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
2024
Open to Public Inspection
For calendar year 2024, or tax year beginning 05-01-2024 , and ending 04-30-2025
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 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$29,410,294J 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)  
2 Check right arrow.............
3 Interest on savings and temporary cash investments      
4 Dividends and interest from securities... 620,291 596,875  
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 869,315
b Gross sales price for all assets on line 6a 3,397,125
7 Capital gain net income (from Part IV, line 2)... 869,315
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)....... Click to see attachment
List of Attached Documents:
// Content
1,365 1,365  
12 Total. Add lines 1 through 11........ 1,490,971 1,467,555  
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 0 0   0
14 Other employee salaries and wages...... 49,996 0 0 49,996
15 Pension plans, employee benefits.......   0 0  
16a Legal fees (attach schedule).........       0
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
2,500 0 0 2,500
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
126,754 101,403   25,351
17 Interest...............       0
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
28,175     0
19 Depreciation (attach schedule) and depletion... 0 0  
20 Occupancy..............        
21 Travel, conferences, and meetings....... 72,271 0 0 72,271
22 Printing and publications.......... 167 0 0 167
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
2,958     2,958
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 282,821 101,403 0 153,243
25 Contributions, gifts, grants paid....... 1,168,523 1,168,523
26 Total expenses and disbursements. Add lines 24 and 25 1,451,344 101,403 0 1,321,766
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 39,627
b Net investment income (if negative, enter -0-) 1,366,152
c Adjusted net income (if negative, enter -0-)... 0
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2024)
Form 990-PF (2024)
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.............   513 513
2 Savings and temporary cash investments......... 1,058,298 909,395 909,395
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow     0 0
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 arrow  
Less: allowance for doubtful accounts right arrow0      
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)....... 8,943,097 Click to see attachment
List of Attached Documents:
// Content
8,643,323 		21,087,161
c Investments—corporate bonds (attach schedule)....... 7,001,372 Click to see attachment
List of Attached Documents:
// Content
7,469,918 		7,413,225
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........     0
14 Land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 17,002,767 17,023,149 29,410,294
Liabilities 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 right arrow)    
23 Total liabilities (add lines 17 through 22).........   0
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...........    
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........ 17,002,767 17,023,149
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)..... 17,002,767 17,023,149
30 Total liabilities and net assets/fund balances (see instructions). 17,002,767 17,023,149
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
17,002,767
2
Enter amount from Part I, line 27a .....................
2
39,627
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
2,833
4
Add lines 1, 2, and 3 ..........................
4
17,045,227
5
Decreases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
5
22,078
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
17,023,149
Form 990-PF (2024)
Form 990-PF (2024)
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 175000. SIMON PROPERTY GROUP 3.375% 10/01/24   2016-05-19 2024-10-01
b 585. AIRBNB INC CL A   2021-09-23 2025-01-23
c 1836. CATERPILLAR INC     2025-01-23
d 4100. CENTENE CORP COM     2025-01-23
e 2000. EDWARDS LIFESCIENCES CORP COM   2017-02-15 2025-01-23
5725. HORMEL FOODS CORPORATIONCOM     2025-01-23
500000. JPMORGAN CHASE CO 3.125% 1/23/25   2020-06-22 2025-01-23
335. MICROSOFT CORP   2016-10-17 2025-01-23
6676. PFIZER INC     2025-01-23
250. ROPER INDS INC NEW COM W/RTS ATTACHED EXP 01/08/2006   2021-09-23 2025-01-23
927. SOUTH BOW CORP COM     2025-01-23
2600. TEXAS INSTRS INC     2025-01-23
2300. VERIZON COMMUNICATIONS     2025-01-23
3000. LYONDELLBASELL INDUSTRIES N V SHS A     2025-01-23
(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 175,000   175,000  
b 77,592   102,191 -24,599
c 750,780   148,273 602,507
d 262,988   256,931 6,057
e 137,887   60,040 77,847
175,863   193,914 -18,051
500,000   500,000  
148,461   19,192 129,269
174,838   208,094 -33,256
132,508   115,951 16,557
22,592   18,860 3,732
516,765   373,849 142,916
90,272   113,054 -22,782
231,579   242,461 -10,882
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       -24,599
c       602,507
d       6,057
e       77,847
      -18,051
       
