2025-11-07T14:49:56-06:00 2025-06-30 261659234 CW ASSOCIATES CPAS 700 BISHOP STREET SUITE 1040 HONOLULU HI 96813 990 2024-07-01 990115665 THE FRIENDS OF IOLANI PALACE FRIE 8085220822 PO BOX 2259 HONOLULU HI 968042259 PAULA LA GUANZON PRESIDENT & CEO 8085220822 2025-11-07 1 1 RODNEY M HARANO P00389596 8085311040 2025-11-07 2024 2025-03-06 01:10:19Z PAULA LA GUANZON PO BOX 2259 HONOLULU HI 968042259 6869942 0 X WWW.IOLANIPALACE.ORG X 1966 HI EDUCATION, RESEARCH, RESTORATION, REFURBISHMENT AND OPERATION FOR THE IOLANI PALACE. 19 19 50 172 0 0 3522339 3358951 2406989 2420381 345990 440695 42394 -68192 6317712 6151835 192735 324523 0 0 2166298 2374411 0 0 274183 1583828 1701867 3942861 4400801 2374851 1751034 10906655 12633455 1000415 974371 9906240 11659084 X TO PRESERVE, RESTORE, INTERPRET, SHARE, AND CELEBRATE THE UNIQUE CULTURAL, HISTORICAL, AND SPIRITUAL QUALITIES OF `IOLANI PALACE AND ITS GROUNDS FOR THE BENEFIT OF NATIVE HAWAIIANS, THE PEOPLE OF HAWAI`I, AND THE WORLD. 0 0 3205430 324523 2336090 MUSEUM OPERATIONS - VISITORS FROM AROUND THE WORLD VISIT THE PALACE. AUDIO TOURS ARE AVAILABLE IN ENGLISH, FRENCH, GERMAN, JAPANESE, KOREAN, MANDARIN CHINESE, SPANISH AND ITALIAN. WE ALSO OFFER A HAWAIIAN-LANGUAGE AUDIO TOUR, PRIMARILY FOR STUDENTS IN HAWAIIAN LANGUAGE IMMERSION SCHOOLS. OUR VISITOR COUNT TOTAL WAS 105,359 FOR THE REPORTING YEAR.WE DESIGNATE THE SECOND SUNDAY OF EVERY MONTH AS "KAMA'AINA SUNDAY," WHERE UP TO 500 RESIDENTS RECEIVE A SELF-GUIDED AUDIO TOUR OF THE PALACE WITHOUT HAVING TO PAY AN ADMISSION FEE. THE MUSEUM SERVES A CONSIDERABLE NUMBER OF FOREIGN DIGNITARIES WHOSE COMPLIMENTARY VISITS TO THE PALACE ARE ARRANGED BY THEIR RESPECTIVE CONSULS GENERAL IN HONOLULU. THE PALACE HAS ALSO WELCOMED IN THE PAST THE HEAD OF STATE FOR THE INDEPENDENT NATION OF SAMOA, THE KING OF AOTEAROA (NEW ZEALAND), THE KING OF TONGA, THE VICE PREMIER OF THE STATE COUNCIL FOR THE PEOPLE'S REPUBLIC OF CHINA, GOVERNORS OF VARIOUS PREFECTURES IN JAPAN, AND HIS HOLINESS THE DALAI LAMA.THE PALACE OFFERS AN EDUCATIONAL PROGRAM THAT FOCUSES ON HAWAIIAN HISTORY AND THE LAST MONARCH OF THE KINGDOM OF HAWAI'I. WE ARE COMMITTED TO PROVIDING STUDENTS WITH A WELL-ROUNDED EDUCATIONAL EXPERIENCE THAT COMBINES HISTORY AND CULTURE. THERE WERE 4,361 STUDENT VISITORS THIS YEAR. PALACE SHOPS - PRIMARILY SELLING PRODUCTS DERIVED FROM OR RELATED TO IOLANI PALACE HISTORY, ALONG WITH ITEMS FOR THE CONVENIENCE OF VISITORS. 3205430 1 1 0 0 0 0 0 1 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 1 50 0 1 50 1 0 0 0 0 0 1 1 0 0 0 0 0 0 X 19 19 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 HI X PAULA LA GUANZON 8085220822 364 S KING STREET HONOLULU HI 96813 BILLY PIEPER PRESIDENT 1.00 X X 0 0 0 BRIAN KEALOHA 1ST VICE PRESIDENT 1.00 X X 0 0 0 LEILANI WILLIAMS-SOLOMON TREASURER 1.00 X X 0 0 0 RICHARD KENNEDY CORPORATE SECRETARY 1.00 X X 0 0 0 ISAIAH AINA DIRECTOR 1.00 X 0 0 0 GERARD AKAKA DIRECTOR 1.00 X 0 0 0 FRANCIS ALCAIN DIRECTOR 1.00 X 0 0 0 WARREN ALTONA DIRECTOR 1.00 X 0 0 0 DONNE DAWSON DIRECTOR 1.00 X 0 0 0 SHAWN DONLIN DIRECTOR 1.00 X 0 0 0 ALLEN