Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023
Name of foundation
LILIUOKALANI TRUST
 
Number and street (or P.O. box number if mail is not delivered to street address)1100 ALAKEA ST STE 1100 1100
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
HONOLULU, HI968132845
A Employer identification number

99-0078890
B Telephone number (see instructions)

(808) 203-6150
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$1,307,488,613J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I 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)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 56,103
2 Check right arrow.............
3 Interest on savings and temporary cash investments 1,473 1,473 1,473
4 Dividends and interest from securities... 1,748,978 2,416,509 2,416,509
5a Gross rents............ 24,895,732 24,895,732 24,895,732
b Net rental income or (loss) 13,039,755
6a Net gain or (loss) from sale of assets not on line 10 5,711,511
b Gross sales price for all assets on line 6a 85,844,136
7 Capital gain net income (from Part IV, line 2)... 28,407,342
8 Net short-term capital gain......... 1,076,825
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)....... Click to see attachment
List of Attached Documents:
// Content
7,850,022 11,193,568 11,193,568
12 Total. Add lines 1 through 11........ 40,263,819 66,914,624 39,584,107
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 2,737,142 1,487,838 1,487,838 1,249,303
14 Other employee salaries and wages...... 13,230,872 673,865 673,865 12,557,006
15 Pension plans, employee benefits....... 3,244,429 372,955 372,955 2,872,901
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
673,649 524,184 524,184 150,165
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
191,418 88,321 88,321 103,098
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
4,002,945 1,973,193 1,973,193 1,649,191
17 Interest............... 40,622 4,062 4,062 36,560
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
6,565,234 5,851,562 5,851,562 713,672
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
4,534,622 1,953,084 1,953,084
20 Occupancy.............. 587,524 109,404 109,404 490,706
21 Travel, conferences, and meetings....... 403,026 119,118 119,118 283,708
22 Printing and publications.......... 25,083 2,269 2,269 19,614
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
9,566,041 2,359,531 2,422,335 6,874,737
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 45,802,607 15,519,386 15,582,190 27,000,661
25 Contributions, gifts, grants paid....... 76,350 76,350
26 Total expenses and disbursements. Add lines 24 and 25 45,878,957 15,519,386 15,582,190 27,077,011
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements -5,615,138
b Net investment income (if negative, enter -0-) 51,395,238
c Adjusted net income (if negative, enter -0-)... 24,001,917
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2023)
Form 990-PF (2023)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 563,419 299,196 299,196
2 Savings and temporary cash investments......... 22,719,296 40,070,744 40,070,744
3 Accounts receivable right arrow1,998,402
Less: allowance for doubtful accounts right arrow449,925 1,799,214 1,548,477 1,548,477
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
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) right arrow74,242
Less: allowance for doubtful accounts right arrow0 124,430 74,242 74,242
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 2,018,091 1,665,967 1,665,967
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 533,960,315 Click to see attachment
List of Attached Documents:
// Content
549,474,191 		549,474,191
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow80,351,795
Less: accumulated depreciation (attach schedule) right arrow40,719,856 60,957,365 39,631,939 549,303,167
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis right arrow157,945,555
Less: accumulated depreciation (attach schedule) right arrow27,630,286 75,227,596 Click to see attachment
List of Attached Documents:
// Content
130,315,269 		133,450,414
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
32,593,222 		Click to see attachment
List of Attached Documents:
// Content
31,602,215 		Click to see attachment
List of Attached Documents:
// Content
31,602,215
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 729,962,948 794,682,240 1,307,488,613
Liabilities 17 Accounts payable and accrued expenses.......... 6,801,218 10,185,108
18 Grants payable.................    
19 Deferred revenue................. 1,774,623 2,120,319
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)...... 28,584,099 Click to see attachment
List of Attached Documents:
// Content
28,240,635
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
3,285,398 		Click to see attachment
List of Attached Documents:
// Content
8,831,583
23 Total liabilities (add lines 17 through 22)......... 40,445,338 49,377,645
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 689,517,610 745,304,595
25 Net assets with donor restrictions............    
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
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)..... 689,517,610 745,304,595
30 Total liabilities and net assets/fund balances (see instructions). 729,962,948 794,682,240
Part III
Analysis of Changes in Net Assets or Fund Balances
1
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) ...............
1
689,517,610
2
Enter amount from Part I, line 27a .....................
2
-5,615,138
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
61,430,734
4
Add lines 1, 2, and 3 ..........................
4
745,333,206
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
28,611
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
745,304,595
Form 990-PF (2023)
Form 990-PF (2023)
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 TOTAL SHORT-TERM CAPITAL GAIN FROM K-1S P 2023-01-01 2023-12-31
b TOTAL LONG-TERM CAPITAL GAINS FROM K-1S P 2022-12-31 2023-12-31
c TOTAL DISTRIBUTION IN EXCESS OF BASIS P 2022-12-31 2023-12-31
d TOTAL SEC. 1231 GAIN FROM K-1S P 2022-12-31 2023-12-31
e TOTAL LONG-TERM LOSS ON DISPOSAL OF PARTNERSHIP INTERESTS P 2022-12-31 2023-12-31
TOTAL SEC. 1256 LONG-TERM GAIN FROM K-1S P 2022-12-31 2023-12-31
TOTAL SEC. 1256 SHORT-TERM GAIN FROM K-1S P 2023-01-01 2023-12-31
US BANK #12508   2023-01-01 2023-12-31
US BANK #12508   2022-12-31 2023-12-31
US BANK DEFLATION ASSETS   2022-12-31 2023-12-31
GAIN ON SALE OF ASSET #5023 P 2022-12-31 2023-12-31
GAIN ON SALE OF ASSET #4995 P 2022-12-31 2023-12-31
GAIN ON SALE OF ASSET #4874 P 2022-12-31 2023-12-31
GAIN ON SALE OF ASSET #4955 P 2022-12-31 2023-12-31
GAIN ON SALE OF ASSET #5025 P 2022-12-31 2023-12-31
GAIN ON SALE OF ASSET #4679 P 2022-12-31 2023-12-31
TOTAL GAIN ON NON MARKETABLE SECURITIES P 2022-12-31 2023-12-31
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 1,300,565   395,229 905,336
b 6,475,768   2,675,978 3,799,790
c 3,001,608     3,001,608
d 119,783   5,364 114,419
e     69,192 -69,192
106,489   28 106,461
70,992   19 70,973
896,803   796,287 100,516
56,782,390   36,307,997 20,474,393
    168,992 -168,992
23,000     23,000
11,500     11,500
11,500     11,500
11,030     11,030
11,000     11,000
4,000     4,000
74,696,901   74,696,901 0
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       905,336
b       3,799,790
c       3,001,608
d       114,419
e       -69,192
      106,461
      70,973
      100,516
      20,474,393
      -168,992
      23,000
      11,500
      11,500
      11,030
      11,000
      4,000
      0
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 28,407,342
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 ................... 		Bracket 3 1,076,825
Part V
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 right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter: 1974-07-22(attach copy of letter if necessary–see instructions) 1 N/A
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) 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  
3 Add lines 1 and 2........................... 3  
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 0
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 0
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 0
7 Total credits and payments. Add lines 6a through 6d.............. 7 0
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.......right arrow 9 0
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10  
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow   Refundedright arrow 11  
Form 990-PF (2023)
Form 990-PF (2023)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
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.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$ 0(2) On foundation managers.right arrow$ 0
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$ 0
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
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....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
Yes
 
