
        <TotOprExpensesNetInvstIncmAmt>156913</TotOprExpensesNetInvstIncmAmt>
        <TotOprExpensesDsbrsChrtblAmt>76922</TotOprExpensesDsbrsChrtblAmt>
        <ContriPaidRevAndExpnssAmt>345000</ContriPaidRevAndExpnssAmt>
        <ContriPaidDsbrsChrtblAmt>345000</ContriPaidDsbrsChrtblAmt>
        <TotalExpensesRevAndExpnssAmt>578835</TotalExpensesRevAndExpnssAmt>
        <TotalExpensesNetInvstIncmAmt>156913</TotalExpensesNetInvstIncmAmt>
        <TotalExpensesDsbrsChrtblAmt>421922</TotalExpensesDsbrsChrtblAmt>
        <ExcessRevenueOverExpensesAmt>266365</ExcessRevenueOverExpensesAmt>
        <NetInvestmentIncomeAmt>688287</NetInvestmentIncomeAmt>
      </AnalysisOfRevenueAndExpenses>
      <Form990PFBalanceSheetsGrp>
        <CashBOYAmt>312910</CashBOYAmt>
        <CashEOYAmt>122632</CashEOYAmt>
        <CashEOYFMVAmt>122635</CashEOYFMVAmt>
        <CorporateStockBOYAmt>4196312</CorporateStockBOYAmt>
        <CorporateStockEOYAmt referenceDocumentId="RetDoc4">4156304</CorporateStockEOYAmt>
        <CorporateStockEOYFMVAmt>8136253</CorporateStockEOYFMVAmt>
        <CorporateBondsBOYAmt>3063711</CorporateBondsBOYAmt>
        <CorporateBondsEOYAmt referenceDocumentId="RetDoc3">3463025</CorporateBondsEOYAmt>
        <CorporateBondsEOYFMVAmt>3218854</CorporateBondsEOYFMVAmt>
        <OtherInvestmentsBOYAmt>222930</OtherInvestmentsBOYAmt>
        <OtherInvestmentsEOYAmt referenceDocumentId="RetDoc5">320267</OtherInvestmentsEOYAmt>
        <OtherInvestmentsEOYFMVAmt>281537</OtherInvestmentsEOYFMVAmt>
        <TotalAssetsBOYAmt>7795863</TotalAssetsBOYAmt>
        <TotalAssetsEOYAmt>8062228</TotalAssetsEOYAmt>
        <TotalAssetsEOYFMVAmt>11759279</TotalAssetsEOYFMVAmt>
        <TotalLiabilitiesEOYAmt>0</TotalLiabilitiesEOYAmt>
        <OrgDoesNotFollowFASB117Ind>X</OrgDoesNotFollowFASB117Ind>
        <RetainedEarningBOYAmt>7795863</RetainedEarningBOYAmt>
        <RetainedEarningEOYAmt>8062228</RetainedEarningEOYAmt>
        <TotNetAstOrFundBalancesBOYAmt>7795863</TotNetAstOrFundBalancesBOYAmt>
        <TotNetAstOrFundBalancesEOYAmt>8062228</TotNetAstOrFundBalancesEOYAmt>
        <TotalLiabilitiesNetAstBOYAmt>7795863</TotalLiabilitiesNetAstBOYAmt>
        <TotalLiabilitiesNetAstEOYAmt>8062228</TotalLiabilitiesNetAstEOYAmt>
      </Form990PFBalanceSheetsGrp>
      <ChgInNetAssetsFundBalancesGrp>
        <TotNetAstOrFundBalancesBOYAmt>7795863</TotNetAstOrFundBalancesBOYAmt>
        <ExcessRevenueOverExpensesAmt>266365</ExcessRevenueOverExpensesAmt>
        <SubtotalAmt>8062228</SubtotalAmt>
        <TotNetAstOrFundBalancesEOYAmt>8062228</TotNetAstOrFundBalancesEOYAmt>
      </ChgInNetAssetsFundBalancesGrp>
      <CapGainsLossTxInvstIncmDetail>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>BNY 26000 - LT GAIN</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>587102</GrossSalesPriceAmt>
          <GainOrLossAmt>587102</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>587102</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>BNY 26000 - ST LOSS</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <CostOrOtherBasisAmt>30010</CostOrOtherBasisAmt>
          <GainOrLossAmt>-30010</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>-30010</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>BNY 26000 - LT CAPT GAIN DISTRIB</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>51311</GrossSalesPriceAmt>
