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 01-01-2024 , and ending 12-31-2024
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
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
HONOLULU, HI96813
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$1,394,793,669J 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) 5,900
2 Check right arrow.............
3 Interest on savings and temporary cash investments 2,216,042 1,303,861 1,303,861
4 Dividends and interest from securities... 4,767,547 3,901,947 3,901,947
5a Gross rents............ 23,251,928 23,251,928 23,251,928
b Net rental income or (loss) 13,349,489
6a Net gain or (loss) from sale of assets not on line 10 101,021,098
b Gross sales price for all assets on line 6a 174,167,101
7 Capital gain net income (from Part IV, line 2)... 124,117,427
8 Net short-term capital gain......... 4,923,666
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
10,659,944 12,438,589 12,438,589
12 Total. Add lines 1 through 11........ 141,922,459 165,013,752 45,819,991
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 3,988,981 2,305,391 2,305,391 1,683,590
14 Other employee salaries and wages...... 15,581,034 1,076,836 1,076,836 14,504,198
15 Pension plans, employee benefits....... 4,644,679 519,143 519,143 4,106,649
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
507,320 189,323 189,323 267,297
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
235,053 90,752 90,752 114,641
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
3,258,130 1,480,532 1,480,532 2,014,759
17 Interest...............        
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
6,144,644 5,849,410 5,849,410 295,234
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
4,700,033 1,329,341 1,329,341
20 Occupancy.............. 2,220,649 217,808 217,808 1,952,135
21 Travel, conferences, and meetings....... 874,032 172,264 172,264 685,179
22 Printing and publications.......... 52,461 2,901 2,901 48,391
23 Other expenses (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
10,203,082 1,922,011 2,044,615 5,109,833
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 52,410,098 15,155,712 15,278,316 30,781,906
25 Contributions, gifts, grants paid....... 49,711 49,711
26 Total expenses and disbursements. Add lines 24 and 25 52,459,809 15,155,712 15,278,316 30,831,617
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 89,462,650
b Net investment income (if negative, enter -0-) 149,858,040
c Adjusted net income (if negative, enter -0-)... 30,541,675
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............. 299,196 337,532 337,532
2 Savings and temporary cash investments......... 40,070,744 79,656,613 79,656,613
3 Accounts receivable right arrow1,345,951
Less: allowance for doubtful accounts right arrow379,589 1,548,477 966,362 966,362
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 arrow50,059
Less: allowance for doubtful accounts right arrow0 74,242 50,059 50,059
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 1,665,967 1,128,427 1,128,427
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule)....... 549,474,191 Click to see attachment
List of Attached Documents:
// Content
621,801,522 		621,801,522
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow72,383,847
Less: accumulated depreciation (attach schedule) right arrow38,516,448 39,631,939 33,867,399 490,637,412
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule)..........      
14 Land, buildings, and equipment: basis right arrow218,402,826
Less: accumulated depreciation (attach schedule) right arrow30,463,972 130,315,269 Click to see attachment
List of Attached Documents:
// Content
187,938,854 		191,073,999
15 Other assets (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
31,602,215 		Click to see attachment
List of Attached Documents:
// Content
9,141,743 		Click to see attachment
List of Attached Documents:
// Content
9,141,743
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 794,682,240 934,888,511 1,394,793,669
Liabilities 17 Accounts payable and accrued expenses.......... 10,185,108 13,786,565
18 Grants payable.................    
19 Deferred revenue................. 2,120,319 1,466,255
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)...... 28,240,635 Click to see attachment
List of Attached Documents:
// Content
27,941,431
22 Other liabilities (describe right arrow) Click to see attachment
List of Attached Documents:
// Content
8,831,583 		Click to see attachment
List of Attached Documents:
// Content
11,537,099
23 Total liabilities (add lines 17 through 22)......... 49,377,645 54,731,350
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........... 745,304,595 880,157,161
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)..... 745,304,595 880,157,161
30 Total liabilities and net assets/fund balances (see instructions). 794,682,240 934,888,511
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
745,304,595
2
Enter amount from Part I, line 27a .....................
2
89,462,650
3
Other increases not included in line 2 (itemize) right arrowClick to see attachment
List of Attached Documents:
// Content
3
45,389,916
4
Add lines 1, 2, and 3 ..........................
4
880,157,161
5
Decreases not included in line 2 (itemize) right arrow
5
0
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
880,157,161
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 TOTAL SHORT-TERM CAPITAL GAIN FROM K-1S P 2024-01-01 2024-12-31
b TOTAL LONG-TERM CAPITAL GAINS FROM K-1S P 2023-12-31 2024-12-31
c TOTAL DISTRIBUTION IN EXCESS OF BASIS P 2023-12-31 2024-12-31
d TOTAL SEC. 1231 GAIN FROM K-1S P 2023-12-31 2024-12-31
e TOTAL SEC. 1256 LONG-TERM GAIN FROM K-1S P 2023-12-31 2024-12-31
TOTAL SEC. 1256 SHORT-TERM GAIN FROM K-1S P 2024-01-01 2024-12-31
US BANK #12508   2024-01-01 2024-12-31
US BANK #12508   2023-12-31 2024-12-31
US BANK DEFLATION ASSETS   2023-12-31 2024-12-31
GAIN ON SALE OF ASSET #5004 P 2023-12-31 2024-12-31
GAIN ON SALE OF PROPERTY - WAIALUA LOTS P 2023-12-31 2024-12-31
GAIN ON SALE OF PROPERTY - KIS P 2023-12-31 2024-12-31
GAIN ON SALE OF PROPERTY - KKAI J4 P 2023-12-31 2024-12-31
TOTAL GAIN ON NON MARKETABLE SECURITIES P 2023-12-31 2024-12-31
TOTAL LONG-TERM LOSS ON DISPOSAL OF PARTNERSHIP INTERESTS P 2023-12-31 2024-12-31
CAPITAL GAINS DIVIDENDS P    
(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 4,892,827   71,257 4,821,570
b 17,741,822   905,653 16,836,169
c 14,343     14,343
d 227,357   249 227,108
e 115,057   8 115,049
76,705   6 76,699
969,907   944,510 25,397
21,924,368   7,946,124 13,978,244
    85,855 -85,855
10,500     10,500
150,000   36,794 113,206
101,777,600   13,830,761 87,946,839
150,000   14,752 135,248
48,875,125   48,875,125 0
    232,856 -232,856
135,766     135,766
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       4,821,570
b       16,836,169
c       14,343
d       227,108
e       115,049
      76,699
      25,397
      13,978,244
      -85,855
      10,500
      113,206
      87,946,839
      135,248
      0
      -232,856
      135,766
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 2 124,117,427
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 4,923,666
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 2024 estimated tax payments and 2023 overpayment credited to 2024 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 2025 estimated taxright arrow   Refundedright arrow 11  
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$ 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 2024 or the taxable year beginning in 2024? 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 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
Yes
 
