2014-11-13T19:02:45-06:00 2013-12-31 205325889 ACCUITY LLP 999 BISHOP STREET STE 1900 HONOLULU HI 96813 990 2013-01-01 996064620 PARKER RANCH FOUNDATION TRUST PARK 8088857311 66-1304 MAMALAHOA HIGHWAY KAMUELA HI 96743 MICHAEL W GIBSON TRUSTEE CHAIR 8088857311 2014-11-12 1 ACCUITY LLP P00089337 8085313400 2013 2015-11-30 17:44:51Z MICHAEL W GIBSON 66-1304 MAMALAHOA HIGHWAY KAMUELA HI 96743 26843984 0 X WWW.PRFT.ORG X 1992 HI PROVIDING PERPETUAL SUPPORT FOR DESIGNATED BENEFICIARIES ENGAGED IN...(CONTINUED ON SCHEDULE O) ... (CONTINUED FROM PAGE 1) HEALTHCARE, EDUCATION AND CHARITABLE PURPOSES FOR THE BENEFIT OF THE KAMUELA AREA, THROUGH THE SOUND MANAGEMENT AND PRUDENT INVESTMENT OF TRUST ASSETS. THE DESIGNATED BENEFICIARIES OF THE TRUST ARE NORTH HAWAII COMMUNITY HOSPITAL, INC., RICHARD SMART FUND, A COMPONENT OF THE HAWAII COMMUNITY FOUNDATION, HAWAII PREPARATORY ACADEMY AND THE PARKER SCHOOL TRUST CORPORATION. 3 3 0 0 402450 35757 0 0 0 0 2256634 2073438 0 1625990 2256634 3699428 2000000 2000000 0 0 272708 272710 0 0 0 1812857 2431001 4085565 4703711 -1828931 -1004283 259069730 263627388 5151941 6273896 253917789 257353492 TO PROVIDE PERPETUAL SUPPORT FOR DESIGNATED BENEFICIARIES ENGAGED IN HEALTHCARE, EDUCATION, AND CHARITABLE PURPOSES FOR THE BENEFIT OF THE KAMUELA AREA, THROUGH THE SOUND MANAGEMENT OF TRUST ASSETS. 0 0 2358482 2000000 SEE SCHEDULE O 2358482 1 0 0 0 0 0 0 1 0 0 1 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 1 15 0 1 0 1 1 0 0 0 0 0 0 0 0 0 X 3 3 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 HI X NAHUA GUILLOZ CO PARKER RANCH 8088857311 66-1304 MAMALAHOA HWY KAMUELA HI 96743 X MICHAEL W GIBSON TRUSTEE 24.00 X 94375 9250 0 TIMOTHY E JOHNS TRUSTEE 24.00 X 89167 9550 0 BRENDAN G MOYNAHAN TRUSTEE 24.00 X 89167 11600 0 272709 30400 0 0 0 0 0 GOLDMAN SACHS 85 BROAD STREET NEW YORK NY 10004 INVESTMENT MANAGEMENT 364190 CARLSMITH BALL LLP PO BOX 656 HONOLULU HI 96809 LEGAL 322974 2 1286831 102427 1184404 1395596 0 1395596 1395596 300023 1095573 23898663 32500 23144556 0 754107 32500 786607 786607 TIMBER & AGGREGATE SALES 110000 225969 225969 MISCELLANEOUS REVENUE 900099 4425 4425 230394 3699428 0 402450 3296978 2000000 2000000 272710 271771 939 346845 86711 260134 61638 61638 364190 364190 69398 69398 953 953 3045 3045 175140 175140 1651 1651 2760 2760 50543 50543 97910 97910 38463 38463 G&A ALLOCATION 885000 885000 PROFESSIONAL FEES 187778 187778 OTHER TAXES 65799 65799 GENERAL EXCISE TAX 64459 64459 15429 15429 4703711 2358482 2345229 0 X 1474411 1093684 54737 1615000 2361000 1000 1150 131191181 1755497 129533714 129435684 43502119 48166872 82506928 82049796 436558 464465 259069730 263627388 245506 225279 2000000 2195000 6958 2835000 3768000 71435 78659 