Civic Intelligence

MID-Pacific Institute

990 • Fiscal year 2017 • EIN 99-0073514

Aug 01, 2016 to Jul 31, 2017 • Filed on May 29, 2018

2445 Kaala StreetHonolulu, HI 96822

(808) 973-5000

Siviq Scores

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

Liabilities / Assets

56th percentile

0.35x

Higher debt load relative to assets than 56% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Liabilities / Revenue

66th percentile

0.72x

Higher debt load relative to revenue than 66% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Net Margin

59th percentile

6.0%

Higher net margin than 59% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Top Officer Pay

49th percentile

$338,375

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 0.8% of source-year revenue.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Source year 2017

Asset Growth

43rd percentile

4.1%

Faster asset growth than 43% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Revenue Growth

56th percentile

6.9%

Faster revenue growth than 56% of similar nonprofits.

2017 filings • 501(c)3 • $50M-$100M nonprofits • Annualized from 2016 to 2017

Assets

Up

$86,999,424

Up $3,413,521 (+4.1%) from 2016

Net Assets

Up

$56,413,600

Up $3,565,302 (+6.7%) from 2016

Liabilities

Down

$30,585,824

Down $151,781 (-0.5%) from 2016

Revenue

Up

$42,344,902

Up $2,750,758 (+6.9%) from 2016

Expenses

Up

$39,824,871

Up $1,855,684 (+4.9%) from 2016

Net Income

Up

$2,520,031

Up $895,074 (+55%) from 2016

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $72,685,800Liabilities 2010: $30,038,433Net Assets 2010: $42,647,3672010Assets 2011: $73,353,729Liabilities 2011: $29,642,296Net Assets 2011: $43,711,4332011Assets 2012: $75,110,291Liabilities 2012: $30,731,564Net Assets 2012: $44,378,7272012Assets 2013: $75,888,366Liabilities 2013: $29,338,016Net Assets 2013: $46,550,3502013Assets 2014: $80,423,766Liabilities 2014: $31,429,378Net Assets 2014: $48,994,3882014Assets 2015: $85,947,569Liabilities 2015: $34,412,202Net Assets 2015: $51,535,3672015Assets 2016: $83,585,903Liabilities 2016: $30,737,605Net Assets 2016: $52,848,2982016Assets 2017: $86,999,424Liabilities 2017: $30,585,824Net Assets 2017: $56,413,6002017Assets 2018: $88,454,151Liabilities 2018: $29,104,084Net Assets 2018: $59,350,0672018Assets 2019: $93,547,803Liabilities 2019: $30,403,450Net Assets 2019: $63,144,3532019Assets 2020: $97,081,468Liabilities 2020: $33,213,215Net Assets 2020: $63,868,2532020Assets 2021: $101,803,937Liabilities 2021: $34,044,524Net Assets 2021: $67,759,4132021Assets 2022: $120,126,925Liabilities 2022: $29,038,974Net Assets 2022: $91,087,9512022Assets 2023: $123,083,129Liabilities 2023: $27,459,507Net Assets 2023: $95,623,6222023Assets 2024: $128,580,974Liabilities 2024: $26,730,597Net Assets 2024: $101,850,3772024

Highlighted filing

2017

Assets$86,999,424
Liabilities$30,585,824
Net Assets$56,413,600

Operations Trend

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

$80M$60M$40M$20M$0-$20MExpenses 2010: $27,674,7552010Revenue 2011: $29,974,332Expenses 2011: $29,576,118Net Income 2011: $398,2142011Expenses 2012: $31,253,8462012Expenses 2013: $31,955,2242013Revenue 2014: $34,721,916Expenses 2014: $32,986,609Net Income 2014: $1,735,3072014Revenue 2015: $38,822,286Expenses 2015: $35,346,067Net Income 2015: $3,476,2192015Revenue 2016: $39,594,144Expenses 2016: $37,969,187Net Income 2016: $1,624,9572016Revenue 2017: $42,344,902Expenses 2017: $39,824,871Net Income 2017: $2,520,0312017Revenue 2018: $43,890,924Expenses 2018: $41,397,763Net Income 2018: $2,493,1612018Revenue 2019: $45,440,560Expenses 2019: $43,092,665Net Income 2019: $2,347,8952019Revenue 2020: $44,415,436Expenses 2020: $44,571,935Net Income 2020: -$156,4992020Revenue 2021: $45,053,597Expenses 2021: $43,370,030Net Income 2021: $1,683,5672021Revenue 2022: $68,250,844Expenses 2022: $41,870,464Net Income 2022: $26,380,3802022Revenue 2023: $56,808,456Expenses 2023: $44,009,698Net Income 2023: $12,798,7582023Revenue 2024: $51,101,065Expenses 2024: $46,621,071Net Income 2024: $4,479,9942024