      129,269
      -33,256
      16,557
      3,732
      142,916
      -22,782
      -10,882
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 2 869,315
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  
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:   (attach copy of letter if necessary–see instructions) 1 18,990
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 0
3 Add lines 1 and 2........................... 3 18,990
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 18,990
6 Credits/Payments:
a 2024 estimated tax payments and 2023 overpayment credited to 2024 6a 25,340
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 25,340
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 0
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9  
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10 6,350
11 Enter the amount of line 10 to be: Credited to 2025 estimated taxright arrow6,350 Refundedright arrow 11 0
Form 990-PF (2024)
Form 990-PF (2024)
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$   (2) On foundation managers.right arrow$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$  
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
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
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 2024 or the taxable year beginning in 2024? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
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 arrow  
14
The books are in care ofright arrowTamra Davis Cownie Telephone no.right arrow (651) 440-5068

Located atright arrow81 SEVENTH STREET EAST SUITE 125ST PAULMN ZIP+4right arrow55101
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 2024, 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 (2024)
Form 990-PF (2024)
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 2024? .............
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 2024, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2024?....................
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 2024 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 2024.) .....................
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 2024? ..
4b
 
No
Form 990-PF (2024)
Form 990-PF (2024)
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
JEFFREY T PETERSON TREASURER
2 		0    
21030 KAROLINE CT N
FOREST LAKE,MN55025
DAVID G BARRETT SECRETARY/DIRECTOR
1 		0    
1770 PINION HILLS DRIVE
CARSON CITY,NV89701
ISAAC D HALL ESQ DIRECTOR
1 		0    
170 EAST KUIAHA RD
HAIKU,HI96708
WILLIAM F FERGUSON JR PRESIDENT
1 		0    
4355 S HIGH ST
CHERRY HILLS VILLAGE,CO80113
KELVIN TAKETA DIRECTOR
1 		0    
5089 MAUNALANI CIRCLE
HONOLULU,HI96816
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...................right arrow 0
Form 990-PF (2024)
Form 990-PF (2024)
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
U S BANK INVESTMENT MANAGEMEN 126,574
PO BOX 0634
MILWAUKEE,WI53201
Total number of others receiving over $50,000 for professional services.............right arrow0
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  
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 arrow  
Form 990-PF (2024)
Form 990-PF (2024)
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
29,567,181
b
Average of monthly cash balances.......................
1b
1,357,558
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
30,924,739
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
30,924,739
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
463,871
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
30,460,868
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
1,523,043
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
1,523,043
2a
Tax on investment income for 2024 from Part V, line 5 .......
2a
18,990
b
Income tax for 2024. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
18,990
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
1,504,053
4
Recoveries of amounts treated as qualifying distributions................
4
0
5
Add lines 3 and 4............................
5
1,504,053
6
Deduction from distributable amount (see instructions).................
6
0
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
1,504,053
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
1,321,766
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
0
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
0
b
Cash distribution test (attach the required schedule) .................
3b
0
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
1,321,766
Form 990-PF (2024)
Form 990-PF (2024)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2023 		(c)
2023 		(d)
2024
1 Distributable amount for 2024 from Part X, line 7 1,504,053
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only....... 605,826
b Total for prior years:20 , 20, 20 0
3 Excess distributions carryover, if any, to 2024:
a From 2019...... 0
b From 2020...... 0
c From 2021...... 0
d From 2022...... 0
e From 2023...... 0
f Total of lines 3a through e ........ 0
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$ 1,321,766
a Applied to 2023, but not more than line 2a 605,826
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 2024 distributable amount..... 715,940
e Remaining amount distributed out of corpus 0
5 Excess distributions carryover applied to 2024. 0 0
(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 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		0
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		788,113
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 2019 not
applied on line 5 or line 7 (see instructions) ... 		0
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		0
10 Analysis of line 9:
a Excess from 2020.... 0
b Excess from 2021.... 0
c Excess from 2022.... 0
d Excess from 2023.... 0
e Excess from 2024.... 0
Form 990-PF (2024)
Form 990-PF (2024)
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 2024, enter the date of the ruling ...... right arrow
 
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) 2024 (b) 2023 (c) 2022 (d) 2021
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
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 IX, 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 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).)
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 right arrow 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 (2024)
Form 990-PF (2024)
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

