TY 2020 Form 990PF

- TIN:

Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation

or Section 4947(a)(1) Trust Treated as Private Foundation

Do not enter social security numbers on this form as it may be made public.
bullet

Go to www.irs.gov/Form990PF for instructions and the latest information.

OMB No. 1545-0052

2020

Open to Public Inspection

For calendar year 2020, or tax year beginning 05-01-2020 , and ending 04-30-2021

Name of foundation
THE LAURENCE H DORCY HAWAIIAN FOUNDATION

Number and street (or P.O. box number if mail is not delivered to street address)81 SEVENTH STREET EAST SUITE 125
Room/suite

City or town, state or province, country, and ZIP or foreign postal code
ST PAUL, MN55101

A Employer identification number

46-2117762

B Telephone number (see instructions)

(651) 440-5068

C If exemption application is pending, check here bullet

G Check all that apply: Initial returnInitial return of a former public charity
Final returnAmended return
Address change Name change

D 1. Foreign organizations, check here............. bullet

2. Foreign organizations meeting the 85%
test, check here and attach computation ... bullet

E If private foundation status was terminated
under section 507(b)(1)(A), check here ....... bullet

H Check type of organization: Section 501(c)(3) exempt private foundation
Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation

F If the foundation is in a 60-month termination
under section 507(b)(1)(B), check here ....... bullet

I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16) bullet

$28,893,121J Accounting method: Cash Accrual
Other (specify)
(Part I, column (d) must be on cash basis.)

	Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).)	(a) Revenue and expenses per books		(b) Net investment income	(c) Adjusted net income	(d) Disbursements for charitable purposes (cash basis only)


1	Contributions, gifts, grants, etc., received (attach schedule)
2	Check .............
3	Interest on savings and temporary cash investments
4	Dividends and interest from securities...	450,529		450,029
5a	Gross rents............
b	Net rental income or (loss)
6a	Net gain or (loss) from sale of assets not on line 10		21,468
b	Gross sales price for all assets on line 6a 2,635,697
7	Capital gain net income (from Part IV, line 2)...			21,468
8	Net short-term capital gain.........				0
9	Income modifications...........
10a	Gross sales less returns and allowances
b	Less: Cost of goods sold....
c	Gross profit or (loss) (attach schedule).....
11	Other income (attach schedule).......
12	Total. Add lines 1 through 11........	471,997		471,497
13	Compensation of officers, directors, trustees, etc.
14	Other employee salaries and wages......	26,453		0	0	26,453
15	Pension plans, employee benefits.......			0	0
16a	Legal fees (attach schedule).........					0
b	Accounting fees (attach schedule).......		2,500	0	0	2,500
c	Other professional fees (attach schedule)....		107,542	86,034		21,508
17	Interest...............					0
18	Taxes (attach schedule) (see instructions)...		13,743	4,327		0
19	Depreciation (attach schedule) and depletion...		0	0
20	Occupancy..............
21	Travel, conferences, and meetings.......			0	0
22	Printing and publications..........	554		0	0	554
23	Other expenses (attach schedule).......		8,671			8,671
24	Total operating and administrative expenses.
	Add lines 13 through 23..........	159,463		90,361	0	59,686
25	Contributions, gifts, grants paid.......	1,164,500				1,164,500
26	Total expenses and disbursements. Add lines 24 and 25	1,323,963		90,361	0	1,224,186
27	Subtract line 26 from line 12:
a	Excess of revenue over expenses and disbursements	-851,966
b	Net investment income (if negative, enter -0-)			381,136
c	Adjusted net income (if negative, enter -0-)...				0

For Paperwork Reduction Act Notice, see instructions.

Cat. No. 11289X Form 990-PF (2020)

Form 990-PF (2020)