Highlighted filing

2017

Revenue$42,344,902
Expenses$39,824,871
Net Income$2,520,031
Jump To
Filing Snapshot
Filing Period
Aug 1, 2016 to Jul 31, 2017
Signed
May 29, 2018
Return Version
2016v3.0
Gross Receipts
$46,100,964
Mission and Program Overview

Mission

To create a place of belonging that cultivates compassionate, world-ready learners who make a positive impact through purpose-driven passions and creativity, rooted in our christian heritage.

To prepare the students for higher education and life in a constantly changing world.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$50,121,178$49,950,114▼ $171,064
Investments Other Securities$15,584,327$17,871,733▲ $2,287,406
Savings and Temporary Cash Investments$12,246,070$13,661,658▲ $1,415,588
Cash and Non-Interest-Bearing Accounts$3,032,710$3,043,815▲ $11,105
Prepaid Expenses and Deferred Charges$1,374,794$1,524,496▲ $149,702
Pledges and Grants Receivable$1,113,354$832,147▼ $281,207
Inventories for Sale or Use$74,419$80,943▲ $6,524
Accounts Receivable$39,051$34,518▼ $4,533
Total Assets$83,585,903$86,999,424▲ $3,413,521
Liabilities
Deferred Revenue$14,403,973$15,054,642▲ $650,669
Tax Exempt Bond Liabilities$11,616,920$11,279,651▼ $337,269
Accounts Payable and Accrued Expenses$2,976,655$2,581,412▼ $395,243
Other Liabilities$1,160,824$1,373,349▲ $212,525
Mortgage Notes Payable Secured by Investment Property$579,233$296,770▼ $282,463
Total Liabilities$30,737,605$30,585,824▼ $151,781
Net Assets / Fund Balance
Unrestricted Net Assets$45,265,992$47,041,361▲ $1,775,369
Permanently Rstr Net Assets$6,450,037$7,865,229▲ $1,415,192
Temporarily Rstr Net Assets$1,132,269$1,507,010▲ $374,741
Total Net Assets Fund Balance$52,848,298$56,413,600▲ $3,565,302
Total Liabilities and Net Assets / Fund Balance$83,585,903$86,999,424▲ $3,413,521

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$37,690,538$27,413,244-
Other Land Buildings$1,002,826$1,439,324-
Land$8,973,957--
Equipment$2,282,793$8,008,106-
Other Securities$2,279,031--

Endowment Activity

PeriodBeginningContrib.Gain/LossOther UsesEnd
2016$10,441,892$1,479,778▲ $1,199,068-$13,064,537
2015$10,207,876$461,470▼ $62,559-$10,441,892
2014$11,920,079$232,392▲ $104,048-$10,207,876
2013$10,974,723$312,821▲ $855,000-$11,920,079
2012$11,087,030$543,689▲ $176,710-$10,974,723
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Dr Paul TurnbullPresidentFT$239,183$90,090$329,273
Patrick GarveyVP for Operations and Chief Financial OfficerFT$214,994$38,501$253,495
Patrick GarveyVP for Operations and Chief Financia-$186,607$60,767$247,374
Thomas E McmanusHigh School PrincipalFT$161,351$84,070$245,421
Edna HusseyElementary School PrincipalFT$148,186$53,202$201,388
Scott SiegfriedVP for External Affairs and Enrollment ManagementFT$139,087$58,412$197,499
Scott SiegfriedVP for External Affairs and Enrollme-$138,187$52,711$190,898
Dr Dwayne PriesterMiddle School PrincipalFT$143,710$36,719$180,429
Gary CordovaVP for Instituitional AdvancemenatFT$139,246$37,675$176,921
Lorraine MatsuzakiControllerFT$105,475$62,889$168,364
Brian M DoteChief Innovation OfficerFT$120,331$40,621$160,952
Scott WagnerAthletic DirectorFT$94,824$59,905$154,729
Gareth RussellAssistant Principal for AcademicsFT$129,786$20,186$149,972
Aki FayeTeacherFT$119,908$19,412$139,320

