Civic Intelligence

The Waterhouse Charitable Trust

990 • Fiscal year 2015 • EIN 99-6086871

Jul 01, 2014 to Jun 30, 2015 • Filed on May 13, 2016

Organization ProfileN/A
670 Queen Street Suite 200Honolulu, HI 96813

(808) 592-4800

Siviq Scores

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

Liabilities / Assets

2nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Liabilities / Revenue

2nd percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Net Margin

11th percentile

-13%

Higher net margin than 11% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Top Officer Pay

66th percentile

$319,514

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 15.0% of source-year revenue.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2015

Asset Growth

37th percentile

-0.8%

Faster asset growth than 37% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Revenue Growth

21st percentile

-7.4%

Faster revenue growth than 21% of similar nonprofits.

2015 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets2nd percentile

Assets

Down

$36,960,599

Down $304,290 (-0.8%) from 2014

Net Assets

Down

$36,960,599

Down $304,290 (-0.8%) from 2014

Liabilities

Flat

$0

Flat from 2014

Revenue And Expenses
Liabilities / Revenue2nd percentileNet Margin11th percentile

Revenue

Down

$2,123,617

Down $169,186 (-7.4%) from 2014

Expenses

Up

$2,397,461

Up $1,020,659 (+74%) from 2014

Net Income

Down

-$273,844

Down $1,189,845 (-130%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth37th percentile

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

$60M$40M$20M$0Assets 2010: $26,697,498Liabilities 2010: $0Net Assets 2010: $26,697,4982010Assets 2011: $36,207,925Liabilities 2011: $0Net Assets 2011: $36,207,9252011Assets 2012: $36,220,427Liabilities 2012: $0Net Assets 2012: $36,220,4272012Assets 2013: $36,277,997Liabilities 2013: $0Net Assets 2013: $36,277,9972013Assets 2014: $37,264,889Liabilities 2014: $0Net Assets 2014: $37,264,8892014Assets 2015: $36,960,599Liabilities 2015: $0Net Assets 2015: $36,960,5992015Assets 2016: $36,500,179Liabilities 2016: $230,000Net Assets 2016: $36,270,1792016Assets 2017: $36,707,680Liabilities 2017: $230,000Net Assets 2017: $36,477,6802017Assets 2018: $35,704,565Liabilities 2018: $130,000Net Assets 2018: $35,574,5652018Assets 2019: $35,820,174Liabilities 2019: $0Net Assets 2019: $35,820,1742019Assets 2020: $35,355,560Liabilities 2020: $0Net Assets 2020: $35,355,5602020Assets 2021: $48,837,759Liabilities 2021: $250,000Net Assets 2021: $48,587,7592021Assets 2022: $44,619,072Liabilities 2022: $0Net Assets 2022: $44,619,0722022Assets 2023: $41,584,902Liabilities 2023: $0Net Assets 2023: $41,584,9022023Assets 2024: $41,632,322Liabilities 2024: $0Net Assets 2024: $41,632,3222024

Highlighted filing

2015

Assets$36,960,599
Liabilities$0
Net Assets$36,960,599
Open 2015 Filing

Operations Trend

Revenue Growth21st percentile

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

$20M$15M$10M$5.0M$0-$5.0MExpenses 2010: $634,4792010Revenue 2011: $11,153,447Expenses 2011: $1,633,349Net Income 2011: $9,520,0982011Revenue 2012: $1,046,467Expenses 2012: $1,021,557Net Income 2012: $24,9102012Expenses 2013: $1,151,5062013Revenue 2014: $2,292,803Expenses 2014: $1,376,802Net Income 2014: $916,0012014Revenue 2015: $2,123,617Expenses 2015: $2,397,461Net Income 2015: -$273,8442015Revenue 2016: $1,687,473Expenses 2016: $2,346,399Net Income 2016: -$658,9262016Revenue 2017: $2,220,657Expenses 2017: $2,041,014Net Income 2017: $179,6432017Revenue 2018: $1,295,808Expenses 2018: $2,206,363Net Income 2018: -$910,5552018Revenue 2019: $2,581,658Expenses 2019: $2,353,863Net Income 2019: $227,7952019Revenue 2020: $2,337,865Expenses 2020: $2,809,222Net Income 2020: -$471,3572020Revenue 2021: $16,150,220Expenses 2021: $3,104,666Net Income 2021: $13,045,5542021Revenue 2022: $39,758Expenses 2022: $3,866,939Net Income 2022: -$3,827,1812022Revenue 2023: $350,901Expenses 2023: $3,696,001Net Income 2023: -$3,345,1002023Revenue 2024: $3,255,868Expenses 2024: $3,713,293Net Income 2024: -$457,4252024

Highlighted filing

2015

Revenue$2,123,617
Expenses$2,397,461
Net Income-$273,844
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
May 13, 2016
Return Version
2014v6.0
Gross Receipts
$2,879,617
Mission and Program Overview