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
ROBERT OZAKI TRUSTEE
25.00 		268,250 150 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
CLAIRE L ASAM TRUSTEE
25.00 		200,750 150 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
MAHINA E HUGO TRUSTEE
25.00 		200,750 0 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
DAWN HARFLINGER FORMER PRESIDENT & CEO
40.00 		1,333,249 16,880 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
MENRIT FRANCIS VICE PRESIDENT & CFO
40.00 		258,102 21,370 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
CHIEMI DAVIS VICE PRESIDENT & CPO
40.00 		301,276 22,790 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
ALAN ARAKAWA FORMER VICE PRESIDENT, REAL ESTATE
40.00 		1,036,336 16,157 0
1100 ALAKEA STREET SUITE 1100
HONOLULU,HI96813
TINA KEANE PRESIDENT & CEO
40.00 		390,269 40,003 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
CHERI TARUTANI MANAGING DIRECTOR, K
40.00 		226,429 16,298 0
QLT - 1100 ALAKEA ST STE 1100
HONOLULU,HI96813
JUSTIN FRANCISCO PROJECT MANAGER, DEV
40.00 		209,507 8,185 0
QLT - 1100 ALAKEA ST STE 1100
HONOLULU,HI96813
SUMMER ENGCABO DIRECTOR, OFFICE OF
40.00 		204,421 3,707 0
QLT - 1100 ALAKEA ST STE 1100
HONOLULU,HI96813
KATHERINE TIBBETTS MANAGING DIRECTOR, R
40.00 		194,689 13,221 0
QLT - 1100 ALAKEA ST STE 1100
HONOLULU,HI96813
JENNIFER LAA EXECUTIVE DIRECTOR,
40.00 		192,120 13,622 0
QLT - 1100 ALAKEA ST STE 1100
HONOLULU,HI96813
Total number of other employees paid over $50,000...................right arrow 150
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
KIEWIT GENERAL CONTRACTING 44,590,406
707 RICHARDS ST SUITE 750
HONOLULU,HI96813
MONARCH INSURANCE SERVICES INSURANCE SERVICES 1,847,675
677 ALA MOANA BLVD 500
HONOLULU,HI96813
FLANSBURGH ARCHITECTS ARCHITECTURAL DESIGN 1,268,179
77 N WASHINGTON ST
BOSTON,MA02114
CAMBRIDGE ASSOCIATES LLC INVESTMENT ADVISORY SERVICES 1,069,790
100 SUMMER STREET SUITE 1300
BOSTON,MA02110
WILLIS TOWERS WATSON ACTUARIAL AND CONSULTING SERVICES 508,567
300 SOUTH GRAND STE 2000
LOS ANGELES,CA90071
Total number of others receiving over $50,000 for professional services.............right arrow49
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 201 EMPLOYEES THAT INCLUDE SOCIAL WORKERS, ADMINISTRATIVE AND SUPPORT STAFF OPERATING FROM MULTIPLE OFFICES THROUGHOUT THE STATE. IN 2024 THE TRUST PROVIDED DIRECT SERVICES TO 1,694 KAMALI'I (YOUTH).AMOUNTS PAID TO ACCOMPLISH CHARITABLE PURPOSES 30,831,617AMOUNTS PAID TO ACQUIRE ASSETS USED FOR CHARITABLE PURPOSE 27,878,835AMOUNTS CONVERTED FROM ENDOWMENT 0 TOTAL AMOUNTS PAID FOR CHARITABLE PURPOSES 58,710,452 58,710,452
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 (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
579,397,963
b
Average of monthly cash balances.......................
1b
56,023,408
c
Fair market value of all other assets (see instructions)................
1c
490,637,412
d
Total (add lines 1a, b, and c).........................
1d
1,126,058,783
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
1,126,058,783
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
16,890,882
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
1,109,167,901
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
55,458,395
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 2024 from Part V, line 5 .......
2a
 