          <GainOrLossAmt>51311</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>51311</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapGainsLossTxInvstIncmGrp>
          <PropertyDesc>BNY 26000 - ST CAPT GAIN DISTRIB</PropertyDesc>
          <HowAcquiredCd>P</HowAcquiredCd>
          <GrossSalesPriceAmt>177</GrossSalesPriceAmt>
          <GainOrLossAmt>177</GainOrLossAmt>
          <GainsMinusExcessOrLossesAmt>177</GainsMinusExcessOrLossesAmt>
        </CapGainsLossTxInvstIncmGrp>
        <CapitalGainNetIncomeAmt>608580</CapitalGainNetIncomeAmt>
        <NetShortTermCapitalGainLossAmt>608580</NetShortTermCapitalGainLossAmt>
      </CapGainsLossTxInvstIncmDetail>
      <ExciseTaxBasedOnInvstIncmGrp>
        <InvestmentIncomeExciseTaxAmt>9567</InvestmentIncomeExciseTaxAmt>
        <SubtotalAmt>9567</SubtotalAmt>
        <TaxBasedOnInvestmentIncomeAmt>9567</TaxBasedOnInvestmentIncomeAmt>
        <EstimatedPlusOvpmtIncmTxAmt>7152</EstimatedPlusOvpmtIncmTxAmt>
        <ExtsnRequestIncomeTaxPaidAmt>5000</ExtsnRequestIncomeTaxPaidAmt>
        <TotalPaymentsAndCreditsAmt>12152</TotalPaymentsAndCreditsAmt>
        <Form2220AttachedInd referenceDocumentId="RetDoc1">X</Form2220AttachedInd>
        <EsPenaltyAmt>291</EsPenaltyAmt>
        <OverpaymentAmt>2294</OverpaymentAmt>
        <AppliedToESTaxAmt>2294</AppliedToESTaxAmt>
      </ExciseTaxBasedOnInvstIncmGrp>
      <StatementsRegardingActyGrp>
        <LegislativePoliticalActyInd>false</LegislativePoliticalActyInd>
        <MoreThan100SpentInd>false</MoreThan100SpentInd>
        <Form1120POLFiledInd>false</Form1120POLFiledInd>
        <ActivitiesNotPreviouslyRptInd>false</ActivitiesNotPreviouslyRptInd>
        <ChangesToArticlesOrBylawsInd>false</ChangesToArticlesOrBylawsInd>
        <UnrelatedBusIncmOverLimitInd>false</UnrelatedBusIncmOverLimitInd>
        <OrganizationDissolvedEtcInd>false</OrganizationDissolvedEtcInd>
        <Section508eRqrSatisfiedInd>true</Section508eRqrSatisfiedInd>
        <AtLeast5000InAssetsInd>true</AtLeast5000InAssetsInd>
        <Form990PFFiledWithAttyGenInd>true</Form990PFFiledWithAttyGenInd>
        <PrivateOperatingFoundationInd>false</PrivateOperatingFoundationInd>
        <NewSubstantialContributorsInd>false</NewSubstantialContributorsInd>
        <OwnControlledEntityInd>false</OwnControlledEntityInd>
        <DonorAdvisedFundInd>false</DonorAdvisedFundInd>
        <ComplyWithPublicInspRqrInd>true</ComplyWithPublicInspRqrInd>
        <WebsiteAddressTxt>FROSTFAMILYFOUNDATION.ORG</WebsiteAddressTxt>
        <PersonsWithBooksName>
          <BusinessNameLine1Txt>BNY MELLON</BusinessNameLine1Txt>
        </PersonsWithBooksName>
        <PhoneNum>3105517626</PhoneNum>
        <LocationOfBooksUSAddress>
          <AddressLine1Txt>2029 CENTURY PARK EAST SUITE 4100</AddressLine1Txt>
          <CityNm>LOS ANGLES</CityNm>
          <StateAbbreviationCd>CA</StateAbbreviationCd>
          <ZIPCd>90067</ZIPCd>
        </LocationOfBooksUSAddress>
        <ForeignAccountsQuestionInd>false</ForeignAccountsQuestionInd>
      </StatementsRegardingActyGrp>
      <StatementsRegardingActy4720Grp>
        <SaleOrExchDisqualifiedPrsnInd>false</SaleOrExchDisqualifiedPrsnInd>