MANA'OLANA PINK PADDLERS

PO BOX 588
KIHEI,HI96753 		NONE PC GENERAL OPERATING 20,000

CONSERVATION COUNCIL FOR HAWAI'I

PO BOX 2923
HONOLULU,HI96802 		NONE PC GENERAL OPERATING 5,000

HAWAII INSITUTE FOR MUSIC ENRICHMENT

1296 AUKAIKU STREET
KAILUA,HI96734 		NONE PC GENERAL OPERATING 25,000

KIMOKEO FOUNDATION

95 MAHALANI ST SUITE 12
WAILUKU,HI96793 		NONE PC GENERAL OPERATING 15,000

PACIFIC CANCER FOUNDATION

95 MAHALANI STREET STE B
WAILUKU,HI96793 		NONE PC GENERAL OPERATING 25,000

WOMEN HELPING WOMEN

1935 MAIN STREET SUITE 202
WAILUKU,HI96793 		NONE PC GENERAL OPERATING 25,000

HAWAII FOOD BANK

2611 KILIHAU STREET
HONOLULU,HI96819 		NONE PC NEW FOOD BANK 325,000

KEALAKAI CENTER FOR PACIFIC STRINGS

150 HAMAKUA DRIVE PMB 831
KAILUA,HI96734 		NONE PC GENERAL OPERATING 50,000

FRIENDS OF THE D T FLEMING ARBORETUM

PO BOX 101
MAKAWAO,HI96768 		NONE PC GENERAL OPERATING 15,000

GOOD SHEPARD EPISCOPAL CHURCH

2140 MAIN ST
WAILUKU,HI96793 		NONE PC KA 'OHANA KITCHEN GEN OPS 10,000

AMERICAN CANCER SOCIETY

PO BOX 11689
HONOLULU,HI96828 		NONE PC HOPE LODGE 43,923

MOLOKAI AFFORDABLE HOUSING ALLIANCE

55 NAIWA ROAD
HOOLEHUA,HI96729 		NONE PC GENERAL OPERATING 20,000

ASSISTANCE DOGS OF HAWAII

PO BOX 1803
MAKAWAO,HI96768 		NONE PC SADIE'S PLACE RENOVATIONS 25,000

HUGS FOR HAWAII'S SERIOUSLY ILL --

3636 KILAUEA AVE
HONOLULU,HI96816 		NONE PC GENERAL OPERATING 25,000

HAWAII ASSOCIATION OF THE BLIND

1550 AINAKOA AVENUE
HONOLULU,HI96821 		NONE PC GENERAL OPERATING 25,000

US VETS HAWAII

91-1010 SHANGRILA ST SUITE 103
KAPOLEI,HI96707 		NONE PC GENERAL OPERATING 25,000

BOYS AND GIRLS CLUB OF HAWAII

1000 BISHOP STREET
HONOLULU,HI96813 		NONE PC GENERAL OPERATING 25,000

KUPU

55 MERCHANT ST
HONOLULU,HI96813 		NONE PC HOOKUPU CENTER 100,000

RESOURCES LEGACY FUND

400 CAPITOL MALL
SACRAMENTO,CA95814 		NONE PC GENERAL OPERATING 25,000

HAWAII EXECUTIVE COLLABORATIVE

827 FORT STREET MALL
HONOLULU,HI96813 		NONE PC GENERAL OPERATING 25,000

COMMON GROUND COLLECTIVE

PO BOX 1051
HAIKU,HI96708 		NONE PC GENERAL OPERATING 15,000

COUNCIL FOR NATIVE HAWAIIAN

91-1270 KINOIKI STREET
KAPOLEI,HI96707 		NONE PC GENERAL OPERATING 50,000

EAST MAUI ANIMAL REFUGE

25 MALUAINA PLACE
HAIKU,HI96708 		NONE PC GENERAL OPERATING 20,000

HALE MAHAOLU

200 HINA AVENUE
WAILUKU,HI96732 		NONE PC GENERAL OPERATING 25,000

ALA KUKUI

PO BOX 489
HANA,HI96713 		NONE PC GENERAL OPERATING 25,000

RESIDENTIAL YOUTH SERVICES

PO BOX 11662
HONOLULU,HI96828 		NONE PC GENERAL OPERATING 25,000

KAUAI INDEPENDENT FOOD BANK

3285 WAAPA ROAD STE A
LIHUE,HI96766 		NONE PC GENERAL OPERATING 15,000

HAKU BALDWIN CENTER

444 MAKAWAO DRIVE
MAKAWAO,HI96768 		NONE PC GENERAL OPERATING 10,000

LANAI ACADEMY OF PERFORMING ARTS

PO BOX 631124
LANAI CITY,HI96763 		NONE PC GENERAL OPERATING 10,000