b
Income tax for 2024. (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
30,831,617
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
27,878,835
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
58,710,452
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  
2 Undistributed income, if any, as of the end of 2024:
a Enter amount for 2023 only.......  
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2024:
a From 2019......  
b From 2020......  
c From 2021......  
d From 2022......  
e From 2023......  
f Total of lines 3a through e ........  
4Qualifying distributions for 2024 from Part
XI, line 4: right arrow$  
a Applied to 2023, 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 2024 distributable amount.....  
e Remaining amount distributed out of corpus  
5 Excess distributions carryover applied to 2024.    
(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 2023. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2024. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2025 .......... 		 
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 2019 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2025.
Subtract lines 7 and 8 from line 6a ...... 		 
10 Analysis of line 9:
a Excess from 2020....  
b Excess from 2021....  
c Excess from 2022....  
d Excess from 2023....  
e Excess from 2024....  
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
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) 2024 (b) 2023 (c) 2022 (d) 2021
30,541,675 24,001,917 17,579,892 21,905,034 94,028,518
b 85% (0.85) of line 2a ......... 25,960,424 20,401,629 14,942,908 18,619,279 79,924,240
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		58,710,452 60,611,427 54,697,458 52,373,578 226,392,915
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		49,711 76,350 28,000 181,500 335,561
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		58,660,741 60,535,077 54,669,458 52,192,078 226,057,354
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 .. 		36,972,263 37,203,100 38,709,316 39,405,925 152,290,604
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 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 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 (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