        <BrrwOrLendDisqualifiedPrsnInd>false</BrrwOrLendDisqualifiedPrsnInd>
        <FurnGoodsDisqualifiedPrsnInd>false</FurnGoodsDisqualifiedPrsnInd>
        <PayCompDisqualifiedPrsnInd>false</PayCompDisqualifiedPrsnInd>
        <TransferAstDisqualifiedPrsnInd>false</TransferAstDisqualifiedPrsnInd>
        <PaymentToGovernmentOfficialInd>false</PaymentToGovernmentOfficialInd>
        <UndistributedIncomePYInd>false</UndistributedIncomePYInd>
        <BusinessHoldingsInd>false</BusinessHoldingsInd>
        <JeopardyInvestmentsInd>false</JeopardyInvestmentsInd>
        <UncorrectedPYJeopardyInvstInd>false</UncorrectedPYJeopardyInvstInd>
        <InfluenceLegislationInd>false</InfluenceLegislationInd>
        <InfluenceElectionInd>false</InfluenceElectionInd>
        <GrantsToIndividualsInd>false</GrantsToIndividualsInd>
        <GrantsToOrganizationsInd>false</GrantsToOrganizationsInd>
        <NoncharitablePurposeInd>false</NoncharitablePurposeInd>
        <RcvFndsToPayPrsnlBnftCntrctInd>false</RcvFndsToPayPrsnlBnftCntrctInd>
        <PayPremiumsPrsnlBnftCntrctInd>false</PayPremiumsPrsnlBnftCntrctInd>
        <ProhibitedTaxShelterTransInd>false</ProhibitedTaxShelterTransInd>
        <SubjToTaxRmnrtnExPrchtPymtInd>false</SubjToTaxRmnrtnExPrchtPymtInd>
      </StatementsRegardingActy4720Grp>
      <OfficerDirTrstKeyEmplInfoGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>KARIN A FROST</PersonNm>
          <USAddress>
            <AddressLine1Txt>5274 HALAPEPE STREET</AddressLine1Txt>
            <CityNm>HONOLULU</CityNm>
            <StateAbbreviationCd>HI</StateAbbreviationCd>
            <ZIPCd>96821</ZIPCd>
          </USAddress>
          <TitleTxt>TRUSTEE</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>1.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>0</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <OfficerDirTrstKeyEmplGrp>
          <PersonNm>ASHLEY LUKENS</PersonNm>
          <USAddress>
            <AddressLine1Txt>5274 HALAPEPE STREET</AddressLine1Txt>
            <CityNm>HONOLULU</CityNm>
            <StateAbbreviationCd>HI</StateAbbreviationCd>
            <ZIPCd>96821</ZIPCd>
          </USAddress>
          <TitleTxt>FOUNDATION M</TitleTxt>
          <AverageHrsPerWkDevotedToPosRt>10.00</AverageHrsPerWkDevotedToPosRt>
          <CompensationAmt>120419</CompensationAmt>
          <EmployeeBenefitProgramAmt>0</EmployeeBenefitProgramAmt>
          <ExpenseAccountOtherAllwncAmt>0</ExpenseAccountOtherAllwncAmt>
        </OfficerDirTrstKeyEmplGrp>
        <CompOfHghstPdEmplOrNONETxt>NONE</CompOfHghstPdEmplOrNONETxt>
        <CompOfHghstPdCntrctOrNONETxt>NONE</CompOfHghstPdCntrctOrNONETxt>
      </OfficerDirTrstKeyEmplInfoGrp>
      <SumOfProgramRelatedInvstGrp>
        <Description1Txt>N/A</Description1Txt>
      </SumOfProgramRelatedInvstGrp>
      <MinimumInvestmentReturnGrp>
        <AverageMonthlyFMVOfSecAmt>10799954</AverageMonthlyFMVOfSecAmt>
        <AverageMonthlyCashBalancesAmt>124921</AverageMonthlyCashBalancesAmt>
        <FMVAllOtherNoncharitableAstAmt>256054</FMVAllOtherNoncharitableAstAmt>
        <TotalFMVOfUnusedAssetsAmt>11180929</TotalFMVOfUnusedAssetsAmt>
        <AdjustedTotalFMVOfUnusedAstAmt>11180929</AdjustedTotalFMVOfUnusedAstAmt>