Board Members and Trustees

NameTitle
Susanne MillardChair
Dennis IsonoVice Chair
Bert KobayashiHonorary Trustee
Donald HornerHonorary Trustee
Donald KimHonorary Trustee
Emily FujiiHonorary Trustee
Frank DamonHonorary Trustee
Frank WataseHonorary Trustee
Joe RiceHonorary Trustee
Sandra HartleyHonorary Trustee
Christopher DodsTrustee
David B ErdmanTrustee
Dr Garrett T HayashiTrustee
G Marcus PolivkaTrustee
Gary T OkamotoTrustee
George BuckTrustee
James KometaniTrustee
Karl H FujiiTrustee
Kimberly DeyTrustee
Lesley L KaneshiroTrustee
Michael WoodTrustee
Patrick K KobayashiTrustee
Peter IngramTrustee
Raymond Vara JrTrustee
Reverend Dr Charles BuckTrustee
Roberta KamedaTrustee
Ronald YaraTrustee
Scott YoshiharaTrustee
Sidney HamadaTrustee
Steven TeruyaTrustee
Peter StarnAssistant Secretary
Keith OgataAssistant Treasurer
Dickson Lee EsquireSecretary
Norman ChongTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Mrc Roofing LLCRoof ReplacementPO BOX 17947, Honolulu, HI 96817$851,243
Maryl Group Construction INCConstruction55 MERCHANT STREET SUITE 2000, Honolulu, HI 96813$413,808
Jayar Construction INCDemo, Excavation, Grading For Paving1176 SAND ISLAND PARKWAY, Honolulu, HI 96819$205,713
Edward Enterprises INCPrinting And Mailing Services, IncludingPO BOX 30468, Honolulu, HI 96820$204,198
Kelly Services INCSubstitute TeachersPO BOX 31001-0422, Pasadena, CA 91110$160,719
Revenue and Support

Revenue Composition

Contributions and Grants
$3,137,529
Program Service Revenue
$38,369,119
Investment Income
$292,837
Other Revenue
$545,417
All Other Contributions
$3,108,814
Change in Net Assets
$2,520,031

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
Yes
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Securities Publicly Traded128$1,219,439Fair Market Value (FMV) at Date of Donation
Total Noncash Contributions128$1,219,439-

Audited Revenue Reconciliation

Revenue per Audited Statements
$42,559,263
Revenue Not Reported on Financial Statements
$-214,361
Revenue Not Reported on Form 990
$-2,639,095
Other Revenue Adjustments
$-214,361
Total Revenue per Audited Statements
$39,920,168
Total Revenue per Form 990
$42,344,902
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$24,237,916
Other Expenses$9,826,782
Grants and Similar Amounts Paid$5,744,047
Total Fundraising Expense$1,044,499
Professional Fundraising Fees$16,126

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$13,518,688$3,349,512$346,107$17,214,307
Grants to Domestic Individuals$5,744,047--$5,744,047
Depreciation Depletion$2,700,969$99,102-$2,800,071
Other Employee Benefits$2,166,147$536,704$70,096$2,772,947
Current Officers, Directors, Trustees, and Key Employees$669,836$558,767$386,276$1,614,879
All Other Expenses$1,152,034$362,793$19,861$1,534,688
Payroll Taxes$1,055,029$261,403$34,140$1,350,572
Occupancy$1,310,122$2,100-$1,312,222
Pension Plan Contributions$1,003,970$248,753$32,488$1,285,211
Interest$8,286$581,993-$590,279
Office Expenses$200,369$256,522$53,524$510,415
Information Technology$344,970$34,352$4,111$383,433
Travel$187,777$60,772$15,310$263,859
Insurance$196,635$63,727-$260,362
Fees for Services Other$163,307$35,833-$199,140
Other Expenses$172,910$2,221$34,658$175,131
Conferences and Meetings$83,373$34,433$2,380$120,186
Advertising$96,516--$96,516
Fees for Services Accounting-$70,134-$70,134
Fees for Services Legal-$59,372-$59,372
Fees for Service Investment Mgmnt Fees-$52,656-$52,656
Fees for Services Professional Fundraising--$16,126$16,126
Royalties$4,278--$4,278
Total Functional Expenses$31,475,135$7,305,237$1,044,499$39,824,871