5151941 6273896 X 253917789 257353492 253917789 257353492 259069730 263627388 X -1004283 4634986 -195000 X X 0 1 X 1 0 X X X 0 0 0 NORTH HAWAII COMMUNITY HOSPITAL 990260423 3 1 1 1 960000 HAWAII COMMUNITY FOUNDATION 990261283 7 1 1 1 400000 HAWAII PREPARATORY ACADEMY 990078306 2 1 1 1 320000 PARKER SCHOOL TRUST CORPORATION 990354692 2 1 1 1 320000 4 2000000 402640 X X 0 127787644 127787644 3324401 1685051 1639350 79136 70446 8690 129435684 PARKER RANCH INC. 75052047 C PRIVATE EQUITY FUNDS 6997749 F 82049796 LIABILITY FOR EARTHQUAKE REPAIR 33271 POST-RETIRE BENEFITS PAYABLE 22712 OTHER DEFERRED INCOME 6155 GET PAYABLE 14021 DUE TO PRI - PR MAUNA KEA LLC 2500 78659 X PART III, LINE 4: THE FOUNDATION MAINTAINS A COLLECTION OF HISTORICAL BUILDINGS, ARTIFACTS AND HOUSEHOLD ITEMS TO EDUCATE THE PEOPLE OF HAWAII AND SHARE A VALUABLE AND UNIQUE PIECE OF HAWAII'S HISTORY WITH FUTURE GENERATIONS. THESE HISTORICAL ITEMS ARE CAREFULLY PRESERVED AND ARE SHOWCASED AT THE HEADQUARTERS OF PARKER RANCH, INC. AS WELL AS AT SELECTED LOCAL EVENTS THROUGHOUT THE YEAR. PART X, LINE 2: SCHEDULE D, PART X, LINE 2: PARKER RANCH FOUNDATION TRUST'S ("PRFT") AUDITED FINANCIAL STATEMENTS INCLUDED ITS TAXABLE SUBSIDIARY, PARKER RANCH, INC. ("PRI"). DURING 2012, PRI RECORDED AN ACCRUAL OF $342,000 FOR AN UNCERTAIN TAX POSITION RELATED TO 2012. IN 2013, AN ADDITIONAL $8,000 WAS RECORDED FOR POTENTIAL INTEREST. THESE AMOUNTS ARE CLASSIFIED AS CURRENT LIABILITIES AND NO AMOUNTS HAVE BEEN RECORDED FOR POTENTIAL PENALTIES. 1 NORTH HAWAII COMMUNITY HOSPITAL 67-1125 MAMALAHOA HIGHWAY KAMUELA HI 96743 990260423 501(C)(3) 960000 FMV GENERAL SUPPORT FOR HOSPITAL HAWAII COMMUNITY FOUNDATION 1164 BISHOP STREET SUITE 800 HONOLULU HI 96813 990261283 501(C)(3) 400000 FMV GENERAL SUPPORT FOR FOUNDATION HAWAII PREPARATORY ACADEMY 65-1692 KOHALA MOUNTAIN ROAD KAMUELA HI 967438476 990078306 501(C)(3) 320000 FMV GENERAL SUPPORT FOR SCHOOL PARKER SCHOOL TRUST CORPORATION PO BOX 1720 KAMUELA HI 96743 990354692 501(C)(3) 320000 FMV GENERAL SUPPORT FOR SCHOOL 4 PART I, LINE 2: PRFT IS A TYPE 1 SUPPORTING ORGANIZATION AND DISTRIBUTES GRANTS TO ITS FOUR BENEFICIARY 501(C)(3) ORGANIZATIONS. THESE RECIPIENT ORGANIZATIONS HAVE A RESPONSIBILITY TO USE CONTRIBUTIONS RECEIVED IN ACCORDANCE WITH THEIR OWN EXEMPT PURPOSE. FORM 990, PART VI, SECTION A, LINE 7A SELECTION OF TRUSTEES IS CONTROLLED BY THE CHARITABLE ORGANIZATIONS IT SUPPORTS, WITHIN THE MEANING OF IRC SECTION 509(A)(3)(B)(I) AND THE REGULATIONS THEREUNDER. FORM 990, PART VI, SECTION B, LINE 11 COPIES OF FORM 990 ARE PROVIDED TO ALL TRUSTEES OF PARKER RANCH FOUNDATION TRUST PRIOR TO FILING THE RETURN. DURING THIS TIME THE TRUSTEES ARE PROVIDED THE OPPORTUNITY TO REVIEW, COMMENT AND SUBMIT