        <CashDeemedCharitableAmt>167714</CashDeemedCharitableAmt>
        <NetVlNoncharitableAssetsAmt>11013215</NetVlNoncharitableAssetsAmt>
        <MinimumInvestmentReturnAmt>550661</MinimumInvestmentReturnAmt>
      </MinimumInvestmentReturnGrp>
      <DistributableAmountGrp>
        <MinimumInvestmentReturnAmt>550661</MinimumInvestmentReturnAmt>
        <TaxBasedOnInvestmentIncomeAmt>9567</TaxBasedOnInvestmentIncomeAmt>
        <TotalTaxAmt>9567</TotalTaxAmt>
        <DistributableBeforeAdjAmt>541094</DistributableBeforeAdjAmt>
        <DistributableBeforeDedAmt>541094</DistributableBeforeDedAmt>
        <DistributableAsAdjustedAmt>541094</DistributableAsAdjustedAmt>
      </DistributableAmountGrp>
      <PFQualifyingDistributionsGrp>
        <ExpensesAndContributionsAmt>421922</ExpensesAndContributionsAmt>
        <QualifyingDistributionsAmt>421922</QualifyingDistributionsAmt>
      </PFQualifyingDistributionsGrp>
      <UndistributedIncomeGrp>
        <DistributableAsAdjustedAmt>541094</DistributableAsAdjustedAmt>
        <ExcessDistributionCyovYr3Amt>339314</ExcessDistributionCyovYr3Amt>
        <ExcessDistributionCyovYr2Amt>538347</ExcessDistributionCyovYr2Amt>
        <ExcessDistributionCyovYr1Amt>47940</ExcessDistributionCyovYr1Amt>
        <TotalExcessDistributionCyovAmt>925601</TotalExcessDistributionCyovAmt>
        <QualifyingDistributionsAmt>421922</QualifyingDistributionsAmt>
        <AppliedToCurrentYearAmt>421922</AppliedToCurrentYearAmt>
        <ExcessDistriCyovAppCYCorpusAmt>119172</ExcessDistriCyovAppCYCorpusAmt>
        <ExcessDistributionCyovAppCYAmt>119172</ExcessDistributionCyovAppCYAmt>
        <TotalCorpusAmt>806429</TotalCorpusAmt>
        <UndistributedIncomeCYAmt>0</UndistributedIncomeCYAmt>
        <ExcessDistriCyovToNextYrAmt>806429</ExcessDistriCyovToNextYrAmt>
        <ExcessFromYear3Amt>220142</ExcessFromYear3Amt>
        <ExcessFromYear2Amt>538347</ExcessFromYear2Amt>
        <ExcessFromYear1Amt>47940</ExcessFromYear1Amt>
      </UndistributedIncomeGrp>
      <SupplementaryInformationGrp>
        <ApplicationSubmissionInfoGrp>
          <RecipientPersonNm>ASHLEY LUKENS</RecipientPersonNm>
          <RecipientUSAddress>
            <AddressLine1Txt>5274 HALAPEPE STREET</AddressLine1Txt>
            <CityNm>HONOLULU</CityNm>
            <StateAbbreviationCd>HI</StateAbbreviationCd>
            <ZIPCd>96821</ZIPCd>
          </RecipientUSAddress>
          <RecipientPhoneNum>8086870087</RecipientPhoneNum>
          <RecipientEmailAddressTxt>ASHLEY@FROSTFAMILYFOUNDATION.ORG</RecipientEmailAddressTxt>
          <FormAndInfoAndMaterialsTxt>POTENTIAL GRANTEES ARE INVITED TO APPLY, AND THOSE SELECTED ARE INTERVIEWED AND PROVIDED AN APPLICATION.</FormAndInfoAndMaterialsTxt>
          <SubmissionDeadlinesTxt>ANNUALLY THE FOUNDATION CURATES A SMALL GROUP OF NEW GRANTEES. CURRENTLY OUR GRANTS ARE BY INVITATIO</SubmissionDeadlinesTxt>
          <RestrictionsOnAwardsTxt>WE STRIVE TO SUPPORT ORGANIZATIONS FOR MULTIPLE YEARS, PROVIDE GENERAL OPERATING FUNDING, AND LEAN ON RELATIONSHIPS AND NOT REPORTS FOR THE SHARING OF IMPACT. TO SEEK OUT GRANTEES, WE ACTIVELY ENGAGE WITH A WIDE RANGE OF ENVIRONMENTAL ORGANIZATIONS, COMMUNITY GROUPS AND OTHER FOUNDATIONS; MONITOR ONGOING AND EMERGING STRATEGIES; AND INVITE PROPOSALS FROM POTENTIAL GRANTEES BASED ON PRIORITIES SET BY THE FOUNDATIONS TRUSTEES.</RestrictionsOnAwardsTxt>
        </ApplicationSubmissionInfoGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>TEMPLE OF PEACE COMMUNITY</BusinessNameLine1Txt>
            <BusinessNameLine2Txt>DEVELOPMENT CENTER</BusinessNameLine2Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>575 HAIKU ROAD</AddressLine1Txt>
            <CityNm>HAIKU</CityNm>
            <StateAbbreviationCd>HI</StateAbbreviationCd>
            <ZIPCd>96708</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT</GrantOrContributionPurposeTxt>
          <Amt>10000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>HONOLULU CIVIL BEAT INC</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3465 WAIALAE AVE STE 200</AddressLine1Txt>
            <CityNm>HONOLULU</CityNm>
            <StateAbbreviationCd>HI</StateAbbreviationCd>
            <ZIPCd>96816</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT</GrantOrContributionPurposeTxt>
          <Amt>35000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>SUSTAINABLE COASTLINES HAWAII</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>3160 WAIALAE AVE</AddressLine1Txt>
            <AddressLine2Txt>SUITE 120</AddressLine2Txt>
            <CityNm>HONOLULU</CityNm>
            <StateAbbreviationCd>HI</StateAbbreviationCd>
            <ZIPCd>96816</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>BEYOND PESTICIDES</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>701 E STREET SE STE 200</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20003</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT</GrantOrContributionPurposeTxt>
          <Amt>125000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>FUNDER HUI</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>5274 HALAPEPE ST</AddressLine1Txt>
            <CityNm>HONOLULU</CityNm>
            <StateAbbreviationCd>HI</StateAbbreviationCd>
            <ZIPCd>96821</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>CENTER FOR FOOD SAFETY</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>518 C STREET NE STE 200</AddressLine1Txt>
            <CityNm>WASHINGTON</CityNm>
            <StateAbbreviationCd>DC</StateAbbreviationCd>
            <ZIPCd>20002</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>LAHAINA COMMUNITY LAND TRUST</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>PO BOX 12580</AddressLine1Txt>
            <CityNm>LAHAINA</CityNm>
            <StateAbbreviationCd>HI</StateAbbreviationCd>
            <ZIPCd>96761</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>NATIVE HAWAIIAN LEGAL CORP</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>1164 BISHOP ST 1205</AddressLine1Txt>
            <CityNm>HONOLULU</CityNm>
            <StateAbbreviationCd>HI</StateAbbreviationCd>
            <ZIPCd>96813</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>PARLEY FOR THE OCEANS</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>187 LAFAYETTE STREET</AddressLine1Txt>
            <AddressLine2Txt>5TH FLOOR</AddressLine2Txt>
            <CityNm>NEW YORK</CityNm>
            <StateAbbreviationCd>NY</StateAbbreviationCd>