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

HAWAII STATE ARCHIVES

364 KING ST
HONOLULU,HI96813 		NONE PC SUPPORT HAWAII STATE ARCHIVES PURCHASE OF RARE PHOTOGRAPH NEGATIVES WITH SIGNIFICANT HISTORICAL VALUE. 25,000

LAHAINALUNA HIGH SCHOOL

980 LAHIANALUNA RD
LAHAINA,HI96761 		NONE PC DONATION TO SUPPORT NATIVE HAWAIIAN PROGRAMMING AT LAHAINALUNA HIGH SCHOOL. 2,711

HALE KIPA

91-2128 OLD FORT WEAVER RD
EWA BEACH,HI96706 		NONE PC DONATION TO SUPPORT ANNUAL FUNDRAISING EVENT. 5,000

FAMILY PROMISE OF HAWAII

245 N KUKUI ST SUITE 101
HONOLULU,HI96817 		NONE PC DONATION TO SUPPORT ANNUAL FUNDRAISING DINNER. 5,000

HAWAII SPEED AND QUICKNESS

7168 MAKAA ST
HONOLULU,HI96825 		NONE PC DONATION TO SUPPORT ANNUAL LOCAL ATHLETE EVENT. 5,000

WASHINGTON PLACE FOUNDATION

PO BOX 873
HONOLULU,HI96808 		NONE PC DONATION TO SUPPORT ANNUAL FUNDRAISING DINNER. 3,500
Total .................................right arrow 3a 49,711
bApproved for future payment
Total ................................. right arrow 3b 0
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 ........... 		    14 2,216,042  
4 Dividends and interest from securities ....     14 4,767,547  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....     16 13,349,489  
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		    18 101,021,098  
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 10,618,736  
bOTHER INCOME - NANA I KE KUMU     14 2,484  
cOTHER INCOME - WELLS FARGO LITIGATION SETTLEMENT     16 84  
dOTHER INCOME - TRANSFER FEES     16 1,350  
eOTHER INCOME - MERCHANDISE PURCHASE FROM EMPLOYEES     16 3,737  
fOTHER INCOME - BOH INTEREST INCOME     14 35,399  
gOTHER INCOME - MISC TRUE-UP     16 -260  
hOTHER INCOME - FOREIGN EXCHANGE GAIN/LOSS     14 -1,586  
12 Subtotal. Add columns (b), (d), and (e) .. 0 132,014,120 0
13Total. Add line 12, columns (b), (d), and (e)..................
13
132,014,120
(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
Schedule B
(Form 990)
(Rev. January 2025)
Department of the Treasury
Internal Revenue Service
Schedule of Contributors

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

99-0078890
Organization type (check one):
Filers of:
Section:
Form 990 or 990-EZ
501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization


Form 990-PF
501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation
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
For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.
Special Rules
For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 331/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.
For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Right Arrow $  
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) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025) Page 2
Name of organization
LILIUOKALANI TRUST
  		Employer identification number
99-0078890
Part I
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
BANK OF AMERICA CHARITABLE GIFT FUND
 
100 FEDERAL ST
 
BOSTON, MA02110

$ 5,000


(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.)
(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) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
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) (Rev. 1-2025)
Schedule B (Form 990) (Rev. 1-2025)
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.) $  
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) (Rev. 1-2025)
Additional Data


Software ID:  
Software Version:  

TY 2024 AccountingFeesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
ACCOUNTING 235,053 90,752 90,752 114,641