Mission

To distribute amounts to certain charitable organizations

To distribute amounts to certain charitable organizations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cap Stk Tr Prin Current Funds$37,264,889$36,960,599▼ $304,290
Investments Other Securities$25,280,000$25,280,000→ $0
Land, Buildings, and Equipment, Net$9,750,336$9,609,362▼ $140,974
Investments in Publicly Traded Securities$1,877,681$1,883,009▲ $5,328
Savings and Temporary Cash Investments$356,766$188,291▼ $168,475
Prepaid Expenses and Deferred Charges$60$60→ $0
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Program Related$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Accounts Receivable$46$-123▼ $169
Total Assets$37,264,889$36,960,599▼ $304,290
Other Assets Total$0$0→ $0
Liabilities
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$0$0→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$37,264,889$36,960,599▼ $304,290
Total Liabilities and Net Assets / Fund Balance$37,264,889$36,960,599▼ $304,290

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$4,641,837$618,163$5,260,000
Land$4,740,000-$4,740,000
Leasehold Improvements$227,525$12,475$240,000
Closely Held Equity Interests$25,280,000--
Compensation and Service Providers
Top Officer Pay66th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Carrie JS WongCo TrusteePT$70,000$152,348$70,000
Stanley Y MukaiCo TrusteePT$70,000$249,514$70,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$1,401,880
Other Revenue
$721,737
Change in Net Assets
$-273,844
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,099,209
Other Expenses$158,252
Salaries, Compensation, and Employee Benefits$140,000
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,099,209--$2,099,209
Current Officers, Directors, Trustees, and Key Employees$25,000$115,000-$140,000
Fees for Services Legal$7,439$64,062-$71,501
Insurance-$21,406-$21,406
Fees for Service Investment Mgmnt Fees-$16,070-$16,070
Fees for Services Accounting-$15,279-$15,279
Fees for Services Other$0$6,445-$6,445
Travel$1,123--$1,123
Office Expenses$13$280-$293
Other Expenses$92$50-$142
Total Functional Expenses$2,135,376$262,085$0$2,397,461
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
University of Hawaii FoundationHonolulu, HI501(c)(3)Support School Football Program$729,000
Palama SettlementHonolulu, HI501(c)(3)Community-Based Social Services$700,372
Punahou SchoolHonolulu, HI501(c)(3)Support School Swimming Program$325,000
The Waialae Baptist ChurchHonolulu, HI501(c)(3)Support Church Lecture Series$286,000
New Mexico Military Institute FoundationRoswell, NM501(c)(3)Support School Scholarships$58,837
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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Backup withholding compliance
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
Yes
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
Yes
Filing and Contact Details

Filer

Filer Name
The Waterhouse Charitable Trust
EIN
99-6086871
In Care Of
% IRIS TAMAGUSUKU
Phone
8085924800
Address
670 Queen Street Suite 200, Honolulu, HI 96813

Signing Officer

Name
Stanley Y Mukai
Title
Co-Trustee
Phone
8085924800
Signed
2016-05-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Stanley Mukai Carrie Wong
Formed
2000
Legal Domicile
Hi
Voting Board Members
2
Independent Board Members
0
Employees
0
Volunteers
0

Preparer

Firm
Grant Thornton Llp
Address
101 CALIFORNIA STREET SUITE 2700, SAN FRANCISCO, CA 94111
Preparer
Christina Beckwith
Phone
4159863900
Supplemental Narrative

Additional Explanations

Delegation of Control over Management Duties

“Form 990, Part VI, Section A, Line 3: The Waterhouse Charitable Trust has a trust administrator services agreement with Waterhouse Inc., a wholly owned subsidiary of the Trust. The purpose of the agreement is to cost effectively outsource certain management and administrative services. The Trustees retain control of the organization's governance, policies, and all other matters necessary to accomplish the Trust's charitable purpose and preserve the tax-exempt independent nature of the organization.”

Contemporaneous Documentation - Committees

“Form 990, Part I, Section A, Line 8b: The organization does not have separate committees.”

Form 990 Review Process

“Form 990, Part VI, Section B, Line 11b: Copies of the Form 990 are provided to the Trust Administrator and Trustees, who review the Form 990 before filing. The Trustees, at their discretion, may have tax legal counsel also review the form 990 before filing.”

Monitoring and Enforcement of Conflict of Interest Policy

“Form 990, Part VI, Section B, Line 12c: The Trustees and Officers of the Trust Administrator (Waterhouse, Inc.) are required each year to disclose potential conflicts of themselves and family members. Disclosed potential conflicts are reviewed and addressed by the Trustees.”

Process for Determining Compensation of Organization'S Trustees

“Form 990, Part VI, Section B, Line 15a: Compensation for the Trustees was established by a compensation study prepared and documented by an independent compensation consultant.”

Documents Made Available to the Public

“Form 990, Part VI, Section C, Line 19: The organization makes copies of its tax documents available to the public as required. Its internal documents are not made available unless included as part of its tax filings.”

Oversight of Financial Statements

“Form 990, Part XII, Line 2c: The organization does not have a separate committee responsible for the oversight of the financial statements. The trust administrator is responsible for the oversight of the financial statements.”