            <ZIPCd>10013</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <GrantOrContributionPdDurYrGrp>
          <RecipientBusinessName>
            <BusinessNameLine1Txt>RESOURCES LEGACY FUND</BusinessNameLine1Txt>
          </RecipientBusinessName>
          <RecipientUSAddress>
            <AddressLine1Txt>400 CAPITOL MALL</AddressLine1Txt>
            <AddressLine2Txt>SUITE 2150</AddressLine2Txt>
            <CityNm>SACRAMENTO</CityNm>
            <StateAbbreviationCd>CA</StateAbbreviationCd>
            <ZIPCd>95814</ZIPCd>
          </RecipientUSAddress>
          <RecipientFoundationStatusTxt>PC</RecipientFoundationStatusTxt>
          <GrantOrContributionPurposeTxt>UNRESTRICTED GRANT</GrantOrContributionPurposeTxt>
          <Amt>25000</Amt>
        </GrantOrContributionPdDurYrGrp>
        <TotalGrantOrContriPdDurYrAmt>345000</TotalGrantOrContriPdDurYrAmt>
      </SupplementaryInformationGrp>
      <AnalysisIncomeProducingActyGrp>
        <IntOnSavAndTempCashInvstGrp>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>76259</ExclusionAmt>
        </IntOnSavAndTempCashInvstGrp>
        <DividendsAndInterestFromSecDtl>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>147390</ExclusionAmt>
        </DividendsAndInterestFromSecDtl>
        <GainSalesAstOthThanInvntryGrp>
          <ExclusionCd>18</ExclusionCd>
          <ExclusionAmt>608580</ExclusionAmt>
        </GainSalesAstOthThanInvntryGrp>
        <OtherRevenueDescribedGrp>
          <Desc>OTHER ASSET INCOME &amp; ADDITI</Desc>
          <ExclusionCd>14</ExclusionCd>
          <ExclusionAmt>12971</ExclusionAmt>
        </OtherRevenueDescribedGrp>
        <SubtotalsIncmProducingActyGrp>
          <ExclusionAmt>845200</ExclusionAmt>
        </SubtotalsIncmProducingActyGrp>
        <TotalIncomeProducingActyAmt>845200</TotalIncomeProducingActyAmt>
      </AnalysisIncomeProducingActyGrp>
      <RlnOfActyToAccomOfExmptPrpsGrp>
        <RlnOfActyToAccomOfExmptPrpsGrp>
          <LineNumberTxt>3</LineNumberTxt>
          <RelationshipStatementTxt>THE FOUNDATION PROVIDES GRANTS TO OTHER IRC SECTION 501 (C)(3) ORGANIZATIONS. IT IS PRIMARILY SUPPORTED BY CONTRIBUTIONS FROM KARIN FROST. INVESTMENTS ARE HELD IN PUBLICLY TRADED STOCKS AND BONDS.</RelationshipStatementTxt>
        </RlnOfActyToAccomOfExmptPrpsGrp>
      </RlnOfActyToAccomOfExmptPrpsGrp>
      <TrnsfrTransRlnNonchrtblEOGrp>
        <TrnsfrOfCashToNonchrtblEOInd>false</TrnsfrOfCashToNonchrtblEOInd>
        <TrnsfrOtherAssetNonchrtblEOInd>false</TrnsfrOtherAssetNonchrtblEOInd>
        <SalesOrExchangesOfAssetsInd>false</SalesOrExchangesOfAssetsInd>
        <PurchaseOfAssetsNonchrtblEOInd>false</PurchaseOfAssetsNonchrtblEOInd>
        <RentalOfFacilitiesOthAssetsInd>false</RentalOfFacilitiesOthAssetsInd>
        <ReimbursementArrangementsInd>false</ReimbursementArrangementsInd>
        <LoansOrLoanGuaranteesInd>false</LoansOrLoanGuaranteesInd>
        <PerformanceOfServicesEtcInd>false</PerformanceOfServicesEtcInd>
        <SharingOfFacilitiesEtcInd>false</SharingOfFacilitiesEtcInd>
        <RelationshipsNonchrtblEOInd>false</RelationshipsNonchrtblEOInd>
      </TrnsfrTransRlnNonchrtblEOGrp>
    </IRS990PF>
    <AccountingFeesSchedule documentId="RetDoc2">
      <AccountingFeesDetail>
        <CategoryTxt>ACCOUNTING FEES</CategoryTxt>