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
Yes
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet 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? ................
6
Yes
 
7
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 XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowHI
b
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 .
8b
Yes
 
9
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 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
Yes
 
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
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 .............
11
 
No
12
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.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowWWW.ONIPAA.ORG
14
The books are in care ofright arrowLILIUOKALANI TRUST Telephone no.right arrow (808) 203-6150

Located atright arrow1100 ALAKEA ST SUITE 1100HONOLULUHI ZIP+4right arrow96813
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, 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 right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-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
No
1a
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? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
Yes
 
(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)? ......................
1a(5)
 
No
(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.) ...............
1a(6)
 
No
b
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 ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
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 2023? .............
1d
 
No
2
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)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
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.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2023 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 2023.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
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 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
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 ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
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? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
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? .........................
8
 
No
Part VII
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
THOMAS K KAULUKUKUI JR TRUSTEE
7.00 		16,729 150 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
ROBERT OZAKI TRUSTEE
7.00 		268,250 150 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
CLAIRE L ASAM TRUSTEE
40.00 		200,750 150 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
MAHINA E HUGO TRUSTEE
40.00 		184,021 150 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
DAWN HARFLINGER PRESIDENT & CEO
40.00 		505,268 38,106 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
MERCEDES LANZA VICE PRESIDENT & CAO
40.00 		600,212 23,930 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
CHIEMI DAVIS VICE PRESIDENT & CPO
40.00 		284,651 23,239 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
ALAN ARAKAWA VICE PRESIDENT
40.00 		397,559 39,189 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
TINA KEANE VICE PRESIDENT & CFO
40.00 		279,702 36,604 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
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
RAFAEL SARANGO EXECUTIVE DIRECTOR,
40.00 		386,406 23,650 0
QLT - 1100 ALAKEA ST STE 1100
HONOLULU,HI96813
MENRIT FRANCIS MANAGING DIRECTOR, F
40.00 		194,227 15,460 0
QLT - 1100 ALAKEA ST STE 1100
HONOLULU,HI96813
JENNIFER LAA MANAGING DIRECTOR, S
40.00 		177,506 6,506 0
QLT - 1100 ALAKEA ST STE 1100
HONOLULU,HI96813
KEONAONA FERREIRA DIRECTOR, REAL ESTAT
40.00 		165,375 18,048 0
QLT - 1100 ALAKEA ST STE 1100
HONOLULU,HI96813
KATHERINE TIBBETTS MANAGING DIRECTOR, R
40.00 		162,571 12,011 0
QLT - 1100 ALAKEA ST STE 1100
HONOLULU,HI96813
Total number of other employees paid over $50,000...................right arrow 129
Form 990-PF (2023)
Form 990-PF (2023)
Page 7
Part VII
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
KIEWIT GENERAL CONTRACTING 25,347,046
707 RICHARDS ST SUITE 750
HONOLULU,HI96813
MONARCH INSURANCE SERVICES INSURANCE SERVICES 2,346,015
677 ALA MOANA BLVD 500
HONOLULU,HI96813
JD PACIFIC GENERAL CONTRACTING 914,478
PO BOX 431
KULA,HI96790
CAMBRIDGE ASSOCIATES LLC INVESTMENT ADVISORY SERVICES 816,409
100 SUMMER STREET SUITE 1300
BOSTON,MA02110
GATESIDE INC GENERAL CONTRACTING 789,643
522 AHUI ST
HONOLULU,HI96813
Total number of others receiving over $50,000 for professional services.............right arrow53
Part VIII-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 THE PROGRAM GOAL OF THE TRUST IS TO SERVE ORPHAN AND DESTITUTE KAMALI'I (YOUTH)AND THEIR FAMILIES. THE FOCUS IS ON STRENGTHENING FAMILIES SO THEY CAN RAISE HEALTHY, RESILIENT CHILDREN. THE TRUST ACCOMPLISHES THIS BY CREATING HIGH-IMPACT PROGRAMS AND SERVICES, AND WORKING WITH OTHERS IN THE COMMUNITY TO CHANGE THE SYSTEM THAT KEEPS THE MOST VULNERABLE INDIVIDUALS TRAPPED IN A CYCLE OF LIMITED OPTIONS. THIS WORK IS CARRIED OUT BY A STAFF OF APPROXIMATELY 182 EMPLOYEES THAT INCLUDE SOCIAL WORKERS, ADMINISTRATIVE AND SUPPORT STAFF OPERATING FROM MULTIPLE OFFICES THROUGHOUT THE STATE. IN 2023 THE TRUST PROVIDED DIRECT SERVICES TO 1,683 KAMALI'I (YOUTH).AMOUNTS PAID TO ACCOMPLISH CHARITABLE PURPOSES 27,077,011AMOUNTS PAID TO ACQUIRE ASSETS USED FOR CHARITABLE PURPOSE 10,287,937AMOUNTS CONVERTED FROM ENDOWMENT 23,246,479 TOTAL AMOUNTS PAID FOR CHARITABLE PURPOSES 37,364,948 60,611,427