Page 2

Part II		Balance Sheets	Beginning of year	End of year
Part II		Balance Sheets	(a) Book Value	(b) Book Value	(c) Fair Market Value
	1	Cash—non-interest-bearing.............	2,291	1,903	1,903
	2	Savings and temporary cash investments.........	435,729	818,897	818,897
	3	Accounts receivable
		Less: allowance for doubtful accounts		0	0
	4	Pledges receivable
		Less: allowance for doubtful accounts
	5	Grants receivable.................
	6	Receivables due from officers, directors, trustees, and other
		disqualified persons (attach schedule) (see instructions).....
	7	Other notes and loans receivable (attach schedule)
		Less: allowance for doubtful accounts 0
	8	Inventories for sale or use..............
	9	Prepaid expenses and deferred charges..........
	10a	Investments—U.S. and state government obligations (attach schedule)
	b	Investments—corporate stock (attach schedule).......	10,942,473	10,069,842	22,675,705
	c	Investments—corporate bonds (attach schedule).......	5,243,194	5,166,790	5,396,616
	11	Investments—land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	12	Investments—mortgage loans.............
	13	Investments—other (attach schedule)..........			0
	14	Land, buildings, and equipment: basis
		Less: accumulated depreciation (attach schedule)
	15	Other assets (describe )
	16	Total assets (to be completed by all filers—see the
		instructions. Also, see page 1, item I)	16,623,687	16,057,432	28,893,121
	17	Accounts payable and accrued expenses..........
	18	Grants payable.................
	19	Deferred revenue.................
	20	Loans from officers, directors, trustees, and other disqualified persons
	21	Mortgages and other notes payable (attach schedule)......
	22	Other liabilities (describe )
	23	Total liabilities (add lines 17 through 22).........		0
		Foundations that follow FASB ASC 958, check here
		and complete lines 24, 25, 29 and 30.
	24	Net assets without donor restrictions...........
	25	Net assets with donor restrictions............
		Foundations that do not follow FASB ASC 958, check here
		and complete lines 26 through 30.
	26	Capital stock, trust principal, or current funds........	16,623,687	16,057,432
	27	Paid-in or capital surplus, or land, bldg., and equipment fund
	28	Retained earnings, accumulated income, endowment, or other funds
	29	Total net assets or fund balances (see instructions).....	16,623,687	16,057,432
	30	Total liabilities and net assets/fund balances (see instructions).	16,623,687	16,057,432

Part III

Analysis of Changes in Net Assets or Fund Balances

Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............

16,623,687

Enter amount from Part I, line 27a .....................

-851,966

Other increases not included in line 2 (itemize) bullet

302,997

Add lines 1, 2, and 3 ..........................

16,074,718

Decreases not included in line 2 (itemize) bullet

17,286

Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .

16,057,432

Form 990-PF (2020)

Page 3

Part IV

Capital Gains and Losses for Tax on Investment Income

(a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.)		(b) How acquired P—Purchase D—Donation	(c) Date acquired (mo., day, yr.)	(d) Date sold (mo., day, yr.)
1 a	500000. COMCAST CORP 1.625% 1/15/22		2016-07-15	2020-06-19
b	1. WELLS FARGO & CO NEW		2020-10-02	2020-10-02
c	12150. MYLAN NV		2018-03-22	2020-11-17
d	.3506 VIATRIS INC		2018-03-22	2020-11-30
e	84. AMAZON COM INC COM			2020-12-11
	1575. AMERICAN CAMPUS COMMUNITIES		2016-09-07	2020-12-11
	70. BOOKING HOLDINGS INC			2020-12-11
	8830. CANADIAN NATURAL RESOURCES LTD			2020-12-11
	3270. DELTA AIR LINES INC			2020-12-11
	889. MICROSOFT CORP		2016-10-17	2020-12-11
	3875. PARSLEY ENERGY INC-CLASS A			2020-12-11
	319. UNITEDHEALTH GROUP INC COM			2020-12-11
	2339. BRISTOL MYERS SQUIBB RT 3/31/21		1911-11-11	2021-01-19
	250000. UNITEDHEALTH GROUP 2.125% 3/15/21		2016-03-08	2021-03-15
	500000. AMERICAN EXPRESS MTN 2.250% 5/05/21		2016-07-15	2021-04-05
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P
	CAPITAL GAIN DIVIDENDS	P

(e) Gross sales price		(g) Cost or other basis plus expense of sale	(h) Gain or (loss) (e) plus (f) minus (g)
a	509,852	509,852
b	517		517
c	191,423	492,465	-301,042
d	6	14	-8
e	261,460	69,213	192,247
	67,362	78,857	-11,495
	146,054	94,162	51,892
	220,456	256,829	-36,373
	136,176	157,792	-21,616
	189,146	50,931	138,215
	55,702	101,835	-46,133
	107,122	48,004	59,118
		4,982	-4,982
	250,000	249,293	707
	500,000	500,000
			421
			421
			421
			421
			421
			421
			421
			421
			421
			421
			421
			421
			421
			421
			421

Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69			(l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col.(h))
(i) F.M.V. as of 12/31/69	(j) Adjusted basis as of 12/31/69	(k) Excess of col. (i) over col. (j), if any
a
b			517
c			-301,042
d			-8
e			192,247
			-11,495
			51,892
			-36,373
			-21,616
			138,215
			-46,133
			59,118
			-4,982
			707

2	Capital gain net income or (net capital loss)	If gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7	2	21,468
3	Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
	If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0- in Part I, line 8 ...................		3

Part V

Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income

SECTION 4940(e) REPEALED ON DECEMBER 20, 2019 - DO NOT COMPLETE

1 Reserved

(a) Reserved	(b) Reserved	(c) Reserved	(d) Reserved

Reserved...........................