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TY 2024 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 2024-01-01 254,591,663 68,980,420   0 % 0 0 0  

TY 2024 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 40,719,856 BEGINNING A/D - CIP - INVESTMENT 0 ----------- BEGINNING A/D - INVESTMENT ASSETS 40,719,856 =========== ENDING A/D - LAND - INVESTMENT 0 ENDING A/D - BUILDING & LAND IMPROVEMENTS - INVESTMENT 38,516,448 ENDING A/D - CIP - INVESTMENT 0 ---------- ENDING A/D - INVESTMENT ASSETS 38,516,448 ==========
ACCUMULATED DEPRECIATION FORM 990-PF, PART II, LINE 14 BEGINNING A/D - FF&E - EXEMPT 3,585,803 BEGINNING A/D - LAND - EXEMPT 536,813 BEGINNING A/D - BLDG & IMP - EXEMPT 23,507,670 ---------- BEGINNING A/D - EXEMPT ASSETS 27,630,286 ========== ENDING A/D - FF&E - EXEMPT 4,044,905 ENDING A/D - LAND - EXEMPT 619,017 ENDING A/D - BLDG & IMP - EXEMPT 25,800,050 ---------- ENDING A/D - EXEMPT ASSETS 30,463,972 ==========
ELECTION(S) UNDER SECTION 987 FORM 990-PF FOR THE TAX YEAR ENDING DECEMBER 31, 2024, 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) 10,659,944 PLUS: LEASE PREMIUMS FOR TAX NOT RECOGNIZED FOR BOOK (763,285) LESS: OTHER INVESTMENT INCOME FOR BOOK NOT TAX (9,456,672) PLUS: PASSTHROUGH INCOME FROM SCH. K-1S ABERDEEN ENERGY & RESOURCES PARTNERS II (FKA FLAG II) (1,739)ABERDEEN ENERGY & RESOURCES PARTNERS III (FKA FLAG III) 17,998 ACR III FEEDER C, LP 145,413 ATLAS CAPITAL RESOURCES III (A-3-CAYMAN) LP 11 ACR IV FEEDER A-2 LP 62,824 ACREW CAPITAL FUND, LP 411 ACREW CAPITAL FUND II, LP 6,198 ACREW DIVERSIFY CAPITAL FUND LP 6,969 ATLAS CAPITAL RESOURCES III LP 803ATLAS CAPITAL RESOURCES IV LP (12,817)BATTERY VENTURES XIV, LP (5,953)BATTERY VENTURES XIV AIV I, LP 9 BATTERY VENTURES XIV AIV I CAYMAN, LP (7,508)BERKSHIRE FUND X-A, L.P. (54,178)BERKSHIRE FUND X-A, (OS) L.P. (13,125)BRAZIL OPPORTUNITY GROWTH PARTNERS III A, LP 21,652 BLACKSAND CAPITAL OPPORTUNITY FUND I, L.P. 6 BLACKSAND CAPITAL OPPORTUNITY FUND II, L.P. 16,080 CA RESOURCES FUND (U.S. TAX EXEMPT) L.P. - SERIES BAIN X #36 7 CAMBRIDGE ASSOCIATES LLC (35,489)CENTERGATE CAPITAL PARTNERS I, L.P. (5,249)COINFUND SEED IV ONSHORE LP 7,068 COINFUND VENTURES I ONSHORE LP 21,247 COMMONFUND CAPITAL INTERNATIONAL PARTNERS VII, LP (YE 06/30/21) 7,834 DC CAPITAL PARTNERS FUND II, LP 71,982 DODDINGTON EMERGING MARKETS FUND, LLC 426,030 ELECTRIC CAPITAL VENTURE FUND I 7,021 ELECTRIC CAPITAL VENTURE FUND