2  
3  
4  
Part VIII-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.........................right arrow0
Form 990-PF (2023)
Form 990-PF (2023)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
559,113,811
b
Average of monthly cash balances.......................
1b
24,672,352
c
Fair market value of all other assets (see instructions)................
1c
549,303,167
d
Total (add lines 1a, b, and c).........................
1d
1,133,089,330
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
0
3
Subtract line 2 from line 1d.........................
3
1,133,089,330
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
16,996,340
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
1,116,092,990
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
55,804,650
Part X
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.)
1
Minimum investment return from Part IX, line 6..................
1
 
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
 
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
 
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
 
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
 
6
Deduction from distributable amount (see instructions).................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
 
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
27,077,011
b
Program-related investments—total from Part VIII-B..................
1b
0
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
33,534,416
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
60,611,427
Form 990-PF (2023)
Form 990-PF (2023)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2022 		(c)
2022 		(d)
2023
1 Distributable amount for 2023 from Part X, line 7  
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......  
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019......  
c From 2020......  
d From 2021......  
e From 2022......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$  
a Applied to 2022, but not more than line 2a  
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		 
c Treated as distributions out of corpus (Election
required—see instructions)........ 		 
d Applied to 2023 distributable amount.....  
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2023.    
(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  
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		 
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...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		 
e Undistributed income for 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		 
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) ....... 		 
8 Excess distributions carryover from 2018 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		 
10 Analysis of line 9:
a Excess from 2019....  
b Excess from 2020....  
c Excess from 2021....  
d Excess from 2022....  
e Excess from 2023....  
Form 990-PF (2023)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-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 2023, enter the date of the ruling ...... right arrow
1974-07-22
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
24,001,917 17,579,892 21,905,034 13,554,147 77,040,990
b 85% (0.85) of line 2a ......... 20,401,629 14,942,908 18,619,279 11,521,025 65,484,842
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		60,611,427 54,697,458 52,373,578 40,314,461 207,996,924
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		76,350 28,000 181,500 117,500 403,350
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		60,535,077 54,669,458 52,192,078 40,196,961 207,593,574
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......         0
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		         0
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		37,203,100 38,709,316 39,405,925 35,480,605 150,798,946
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) .... 		        0
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		        0
(3) Largest amount of support
from an exempt organization		         0
(4) Gross investment income         0
Part XIV
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).)
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.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or email address of the person to whom applications should be addressed:
bThe form in which applications should be submitted and information and materials they should include:
cAny submission deadlines:
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Form 990-PF (2023)
Form 990-PF (2023)
Page 11
Part XIV
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)
aPaid during the year

ADULT FRIENDS FOR YOUTH

3375 KOAPAKA STREET B290
HONOLULU,HI96819 		NONE PC SPONSOR GRANTEE'S ANNUAL FUNDRAISER TO RAISE SUPPLEMENTAL FUNDS TO PROVIDE SERVICES FOR AT-RISK YOUTH 3,500

