Civic Intelligence

Island Pacific Academy Foundation

990 • Fiscal year 2015 • EIN 26-4464340

Jul 01, 2014 to Jun 30, 2015 • Filed on May 04, 2016

Organization ProfileN/A
909 Haumea StreetKapolei, HI 96707

(808) 674-3523

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

94th percentile

1.07x

Higher debt load relative to assets than 94% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Liabilities / Revenue

98th percentile

19.87x

Higher debt load relative to revenue than 98% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Net Margin

7th percentile

-32%

Higher net margin than 7% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Top Officer Pay

12th percentile

$0

Higher top officer pay than 12% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2015

Asset Growth

46th percentile

0.4%

Faster asset growth than 46% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Revenue Growth

24th percentile

-6.5%

Faster revenue growth than 24% of similar nonprofits.

2015 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$24,904,814

Up $91,034 (+0.4%) from 2014

Net Assets

Down

-$1,656,334

Down $422,226 (-34%) from 2014

Liabilities

Up

$26,561,148

Up $513,260 (+2.0%) from 2014

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin7th percentile

Revenue

Down

$1,337,001

Down $92,880 (-6.5%) from 2014

Expenses

Up

$1,759,227

Up $18,735 (+1.1%) from 2014

Net Income

Down

-$422,226

Down $111,615 (-36%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth46th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$30M$20M$10M$0-$10MAssets 2012: $25,541,997Liabilities 2012: $26,242,260Net Assets 2012: -$700,2632012Assets 2013: $24,971,800Liabilities 2013: $25,895,297Net Assets 2013: -$923,4972013Assets 2014: $24,813,780Liabilities 2014: $26,047,888Net Assets 2014: -$1,234,1082014Assets 2015: $24,904,814Liabilities 2015: $26,561,148Net Assets 2015: -$1,656,3342015Assets 2016: $0Liabilities 2016: $0Net Assets 2016: $02016

Highlighted filing

2015

Assets$24,904,814
Liabilities$26,561,148
Net Assets-$1,656,334
Open 2015 Filing

Operations Trend

Revenue Growth24th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2012: $1,790,4142012Expenses 2013: $1,759,9332013Revenue 2014: $1,429,881Expenses 2014: $1,740,492Net Income 2014: -$310,6112014Revenue 2015: $1,337,001Expenses 2015: $1,759,227Net Income 2015: -$422,2262015Revenue 2016: $4,056,552Expenses 2016: $2,400,219Net Income 2016: $1,656,3332016

Highlighted filing

2015

Revenue$1,337,001
Expenses$1,759,227
Net Income-$422,226
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 4, 2016
Return Version
2014v6.0
Gross Receipts
$1,337,001
Mission and Program Overview

Mission

The foundation was formed exclusively for the benefit of, to perform the functions of, or to carry out the purposes of island pacific academy, inc., a hawaii non-profit corporation that has been recognized as tax exempt under 501(c)(3) of the internal revenue code and classified as an organization described in sections 509(a)(1) and 170(b)(1)(a)(ii) of the code.

The foundation is formed exclusively for the benefit of, to perform the functions of, or to carry out the purposes of island pacific academy, inc., a hawaii non-profit corporation that has been recognized as tax exempt under 501(c)(3) of the internal revenue code and classified as an organization described in sections 509(a)(1) and 170(b)(1)(a)(ii) of the code.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$23,622,488$23,075,653▼ $546,835
Pledges and Grants Receivable$750,200$1,401,128▲ $650,928
Cash and Non-Interest-Bearing Accounts$500$410▼ $90
Total Assets$24,813,780$24,904,814▲ $91,034
Other Assets Total$440,592$427,623▼ $12,969
Liabilities
Mortgage Notes Payable Secured by Investment Property$25,569,090$25,401,921▼ $167,169
Accounts Payable and Accrued Expenses$464,374$1,144,803▲ $680,429
Grants Payable$14,424$14,424→ $0
Total Liabilities$26,047,888$26,561,148▲ $513,260
Net Assets / Fund Balance
Unrestricted Net Assets$-1,234,108$-1,656,334▼ $422,226
Total Net Assets Fund Balance$-1,234,108$-1,656,334▼ $422,226
Total Liabilities and Net Assets / Fund Balance$24,813,780$24,904,814▲ $91,034

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$18,595,228$3,148,281$21,743,509
Land$4,480,425-$4,480,425
Other Land Buildings-$6,495$6,495
Compensation and Service Providers
Top Officer Pay12th percentile

Board Members and Trustees

NameTitle
KEVIN O'KEEFEPresident
Scott SchumakerDirector
Stacey SuzuiDirector
Daniel E WhiteSecretary
Barbara Lum LeeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,337,001
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$-422,226

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,337,001
Total Revenue per Audited Statements
$1,337,001
Total Revenue per Form 990
$1,337,001
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,759,227
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Occupancy$1,170,014--$1,170,014
Depreciation Depletion$559,803--$559,803
Fees for Services Accounting-$17,965-$17,965
Fees for Services Legal-$10,000-$10,000
Other Expenses$1,445--$1,445
Total Functional Expenses$1,731,262$27,965$0$1,759,227

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,759,227
Total Expenses per Audited Statements$1,759,227
Total Expenses per Form 990$1,759,227
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“A copy of the form 990 is provided to the board of directors for review prior to filing.”

