2012-10-08T20:17:15-05:00 2011-12-31 205325889 ACCUITY LLP 999 BISHOP STREET STE 1900 HONOLULU HI 96813 990 2011-01-01 996064620 PARKER RANCH FOUNDATION TRUST PARK 8088857311 66-1304 MAMALAHOA HIGHWAY KAMUELA HI 96743 MICHAEL W GIBSON 8088857311 2012-10-02 1 ACCUITY LLP P00089337 8085313400 2011 2016-02-24 21:20:13Z TIMOTHY E JOHNS 66-1304 MAMALAHOA HIGHWAY KAMUELA HI 96743 28150346 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. 4 4 0 0 129231 3017 0 0 0 0 5138622 2333606 0 0 5138622 2333606 2000000 2000000 0 0 406988 358881 0 0 0 878893 1008163 3285881 3367044 1852741 -1033438 262465055 256368818 5621671 4288343 256843384 252080475 X 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 2368943 2000000 SEE SCHEDULE O 2368943 1 0 0 0 0 0 0 1 0 0 1 1 0 0 1 0 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 0 1 1 0 0 0 1 10 0 1 0 1 1 0 0 0 0 0 0 0 0 0 X 4 4 0 0 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 0 0 0 HI X NAHUA GUILLOZ CO PARKER RANCH 8088857311 66-1304 MAMALAHOA HWY KAMUELA HI 96743 X MICHAEL W GIBSON 24.00 X 90989 7250 0 TIMOTHY E JOHNS 24.00 X 88429 11200 0 DAVID H MCCOY 24.00 X 91033 0 0 BRENDAN G MOYNAHAN 24.00 X 88430 14650 0 358881 33100 0 0 0 0 0 GOLDMAN SACHS 85 BROAD STREET NEW YORK NY 10004 INVESTMENT MANAGEMENT 485824 CARLSMITH BALL LLP PO BOX 656 HONOLULU HI 96809 LEGAL 124000 2 1390857 129231 1261626 26706119 53370 25653204 163536 1052915 -110166 942749 942749 2333606 0 129231 2204375 2000000 2000000 358881 357630 1251 45251 11313 33938 47093 47093 485825 485825 168316 168316 900 900 1033 1033 3077 3077 3234 3234 52 52 1887 1887 47522 47522 230 230 16112 16112 G&A ALLOCATION 98000 98000 FOREIGN TAXES 44911 44911 PROFESSIONAL FEES 43684 43684 EVENTS 555 555 481 481 3367044 2368943 998101 0 682000 864587 87842 113210 5323000 1836000 1563114 18435 1544909 1544679 44184382 40900454 210642922 211109888 262465055 256368818 171854 149602 2000000 2000000 3350000 2050000 99817 88741 5621671 4288343 X 256843384 252080475 256843384 252080475 262465055 256368818 X -1033438 -3729471 X X 0 1 1 X 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 -53370 370140 X INVESTMENT PURPOSES 0 1544220 1544220 18894 18435 459 1544679 ART COLLECTION NET OF ALLOWANCE 370140 F PARKER RANCH INC. 203049701 C PRIVATE EQUITY FUNDS 7690047 F 211109888 DUE TO PARKER RANCH, INC. 12499 LIABILITY FOR EARTHQUAKE REPAIR 35822 POST-RETIRE BENEFITS PAYABLE 34682 OTHER LIABILITIES 5738 88741 2333606 3367044 -1033438 -3726477 -2994 -3729471 -4762909 16220321 -3726477 17613192 13886715 2333606 0 2333606 21225489 17858445 17858445 3367044 0 3367044 PART XI, LINE 8 - OTHER ADJUSTMENTS: DIFFERENCE IN COMPENSATION PAID TO TRUSTEES (REPORTED ON 1099 VS ACCRUED) -2,994. SCHEDULE D, PAGE 4, PART XI, LINE 10: PARKER RANCH FOUNDATION TRUST'S ("PRFT") AUDITED FINANCIAL STATEMENTS INCLUDE ITS TAXABLE SUBSIDIARY, PARKER RANCH, INC. ("PRI"). THE PRFT BOOK INCOME ON LINE 10 OF ($4,762,909) PLUS THE PRI BOOK INCOME OF ($242,259) TIES TO THE TOTAL NET INCOME ON THE CONSOLIDATED AUDIT REPORT OF ($5,005,168). SCHEDULE D, PAGE 4, PART XII, LINE 2D: REVENUES STATED ON THIS LINE ARE FROM ACTIVITIES OF WHOLLY OWNED SUBSIDIARIES WHICH ARE INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS OF THE ORGANIZATION. THE