WAIKIKI COMMUNITY CENTER

310 PAOKALANI AVE
HONOLULU,HI96815 		NONE PC DONATION TO SUPPORT ANNUAL WAIKIKI LIGHTS FUNDRAISER. 4,000

HEART OF LOS ANGELES YOUTH INC

2701 WILSHIRE BOULEVARD SUITE 100
LOS ANGELES,CA90057 		NONE PC DONATION TO SUPPORT HOLA'S PROGRAMMING ACTIVITIES. 5,000

UNIVERSITY OF HAWAII

2540 DOLE ST HOLMES 240
HONOLULU,HI96822 		NONE PC SPONSOR GRANTEE'S FUNDRAISER FOR UNIVERSITY OF HAWAII COLLEGE OF ENGINEERING. 2,350

INNER-CITY ARTS

720 KOHLER STREET
LOS ANGELES,CA90021 		NONE PC DONATION TO SUPPORT INNER-CITY ARTS PROGRAMMING ACTIVITIES. 5,000

THE WOODEN FLOOR FOR YOUTH MOVEMENT

1810 B MAIN STREET
SANTA ANA,CA92706 		NONE PC DONATION TO SUPPORT THE WOODEN FLOOR PROGRAMMING ACTIVITIES. 2,500

NA KAMA KAI

PO BOX 1803
WAIANAE,HI96792 		NONE PC DONATION TO SPONSOR NA KAMA KAO-PA'KAI LIVESTREAM EVENT. 3,000

FRIENDS OF IOLANI PALACE

PO BOX 2259
HONOLULU,HI96804 		NONE PC DONATION TO SUPPORT ANNUAL FUNDRAISING DINNER. 1,000

AMERICAN RED CROSS

431 18TH STREET NW
WASHINGTON,DC20006 		NONE PC DONATION TO SUPPORT LAHAINA FIRE RELIEF EFFORTS. 25,000

COUNCIL FOR NATIVE HAWAIIAN ADVANCEMENT

91-1270 KINOIKI STREET BUILDING 1
KAPOLEI,HI96707 		NONE PC DONATION TO SUPPORT LAHAINA FIRE RELIEF EFFORTS. 25,000
Total .................................right arrow 3a 76,350
bApproved for future payment
Total ................................. right arrow 3b 0
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-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
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 ........... 		    14 1,473  
4 Dividends and interest from securities ....     14 1,748,978  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....     16 13,039,755  
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 5,711,511  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aOTHER INCOME - INVESTMENT INCOME 		    14 7,761,088  
bOTHER INCOME - NANA I KE KUMU     14 3,435  
cOTHER INCOME - LATE FEES     16 29,801  
dOTHER INCOME - TRANSFER FEES     16 3,156  
eOTHER INCOME - FOREIGN EXCHANGE GAIN/LOSS     14 1,662  
fOTHER INCOME - MAGNUM PI SET FEE     16 20,000  
gOTHER INCOME - PACT COMMERCIAL PROPERTY INSURANCE CHARGE     16 30,000  
hOTHER INCOME - ATTORNEY'S FEES (REIMBURSED)     16 880  
12 Subtotal. Add columns (b), (d), and (e) .. 0 28,351,739 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
28,351,739
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-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 (2023)
Form 990-PF (2023)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
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
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
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
2a
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? ...........
b
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.
right arrow right arrow
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date Check if self-
employed right arrow		 PTIN
Firm's name SmallBullet
 Firm's EIN SmallBullet
Firm's address SmallBullet


 Phone no.
Form 990-PF (2023)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description
Schedule B
(Form 990)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

Arrow Bullet Attach to Form 990, 990-EZ, or 990-PF.
Arrow Bullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2023
Name of the organization
LILIUOKALANI TRUST
 
Employer identification number

99-0078890
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ






Form 990-PF




Check if your organization is covered by the General Rule or a Special Rule.  
Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.
General Rule
Special Rules
......... Arrow Bullet $  
Caution: An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its Form 990-EZ
or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).
For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.
Cat. No. 30613XSchedule B (Form 990) (2023)
Schedule B (Form 990) (2023) Page 2
Name of organization
LILIUOKALANI TRUST
  		Employer identification number
99-0078890
Part I
Contributors
Contributors (see instructions). Use duplicate copies of Part I if additional space is needed.
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
1
LINDSEY KOSASA
3566 HARDING AVENUE SUITE 4
 
HONOLULU, HI96816

$ 18,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
2
CHICAGO BLACKHAWKS FOUNDATION
 
1901 W MADISON ST
 
CHICAGO, IL60612

$ 10,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
3
HEWLETT PACKARD INC
 
1501 PAGE MILL ROAD
 
PALO ALTO, CA94304

$ 20,000


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
(a)
No.		 (b)
Name, address, and ZIP + 4		 (c)
Total contributions		 (d)
Type of contribution
 
 
 
 

$  


(Complete Part II for noncash contributions.)
Schedule B (Form 990) (2023)
Schedule B (Form 990) (2023)
Page 3
Name of organization
LILIUOKALANI TRUST
  		Employer identification number

99-0078890
Part II
Noncash Property (see instructions). Use duplicate copies of Part II if additional space is needed.
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
(a)
No. from Part I 		(b)
Description of noncash property given 		(c)
FMV (or estimate)
(See instructions) 		(d)
Date received
 
$    
Schedule B (Form 990) (2023)
Schedule B (Form 990) (2023)
Page 4
Name of organization
LILIUOKALANI TRUST
  		Employer identification number