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$39,824,871
Total Expenses per Audited Statements$36,354,866
Expenses per Audited Statements$36,113,805
Expenses Not Reported on Financial Statements$3,711,066
Other Expense Adjustments$3,711,066
Expenses Not Reported on Form 990$241,061
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$159,552
Fundraising Direct Expenses$113,258
Professional Fundraising Fees$16,126

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Mpiaa Golf Tournament$112,862$111,942$20,094$91,848
Mpiaa Chicken$63,555$47,610$41,009$6,601
Total Events$176,417$159,552$113,258$46,294
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Leslie Turnbull Ambassador - Mid-pFamily Member of OfficerCompensation for Employment - Develops And/or Enhances Relationships With Those That Are Currently or May Potentially Support Mid-pacific in Conjunction With External Affairs and Institutional Advancement Departments.No$48,000
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Capital Lease Obligations$822,411
Deposits Held for Others$550,938

Bond Issues

BondIssuerIssuedIssue PricePurpose
ADept of Budget & Finance of the State of Hawaii2006-03-22$15,085,847SEE PART VI

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$15,085,847-$370,000-

Bond Financing Compliance

No rebate due
Yes
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
Yes
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
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, Part VI, Section B, Line 11B

Board members are provided a copy of the tax return for their review prior to filing.

Form 990, Part VI, Section B, Line 12C

Transactions with mid-pacific institute by officers, directors, trustees and key employees, where there is a financial interest that may be an actual or possible conflict of interest are disclosed annually and when the transactions or arrangements are proposed. All material facts of the transactions are given to the board committees delegated oversight powers to consider the proposed transaction or arrangement. The committee will determine whether the transaction is in mid-pacific institute's best interest, and whether it is fair and reasonable or whether a more advantageous arrangement, not producing a conflict of interest is possible. If there is reasonable cause to believe an officer, director, trustee or key employee has failed to disclose an actual or possible conflict of interest that person shall be informed of the basis of such belief and shall be afforded an opportunity to explain the alleged failure to disclose. After hearing the response and after further investigation as warranted, if the over sight committee determines there has been a failure to disclose an actual or possible conflict of interest the appropriate disciplinary and corrective action will be taken.

Form 990, Part VI, Section B, Line 15

An analysis is prepared by the cfo of salaries of comparable schools in hawaii and the western united states from information obtained from the national association of independent schools and guide star forms 990. If required, additional salary information is obtained from the hawaii association of independent schools. The analysis is given to the board of trustees for review to approve of annual salary levels for appropriate positions. The president's salary is determined by board of trustees.

Form 990, Part VI, Section C, Line 19

Mid-pacific institute makes its governing documents, conflict of interest policy, and/or financial statements available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Mid-pacific Institute
EIN
99-0073514
Phone
8089735000
Address
2445 KAALA STREET, HONOLULU, HI 96822

Signing Officer

Name
Patrick Garvey
Title
Chief Financial Officer
Phone
8089735000
Signed
2018-05-29
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Patrick Garvey
Formed
1908
Legal Domicile
Hi
Voting Board Members
26
Independent Board Members
26
Employees
514
Volunteers
1,200

Preparer

Firm
Kmh Llp
Address
1003 BISHOP STREET SUITE 2400, HONOLULU, HI 96813
Preparer
Alan Ml Yee
Phone
8085262255
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

Interest expense annuity included on financial statements, but not on 990 -26,700.

Financial Statement Notes

PART V, LINE 4:

A portion of the endowment funds are for student scholarships and awards. A portion is at the discretion of administration and/or the board for general operations or other purposes.

PART X, LINE 2:

In evaluating a tax position for recognition, the school and the association judgmentally evaluate whether it is more-likely-than-not that a tax position will be sustained upon examination, including resolution of related appeals or litigation processes, based on the technical merits of the position. If the tax position meets the more-likely-than-not recognition threshold, the tax position is measured and recognized in the consolidated financial statements as the largest amount of tax benefit that, in management's judgment, is greater than 50% likely of being realized upon ultimate settlement. The school and the association file information returns in the united states (u.s.) federal jurisdiction. There are no significant tax liabilities for income tax associated with unrecognized tax benefits as of july 31, 2017 and 2016. It is the school and association's policy to recognize interest accrued and penalties related to underpayment of income taxes in administrative expense.