SUBSIDIARIES ARE REPORTED SEPARATELY FOR INCOME TAX PURPOSES. THIS ORGANIZATION IS NOT REPORTED SEPARATELY FOR BOOK PURPOSES. SCHEDULE D, PAGE 4, PART XIII, LINE 2D: EXPENSES STATED ON THIS LINE ARE FROM ACTIVITIES OF WHOLLY OWNED SUBSIDIARIES WHICH ARE INCLUDED IN THE CONSOLIDATED FINANCIAL STATEMENTS OF THE ORGANIZATION. THE SUBSIDIARIES ARE REPORTED SEPARATELY FOR INCOME TAX PURPOSES. THIS ORGANIZATION IS NOT REPORTED SEPARATELY FOR BOOK PURPOSES. SCHEDULE D, PAGE 4, PART XIII, LINE 2D: THE COMPENSATION PAID TO TRUSTEES AS REPORTED ON FORM 990, PART VII, SECTION A AND ON PART IX, LINE 5, ARE BASED ON AMOUNTS FILED WITH THE IRS ON FORMS 1099. AS THE FINANCIAL STATEMENTS ARE KEPT ON ACCRUAL BASIS, THERE IS A RESULTING TIMING DIFFERENCE BETWEEN SALARY EXPENSE REPORTED ON THE FINANCIAL STATEMENTS AND REPORTED ON FORM 1099. 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 PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, 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 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 VI, SECTION B, LINE 15A COMPENSATION TO THE TRUSTEES OF THE PARKER RANCH FOUNDATION TRUST WAS ESTABLISHED BY TRUST BENEFICIARIES/SUPPORTED ORGANIZATIONS AND REPORTED IN 2011 FORM 990, PART VII, SECTION A. THE COMPENSATION REPORTED IN 2011 FORM 990, PART VII, SECTION A, REMAINS AT THE SAME LEVELS REPORTED IN THE 2010 FORM 990, PART VII, SECTION A. TRUSTEE COMPENSATION REPORTED IN THE 2010 FORM 990 WAS REVIEWED BY AN INDEPENDENT CONSULTING FIRM USING COMPARABILITY DATA, AND APPROVED BY ALL TRUST BENEFICIARIES/SUPPORTED ORGANIZATIONS OF PARKER RANCH FOUNDATION TRUST, A TYPE I SUPPORTING ORGANIZATION. FORM 990, PART VI, SECTION B, LINE 15B PARKER RANCH FOUNDATION TRUST HAS NO OFFICERS OR EMPLOYEES. 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 $2,050,000 BANK LOAN FOR WHICH PRFT IS LISTED AS CO-BORROWER $16,661,328 OFFSET TO BANK LOAN - PORTION TO BE PAID BY CO-BORROWER ($16,661,328) TOTAL TO BALANCE SHEET, LINE 23 $2,050,000 CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -3,726,477. DIFFERENCE IN COMPENSATION PAID TO TRUSTEES (REPORTED ON 1099 VS ACCRUED) -2,994. TOTAL TO FORM 990, PART XI, LINE 5: -3,729,471. 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. FORM 990, PART VIII, LINE 7(C): NET LOSSES ON ALTERNATIVE INVESTMENTS THROUGH GOLDMAN SACHS. 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, 2011, 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 THESE RANCH ASSETS/OPERATIONS AS PARKER RANCH, INC. ("PRI"); A WHOLLY-OWNED, FOR PROFIT SUBSIDIARY. PRFT IS DIRECTED BY TRUSTEES WHO ARE RESPONSIBLE FOR OVERSEEING THE TRUST'S OPERATIONS IN ACCORDANCE WITH THE TRUST AGREEMENT AND SELECTION/OVERSIGHT OF DIRECTORS AND THE MANAGEMENT TEAM THAT RUNS THE PRI OPERATIONS. PARKER RANCH INC 66-1304 MAMALAHOA HIGHWAY KAMUELA HI 96743 990322325 BEEF/CATTLE RANCHING HI N/A C 234149 274129385 1.00000 WAIMEA WASTEWATER COMPANY INC 66-1304 MAMALAHOA HIGHWAY KAMUELA HI 96743 990322324 PUBLIC UTILITY HI PARKER RANCH INC C 100734 2553531 1.00000 PARKER RANCH REALTY INC 66-1304 MAMALAHOA HIGHWAY KAMUELA HI 96743 990329241 BROKERAGE HI PARKER RANCH INC C 1.00000 1 0 0 1 0 0 0 0 0 0 0 0 1 0 1 0 0 0 PARKER RANCH INC O 98000 FMV PARKER RANCH INC A 13200 FMV