99-0078890
Part III
Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) Arrow Bullet$  
Use duplicate copies of Part III if additional space is needed.
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
(a)
No. from Part I		 (b) Purpose of gift (c) Use of gift (d) Description of how gift is held
 
(e) Transfer of gift
Transferee's name, address, and ZIP 4 Relationship of transferor to transferee
 
 
     
 
Schedule B (Form 990) (2023)
Additional Data


Software ID:  
Software Version:  

TY 2023 AccountingFeesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING 191,418 88,321 88,321 103,098

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

TY 2023 DepreciationSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
TOTAL DEPRECIABLE ASSETS 2023-01-01 202,039,548 68,350,142   0 % 0 0 0  

TY 2023 GeneralExplanationAttachment
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Identifier Return Reference Explanation
ACCUMULATED DEPRECIATION FORM 990-PF, PART II, LINE 11 BEGINNING A/D - LAND - INVESTMENT 0 BEGINNING A/D - BUILDING & LAND IMPROVEMENTS - INVESTMENT 33,898,109 BEGINNING A/D - CIP - INVESTMENT 0 ----------- BEGINNING A/D - INVESTMENT ASSETS 33,898,109 =========== ENDING A/D - LAND - INVESTMENT 0 ENDING A/D - BUILDING & LAND IMPROVEMENTS - INVESTMENT 40,719,856 ENDING A/D - CIP - INVESTMENT 0 ---------- ENDING A/D - INVESTMENT ASSETS 40,719,856 ==========
ACCUMULATED DEPRECIATION FORM 990-PF, PART II, LINE 14 BEGINNING A/D - FF&E - EXEMPT 3,211,420 BEGINNING A/D - LAND - EXEMPT 484,925 BEGINNING A/D - BLDG & IMP - EXEMPT 20,903,408 ---------- BEGINNING A/D - EXEMPT ASSETS 24,599,753 ========== ENDING A/D - FF&E - EXEMPT 3,585,803 ENDING A/D - LAND - EXEMPT 536,813 ENDING A/D - BLDG & IMP - EXEMPT 23,507,670 ---------- ENDING A/D - EXEMPT ASSETS 27,630,286 ==========
ELECTION(S) UNDER SECTION 987 FORM 990-PF FOR THE TAX YEAR ENDING DECEMBER 31, 2023, THE TAXPAYER ELECTS UNDER PROPOSED REGULATION SECTION 1.987-1(B)(1)(II) TO NOT APPLY THE PROPOSED SECTION 987 REGULATIONS FOR PURPOSES OF TAKING INTO ACCOUNT CERTAIN ITEMS OF GAIN OR LOSS IF THE INDIVIDUAL OR CORPORATION OWNS, DIRECTLY OR INDIRECTLY, LESS THAN 5% OF EITHER THE TOTAL CAPITAL OR THE TOTAL PROFITS INTERET IN THE FOREIGN PARTNERSHIP.
OTHER INCOME FORM 990-PF, PART I, LINE 11(B) & 11(C) OTHER INCOME - PART I, LINE 11(A) 7,850,022 PLUS: LEASE PREMIUMS FOR TAX NOT RECOGNIZED FOR BOOK 336,428 LESS: OTHER INVESTMENT INCOME FOR BOOK NOT TAX (5,731,590) PLUS: PASSTHROUGH INCOME FROM SCH. K-1S ACR III FEEDER C, L.P. 68,036 ACR IV FEEDER A-2 LP 28,144ACREW CAPITAL FUND, L.P. 768 ACREW CAPITAL FUND II, L.P. 2,680 ACREW DIVERSIFY CAPITAL FUND LP 6,849ATLAS CAPITAL RESOURCES III L.P. 2,196 ATLAS CAPITAL RESOURCES IV L.P. (19,584)ATLAS CAPITAL RESOURCES III (A-3-CAYMAN) LP 132 ABERDEEN ENERGY & RESOURCES PARTNERS II 28,715 ABERDEEN ENERGY & RESOURCES PARTNERS III 10,680 BATTERY VENTURES XIV, LP (1,406)BATTERY VENTURES XIV AIV I, LP (1,741)BERKSHIRE FUND X-A, L.P. (54,053) BERKSHIRE FUND X-A (OS), L.P. (11,406) BLACKSAND CAPITAL OPPORTUNITY FUND I, L.P. (106) BLACKSAND CAPITAL OPPORTUNITY FUND II, L.P. 17,253 BRAZIL OPPORTUNITY GROWTH PARTNERS III A, LP 2,711CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X #36 92 CAMBRIDGE ASSOCIATES LLC (42,772) CENTERGATE CAPITAL PARTNERS I, L.P. (1,040)COINFUND VENTURES I ONSHORE LP 8,234COINFUND VENTURES IV ONSHORE LP 6,432 COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII, LP 7,061 COMMONFUND CAPITAL NATURAL RESOURCES V, L.P. (3,881) DC CAPITAL PARTNERS FUND II, L.P. 44,378 DODDINGTON EMERGING MARKETS FUND, LLC 463,633 ELECTRIC CAPITAL VENTURE FUND I, L.P. 9,514 ELECTRIC CAPITAL VENTURE FUND II, L.P. 22,269 ENCAP ENERGY CAPITAL FUND XI-C, L.P. 252,551 FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP (119) FELICIS FOCUS FUND I, L.P. 1,600 FELICIS FOCUS FUND IX, LP 2,473FELICIS VENTURES VI, L.P. 1,114 FELICIS VENTURES VII, L.P. 2,905 FELICIS VENTURES VIII, L.P. 3,805 FINEPOINT CAPITAL PARTNERS II, L.P. 623,567 FORTRESS CREDIT OPPORTUNITIES FUND V EXPANSION (B) L.P. 209,526 GQG PARTNERS INTERNATIONAL EQUITY FUND-GQG PARTNERS SERIES 819,309GS