Reserved,..........................

Form 990-PF (2020)

Page 4

Part VI

Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)

1a	Exempt operating foundations described in section 4940(d)(2), check here and enter “N/A" on line 1.
	Date of ruling or determination letter: (attach copy of letter if necessary–see instructions)
b	Reserved................................	1	5,298
c	All other domestic foundations enter 1.39% of line 27b. Exempt foreign organizations enter 4% of Part I, line 12, col. (b)
2	Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	2	0
3	Add lines 1 and 2...........................	3	5,298
4	Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-)	4	0
5	Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- .....	5	5,298
6	Credits/Payments:

a	2020 estimated tax payments and 2019 overpayment credited to 2020	6a	6,464
b	Exempt foreign organizations—tax withheld at source......	6b	0
c	Tax paid with application for extension of time to file (Form 8868)...	6c	0
d	Backup withholding erroneously withheld ...........	6d

7	Total credits and payments. Add lines 6a through 6d..............		7	6,464
8	Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached.		8	0
9	Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......		9
10	Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...		10	1,166
11	Enter the amount of line 10 to be: Credited to 2021 estimated tax1,166	Refunded	11	0

Part VII-A

Statements Regarding Activities

During the tax year, did the foundation attempt to influence any national, state, or local legislation or did

Yes

it participate or intervene in any political campaign? ....................

Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions

for the definition.................................

If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials

published or distributed by the foundation in connection with the activities.

Did the foundation file Form 1120-POL for this year?.....................

Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:

(1) On the foundation. bullet

$ (2) On foundation managers. bullet

Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed

on foundation managers. bullet

Has the foundation engaged in any activities that have not previously been reported to the IRS?.......

If "Yes," attach a detailed description of the activities.

Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles

of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....

Did the foundation have unrelated business gross income of $1,000 or more during the year?........

If "Yes," has it filed a tax return on Form 990-T for this year?...................

Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........

If "Yes," attach the statement required by General Instruction T.

Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:

By language in the governing instrument, or

By state legislation that effectively amends the governing instrument so that no mandatory directions

that conflict with the state law remain in the governing instrument?................

Yes

Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),

and Part XV..................................

Yes

Enter the states to which the foundation reports or with which it is registered (see instructions)

If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney

General (or designate) of each state as required by General Instruction G? If "No," attach explanation .

Yes

Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)

or 4942(j)(5) for calendar year 2020 or the taxable year beginning in 2020? See the instructions for Part XIV.

If "Yes," complete Part XIV .............................

Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names

and addresses. ...............................

Form 990-PF (2020)

Page 5

Part VII-A

Statements Regarding Activities (continued)

At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the

meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............

Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had

advisory privileges? If "Yes," attach statement. See instructions.................

Did the foundation comply with the public inspection requirements for its annual returns and exemption application?

Yes

Website address bullet

The books are in care of bullet

Tamra Davis Cownie Telephone no. bullet

(651) 440-5068

Located at bullet

81 SEVENTH STREET EAST SUITE 125ST PAULMN ZIP+4 bullet

55101

Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here ......... bullet

and enter the amount of tax-exempt interest received or accrued during the year ........ bullet

16 At any time during calendar year 2020, did the foundation have an interest in or a signature or other authority over YesNo

a bank, securities, or other financial account in a foreign country? .................

16 No

See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country bullet

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required

File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.

Yes

During the year did the foundation (either directly or indirectly):

(1) Engage in the sale or exchange, or leasing of property with a disqualified person? YesNo

(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)

a disqualified person?......................YesNo

(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? YesNo

(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? YesNo

(5) Transfer any income or assets to a disqualified person (or make any of either available

for the benefit or use of a disqualified person)?...............YesNo

(6) Agree to pay money or property to a government official? (Exception. Check "No"

if the foundation agreed to make a grant to or to employ the official for a period

after termination of government service, if terminating within 90 days.).......YesNo

If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations

section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ........

Organizations relying on a current notice regarding disaster assistance check here........ bullet

Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,

that were not corrected before the first day of the tax year beginning in 2020?.............

Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private

operating foundation defined in section 4942(j)(3) or 4942(j)(5)):

At the end of tax year 2020, did the foundation have any undistributed income (lines 6d

and 6e, Part XIII) for tax year(s) beginning before 2020?.............YesNo

If "Yes," list the years bullet

20, 20, 20, 20

Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)

(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)

to all years listed, answer "No" and attach statement—see instructions.) ..............