BACK TO THE TAX PREPARER ANY CHANGES OR MODIFICATIONS DEEMED APPROPRIATE. FORM 990, PART VI, SECTION B, LINE 12C THE PARKER RANCH FOUNDATION TRUST REQUIRES THAT A WRITTEN AND SIGNED CONFLICT OF INTEREST POLICY BE COMPLETED ANNUALLY IN THE BEGINNING OF THE YEAR. ALL SIGNED STATEMENTS ARE THEN REVIEWED ANNUALLY BY THE BOARD OF TRUSTEES AT THE FEBRUARY TRUSTEE MEETING. IN ADDITION, THE ORGANIZATION HAS A STANDING POLICY WHICH REQUIRES CONFLICT OF INTEREST STATEMENTS BE COMPLETELY REDONE AND RESUBMITTED ONCE ANY PARTY IS AWARE OF ANY CHANGES. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION TO THE TRUSTEES OF THE PARKER RANCH FOUNDATION TRUST IS ESTABLISHED BY THE FOUR TRUST BENEFICIARIES WHO ARE SUPPORTED ORGANIZATIONS OF THE TRUST. COMPENSATION LEVELS FOR THE TRUSTEES REMAINED UNCHANGED FROM 2012 TO 2013. THE TRUST DOES NOT HAVE OFFICERS OR EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS, THE CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE FOR VIEWING TO INTERESTED PARTIES UPON REQUEST. FORM 990, PART VII, SECTION A, PART B ALL TRUSTEES SPENT APPROXIMATELY 8 HOURS A WEEK ON AVERAGE ON RELATED ORGANIZATIONS. FORM 990, PART X, LINE 23 MARGIN LOAN WITH GOLDMAN SACHS $3,768,000 BANK LOAN FOR WHICH PRFT IS LISTED AS CO-BORROWER $14,059,829 OFFSET TO BANK LOAN - PORTION TO BE PAID BY CO-BORROWER ($14,059,829) TOTAL TO BALANCE SHEET, LINE 23 $3,768,000 FORM 990, PART XI, LINE 9: CASH BASIS PRESENTATION REV OF ACCRUED DIST TO BE PAID IN SUBSEQUENT YR -2,195,000. CASH BASIS PRESENTATION DEDUCT OF DIST PD IN CURRENT YR ACCRUED IN PRIOR YR 2,000,000. FORM 990, PART XII, LINE 2(C): THE ORGANIZATION HAS AN AUDIT COMMITTEE WHICH IS RESPONSIBLE FOR THE SELECTION OF INDEPENDENT ACCOUNTANTS AND FOR REVIEWING THE AUDITED FINANCIAL STATEMENTS. 990, PART III, LINE 4(A): PARKER RANCH FOUNDATION TRUST ("PRFT", THE "TRUST") WAS FORMED ON NOVEMBER 12, 1992. RICHARD SMART DEDICATED SUBSTANTIAL ASSETS FROM HIS PERSONAL ESTATE TO PRFT TO BE HELD FOR THE BENEFIT OF NAMED BENEFICIARIES. AT DECEMBER 31, 2013, SUCH NAMED BENEFICIARIES WERE HAWAII PREPARATORY ACADEMY, PARKER SCHOOL TRUST CORPORATION, NORTH HAWAII COMMUNITY HOSPITAL AND THE HAWAII COMMUNITY FOUNDATION. SUCH TRANSFERRED ASSETS WERE COMPRISED PRIMARILY OF REAL ESTATE ON THE ISLAND OF HAWAII AND RANCH ASSETS/OPERATIONS KNOWN AS "PARKER RANCH." PRFT CURRENTLY HOLDS SOME REAL ESTATE AND RANCH ASSETS/OPERATIONS AS PARKER RANCH, INC. ("PRI"); A WHOLLY-OWNED, FOR PROFIT SUBSIDIARY. PRFT IS DIRECTED BY TRUSTEES WHO ARE RESPONSIBLE FOR MANAGING THE TRUST'S ASSETS IN ACCORDANCE WITH THE TRUST AGREEMENT AND SELECTION/OVERSIGHT OF DIRECTORS AND THE MANAGEMENT TEAM THAT RUNS THE PRI OPERATIONS. 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