VINTAGE VII AIV OFFSHORE SCSP 2,204HACK VF 2022-A LP 153H.I.G. GROWTH BUYOUTS & EQUITY FUND III, L.P. (20,077)H.I.G. MIDDLE MARKET LBO FUND III, L.P. (7,871) H.I.G. MIDDLE MARKET III AIV III, L.P. 16,767H.I.G. MIDDLE MARKET III AIV V, L.P. 64 HEALTHCARE ROYALTY PARTNERS III, L.P. 16,700ICON VENTURES V, L.P. 326 INSIGNIA CAPITAL PARTNERS II, L.P (3,058) JACKSON SQUARE VENTURES III, L.P. 2,558 JAMES CAMPBELL COMPANY LLC 222,612JMI EQUITY FUND X-B, L.P. 9,486 JMI EQUITY FUND XI-A, L.P. (56,225)K4 PRIVATE INVESTORS, L.P. 939 KPS SPECIAL SITUATIONS FUND V (A), L.P. 46,427 LAV BIOSCIENCES FUND V, L.P. (2,895) LAV FUND VI OPPORTUNITIES, L.P. 505 LAV FUND VI, L.P. 432 LEGACY VENTURE VI, LLC 1,770 LEMBAS II, L.P. 84LEMBAS II L.P. - SPACEX SERIES F 38LEVEL EQUITY GROWTH PARTNERS III, L.P. 649 LEVEL EQUITY GROWTH PARTNERS IV, L.P. 1,231 LEVEL EQUITY GROWTH PARTNERS V, L.P. (5,991) LONE STAR EUROPE HOLDINGS (U.S.), L.P. 15LONE STAR EUROPE HOLDINGS (BERMUDA), L.P. (102)LONE STAR FUND VI (U.S.), L.P. 323LONE STAR FUND VII (U.S.), L.P. 296 LONE STAR FUND VIII (U.S.), L.P. 3,510 LONE STAR FUND X (U.S.), L.P. 34 LONE STAR FUND XI, L.P. 316,614LONE STAR FUND XII, L.P. 213LONE STAR REAL ESTATE FUND II (U.S.), L.P. 199 LONE STAR REAL ESTATE FUND III (U.S.), L.P. 138LONE STAR REAL ESTATE FUND IV (U.S.), L.P. (4,502) LONE STAR REAL ESTATE FUND VI, L.P. 5,399LONE STAR US INVESTMENTS, LP 1,734 LSF X U.S. HOLDINGS, L.P. 6,399 MADISON INTERNATIONAL REALT ESTATE LIQUIDITY FUND V, LP (106)MERITECH FRANCHISE FUND, L.P. (128) MERITECH CAPITAL PARTNERS VII, L.P. (900)METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP 2,948METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP 1,010 MULTICOIN VENTURE FUND III US, LP 899MULTICOIN CAPITAL FUND, LP 4,955NATURAL GAS PARTNERS IX, L.P. 48NEW ENTERPRISE ASSOCIATES 15, L.P. 2,280 NEW ENTERPRISE ASSOCIATES 16, L.P. 935NORTHGATE GLOBAL EMERGING MARKETS LP 540 NORTHGATE IV, L.P. 486NORTHGATE PRIVATE EQUITY PARTNERS II (Q) LP 171 NORTHGATE PRIVATE EQUITY PARTNERS III LP 988 NORTHGATE VENTURE PARTNERS III, L.P. 321 OLYMPUS GROWTH FUND VII AIV (CAYMAN), L.P. (46) OLYMPUS GROWTH FUND VII PARALLEL L.P. 58,632 OWL CREEK MGM FUND, L.P. 721 OWL CREEK MGM GUND, LP - 10.2019 533PARK STREET CAPITAL NATURAL RESOURCE FUND III LP 1,203PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP 3,331 PARK STREET CAPITAL NATURAL RESOURCE FUND V LP 24,285 PETERSHILL IV LLC (354)POLYCHAIN FUND I, L.P. 122,336 POLYCHAIN VENTURES II, L.P. 9,150POLYCHAIN VENTURES III, L.P. 1,063PROPHET EQUITY II (3,303) RESOURCE CAPITAL FUND VII, L.P. (1,421) REVELATION HEALTHCARE FUND III, L.P. (66,252)REVELATION HEALTHCARE FUND IV, L.P. (87)ROUND HILL MUSIC ROYALTY FUND LP (64,954) SANDERS CAPITAL ALL ASSET VALUE FUND, L.P. - SERIES 1 1,315,864 SCALE VENTURE PARTNERS VII, LP 1,146SERENT CAPITAL IV, L.P. (44,549) SILCHESTER INTERNATIONAL VALUE EQUITY TRUST 1,148,651 SILVER LAKE PARTNERS VI, L.P. (808) SILVER LAKE PARTNERS VI CAYMAN (AIV III), L.P. (439)SLP VI ACE FEEDER I L.P. 741SLP VI GOLDFINGER FEEDER I L.P. 2,120SLP VI REGAL FEEDER I, L.P. 3,186 STANDARD CRYPTO FLAGSHIP FUND, L.P. 812 STANDARD CRYPTO VENTURE FUND I LP 147STRATEGIC INVESTORS FUND VIII, L.P. 3,509SVB STRATEGIC INVESTORS FUND VI, LP 1,408 SYBIL CAPITAL FUND I-A L.P. 2,472 SYCAMORE PARTNERS III-A, L.P. 19,648 TENZING PRIVATE EQUITY II L.P. 275,308 THOMA BRAVO FUND XIV L.P. 86THOMA BRAVO FUND XV L.P. (29,149)U.S. FARMING REALTY TRUST II, L.P. 3,705U.S. RESEARCH EQUITY EXTENDED FUND, L.P. 337,029 VENROCK ASSOCIATES IX, L.P. 4,741VENROCK OPPORTUNITIES FUND, L.P. 10,152 VENROCK HEALTHCARE CAPITAL PARTNERS EG, LP 12,687VINTAGE IX B LP 8,693 WELLINGTON TRUST CTF MICRO CAP EQUITY PORTFOLIO 285,127 WELLINGTON VENTURE INVESTMENTS I, L.P 188WOODBOURNE CANADIAN PARTNERS II (8,394) XFUND 2, L.P. [CLASS A] 27 YUN QI PARTNERS IV, L.P. 892TWO SIGMA RISK PREMIA ENHANCED 739,730HILDENE OPPORTUNITIES OFFSHORE FUND II, LTD. 252,631MCP PRIVATE CAPITAL (FEEDER) FUND III 35,148 PUBLICLY TRADED PARTNERSHIP ACTIVITY 0 PASSIVE OTHER INCOME (LOSS) 1,189,297 PRIOR YEAR PASSIVE LOSS RELEASED - FINAL YEAR 0TOTAL OTHER INCOME TO LINE 11(B) & 11(C) 11,193,568