If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.

20, 20, 20, 20

Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at

any time during the year?......................YesNo

If "Yes," did it have excess business holdings in 2020 as a result of (1) any purchase by the foundation

or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved

by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)

the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine

if the foundation had excess business holdings in 2020.)..................

Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?

Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its

charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2020?

Form 990-PF (2020)

Page 6

Part VII-B

Statements Regarding Activities for Which Form 4720 May Be Required (continued)

During the year did the foundation pay or incur any amount to:

Yes

(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? YesNo

(2) Influence the outcome of any specific public election (see section 4955); or to carry

on, directly or indirectly, any voter registration drive?.............YesNo

(3) Provide a grant to an individual for travel, study, or other similar purposes? YesNo

(4) Provide a grant to an organization other than a charitable, etc., organization described

in section 4945(d)(4)(A)? See instructions................YesNo

(5) Provide for any purpose other than religious, charitable, scientific, literary, or

educational purposes, or for the prevention of cruelty to children or animals?.....YesNo

If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in

Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ......

Organizations relying on a current notice regarding disaster assistance check here......... bullet

If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the

tax because it maintained expenditure responsibility for the grant?..........YesNo

If "Yes," attach the statement required by Regulations section 53.4945–5(d).

Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on

a personal benefit contract?.....................YesNo

Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....

If "Yes" to 6b, file Form 8870.

At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? YesNo

If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? ....

Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or

excess parachute payment during the year? .................YesNo

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors

1 List all officers, directors, trustees, foundation managers and their compensation. See instructions

(a) Name and address	(b) Title, and average hours per week devoted to position	(c) Compensation (If not paid, enter -0-)	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
JEFFREY T PETERSON	PRESIDENT/DIRECTOR 2	0
21030 KAROLINE CT N FOREST LAKE,MN55025	PRESIDENT/DIRECTOR 2	0
DAVID G BARRETT	SECRETARY/DIRECTOR 1	0
1770 PINION HILLS DRIVE CARSON CITY,NV89701	SECRETARY/DIRECTOR 1	0
KILA DE MELLO	DIRECTOR 1	0
PO BOX 390981 KEAUHOU,HI96739	DIRECTOR 1	0
ISAAC D HALL ESQ	DIRECTOR 1	0
2087 WELLS STREET WAILUKU MAUI,HI96793	DIRECTOR 1	0
WILLIAM FERGUSON	DIRECTOR 1	0
45 INVERNESS DR E ENGLEWOOD,CO80112	DIRECTOR 1	0

2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."


(a) Name and address of each employee paid more than $50,000	(b) Title, and average hours per week devoted to position	(c) Compensation	(d) Contributions to employee benefit plans and deferred compensation	(e) Expense account, other allowances
NONE









Total number of other employees paid over $50,000...................				0

Form 990-PF (2020)

Page 7

Part VIII

Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)

3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000	(b) Type of service	(c) Compensation
U S BANK	INVESTMENT MANAGEMEN	107,542
PO BOX 0634 MILWAULEE,WI53201	INVESTMENT MANAGEMEN	107,542

Total number of others receiving over $50,000 for professional services............. bullet

Part IX-A

Summary of Direct Charitable Activities

List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc.	Expenses
1


2


3


4

Part IX-B

Summary of Program-Related Investments (see instructions)

Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2.	Amount
1


2


All other program-related investments. See instructions.
3

Total. Add lines 1 through 3......................... bullet

Form 990-PF (2020)

Page 8

Part X

Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)

Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,

purposes:

Average monthly fair market value of securities...................

25,755,556

Average of monthly cash balances.......................

867,067

Fair market value of all other assets (see instructions)................

Total (add lines 1a, b, and c).........................

26,622,623

Reduction claimed for blockage or other factors reported on lines 1a and

1c (attach detailed explanation) .............

Acquisition indebtedness applicable to line 1 assets..................

Subtract line 2 from line 1d.........................

26,622,623

Cash deemed held for charitable activities. Enter 1 1/2% of line 3 (for greater amount, see

instructions) .............................

399,339

Net value of noncharitable-use assets. Subtract line 4 from line 3. Enter here and on Part V, line 4

26,223,284

Minimum investment return. Enter 5% of line 5..................

1,311,164

Part XI

Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow

and do not complete this part.)

Minimum investment return from Part X, line 6....................

1,311,164

Tax on investment income for 2020 from Part VI, line 5......

5,298

Income tax for 2020. (This does not include the tax from Part VI.)...

Add lines 2a and 2b............................

5,298

Distributable amount before adjustments. Subtract line 2c from line 1............

1,305,866

Recoveries of amounts treated as qualifying distributions................