HAWAII EMERGENCY AMATEUR RADIO

44-096 KEAALAU PLACE
KANEOHE,HI96744 		NONE PC GENERAL OPERATING 18,900

TRUST FOR PUBLIC LAND

PO BOX 889336
SACRAMENTO,CA90088 		NONE PC GENERAL OPERATING 10,000

HAWAII LEADERSHIP FORUM

700 BISHOP ST
HONOLULU,HI96813 		NONE PC GENERAL OPERATING 10,000

HO'IWAI FUND

1402 WILHELMINA RISE
HONOLULU,HI96816 		NONE PC CONVENINGS GENERAL 15,000

HOKULANI CHILDREN'S THEATRE

PO BOX 85
HOOLEHUA,HI96729 		NONE PC GENERAL OPERATING 15,000

WASTEWATER ALTERNATIVES

2927 HIBISCUS PLACE
HONOLULU,HI96815 		NONE PC GENERAL OPERATING 25,000

HOLANI HANA

PO BOX 187
HANA,HI96713 		NONE PC GENERAL OPERATING 25,000

KIHEI CANOE CLUB

190 MAKA HOU LOOP
WAILUKU,HI96793 		NONE PC ROWERS AND WATERPROOF 700
Total .................................right arrow 3a 1,168,523
bApproved for future payment
Total ................................. right arrow 3b  
Form 990-PF (2024)
Form 990-PF (2024)
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 ........... 		         
4 Dividends and interest from securities ....     14 620,291  
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 ............ 		    18 869,315  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue:
aOTHER INCOME 		    1 1,365  
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..   1,490,971  
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,490,971
(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 (2024)
Form 990-PF (2024)
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 Right Arrow
 Firm's EIN Right Arrow
Firm's address Right Arrow


 Phone no.
Form 990-PF (2024)
Additional Data


Software ID:  
Software Version:  


Form 990PF - Special Condition Description:
Special Condition Description

TY 2024 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

TY 2024 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 252,494 246,210
828807CS4 SIMON PROPERTY GROUP    
037833BG4 APPLE INC 295,926 299,877
24422ETH2 JOHN DEERE MTN 281,454 295,431
037833CJ7 APPLE INC 400,157 396,612
02665WDJ7 AMERICAN HONDA MTN 503,138 484,480
039483BL5 ARCHER DANIELS 304,198 293,184
46625HKC3 JPMORGAN CHASE CO    
22160KAN5 COSTCO WHSL CORP NEW 300,393 285,330
459200KA8 IBM CORP 320,781 290,397
020002BD2 ALLSTATE CORP 310,662 294,426
74460WAD9 PUBLIC STORAGE 302,620 280,635
437076CS9 HOME DEPOT INC 402,285 397,960
822582CB6 SHELL INTERNATIONAL 248,133 248,548
14913R2H9 CATERPILLAR FINL MTN 228,295 245,240
911312BZ8 UNITED PARCEL SVCS 408,690 402,012
053332AZ5 AUTOZONE INC SR NT 475,505 485,565
40434LAL9 HP INC 468,495 467,570
548661EL7 LOWES COS 398,548 398,676
63743HFP2 NATIONAL RURAL MTN 397,428 409,336
458140CF5 INTEL CORP 397,608 403,804
501044DV0 KROGER CO SR 385,500 392,048
776696AH9 ROPER TECHNOLOGIES 387,608 395,884

