2011-10-07T15:17:45-05:00 2010-12-31 ACCUITY LLP 999 BISHOP STREET STE 1900 HONOLULU HI 96813 990 2010-01-01 996064620 PARKER RANCH FOUNDATION TRUST PARK 8088857311 66-1304 MAMALAHOA HIGHWAY KAMUELA HI 96743 DAVID H MCCOY 8088857311 2011-10-06 1 ACCUITY LLP 8085313400 2010 2016-03-07 17:11:31Z X TIMOTHY E JOHNS 66-1304 MAMALAHOA HIGHWAY KAMUELA HI 96743 41272406 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. 5 5 0 0 268963 7776 0 0 0 0 -1388796 5138622 10 0 -1388786 5138622 0 2000000 0 0 423288 406988 0 0 0 795163 878893 1218451 3285881 -2607237 1852741 260287072 262465055 4074733 5621671 256212339 256843384 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 2428471 2000000 SEE SCHEDULE O 2428471 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 1 0 0 1 12 0 1 0 1 1 0 0 0 0 0 0 0 0 0 X 5 5 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 24.00 X 82655 4750 0 WARREN H HARUKI 24.00 X 80314 7500 0 TIMOTHY E JOHNS 24.00 X 82657 6600 0 DAVID H MCCOY 24.00 X 81051 1250 0 BRENDAN G MOYNAHAN 24.00 X 80314 9000 0 406991 29100 0 0 0 0 0 GOLDMAN SACHS 85 BROAD STREET NEW YORK NY 10004 INVESTMENT MANAGEMENT 445647 1 1474236 268963 1205273 39685811 112359 35977240 156544 3708571 -44185 3664386 3664386 5138622 0 268963 4869659 2000000 2000000 406988 405426 1562 92180 23045 69135 40784 40784 445647 445647 625 625 1076 1076 3702 3702 352 352 2349 2349 103868 103868 1122 1122 16110 16110 G&A ALLOCATION 98000 98000 PROFESSIONAL FEES 59037 59037 MISCELLANEOUS 12238 12238 EVENTS 1660 1660 BANK FEES 80 80 63 63 3285881 2428471 857410 0 920742 682000 83697 87842 6300000 5323000 1563114 18205 1547143 1544909 40924429 44184382 210511061 210642922 260287072 262465055 155712 171854 823000 2000000 3000000 3350000 96021 99817 4074733 5621671 X 256212339 256843384 256212339 256843384 260287072 262465055 X 1852741 -1221696 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 112359 430140 X INVESTMENT PURPOSES 0 1544220 1544220 18894 18205 689 1544909 ART COLLECTION NET OF ALLOWANCE 430140 F PARKER RANCH INC. 203049701 C PRIVATE EQUITY FUNDS 7163081 F 210642922 DUE TO PARKER RANCH, INC. 13281 LIABILITY FOR EARTHQUAKE REPAIR 46000 POST-RETIRE BENEFITS PAYABLE 40536 99817 5138622 3285881 1852741 -11803 -1209893 -1221696 631045 22577892 -11803 17451073 17439270 5138622 0 5138622 17000008 13714127 13714127 3285881 0 3285881 PART XI, LINE 8 - OTHER ADJUSTMENTS: DIFFERENCE IN COMPENSATION PAID TO TRUSTEES (REPORTED ON 1099 VS ACCRUED) 719. 2010 ACCRUED DISTRIBUTIONS TO BENEFICIARIES TO BE PAID IN SUBSEQUENT YEAR -2,000,000. 2009 ACCRUED DISTRIBUTIONS TO BENEFICIARIES PAID THIS YEAR 823,000. BOOK/TAX DIFFERENCE FOR SALE OF ARTWORK -33,612. 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 XII, LINE 2D: BOOK/TAX DIFFERENCE RELATING TO SALE OF ARTWORK RELATING TO PRIOR BOOK VALUATION ADJUSTMENT. 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: DISTRIBUTIONS TO BENEFICIARIES ARE REPORTED ON CASH BASIS ON THE FORM 990 BUT ARE REPORTED ON AN ACCRUAL BASIS ON THE FINANCIAL STATEMENTS, RESULTING IN A TIMING DIFFERENCE. 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 9. 1 NORTH HAWAII COMMUNITY HOSPITAL 67-1125 MAMALAHOA HIGHWAY KAMUELA HI 96743 990260423 960000 FMV GENERAL SUPPORT FOR HOSPITAL HAWAII COMMUNITY FOUNDATION 1164 BISHOP STREET SUITE 800 HONOLULU HI 96813 990261283 400000 FMV GENERAL SUPPORT FOR FOUNDATION HAWAII PREPARATORY ACADEMY 65-1692 KOHALA MOUNTAIN ROAD KAMUELA HI 967438476 990078306 320000 FMV GENERAL SUPPORT FOR SCHOOL PARKER SCHOOL TRUST CORPORATION PO BOX 1720 KAMUELA HI 96743 990354692 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 B, LINE 15 AN INDEPENDENT CONSULTING FIRM COMPLETES AN ANNUAL TRUSTEE COMPENSATION REVIEW, WHICH IS PROVIDED TO ALL BENEFICIARIES OF THE PARKER RANCH FOUNDATION TRUST FOR THEIR APPROVAL. THESE REVIEWS ARE ALSO USED IN TRUSTEE EVALUATIONS. BENEFICIARIES HAVE THE POWER TO REMOVE TRUSTEES. 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 5: NET UNREALIZED LOSSES ON INVESTMENTS: -11,803. DIFFERENCE IN COMPENSATION PAID TO TRUSTEES (REPORTED ON 1099 VS ACCRUED) 719. 2010 ACCRUED DISTRIBUTIONS TO BENEFICIARIES TO BE PAID IN SUBSEQUENT YEAR -2,000,000. 2009 ACCRUED DISTRIBUTIONS TO BENEFICIARIES PAID THIS YEAR 823,000. BOOK/TAX DIFFERENCE FOR SALE OF ARTWORK -33,612. TOTAL TO FORM 990, PART XI, LINE 5: -1,221,696. 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, 2010, 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. IN 2007, THE HAWAII PROBATE COURT HAVING JURISDICTION OVER PRFT APPROVED AMENDMENTS TO THE TRUST DOCUMENT AUTHORIZING THE IMPLEMENTATION OF A STRUCTURE IN WHICH SELECTION OF TRUSTEES IS CONTROLLED BY THE CHARITABLE ORGANIZATIONS IT SUPPORTS, WITHIN MEANING OF IRC SECTION 509(A)(3)(B)(I) AND THE REGULATIONS THEREUNDER. ON AUGUST 9, 2007, THE HAWAII PROBATE COURT APPROVED FULL IMPLEMENTATION OF THE CHANGE TO A TYPE I STRUCTURE. AT THE END OF THE BUSINESS DAY ON DECEMBER 31, 2007, THE THREE TRUSTEES UNDER THE TYPE III STRUCTURE RESIGNED AND WERE REPLACED BY FIVE BENEFICIARY-APPOINTED TRUSTEES. PARKER RANCH INC 66-1304 MAMALAHOA HIGHWAY KAMUELA HI 96743 990322325 BEEF/CATTLE RANCHING HI N/A C 2960534 279557933 1.00000 WAIMEA WASTEWATER COMPANY INC 66-1304 MAMALAHOA HIGHWAY KAMUELA HI 96743 990322324 PUBLIC UTILITY HI PARKER RANCH INC C -226119 2408802 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 D 3300000 FMV PARKER RANCH INC O 98000 FMV PARKER RANCH INC A 112750 FMV