II 42,263 ENCAP ENERGY CAPITAL FUND XI-C, LP 289,739 FARALLON CAPITAL INSTITUTIONAL PARTNERS, LP 53 FELICIS FOCUS FUND I, LP 3,163 FELICIS VENTURES VI, 1,196 FELICIS VENTURES VII, LP 6,816 FELICIS VENTURES VIII, LP 2,910 FELICIS VENTURES IX, LP 5,552 FELIX CAPITAL FUND IV LP (21)FINEPOINT CAPITAL PARTNERS II 462,560 FORTRESS CREDIT OPPORTUNITIES FUND V EXPANSION (B) LP 484,366 GQG PARTNERS INTERNATIONAL EQUITY FUND - GQG PARTNERS SERIES LLC 497,988 GS VINTAGE VII AIV OFFSHORE SCSP 1,731 HACK VF 2022-A LP 1,431 H.I.G. GROWTH BUYOUTS & EQUITY FUND III, L.P. (13,805)H.I.G. MIDDLE MARKET III AIV III, L.P. 283 H.I.G. MIDDLE MARKET III AIV V, L.P. 4,236 H.I.G MIDDLE MARKET LBO FUND III, L.P. 22,859 HEALTHCARE ROYALTY PARTNERS III, LP 21,717 ICG SE V (USD) AIV SCSP (22,199)ICG STRATEGIC EQUITY FUND V (USD), LP (40,699)ICG STRATEGIC EQUITY FUND V RANGER (USD) AIV, LP (12,976)ICON VENTURES V, LP (JAFCO) 481 INSIGNIA CAPITAL PARTNERS II, LP (5,698)JACKSON SQUARE VENTURES III, L.P. 2,284 JAMES CAMPBELL COMPANY LLC 344,046 JMI EQUITY FUND X-B, LP. (25,747)JMI EQUITY FUND XI-A, LP (30,842)K4 PRIVATE INVESTORS, LP 2,383 KPS SPECIAL SITUATIONS FUND V (A), LP 13,161 KPS SPECIAL SITUATIONS FUND VI (A), LP 397 LAV BIOSCIENCES FUND V, L.P. (366)LAV FUND VI OPPORTUNITIES, L.P. 435 LAV FUND VI, L.P. 406 LEGACY VENTURE VI, LLC 2,958 LEVEL EQUITY GROWTH PARTNERS III, LP (214)LEVEL EQUITY GROWTH PARTNERS IV, L.P. (2,354)LEVEL EQUITY GROWTH PARTNERS V, L.P. (9,112)LONE STAR EUROPE HOLDINGS (BERMUDA), L.P. (343) LONE STAR FUND VI (U.S.), LP 75 LONE STAR FUND VIII (U.S.), L.P. 4,331 LONE STAR FUND X (US), L.P (547)LONE STAR FUND XI, L.P. 34,863 LONE STAR FUND XII, L.P. (29,103)LONE STAR REAL ESTATE FUND II (U.S.), L.P. 91 LONE STAR REAL ESTATE FUND III (U.S.), L.P. 140 LONE STAR REAL ESTATE FUND IV (U.S.) 4,678 LONE STAR REAL ESTATE FUND VI, L.P. 9,515 LONE STAR REAL ESTATE FUND VII, L.P. (11,907)LONE STAR US INVESTMENTS, LP 953 LSF X U.S. HOLDINGS, L.P. 2,240 LSF XI BRAZIL HOLDINGS I, L.P. 5 MADISON INTERNATIONAL REAL ESTATE LIQUIDITY FUND V (58)MERITECH FRANCHISE FUND L.P. 598 MERITECH CAPITAL PARTNERS VII LP 6,558 METROPOLITAN REAL ESTATE PARTNERS GLOBAL II LP 576 METROPOLITAN REAL ESTATE PARTNERS GLOBAL III LP 751 MULTICOIN VENTURE FUND III US, LP 1,572 MULTICOIN CAPITAL FUND, LP (6,101)NATURAL GAS PARTNERS IX, L.P. 8 NEW ENTERPRISE ASSOCIATES 15 LP 1,696 NEW ENTERPRISE ASSOCIATES 16, L.P. 1,150 NORTHGATE