Add lines 3 and 4............................

1,305,866

Deduction from distributable amount (see instructions).................

Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XIII, line 1 ...

1,305,866

Part XII

Qualifying Distributions (see instructions)

Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:

Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........

1,224,186

Program-related investments—total from Part IX-B..................

Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,

purposes...............................

Amounts set aside for specific charitable projects that satisfy the:

Suitability test (prior IRS approval required)....................

Cash distribution test (attach the required schedule) .................

Qualifying distributions. Add lines 1a through 3b. Enter here and on Part V, line 8, and Part XIII, line 4

1,224,186

Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment

income. Enter 1% of Part I, line 27b. See instructions.................

Adjusted qualifying distributions. Subtract line 5 from line 4..............

1,224,186

Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for
the section 4940(e) reduction of tax in those years.

Form 990-PF (2020)

Page 9

Part XIII

Undistributed Income (see instructions)

		(a) Corpus	(b) Years prior to 2019	(c) 2019	(d) 2020
1 Distributable amount for 2020 from Part XI, line 7					1,305,866
2 Undistributed income, if any, as of the end of 2020:
a Enter amount for 2019 only.......				0
b Total for prior years:20, 20, 20			0
3 Excess distributions carryover, if any, to 2020:
a From 2015......	0
b From 2016......	0
c From 2017......	0
d From 2018......	0
e From 2019......	64,952
fTotal of lines 3a through e........		64,952
4Qualifying distributions for 2020 from Part
XII, line 4: $ 1,224,186
a Applied to 2019, but not more than line 2a				0
b Applied to undistributed income of prior years (Election required—see instructions).....			0
c Treated as distributions out of corpus (Election required—see instructions)........		0
d Applied to 2020 distributable amount.....					1,224,186
e Remaining amount distributed out of corpus		0
5 Excess distributions carryover applied to 2020.		64,952			64,952
(If an amount appears in column (d), the same amount must be shown in column (a).)
6Enter the net total of each column as indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5		0
b Prior years’ undistributed income. Subtract line 4b from line 2b ..........			0
c Enter the amount of prior years’ undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed......			0
d Subtract line 6c from line 6b. Taxable amount —see instructions ...........			0
e Undistributed income for 2019. Subtract line 4a from line 2a. Taxable amount—see instructions .............				0
f Undistributed income for 2020. Subtract lines 4d and 5 from line 1. This amount must be distributed in 2021 ..........					16,728
7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) (Election may be required - see instructions) .......		0
8 Excess distributions carryover from 2015 not applied on line 5 or line 7 (see instructions) ...		0
9Excess distributions carryover to 2021. Subtract lines 7 and 8 from line 6a ......		0
10 Analysis of line 9:
a Excess from 2016....	0
b Excess from 2017....	0
c Excess from 2018....	0
d Excess from 2019....	0
e Excess from 2020....	0

Form 990-PF (2020)

Page 10

Part XIV

Private Operating Foundations (see instructions and Part VII-A, question 9)

1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2020, enter the date of the ruling....... bullet

b Check box to indicate whether the organization is a private operating foundation described in section4942(j)(3) or4942(j)(5)

2a Enter the lesser of the adjusted net income from Part I or the minimum investment return from Part X for each year listed ..........	Tax year	Prior 3 years			(e) Total
	(a) 2020	(b) 2019	(c) 2018	(d) 2017	(e) Total

b 85% of line 2a .........
c Qualifying distributions from Part XII, line 4 for each year listed .....
d Amounts included in line 2c not used directly for active conduct of exempt activities ..........
e Qualifying distributions made directly for active conduct of exempt activities. Subtract line 2d from line 2c ....
3 Complete 3a, b, or c for the alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......
(2) Value of assets qualifying under section 4942(j)(3)(B)(i)
b “Endowment" alternative test— enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed...
c “Support" alternative test—enter:
(1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) ....
(2) Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)....
(3) Largest amount of support from an exempt organization
(4) Gross investment income

Part XV

Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)

1Information Regarding Foundation Managers:

aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)

NONE

bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.