Form 990, Page 6, Part VI, Line 12C

“To insure that the organization operates in a manner consistent with its charitable purposes and that it does not engage in activities that could jeopardize its status as an organization exempt from federal income tax, the organization shall conduct periodic reviews. The periodic reviews shall, at a minimum, including the following subjects: (1) whether compensation arrangements and benefits are reasonable and are the resutlt of arm's-length barganing. (2) whether provider services result in inurement or impermissible private benefit. (3) whether management arrangements conform to written policies, are properly recorded, reflect payments for goods and services, further the organization's charitable purposes, and do not result in inurement or impermissible private benefit. In conducting the periodic reviews, the organizaation may, but need not, use outside experts. If outside experts are used, their use shall not relieve the board of its responsibility for insuring that periodic reviews are conducted.”

Form 990, Page 6, Part VI, Line 19

“Copies are available in the business office upon request.”

Filing and Contact Details

Filer

Filer Name
Island Pacific Academy Foundation
EIN
26-4464340
Phone
8086743523
Address
909 HAUMEA STREET, KAPOLEI, HI 96707

Signing Officer

Name
Daniel E White
Title
Secretary
Phone
8086743523
Signed
2016-05-04
Discuss with paid preparer
Yes

Organization Details

Principal Officer
KEVIN O'KEEFE
Formed
2009
Legal Domicile
Hi
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
5

Preparer

Firm
Wikoff Combs & Co LLC
Address
1001 BISHOP ST STE 2760, HONOLULU, HI 96813-3486
Preparer
Catha Lee Combs
Phone
8087911414
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The foundation is formed exclusively for the benefit of, to perform the functions of, or to carry out the purposes of island pacific academy, inc., a hawaii non-profit corporation that has been recognized as tax exempt under 501(c)(3) of the internal revenue code and classified as an organization described in sections 509(a)(1) and 170(b)(1)(a)(ii) of the code.”