GLOBAL EMERGING MARKETS LP 420 NORTHGATE IV, L.P. 907 NORTHGATE PRIVATE EQUITY PARTNERS II (Q) LP 383 NORTHGATE PRIVATE EQUITY PARTNERS III LP 477 NORTHGATE VENTURE PARTNERS III, L.P. 460 OLYMPUS GROWTH FUND VII AIV (CAYMAN), L.P. 20 OLYMPUS GROWTH FUND VII PARALLEL L.P. 21,071 PARK STREET CAPITAL NATURAL RESOURCE FUND III LP 398 PARK STREET CAPITAL NATURAL RESOURCE FUND IV LP 2,127 PARK STREET CAPITAL NATURAL RESOURCE FUND V LP 22,186 PETERSHILL IV LLC (4,295)POLYCHAIN FUND I, LP 235,643 POLYCHAIN VENTURES II LP 23,588 POLYCHAIN VENTURES III LP 4,065 PROPHET EQUITY II LP (8,700)RESOURCE CAPITAL FUND VII L.P. 937 REVELATION HEALTHCARE FUND III LP (56,466)REVELATION HEALTHCARE FUND IV LP (20,666)ROUND HILL MUSIC ROYALTY FUND II, LP (82,321)SANDERS CAPITAL ALL ASSET VALUE FUND, L.P. - SERIES 1 902,750 SERENT CAPITAL IV, LP (3,216)SERENT CAPITAL V, LP (17,262)SILCHESTER INTERNATIONAL VALUE EQUITY TRUST 877,991 SILVER LAKE PARTNERS VI, L.P. (162)SILVER LAKE PARTNERS VI CAYMAN (AIV III), L.P. 512 SLP VI ACE FEEDER I LP 2,040 SILVER LAKE PARTNERS VI DE (AIV V), LP (24)SLP VI GOLDFINGER FEEDER I LP 7,077 SLP VI REGAL FEEDER I LP 3,610 SPT LLC (NEW IN 2024) 1 STANDARD CRYPTO FLAGSHIP FUND L.P. 214,278 STANDARD CRYPTO VENTURE FUND I LP 9,395 STRATEGIC INVESTORS FUND VIII, LP 6,807 SVB STRATEGIC INVESTORS FUND VI, LP 18,825 SYBIL CAPITAL FUND I-A LP 4,375 SYCAMORE PARTNERS III-A, LP 89,791 TENZING PRIVATE EQUITY II LP 375,731 THOMA BRAVO FUND XIV GLOBAL L.P. 116 THOMA BRAVO FUND XIV L.P. 4,592 THOMA BRAVO FUND XV, L.P. (9,513)U.S. FARMING REALTY TRUST II, LP 1,649 US RESEARCH EQUITY EXTENDED FUND, L.P. 335,137 VENROCK ASSOCIATES IX, L.P 1,999 VENROCK HEALTHCARE CAPITAL PARTNERS EG, LP 23,658 VENROCK HEALTHCARE CAPITAL PARTNERS XP, LP 499 VENROCK OPPORTUNITIES FUND, L.P 5,567 VINTAGE IX B LP (17,482)WELLINGTON TRUST CTF MICRO CAP EQUITY PORTFOLIO 230,953 WELLINGTON VENTURE INVESTMENTS I, L.P. 725 WOODBOURNE CANADIAN PARTNERS II 287 XFUND 2, LP [CLASS B] 4 YUN QI PARTNERS IV, L.P. 5,454 HG VORA SPECIAL OPPORTUNITIES FUND 473,197 RTW OFFSHORE FUND ONE LTD 163,790 TWO SIGMA CHINA CORE EQUITY CAYMAN FUND 961,847 CAXTON MACRO LIMITED 752,599 MCP PRIVATE CAPITAL (FEEDER) FUND III 52,591 ELLIOTT INTERNATIONAL LIMITED 429,048 PUBLICLY TRADED PARTNERSHIP ACTIVITY 0PASSIVE OTHER INCOME (LOSS) 3,180,208PRIOR YEAR PASSIVE LOSS RELEASED - FINAL YEAR 0 TOTAL OTHER INCOME TO LINE 11(B) & 11(C) 12,438,589