PART XI, LINE 2D - OTHER ADJUSTMENTS:

Bank fees incl in school endow gain/loss-other income -29,999. Bad debt exp incl in school endow-other income 1,600. Financial aid grants & awards -3,682,667.

PART XI, LINE 4B - OTHER ADJUSTMENTS:

Interest expense annuity 26,700. Bookstore cogs -34,672. Rental expense -206,389.

PART XII, LINE 2D - OTHER ADJUSTMENTS:

Bookstore cogs 34,672. Rental expense 206,389.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Financial aid grants & awards 3,682,667. Bank fees incl in school endow gain/loss-other income 29,999. Bad debt exp incl in school endow-other income -1,600.

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IRS990/Desc0MID-PACIFIC, ONE OF HAWAII'S MOST DYNAMIC AND FORWARD-THINKING EDUCATIONAL INSTITUTIONS, CONTINUES TO SET THE BAR AS A RIGOROUS, COEDUCATIONAL, COLLEGE PREPARATORY DAY SCHOOL FOR PRESCHOOL, KINDERGARTEN AND GRADES 1-12. CONSISTENTLY, MID-PACIFIC IS RECOGNIZED AS AN INNOVATOR OF EDUCATIONAL, TECHNOLOGICAL AND ARTISTIC PROGRAMS THAT DEVELOP ENLIGHTENED LEARNERS AND LEADERS. IT, TOO, IS COMMITTED TO PROVIDING A LEARNING ENVIRONMENT WHERE STUDENTS REACH THEIR FULL POTENTIAL ACADEMICALLY, ARTISTICALLY, SOCIALLY, PHYSICALLY AND SPIRITUALLY. MID-PACIFIC IS HOME TO 1,500 STUDENTS, 7% OF WHICH ARE FROM FOREIGN COUNTRIES, AND THIS INTERNATIONALISM PROMOTES AN UNDERSTANDING AND RESPECT FOR DIVERSITY THAT IS ESSENTIAL IN THE GLOBAL COMMUNITY. MID-PACIFIC INSTITUTE WAS THE FIRST SCHOOL IN HAWAII TO OFFER AN ACCREDITED, PRE-PROFESSIONAL ARTS TRAINING PROGRAM AS A COMPLEMENT TO ITS COLLEGE-PREPARATORY CURRICULUM, AS WELL AS THE FIRST SCHOOL IN THE STATE TO OFFER THE INTERNATIONAL BACCALAUREATE DIPLOMA PROGRAM.
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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$129$26.7$102$51.1$46.6$4.48
2023Detailed filing. Detailed filing data is available for this year.$123$27.5$95.6$56.8$44.0$12.8
2022Detailed filing. Detailed filing data is available for this year.$120$29.0$91.1$68.3$41.9$26.4
2021Detailed filing. Detailed filing data is available for this year.$102$34.0$67.8$45.1$43.4$1.68
2020Detailed filing. Detailed filing data is available for this year.$97.1$33.2$63.9$44.4$44.6$0.16
2019Detailed filing. Detailed filing data is available for this year.$93.5$30.4$63.1$45.4$43.1$2.35
2018Detailed filing. Detailed filing data is available for this year.$88.5$29.1$59.4$43.9$41.4$2.49
2017Detailed filing. Detailed filing data is available for this year.$87.0$30.6$56.4$42.3$39.8$2.52
2016Detailed filing. Detailed filing data is available for this year.$83.6$30.7$52.8$39.6$38.0$1.62
2015Detailed filing. Detailed filing data is available for this year.$85.9$34.4$51.5$38.8$35.3$3.48
2014Detailed filing. Detailed filing data is available for this year.$80.4$31.4$49.0$34.7$33.0$1.74
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$75.9$29.3$46.6$32.0
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$75.1$30.7$44.4$31.3
2011Summary only. Only limited summary data is available for this year.$73.4$29.6$43.7$30.0$29.6$0.40
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$72.7$30.0$42.6$27.7