2026-05-15T17:41:36-07:00 2025-06-30 990316220 McEnerney Shimabukuro Okazaki & Fuj 1100 Ward Ave Suite 560 Honolulu HI 96814 990 2024-07-01 996086871 The Waterhouse Charitable Trust WATE 8085924800 770 Kapiolani Blvd Honolulu HI 96813 Stanley Y Mukai Co-Trustee 8085924800 2026-05-15 true true Steven T Fujita P00031680 8085230462 2024 2025-03-06 01:10:19Z Stanley Y Mukai 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 708755 false X N/A X 2000 HI To distribute amounts to certain charitable organizations 2 0 0 0 0 0 0 0 3255868 708755 0 3255868 708755 3000000 3323262 0 444500 444500 0 0 268793 237860 3713293 4005622 -457425 -3296867 41632322 39591666 0 41632322 39591666 To distribute amounts to certain charitable organizations false false 3472012 3323262 708755 During the year, the Trust made grant distributions to the five charitable organizations that it was established to support. 3472012 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 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 6.00 X 70000 427666 76786 First Hawaiian Bank Successor Co-Trustee 25.00 X 550000 0 0 620000 427666 76786 false true false 688789 0 688789 19966 19966 19966 0 0 19966 708755 0 0 708755 3323262 3323262 444500 148750 295750 0 30607 0 30607 0 31753 0 31753 0 175500 0 175500 0 4005622 3472012 533610 0 4117 16352322 14307549 25280000 25280000 41632322 39591666 0 0 X 41632322 39591666 41632322 39591666 41632322 39591666 -3296867 1231231 24980 X X false true X false false X X X 5 The Waialae Baptist Church 990117996 1 true 298200 0 Punahou School 990073523 2 true 400000 0 University of Hawaii Foundation 990085260 5 true 1133063 0 Palama Settlement 990074140 7 true 1400000 0 New Mexico Military Inst Foundation 856010718 7 true 92000 0 5 3323263 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 0 24980 3247496 688789 3247496 713769 0 175500 175500 0 3071996 538269 10499141 14638666 5264612 1288679 96232058 99899000 111995811 115826345 6285000 0 111995811 115826345 1679937 1737395 110315874 114088950 3861056 3993113 0 24980 3861056 4018093 3071996 2611197 3861056 3861056 0 3861056 3323263 0 506860 0 0 0 3830123 1698200 3861056 0.440000000000 3861056 0 0 0 0 0 1288624 1288624 0 1288624 0 0 3830123 0 2572432 1257691 0 0 1257691 0 0 0 0 1257691 Pt IV Sec D Ln 2 In past years (2015-2018), the individual co-trustees (Mr. Stanley Mukai and Ms. Carrie Wong) served on the board of Palama Settlement and developed a close continuous working relationship with Palama. More recently, the current co-trustees, Mr. Mukai and Mr. John Guerri of First Hawaiian Bank, together with other team members hold regular quarterly teleconferences with Palama and Waialae Baptist Churchs executive director and management team, 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. Similar quarterly teleconferences are also held with the officers and management team of the other three 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, while being responsive to the needs and wants of the beneficiaries. Pt V Sec D Ln 8 Of the $3,861,056 distributable amount The Waterhouse Charitable Trust incurred for the year ended June 30, 2025, $1,400,000 was sent to Palama and $298,200 to Waialae, constituting 43.983% of The Waterhouse Charitable Trusts 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 organizations total support based on the 2023 tax year (the tax year ending before the beginning of The Waterhouse Charitable Trusts tax year). As of December 31,2023, Palama and Waialaes total revenues equaled $2,780,179 and $1,107,430 respectively. Prior to the new regulations, the Trust met the responsiveness test through its relationship with Palama by having a trustee sit on Palamas board. Since then, the Trust has been satisfying the required responsiveness test with respect to all five (5) beneficiaries through quarterly meetings with the supported organizations officers and management team. 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 $134,700; and on 405,081 shares of Matson, Inc., of 2% resulting in a discount of $842,800. The amount on line 1c represents the value of shares in nonpublicly traded companies. A lack of marketability discount of 5% resulting in a discount of $5,037,300 was taken on one company and a lack of marketability discount of 10% resulting in a discount of $270,200 on the second. 25280000 C 25280000 1964966 1231231 24980 1256211 708755 708755 4005622 4005622 4005622 true Palama Settlement 810 N Vineyard Blvd Honolulu HI 96817 990074140 501(c)(3) 1400000 Community based social services The Waialae Baptist Church 1047 21st Ave Honolulu HI 96816 990117996 501(c)(3) 298200 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) 92000 Support school scholarships University of Hawaii Foundation 2444 Dole St Honolulu HI 96822 990085260 501(c)(3) 1133063 Support school football program 5 0 false false false false false false false false false Stanley Y Mukai 70000 427666 0 0 0 0 0 46424 0 30362 70000 504452 0 0 Institutional trustee excluded 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Other The institutional trustee has 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 Trustees compensation and to file his report in accordance with the annual petition for approval of the trusts accounts. To date, the state court has approved all petitions filed. 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. 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 0 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 4796286 87877150 1.00000 true Soboba Springs Royal Vista Golf Courses Inc 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 990324594 Hld Co Rental HI Waterhouse C 861173 7648906 1.00000 true San Ramon Royal Vista Golf Course Inc 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 990241099 Rental HI Soboba C 930296 6552224 1.00000 true Francis Camera Shop Inc 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 990111294 Rental HI Waterhouse C 488250 642857 1.00000 true Ontario Apartments Inc 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 990143033 Inactive HI Waterhouse C 0 0 1.00000 true Waterhouse Ventures Inc 770 Kapiolani Blvd Ste 506 Honolulu HI 96813 990241103 Investments HI Soboba C 877790 6835753 1.00000 true false true false false false false false false false false false false false true true false false false false Palama Settlement b 1400000 Cost The Waialae Baptist Church b 298200 Cost New Mexico Military Institute Foundation b 92000 Cost Punahou School b 400000 Cost University of Hawaii Foundation b 1133062 Cost