Raw XML AppendixShowing 400 of 868 raw XML fields

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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IRS990/PrincipalOfficerNm0Stanley Mukai Carrie Wong
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IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/SupportedOrgVoiceInvestmentInd0true
IRS990ScheduleA/Form990SchAType3SprtOrgAllGrp/TimelyProvidedDocumentsInd0true
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0Carrie J. S. Wong is a Co-Trustee of the Waterhouse Charitable Trust and served on the Board of the Trust's supported organization, Palama Settlement ("Palama") until September 2015. Stanley Mukai, is also a Co-Trustee of the Waterhouse Charitable Trust and currently serves on the Palama board starting in September 2015. By means of this relationship, both Ms. Wong and Mr. Mukai have had regular face-to-face or telephonic meetings with representatives of Palama, and have had a "close continuous working relationship" with Palama. Mr. Mukai also has quarterly meetings with Palama's Executive Director and Board President, during which they discuss Palama's projected needs and ways in which Palama would like the Waterhouse Charitable Trust to use its income and invest its assets. Additionally, the Co-Trustees of the Waterhouse Charitable Trust communicate regularly with Palama its investments and plans for distribution from the Waterhouse Charitable Trust. The Co-Trustees of the Waterhouse Charitable Trust maintain discretion regarding the timing and amount of distributions, consistent with the Co-Trustee's fiduciary duties.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt1Of the $2,332,886 total distributions The Waterhouse Charitable Trust incurred for the June 30, 2015 fiscal year, $700,372 was sent to Palama Settlement, constituting 34.04% of The Waterhosue Charitable Trust's required distributable amount. Palama Settlement is "attentive" to the operations of The Waterhouse Charitable Trust, as the distribution to Palama represents at least 10% of Palama's total support based off the 2013 tax year (the tax year ending before the beginning of The Waterhouse Charitable Trust's tax year). Per Palama Settlement's 2013 Form 990, total revenues equaled $1,855,822. The Waterhouse Charitable Trust is "responsive" to the needs and demands of Palama Settlement in that Ms. Wong is a co-Trustee of The Waterhouse Charitable Trust, in addition to serving as a member of the Board of Directors for Palama Settlement. Additionally, Palama Settlement maintains a significant voice in The Waterhouse Charitable Trust, as outlined in the supplemental disclosure for Schedule A, Part IV, Section D, Line 3.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Schedule A, Part IV, Section D, Line 3:
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc1Schedule A, Part V, Section D, Line 8:
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IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyCashBalancesGrp/PriorYearAmt0356766
IRS990ScheduleA/MinimumAssetAmountGrp/AverageMonthlyFMVOfSecGrp/PriorYearAmt01150782
IRS990ScheduleA/MinimumAssetAmountGrp/CashDeemedCharitableGrp/PriorYearAmt0895125
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt1325000
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt3700372
IRS990ScheduleA/SupportedOrgInformationGrp/SupportAmt458837
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0THE WAIALAE BAPTIST CHURCH
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt1PUNAHOU SCHOOL
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt2UNIVERSITY OF HAWAII FOUNDATION
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt3PALAMA SETTLEMENT
IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt4NEW MEXICO MILITARY INSTITUTE FOUNDATION
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IRS990ScheduleD/TotalBookValueSecuritiesAmt025280000
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IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(c)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc1501(c)(3)

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
$36,960,599
Liabilities
$0
Net assets
$36,960,599
Revenue
$2,123,617
Expenses
$2,397,461
Net income
-$273,844
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$41.6$0.00$41.6$3.26$3.71$0.46
2023Detailed filing. Detailed filing data is available for this year.$41.6$0.00$41.6$0.35$3.70$3.35
2022Detailed filing. Detailed filing data is available for this year.$44.6$0.00$44.6$0.04$3.87$3.83
2021Detailed filing. Detailed filing data is available for this year.$48.8$0.25$48.6$16.2$3.10$13.0
2020Detailed filing. Detailed filing data is available for this year.$35.4$0.00$35.4$2.34$2.81$0.47
2019Detailed filing. Detailed filing data is available for this year.$35.8$0.00$35.8$2.58$2.35$0.23
2018Detailed filing. Detailed filing data is available for this year.$35.7$0.13$35.6$1.30$2.21$0.91
2017Detailed filing. Detailed filing data is available for this year.$36.7$0.23$36.5$2.22$2.04$0.18
2016Detailed filing. Detailed filing data is available for this year.$36.5$0.23$36.3$1.69$2.35$0.66
2015Detailed filing. Detailed filing data is available for this year.$37.0$0.00$37.0$2.12$2.40$0.27
2014Detailed filing. Detailed filing data is available for this year.$37.3$0.00$37.3$2.29$1.38$0.92
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$36.3$0.00$36.3$1.15
2012Summary only. Only limited summary data is available for this year.$36.2$0.00$36.2$1.05$1.02$0.02
2011Summary only. Only limited summary data is available for this year.$36.2$0.00$36.2$11.2$1.63$9.52
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.7$0.00$26.7$0.63