TY 2023 InvestmentsCorpStockSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Name of Stock End of Year Book Value End of Year Fair Market Value
EQUITY SECURITIES 93,771,390 93,771,390
OTHER 455,702,801 455,702,801

TY 2023 LandEtcSchedule2
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
TOTAL DEPRECIABLE ASSETS 202,039,548 68,350,142 133,689,406  


TY 2023 LegalFeesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL 673,649 524,184 524,184 150,165


TY 2023 MortgagesAndNotesPayableSch
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Total Mortgage Amount:  

Item No. 1
Lender's Name BANK OF HAWAII
Lender's Title  
Relationship to Insider NONE
Original Amount of Loan 1,300,000
Balance Due 726,757
Date of Note 2004-09
Maturity Date 2032-07
Repayment Terms MONTHLY INTEREST ONLY PAYMENTS
Interest Rate 3.800000000000
Security Provided by Borrower FIXED INCOME SECURITY INVESTMENT
Purpose of Loan FINANCE PURCHASE OF AND IMPROVEMENTS TO OFFICE SPACE AT 1100 ALAKEA ST.
Description of Lender Consideration  
Consideration FMV  

Item No. 2
Lender's Name BANK OF HAWAII
Lender's Title  
Relationship to Insider NONE
Original Amount of Loan 1,350,000
Balance Due 807,161
Date of Note 2008-02
Maturity Date 2026-11
Repayment Terms MONTHLY INTEREST ONLY PAYMENTS
Interest Rate 6.750000000000
Security Provided by Borrower FIXED INCOME SECURITY INVESTMENT
Purpose of Loan FINANCE PURCHASE OF AND IMPROVEMENTS TO WILI PA LOOP PROJECT
Description of Lender Consideration  
Consideration FMV  

Item No. 3
Lender's Name BANK OF HAWAII
Lender's Title  
Relationship to Insider NONE
Original Amount of Loan 5,000,000
Balance Due 3,437,093
Date of Note 2012-06
Maturity Date 2032-07
Repayment Terms $24,314.00 MONTHLY PAYMENTS
Interest Rate 3.800000000000
Security Provided by Borrower FIXED INCOME SECURITY INVESTMENT
Purpose of Loan PAY DOWN REVOLVING CREDIT LINE & REIMBURSE BORROWER FOR WAIANAE EXPENDITURES
Description of Lender Consideration  
Consideration FMV  

Item No. 4
Lender's Name BANK OF HAWAII
Lender's Title  
Relationship to Insider NONE
Original Amount of Loan 5,500,000
Balance Due 4,376,141
Date of Note 2015-12
Maturity Date 2025-12
Repayment Terms $24,544.00 MONTHLY PAYMENTS
Interest Rate 2.500000000000
Security Provided by Borrower FIXED INCOME SECURITY INVESTMENT
Purpose of Loan FINANCE PURCHASE OF LEIHANO PROJECT
Description of Lender Consideration  
Consideration FMV  