TY 2024 InvestmentsCorpStockSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Name of Stock End of Year Book Value End of Year Fair Market Value
EQUITY SECURITIES 100,973,290 100,973,290
OTHER 520,828,232 520,828,232

TY 2024 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 254,591,663 68,980,420 185,611,243  


TY 2024 LegalFeesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
LEGAL 507,320 189,323 189,323 267,297


TY 2024 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 4,188,909
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 622,765
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 2,158,746
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 2024 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 19,253,781 8,293,354 8,293,354
INVESTMENT RECEIVABLE 11,314,850 1,038 1,038
OPERATING LEASE RIGHT-OF-USE ASSET 1,033,584 847,351 847,351


TY 2024 OtherExpensesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
PARTNERSHIPS AND COLLABORATIONS 1,498,342 647 647 1,454,297
REPAIRS & MAINTENANCE 593,912 27,742 27,742 548,585
SUPPLIES 529,565 11,725 11,725 616,145
INFORMATION TECHNOLOGY 1,229,053 163,394 163,394 1,061,709
INSURANCE 1,529,669 253,745 253,745 1,088,169
EQUIPMENT RENTAL 252,239 18,536 18,536 232,512
REAL ESTATE GENERAL 1,197,876 1,132,198 1,132,198 65,679
REAL ESTATE MANAGEMENT FEES 88,933 88,933 88,933 0
LEASING COMMISSION 94,974 94,974 94,974 0
BAD DEBT EXPENSE 110,607 110,607 110,607 0
UBIT FROM SCHEDULE K-1S 499,427 0 122,604 0
LOSS ON IMPAIRMENT OF PROPERTY & EQUIPMENT 2,488,833 0 0 0
OTHER EXPENSES 89,652 19,510 19,510 42,737


TY 2024 OtherIncomeSchedule2
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
OTHER INCOME - INVESTMENT INCOME 10,618,736   10,618,736
OTHER INCOME - NANA I KE KUMU 2,484   2,484
OTHER INCOME - WELLS FARGO LITIGATION SETTLEMENT 84   84
OTHER INCOME - TRANSFER FEES 1,350   1,350
OTHER INCOME - MERCHANDISE PURCHASE FROM EMPLOYEES 3,737   3,737
OTHER INCOME - BOH INTEREST INCOME 35,399   35,399
OTHER INCOME - MISC TRUE-UP -260   -260
OTHER INCOME - FOREIGN EXCHANGE GAIN/LOSS -1,586   -1,586


TY 2024 OtherIncreasesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Description Amount
NET UNREALIZED GAIN/(LOSS) ON INVESTMENTS 45,389,915
ROUNDING 1


TY 2024 OtherLiabilitiesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Description Beginning of Year - Book Value End of Year - Book Value
ACCRUED VACATION 54,728 86,630
ACCRUED POSTRETIREMENT BENEFITS 695,878 695,878
OPERATING LEASE LIABILITIES 1,064,985 887,981
INVESTMENTS PAYABLE 2,015,992 431,022
LINE OF CREDIT 5,000,000 9,435,588


TY 2024 OtherProfessionalFeesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
INVESTMENT SERVICES 84,533 84,533 84,533 0
OTHER PROFESSIONAL FEES 3,173,597 1,395,999 1,395,999 2,014,759


TY 2024 TaxesSchedule
Name:
LILIUOKALANI TRUST
EIN:
99-0078890
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
REAL PROPERTY TAX 4,614,781 4,319,547 4,319,547 295,234
HAWAII GENERAL EXCISE TAX 1,464,240 1,464,240 1,464,240 0
INCOME & FOREIGN TAX 65,623 65,623 65,623 0