NONE

2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:

Check here bullet

if the foundation only makes contributions to preselected charitable organizations and does not accept
unsolicited requests for funds. If the foundation makes gifts, grants, etc. to individuals or organizations under
other conditions, complete items 2a, b, c, and d. See instructions

aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:

Tamra Davis Cownie
81 Seventh Street East Suite 125
St Paul,MN55101
(651) 440-5068

bThe form in which applications should be submitted and information and materials they should include:

SEE ATTACHED

cAny submission deadlines:

SEE ATTACHED

dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:

SEE ATTACHED STATEMENT 15A

Form 990-PF (2020)

Page 11

Part XV

Supplementary Information (continued)

3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient	If recipient is an individual, show any relationship to any foundation manager or substantial contributor	Foundation status of recipient	Purpose of grant or contribution	Amount
Name and address (home or business)		Foundation status of recipient	Purpose of grant or contribution	Amount
aPaid during the year
CARING FOR HAWAII NEONATES PO BOX 37182 HONOLULU,HI96837	NONE	PC	GENERAL OPERATING	15,000
GROWING OUR OWN TEACHERS KAUAI PO BOX 1117 KALAHEO,HI96741	NONE	PC	GENERAL OPERATING	12,000
KAUAI SPCA PO BOX 1018 KILAUEA,HI96754	NONE	PC	GENERAL OPERATING	5,000
CONSERVATION COUNCIL FOR HAWAI'I PO BOX 2923 HONOLULU,HI96802	NONE	PC	GENERAL OPERATING	20,000
FRIENDS OF AMY B H GREENWELL PO BOX 1053 CAPTAIN COOK,HI96704	NONE	PC	GENERAL OPERATING	80,000
KIMOKEO FOUNDATION 95 MAHALANI ST SUITE 12 WAILUKU,HI96793	NONE	PC	GENERAL OPERATING	10,000
MAUI POLICE FOUNDATION 61 LAUKONA ST 2401 WAILUKU,HI96793	NONE	PC	GENERAL OPERATING	5,000
Native Hawaiian Environmental Science EVERLY HALL 131 HONOLULU,HI96822	NONE	PC	NATIVE HAWAIIAN ENVIRO	750,000
UNIVERSITY OF HAWAII MAUI INVASIVE SPECIES COMMITTEE PO BOX 983 HONOLULU,HI96822	NONE	PC	GENERAL OPERATING	25,000
PACIFIC CANCER FOUNDATION 95 MAHALANI STREET STE B WAILUKU,HI96793	NONE	PC	GENERAL OPERATING	25,000
USS BOWFIN SUBMARINE MUSEUM & PARK 11 ARIZONA MEMORIAL DRIVE HONOLULU,HI96818	NONE	PC	GENERAL OPERATING	25,000
WOMEN HELPING WOMEN 1935 MAIN STREET SUITE 202 Wailuku,HI96793	NONE	PC	GENERAL OPERATING	25,000
FRIENDS OF THE D L FLEMING ARBORETUM 2625-A OLINDA RD MAKAWAO,HI96768	NONE	PC	GENERAL OPERATING	10,000
GOOD SHEPARD EPISCOPAL CHURCH 2140 MAIN ST WAILUKU,HI96793	NONE	PC	GENERAL OPERATING	5,000
HOSPICE MAUI INC 400 MAHALANI ST WAILUKU,HI96793	NONE	PC	GENERAL OPERATING	52,500
MAUI HISTORICAL SOCIETY 2375A MAIN STREET WAILUKU,HI96793	NONE	PC	GENERAL OPERATING	25,000
ALOHA HARVEST 2100 N NIMITZ HWY STE 101 HONOLULU,HI96819	NONE	PC	GENERAL OPERATING	5,000
MAUI FOOD BANK 760 KOLU STREET WAILUKU,HI967931438	NONE	PC	GENERAL OPERATING	5,000
ALEXANDER & BALDWIN SUGAR MUSEUM 3957 HANSEN ROAD Puunene,HI96784	NONE	PC	REBUILD PUNNENE ENGINE	50,000
HAWAII FOOD BANK 2611 KILIHAU STREET HONOLULU,HI96819	NONE	PC	GENERAL OPERATING	15,000
Total ................................. 3a				1,164,500

bApproved for future payment
University of Hawaii Foundation 1314 S KING ST Honolulu,HI96814	NONE	PC	NATIVE HAWAIIAN	1,034,263
Total ................................. 3b				1,034,263

Form 990-PF (2020)

Page 12

Part XVI-A

Analysis of Income-Producing Activities

Enter gross amounts unless otherwise indicated.	Unrelated business income		Excluded by section 512, 513, or 514		(e) Related or exempt function income (See instructions.)
1Program service revenue:	(a) Business code	(b) Amount	(c) Exclusion code	(d) Amount	(e) Related or exempt function income (See instructions.)
a
b
c
d
e
f
gFees and contracts from government agencies
2 Membership dues and assessments....
3 Interest on savings and temporary cash investments ...........
4 Dividends and interest from securities....			14	450,529
5 Net rental income or (loss) from real estate:
aDebt-financed property......
bNot debt-financed property.....
6 Net rental income or (loss) from personal property
7 Other investment income.....
8 Gain or (loss) from sales of assets other than inventory ............			18	21,468
9 Net income or (loss) from special events:
10 Gross profit or (loss) from sales of inventory
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e)..				471,997

13Total. Add line 12, columns (b), (d), and (e)..................