TY 2024 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
N53745100 LYONDELLBASELL INDUS    
717081103 PFIZER INC    
654106103 NIKE INC 86,198 112,800
539830109 LOCKHEED MARTIN CORP 192,907 390,322
57636Q104 MASTERCARD INC 191,861 1,222,722
02079K305 ALPHABET INC CL A 195,961 867,048
037833100 APPLE INC 142,476 1,267,350
478160104 JOHNSON JOHNSON 194,568 284,953
882508104 TEXAS INSTRUMENTS IN    
012653101 ALBEMARLE CORP 472,434 240,055
060505104 BANK OF AMERICA CORP 213,963 598,200
931142103 WAL MART STORES INC 176,188 758,550
594918104 MICROSOFT CORP 209,372 1,699,618
87807B107 TC ENERGY CORP 190,357 233,650
91324P102 UNITEDHEALTH GROUP I 202,554 744,706
92343V104 VERIZON COMMUNICATIO    
79466L302 SALESFORCE COM INC 342,424 717,456
30303M102 FACEBOOK INC A 220,174 192,150
56585A102 MARATHON PETROLEUM C 116,822 412,230
893641100 TRANSDIGM GROUP INC 142,439 819,581
110122108 BRISTOL MYERS SQUIBB 130,750 117,418
907818108 UNION PACIFIC CORP 240,926 557,265
816851109 SEMPRA COM 69,532 95,066
22160K105 COSTCO WHOLESALE COR 144,236 845,325
G6095L109 APTIV PLC    
440452100 HORMEL FOODS CORP    
81762P102 SERVICENOW INC 65,152 709,572
28176E108 EDWARDS LIFESCIENCES    
46625H100 J P MORGAN CHASE CO 247,866 977,012
H1467J104 CHUBB LIMITED COM 129,011 343,296
149123101 CATERPILLAR INC    
437076102 HOME DEPOT INC 245,653 712,328
03027X100 AMERICAN TOWER CORP 200,098 326,845
023135106 AMAZON.COM INC 193,348 1,147,646
15135B101 CENTENE CORP COM    
002824100 ABBOTT LABORATORIES 149,717 485,083
776696106 ROPER INDS INC    
92826C839 VISA INC 150,138 226,994
67066G104 NVIDIA CORP 163,268 844,130
009066101 AIRBNB INC CL A    
247361702 DELTA AIR LINES INC 212,002 208,150
808513105 SCHWAB CHARLES CORP 296,776 325,600
09247X101 BLACKROCK INC    
17275R102 CISCO SYSTEMS INC 159,068 161,644
697435105 PALO ALTO NETWORKS I 106,601 241,140
87612E106 TARGET CORP COM 57,425 33,362
65339F101 NEXTERA ENERGY INC 193,643 160,512
G5960L103 MEDTRONIC PLC 133,947 127,140
806857108 SCHLUMBERGER LTD COM 299,751 185,668
007903107 ADVANCED MICRO DEVIC 154,156 121,688
09290D101 BLACKROCK INC COM 259,366 301,706
30063P105 EXACT SCIENCES CORPO 148,007 125,510
532457108 ELI LILLY CO 304,214 359,580
550021109 LULULEMON ATHLETICA 154,924 108,308
58733R102 MERCADOLIBRE INC 145,283 186,468
871607107 SYNOPSYS INC 152,644 126,228
88339J105 TRADE DESK INC THE C 147,658 67,038
90353T100 UBER TECHNOLOGIES IN 149,391 178,222
G3265R107 APTIV PLC COM SHS 148,074 119,826

TY 2024 OtherDecreasesSchedule
Name:
THE LAURENCE H DORCY HAWAIIAN FOUNDATION
EIN:
46-2117762
Description Amount
PY EXPENSES PAID IN CY 529
TC ENERGY CORP BASIS ADJUSTMENT 18,859
COST BASIS ADJ 2,690


TY 2024 OtherExpensesSchedule
Name:
THE LAURENCE H DORCY HAWAIIAN FOUNDATION
EIN:
46-2117762
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
HAWAII DCAA FEE 4 0   4
MISC TRUST EXPENSES 370 0   370
WEBSITE FEES 720 0   720
CELLULAR 390 0   390
OFFICE EXPENSES 1,474 0   1,474


TY 2024 OtherIncomeSchedule2
Name:
THE LAURENCE H DORCY HAWAIIAN FOUNDATION
EIN:
46-2117762
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
OTHER INCOME 1,365 1,365  


TY 2024 OtherIncreasesSchedule
Name:
THE LAURENCE H DORCY HAWAIIAN FOUNDATION
EIN:
46-2117762
Description Amount
PY POAI CARRYOVER 2,833


TY 2024 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 126,754 101,403   25,351


TY 2024 TaxesSchedule
Name:
THE LAURENCE H DORCY HAWAIIAN FOUNDATION
EIN:
46-2117762
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
FEDERAL TAX PAYMENT - PRIOR YE 2,835 0   0
FEDERAL ESTIMATES - PRINCIPAL 25,340 0   0