        <Amt>3426</Amt>
        <NetInvestmentIncomeAmt>1713</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>1713</DisbursementsCharitablePrpsAmt>
      </AccountingFeesDetail>
    </AccountingFeesSchedule>
    <InvestmentsCorpBondsSchedule documentId="RetDoc3">
      <InvestmentsCorporateBondsGrp>
        <BondNm>BNY MELLON FIXED INCOME</BondNm>
        <EOYBookValueAmt>3463025</EOYBookValueAmt>
        <EOYFMVAmt>3218854</EOYFMVAmt>
      </InvestmentsCorporateBondsGrp>
    </InvestmentsCorpBondsSchedule>
    <InvestmentsCorpStockSchedule documentId="RetDoc4">
      <InvestmentsCorporateStockGrp>
        <StockNm>BNY MELLON EQUITIES</StockNm>
        <EOYBookValueAmt>4156304</EOYBookValueAmt>
        <EOYFMVAmt>8136253</EOYFMVAmt>
      </InvestmentsCorporateStockGrp>
    </InvestmentsCorpStockSchedule>
    <InvestmentsOtherSchedule2 documentId="RetDoc5">
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>FUJIO IMPACT FUND</CategoryOrItemTxt>
        <BookValueAmt>100000</BookValueAmt>
        <EOYFMVAmt>87289</EOYFMVAmt>
      </InvestmentsOtherGrp>
      <InvestmentsOtherGrp>
        <CategoryOrItemTxt>BRIDGE WORKFORCE &amp; HOUSING</CategoryOrItemTxt>
        <BookValueAmt>220267</BookValueAmt>
        <EOYFMVAmt>194248</EOYFMVAmt>
      </InvestmentsOtherGrp>
    </InvestmentsOtherSchedule2>
    <OtherExpensesSchedule documentId="RetDoc6">
      <OtherExpensesScheduleGrp>
        <Desc>EXPENSES</Desc>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>OTHER EXPENSES</Desc>
        <RevenueAndExpensesPerBooksAmt>1816</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>1816</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
      <OtherExpensesScheduleGrp>
        <Desc>IT EXPENSE</Desc>
        <RevenueAndExpensesPerBooksAmt>252</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>252</NetInvestmentIncomeAmt>
      </OtherExpensesScheduleGrp>
    </OtherExpensesSchedule>
    <OtherIncomeSchedule2 documentId="RetDoc7">
      <OtherIncomeDetail>
        <Desc>OTHER ASSET INCOME &amp; ADDITION</Desc>
        <RevenueAndExpensesPerBooksAmt>12971</RevenueAndExpensesPerBooksAmt>
        <NetInvestmentIncomeAmt>12971</NetInvestmentIncomeAmt>
      </OtherIncomeDetail>
    </OtherIncomeSchedule2>
    <OtherProfessionalFeesSchedule documentId="RetDoc8">
      <OtherProfessionalFeesDetail>
        <CategoryTxt>MANAGER FEES</CategoryTxt>
        <Amt>20316</Amt>
        <NetInvestmentIncomeAmt>20316</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>ADVISORY FEES</CategoryTxt>
        <Amt>47844</Amt>
        <NetInvestmentIncomeAmt>47844</NetInvestmentIncomeAmt>
      </OtherProfessionalFeesDetail>
      <OtherProfessionalFeesDetail>
        <CategoryTxt>CONSULTING FEES</CategoryTxt>
        <Amt>32550</Amt>
        <NetInvestmentIncomeAmt>17550</NetInvestmentIncomeAmt>
        <DisbursementsCharitablePrpsAmt>15000</DisbursementsCharitablePrpsAmt>
      </OtherProfessionalFeesDetail>
    </OtherProfessionalFeesSchedule>
    <TaxesSchedule documentId="RetDoc9">
      <TaxesDetail>
        <CategoryTxt>FEDERAL INCOME TAX</CategoryTxt>
        <Amt>7212</Amt>
        <NetInvestmentIncomeAmt>7212</NetInvestmentIncomeAmt>
      </TaxesDetail>
    </TaxesSchedule>
  </ReturnData>
</Return>