Chaminade University of Honolulu

“Chaminade's members consist of the provincial of the marianist province of the united states, chaminade chair of board, the president of chaminade and the other members of the provincial council of the marianist province of the united states. The members have the authority to elect members of chaminade's governing body and approve significant decisions of the governing body, among other similar powers.”

“Members of chaminade have the authority to ratify nominees for the position of president of chaminade university of honolulu and to ratify nominees for the board of regents at any annual or special meeting of members noticed for the selection of regents.”

“Members of chaminade have the authority to: (a) approve the merger or consolidation of chaminade with another corporation or entity; (b) approve the sale, lease, exchange, or other disposition of all, or substantially all, of the assets of chaminade, other than in the usual and regular course of its business; (c) approve the partial or total dissolution of chaminade; (d) amend chaminade's articles of incorporation pursuant to the procedures set forth by statute; (e) ratify nominees for the position of president of chaminade university of honolulu; (f) ratify nominees for the board of regents of chaminade at any annual or special meeting of members noticed for the election of regents; and (g) remove a regent, with or without cause, at any annual or special meeting of the members noticed for the removal of the regents, provided, however any vacancies may be filled by the board of regents in accordance with the bylaws.”

“A draft of the 990 will be submitted to all members of the audit committee at their january 2025 meeting for review prior to finalization & filing. After the audit committee's approval, the 990 will be made available to the entire board prior to filing.”

“Each year, in july/august, the president's office emails the conflict of interest forms to each current member of the board of regents, hui alaka'i and hui haku (senior leadership council). Forms are then sent back to the president's office, who reviews the completed forms and tracks which forms may still be outstanding.”

“For the organization's president, the board negotiates the contract in conjunction with the university legal counsel. For other officers or key employees, compensation is negotiated by the president of the university who consults with the personnel office & compares compensation with peer institutions.”

“The organization's governing documents & conflict of interest policy are available to the public upon request. The organization's financial statements are available on the organization's website & upon request.”

“Questions 7g and 7h are not applicable to the exempt organization. As such, they have been marked no.”

“During the fiscal year ended june 30, 2012, chaminade university entered into a long-term power purchase agreement to purchase the energy generated by a solar electric generating facility. Management has recognized a capital lease for the estimated payments related to the system. Although for tax purposes the agreement would not fall under the definition of a capital lease, the power purchase agreement will be accounted for as a capital lease on the form 990 in keeping with the books and records of the organization. During the fiscal year ended june 30, 2015, an addendum was created to increase the size of the solar power system previously installed. The additional solar power installed under this addendum is an addition to the existing agreement and will follow all the rates and terms of the agreement.”

“Change in net assets of cuef 136,326. Rounding 19. Restatement of below market lease under asc 958 19,192,555.”

“The oversight & selection process has not changed from the prior year.”

“In march 2006, marianist center of hawaii (mch) leased land and certain buildings to chaminade university under a lease agreement. The lease requires annual rent of $1 and all taxes, assessments, and other charges applicable to the leased premises. It was determined that this $1 lease does not constitute meaningful consideration to be considered a lease for accounting purposes. Accounting for this $1 lease should follow the in-kind contribution guidance in asc 958-605-55-24, in which the university would recognize donor restricted contribution revenue and contribution receivable for the difference between fair rental value of the property and the stated amounts of lease payments. In accordance with asc 958, the university would record a net contribution receivable and donor-restricted contribution revenue for the present value of the future fair value of rent upon execution of this lease. As of july 1, 2022, net assets with donor restrictions and contribution receivable have been restated by approximately $19.7 million to correct the recognition of the mch below market lease in accordance with asc 958. For the year ended june 30, 2023, the change in net assets with donor restrictions decreased by approximately $582,000 as the result of the recognition of the release from the contribution receivable related to the 2023 lease rent. Net adjustment made to contribution receivable and net assets with donor restrictions is $19,192,555.”