Hawaii Carpenters Vacation & Holiday Fund

“The Board of Trustees consists of employees of contributing employers and the Union who are compenstated by these entities for services they provide as employees of their respective employer. As these entities are considered related entities, these members are not considered independent Trustees.”

“Management control is retained by the Board of Trustees. Administrative duties have been contracted to a third party administrator, Hawaii Benefit Administrators, Inc.”

“The Governing board is appointed by the Hawaii Regional Council of Carpenters, the General Contractors Labor Association, and/or the Building Industry Labor Association.The Board of Trustees is composed of ten Trustees, five of whom are Union" Trustees and five of whom are "Contractor" Trustees. The Union" Trustees are appointed by the Hawaii Regional Council of Carpenters. The "Contractor" Trustees are appointed by the General Contractors Labor Association and/or the Building Industry Labor Association. In addition, alternate union and contractor trustees may be appointed to serve when a trustee is not available. The alternate trustees do not have voting rights unless they are filling the role of a voting trustee.”

“There are no committees with the authority to act on behalf of the Board.”

“Form 990 is reviewed with the tax preparer by the two co-chairs of the Board of Trustees prior to filing.”

“The organization's governing documents and financial statements are available for inspection upon request.”

“Trustees of the Trust are employees of contributing employers that are considered related organizations under the definitions in Schedule R. The related organizations are for-profit organizations, are not owned or controlled, directly or indirectly, by the organization or one or more related tax-exempt organizations, and do not provide management services for a fee to the organization. As such compensation paid by related organizations is not shown under the volunteer exception.”

“The Organization participates in a Collective Bargained Multi Employer Plan, a defined benefit plan,due to the size and varied participants in this plan the actuarial value is not calculated on a per employee basis. No amount is included in column F for a reasonable estimate of the increase in actuarial value.”

“The Organization uses the modified cash basis of accounting.”