Financial Statement Notes

Schedule D, Page 3, Part X

“Management is required to ascertain the effect of uncertain tax positions to be recognized in the financial statements if they are more likely than not to fail upon regulatory examination. Management is not aware of any uncertain tax positions. Tax returns are open for examination by the taxing authorities until the statute of limitations (generally three years) expire.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0THE OFFICERS AND DIRECTORS OF THE ISLAND PACIFIC ACADEMY, INC. SHALL HAVE A SIGNIFICANT VOICE IN THE ORGANIZATION'S DETERMINATIONS WITH RESPECT TO THE ACTIVITIES AND USE OF THE ASSETS OF THE ORGANIZATION, INCLUDING THE USE BY OR FOR THE BENEFIT OF THE ACADEMY OF THE LAND, BUILDINGS AND OTHER FACILITIES OWNED OR ACQUIRED BY THE ORGANIZATION, THE FUNDRAISING EFFORTS OF THE ORGANIZATION, AND THE IMPLEMENTATION OF THE "SCHOOLS OF THE FUTURE- OR ANY SIMILAR PROGRAM.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1THE ORGANIZATION IS ORGANIZED AND OPERATED EXCLUSIVELY FOR CHARITABLE, SCIENTIFIC AND EDUCATIONAL PURPOSES AS A NONPROFIT ORGANIZATION, EXCLUSIVELY FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF OR TO CARRY OUT THE PURPOSES OF ISLAND PACIFIC ACADEMY, INC., WHICH IS AN ORGANIZATION DESCRIBED IN SECTIONS 501(C)(3), 509(A)(1) AND 170(B)(1)(A)(II) OF THE CODE. THE ORGANIZATION ACQUIRES AND HOLDS TITLE TO ALL LAND AND BUILDINGS USED OR TO BE USED BY THE ACADEMY, MAKES SUCH LAND AND BUILDINGS AVAILABLE FOR USE BY THE ACADEMY, ENGAGES IN FUNDRAISING ACTIVITIES FOR THE ACADEMY INCLUDING THE ESTABLISHMENT, OPERATION AND MAINTENANCE OF AN ENDOWMENT FUND FOR THE BENEFIT OF THE ACADEMY, AND OVERSEES THE IMPLEMENTATION OF A "SCHOOL OF THE FUTURE- AND OTHER PROGRAMS BY THE ACADEMY INCORPORATING THE LATEST EDUCATIONAL TECHNOLOGIES AND TECHNIQUES.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt2THE ORGANIZATION WAS ORIGINALLY FORMED EXCLUSIVELY FOR THE BENEFIT OF ISLAND PACIFIC ACADEMY, INC. IF THE ACADEMY DID NOT EXIST, THEN THERE WOULD BE NO FURTHER REASON FOR THE ORGANIZATION'S EXISTANCE EITHER.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT IS REQUIRED TO ASCERTAIN THE EFFECT OF UNCERTAIN TAX POSITIONS TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THEY ARE MORE LIKELY THAN NOT TO FAIL UPON REGULATORY EXAMINATION. MANAGEMENT IS NOT AWARE OF ANY UNCERTAIN TAX POSITIONS. TAX RETURNS ARE OPEN FOR EXAMINATION BY THE TAXING AUTHORITIES UNTIL THE STATUTE OF LIMITATIONS (GENERALLY THREE YEARS) EXPIRE.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE FOUNDATION IS FORMED EXCLUSIVELY FOR THE BENEFIT OF, TO PERFORM THE FUNCTIONS OF, OR TO CARRY OUT THE PURPOSES OF ISLAND PACIFIC ACADEMY, INC., A HAWAII NON-PROFIT CORPORATION THAT HAS BEEN RECOGNIZED AS TAX EXEMPT UNDER 501(C)(3) OF THE INTERNAL REVENUE CODE AND CLASSIFIED AS AN ORGANIZATION DESCRIBED IN SECTIONS 509(A)(1) AND 170(B)(1)(A)(II) OF THE CODE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A COPY OF THE FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2TO INSURE THAT THE ORGANIZATION OPERATES IN A MANNER CONSISTENT WITH ITS CHARITABLE PURPOSES AND THAT IT DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS STATUS AS AN ORGANIZATION EXEMPT FROM FEDERAL INCOME TAX, THE ORGANIZATION SHALL CONDUCT PERIODIC REVIEWS. THE PERIODIC REVIEWS SHALL, AT A MINIMUM, INCLUDING THE FOLLOWING SUBJECTS: (1) WHETHER COMPENSATION ARRANGEMENTS AND BENEFITS ARE REASONABLE AND ARE THE RESUTLT OF ARM'S-LENGTH BARGANING. (2) WHETHER PROVIDER SERVICES RESULT IN INUREMENT OR IMPERMISSIBLE PRIVATE BENEFIT. (3) WHETHER MANAGEMENT ARRANGEMENTS CONFORM TO WRITTEN POLICIES, ARE PROPERLY RECORDED, REFLECT PAYMENTS FOR GOODS AND SERVICES, FURTHER THE ORGANIZATION'S CHARITABLE PURPOSES, AND DO NOT RESULT IN INUREMENT OR IMPERMISSIBLE PRIVATE BENEFIT. IN CONDUCTING THE PERIODIC REVIEWS, THE ORGANIZAATION MAY, BUT NEED NOT, USE OUTSIDE EXPERTS. IF OUTSIDE EXPERTS ARE USED, THEIR USE SHALL NOT RELIEVE THE BOARD OF ITS RESPONSIBILITY FOR INSURING THAT PERIODIC REVIEWS ARE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3COPIES ARE AVAILABLE IN THE BUSINESS OFFICE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0KAPOLEI
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IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02016-08-17 19:52:53Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0DANIEL E WHITE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0SECRETARY
ReturnHeader/BusinessOfficerGrp/PhoneNum08086743523
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-05-04
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0ISLAND PACIFIC ACADEMY FOUNDATION
ReturnHeader/Filer/BusinessNameControlTxt0ISLA
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ReturnHeader/Filer/PhoneNum08086743523
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ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0WIKOFF COMBS & CO LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01001 BISHOP ST STE 2760
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0HONOLULU
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0HI
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0968133486
ReturnHeader/PreparerPersonGrp/PhoneNum08087911414
ReturnHeader/PreparerPersonGrp/PreparationDt02016-05-16
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0CATHA LEE COMBS
ReturnHeader/ReturnTs02016-05-16T19:54:42-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-07-01
ReturnHeader/TaxPeriodEndDt02015-06-30
ReturnHeader/TaxYr02014

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$24,904,814
Liabilities
$26,561,148
Net assets
-$1,656,334
Revenue
$1,337,001
Expenses
$1,759,227
Net income
-$422,226
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2016Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$4.06$2.40$1.66
2015Detailed filing. Detailed filing data is available for this year.$24.9$26.6$1.66$1.34$1.76$0.42
2014Detailed filing. Detailed filing data is available for this year.$24.8$26.0$1.23$1.43$1.74$0.31
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.0$25.9$0.92$1.76
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$25.5$26.2$0.70$1.79