471,997

(See worksheet in line 13 instructions to verify calculations.)

Part XVI-B

Relationship of Activities to the Accomplishment of Exempt Purposes

Line No.	Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See instructions.)

Form 990-PF (2020)

Page 13

Part XVII

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations

Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?

Yes

Transfers from the reporting foundation to a noncharitable exempt organization of:

(1) Cash...................................

1a(1)

(2) Other assets.................................

1a(2)

Other transactions:

(1) Sales of assets to a noncharitable exempt organization....................

1b(1)

(2) Purchases of assets from a noncharitable exempt organization..................

1b(2)

(3) Rental of facilities, equipment, or other assets.......................

1b(3)

(4) Reimbursement arrangements...........................

1b(4)

(5) Loans or loan guarantees.............................

1b(5)

(6) Performance of services or membership or fundraising solicitations................

1b(6)

Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............

If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.

(a) Line No.	(b) Amount involved	(c) Name of noncharitable exempt organization	(d) Description of transfers, transactions, and sharing arrangements

Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........Yes No

If "Yes," complete the following schedule.

(a) Name of organization	(b) Type of organization	(c) Description of relationship

Sign Here

Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
				May the IRS discuss this return with the preparer shown below? See instructions. Yes No
	Signature of officer or trustee	Date	Title

Paid Preparer Use Only	Print/Type preparer's name	Preparer's Signature	Date	Check if self- employed	PTIN
	Firm's name				Firm's EIN
	Firm's address				Phone no.

Form 990-PF (2020)

Additional Data

Software ID:
Software Version:

Form 990PF - Special Condition Description:

Special Condition Description

- TIN:

TY 2020 AccountingFeesSchedule

Name:

THE LAURENCE H DORCY HAWAIIAN FOUNDATION

EIN:

46-2117762

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
TAX PREPARATION FEE (NON-ALLOC	2,500			2,500

- TIN:

TY 2020 InvestmentsCorpBondsSchedule

Name:

THE LAURENCE H DORCY HAWAIIAN FOUNDATION

EIN:

46-2117762

Name of Bond	End of Year Book Value	End of Year Fair Market Value
857477AW3 STATE STREET CORP	258,798	267,770
369604BD4 GENERAL ELECTRIC CO
68389XAP0 ORACLE CORP	250,916	257,970
828807CS4 SIMON PROPERTY GROUP	179,035	188,493
037833BG4 APPLE INC	295,926	328,173
92826CAC6 VISA INC	252,142	259,490
69349LAM0 PNC BANK NA	254,332	267,610
24422ETH2 JOHN DEERE MTN	281,454	321,870
20030NBV2 COMCAST CORP
665859AN4 NORTHERN TRST CO	250,479	256,783
06406FAD5 BANK OF NY MTN	496,480	520,155
05565QDA3 BP CAPITAL MARKETS	252,170	273,525
0258M0EB1 AMERICAN EXPRESS MTN
037833CJ7 APPLE INC	400,405	442,400
02665WDJ7 AMERICAN HONDA MTN	507,363	522,735
91324PCU4 UNITEDHEALTH GROUP
035242AP1 ANHEUSER BUSCH	330,387	330,543
039483BL5 ARCHER DANIELS	317,146	319,764
46625HKC3 JPMORGAN CHASE CO	538,773	538,300
22160KAN5 COSTCO WHSL CORP NEW	300,984	301,035

- TIN:

TY 2020 InvestmentsCorpStockSchedule

Name:

THE LAURENCE H DORCY HAWAIIAN FOUNDATION

EIN:

46-2117762

Name of Stock	End of Year Book Value	End of Year Fair Market Value
N59465109 MYLAN NV
N53745100 LYONDELLBASELL INDUS	242,461	311,220
02079K107 ALPHABET INC CL C	180,959	592,890
097023105 BOEING CO	112,689	199,398
717081103 PFIZER INC	208,094	258,027
654106103 NIKE INC	150,114	408,735
278865100 ECOLAB INC	120,838	252,359
031162100 AMGEN INC	276,913	420,089
539830109 LOCKHEED MARTIN CORP	192,907	310,918
57636Q104 MASTERCARD INC	354,798	1,469,403
02079K305 ALPHABET INC CL A	235,258	729,585
024835100 AMERICAN CAMPUS COMM
037833100 APPLE INC	207,123	1,073,239
478160104 JOHNSON JOHNSON	194,568	296,657
882508104 TEXAS INSTRUMENTS IN	135,541	252,714
012653101 ALBEMARLE CORP	219,331	504,510
060505104 BANK OF AMERICA CORP	279,825	755,925
931142103 WAL MART STORES INC	297,140	579,647
594918104 MICROSOFT CORP	289,578	1,437,426
848637104 SPLUNK INC	118,072	244,370
87807B107 TC ENERGY CORP	209,216	229,293
91324P102 UNITED HEALTH GROUP	198,446	717,840
92343V104 VERIZON COMMUNICATIO	306,990	347,838
136385101 CANADIAN NATURAL RES
26614N102 DUPONT DE NEMOURS IN	74,888	78,421
09857L108 BOOKING HOLDINGS INC
79466L302 SALESFORCE COM INC	129,449	439,220
30303M102 FACEBOOK INC A	127,074	404,400
110122157 BRISTOL MYERS SQUIBB
56585A102 MARATHON PETROLEUM C	195,034	263,336
893641100 TRANSDIGM GROUP INC	85,618	278,638
110122108 BRISTOL MYERS SQUIBB	130,750	146,000
907818108 UNION PACIFIC CORP	240,926	573,881
126650100 CVS HEALTH CORPORATI	169,267	171,824
693475105 P N C FINANCIAL SERV	185,578	412,038
816851109 SEMPRA ENERGY	56,612	74,288
902252105 TYLER TECHNOLOGIES I	129,837	297,402
22160K105 COSTCO WHSL CORP	327,692	706,971
G6095L109 APTIV PLC	219,374	431,670
89400J107 TRANSUNION	114,350	209,180
440452100 HORMEL FOODS CORP	193,914	264,495
81762P102 SERVICENOW INC	65,152	376,233
28176E108 EDWARDS LIFESCIENCES	179,668	571,687
46625H100 J P MORGAN CHASE CO	247,866	614,317
88579Y101 3M CO	269,294	295,710
H1467J104 CHUBB LTD	231,952	343,866
149123101 CATERPILLAR INC	148,273	418,810
437076102 HOME DEPOT INC	277,327	715,311
559222401 MAGNA INTL INC CL	288,198	490,984
03027X100 AMERICAN TOWER CORP	127,884	305,724
701877102 PARSLEY ENERGY INC-C
023135106 AMAZON.COM INC	241,183	1,282,945
15135B101 CENTENE CORP COM	149,736	148,176
247361702 DELTA AIR LINES INC
002824100 ABBOTT LABORATORIES	149,717	445,497
458140100 INTEL CORP	139,482	253,305
127097103 CABOT OIL GAS CORP C	138,968	96,686
92556V106 VIATRIS INC	503,918	172,607

- TIN:

TY 2020 OtherDecreasesSchedule

Name:

THE LAURENCE H DORCY HAWAIIAN FOUNDATION

EIN:

46-2117762

Description	Amount
PURCHASE OF ACCRUED INTEREST	3,352
LOSS ON SALES SETTLED IN CY	1,967
PFIZER ROC ADJ	11,467
RETURN OF CAPITAL ADJ	500

- TIN:

TY 2020 OtherExpensesSchedule

Name:

THE LAURENCE H DORCY HAWAIIAN FOUNDATION

EIN:

46-2117762

Description	Revenue and Expenses per Books	Disbursements for Charitable Purposes
EXPENSE REIMBURSEMENT	2,089	2,089
WEBSITE FEES	5,485	5,485
OFFICE EXPENSES	1,097	1,097

- TIN:

TY 2020 OtherIncreasesSchedule

Name:

THE LAURENCE H DORCY HAWAIIAN FOUNDATION

EIN:

46-2117762

Description	Amount
MYLAN CORPORATE ACTION ADJUSTMENT	301,042
PY TRANSDIGM ADJ	1,852
COST BASIS ADJ	103

- TIN:

TY 2020 OtherProfessionalFeesSchedule

Name:

THE LAURENCE H DORCY HAWAIIAN FOUNDATION

EIN:

46-2117762

Category	Amount	Net Investment Income	Adjusted Net Income	Disbursements for Charitable Purposes
INVESTMENT MANAGEMENT FEES	107,542	86,034		21,508

- TIN:

TY 2020 TaxesSchedule

Name:

THE LAURENCE H DORCY HAWAIIAN FOUNDATION

EIN:

46-2117762

Category	Amount	Net Investment Income
FOREIGN TAXES	4,327	4,327
FEDERAL TAX PAYMENT - PRIOR YE	2,952	0
FEDERAL ESTIMATES - PRINCIPAL	6,464	0