Item No. 5
Lender's Name BANK OF HAWAII
Lender's Title  
Relationship to Insider NONE
Original Amount of Loan 768,000
Balance Due 649,001
Date of Note 2018-03
Maturity Date 2048-03
Repayment Terms $3,779.00 MONTHLY PAYMENTS
Interest Rate 3.000000000000
Security Provided by Borrower FIXED INCOME SECURITY INVESTMENT
Purpose of Loan FINANCE PURCHASE OF CAPITOL PLACE CONDOMINIUM
Description of Lender Consideration  
Consideration FMV  

Item No. 6
Lender's Name BANK OF HAWAII
Lender's Title  
Relationship to Insider NONE
Original Amount of Loan 2,512,500
Balance Due 2,244,482
Date of Note 2020-04
Maturity Date 2030-05
Repayment Terms $12,112.00 MONTHLY PAYMENTS
Interest Rate 2.700000000000
Security Provided by Borrower FIXED INCOME SECURITY INVESTMENT
Purpose of Loan FINANCE PURCHASE OF LEIHANO LOT 16
Description of Lender Consideration  
Consideration FMV  

Item No. 7
Lender's Name BANK OF HAWAII
Lender's Title  
Relationship to Insider NONE
Original Amount of Loan 16,000,000
Balance Due 16,000,000
Date of Note 2021-11
Maturity Date 2031-11
Repayment Terms MONTHLY INTEREST ONLY PAYMENTS
Interest Rate 2.700000000000
Security Provided by Borrower FIXED INCOME SECURITY INVESTMENT
Purpose of Loan FINANCE PURCHASE OF AND RENOVATION OF CERTAIN REAL PROPERTY
Description of Lender Consideration  
Consideration FMV  


TY 2023 OtherAssetsSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Description Beginning of Year - Book Value End of Year - Book Value End of Year - Fair Market Value
STRAIGHT-LINE RENT RECEIVABLE 18,939,744 19,253,781 19,253,781
INVESTMENT RECEIVABLE 12,619,971 11,314,850 11,314,850
OPERATING LEASE RIGHT-OF-USE ASSET 1,033,507 1,033,584 1,033,584


TY 2023 OtherDecreasesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Description Amount
FASB STATEMENT 158 ADJUSTMENT 28,549
ROUNDING 62


TY 2023 OtherExpensesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FINANCIAL ASSISTANCE 785,307 0 0 792,772
PARTNERSHIPS AND COLLABORATIONS 572,542 0 0 506,213
REPAIRS & MAINTENANCE 1,059,612 27,751 27,751 1,018,379
SUPPLIES 458,539 12,079 12,079 452,111
UTILITIES 358,556 427 427 364,350
INFORMATION TECHNOLOGY 773,741 129,417 129,417 631,676
TELEPHONE 225,129 14,401 14,401 210,050
INSURANCE 1,506,555 126,934 126,934 1,634,008
EQUIPMENT RENTAL 223,805 15,455 15,455 207,832
EDUCATION 699,100 15,390 15,390 529,848
DUES 54,563 16,189 16,189 38,375
REAL ESTATE GENERAL 1,274,354 1,270,133 1,270,133 4,221
REAL ESTATE MANAGEMENT FEES 101,559 101,559 101,559 0
LEASING COMMISSION 143,040 143,040 143,040 0
BAD DEBT EXPENSE 416,551 414,956 414,956 1,595
UBIT FROM SCHEDULE K-1S 256,142 0 62,804 0
LOSS ON IMPAIRMENT OF PROPERTY & EQUIPMENT 2,983 0 0 0
OTHER EXPENSES 653,963 71,800 71,800 483,307


TY 2023 OtherIncomeSchedule2
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
OTHER INCOME - INVESTMENT INCOME 7,761,088   7,761,088
OTHER INCOME - NANA I KE KUMU 3,435   3,435
OTHER INCOME - LATE FEES 29,801   29,801
OTHER INCOME - TRANSFER FEES 3,156   3,156
OTHER INCOME - FOREIGN EXCHANGE GAIN/LOSS 1,662   1,662
OTHER INCOME - MAGNUM PI SET FEE 20,000   20,000
OTHER INCOME - PACT COMMERCIAL PROPERTY INSURANCE CHARGE 30,000   30,000
OTHER INCOME - ATTORNEY'S FEES (REIMBURSED) 880   880


TY 2023 OtherIncreasesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Description Amount
NET UNREALIZED GAIN/(LOSS) ON INVESTMENTS 61,430,734


TY 2023 OtherLiabilitiesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Description Beginning of Year - Book Value End of Year - Book Value
ACCRUED VACATION 83,142 54,728
ACCRUED POSTRETIREMENT BENEFITS 743,386 695,878
OPERATING LEASE LIABILITIES 1,062,924 1,064,985
INVESTMENTS PAYABLE 1,395,946 2,015,992
LINE OF CREDIT 0 5,000,000


TY 2023 OtherProfessionalFeesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT SERVICES 86,385 86,385 86,385 0
OTHER PROFESSIONAL FEES 3,916,560 1,886,808 1,886,808 1,649,191


TY 2023 TaxesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
REAL PROPERTY TAX 5,091,669 4,377,997 4,377,997 713,672
HAWAII GENERAL EXCISE TAX 1,427,518 1,427,518 1,427,518 0
INCOME & FOREIGN TAX 46,047 46,047 46,047 0