HOE DIRECTOR 1.00 X 0 0 0 MALCOLM INAMINE DIRECTOR 1.00 X 0 0 0 PATTI LOOK DIRECTOR 1.00 X 0 0 0 JAMES MONIZ DIRECTOR 1.00 X 0 0 0 BRENNON MORIOKA DIRECTOR 1.00 X 0 0 0 ALISA ONISHI DIRECTOR 1.00 X 0 0 0 KAULANA PARK DIRECTOR 1.00 X 0 0 0 STEVETTE SANTIAGO DIRECTOR 1.00 X 0 0 0 DAVID TUBMAN DIRECTOR 1.00 X 0 0 0 RON WALKER FORMER 2ND VICE PRESIDENT 1.00 X X 0 0 0 ELENA FARDEN FORMER DIRECTOR 1.00 X 0 0 0 PAULA GUANZON PRESIDENT & CEO 40.00 X 196387 0 17891 SEE WAI WAN CHIEF FINANCIAL OFFICER 40.00 X 122420 0 11054 MICHELLE MORIHARA DIRECTOR OF DEVELOPMENT 40.00 X 102217 0 10618 421024 0 39563 3 0 1 0 JEBSCO MECHANICAL INC PO BOX 822311 PEARL CITY HI 96782 HVAC MAINTENANCE AND REPAIR 253471 CLIFFORD J GARCIA DBA TROPICAL LAMP & S 977 QUEEN STREET HONOLULU HI 96814 WALL SCONCES RESTORATION SERVICES 182199 T IIDA CONTRACTING LTD 45-558 C KAMEHAMEHA HWY KANEOHE HI 96744 PERGOLAS REPAIRS 133614 3 115474 310500 2163052 769925 12590 3358951 PALACE TOURS 900099 2420381 2420381 2420381 440695 440695 12430 0 12430 12430 12430 102924 310500 99255 3669 3669 527147 618852 -91705 -91705 MISCELLANEOUS INCOME 900099 7414 7414 7414 6151835 2336090 0 456794 324523 324523 365849 365849 1581454 1296074 133802 151578 10237 9685 289 263 264748 191954 44641 28153 152123 104924 35049 12150 6201 6201 22852 22852 45 45 184152 139415 42237 2500 41847 41847 172044 145760 14433 11851 271570 228652 31815 11103 5709 1633 2324 1752 1290 920 370 13168 13168 35371 35371 26222 21417 3326 1479 MAINTENANCE AND REPAIR 767625 675459 75553 16613 TAXES AND FEES 85246 56502 5700 23044 MISCELLANEOUS 40431 1282 38404 745 DUES AND SUBSCRIPTIONS 28094 8150 7362 12582 4400801 3205430 921188 274183 76879 31003 7252662 9339619 733050 758529 371394 40173 173805 141663 77627 74708 591480 462992 137922 128488 2058732 2051975 24584 67297 10906655 12633455 392827 281943 98124 149798 486267 472951 23197 69679 1000415 974371 X 7610172 9695689 2296068 1963395 9906240 11659084 10906655 12633455 1751034 1410 400 0 X X 0 1 X 1 0 X 800512 1811499 4938257 3522339 3358951 14431558 800512 1811499 4938257 3522339 3358951 14431558 1749458 12682100 409 56551 355884 453125 865969 410186 7143 1261 2152 7414 428156 15725683 11792222 0.80650 0.80300 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: OTHER REVENUE - 2020 AMOUNT: $ 410,186. 2021 AMOUNT: $ 7,143. 2022 AMOUNT: $ 1,261. 2023 AMOUNT: $ 2,152. 2024 AMOUNT: $ 7,414. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X X X X 0 552159 444151 108008 39321 18841 20480 128488 OPERATING LEASE LIABILITY 69679 69679 X 7145375 1410 40650 951525 993585 6151790 45 45 6151835 5059858 40250 618852 659102 4400756 45 45 4400801 PART III, LINE 1A: THE HISTORICAL COLLECTION CONSISTS OF ORIGINAL FURNISHINGS AND OTHER ITEMS FOR THE IOLANI PALACE COMPLEX. THE COLLECTION IS CONTINUOUSLY CATALOGED, CARED FOR AND PRESERVED. THE COLLECTION ITEMS, WHICH WERE ACQUIRED THROUGH PURCHASES AND CONTRIBUTIONS, ARE NOT RECOGNIZED IN THE ACCOMPANYING FINANCIAL STATEMENTS BECAUSE THEY HAVE NO ALTERNATIVE USE. PURCHASES OF COLLECTION ITEMS ARE RECORDED AS DECREASES IN UNRESTRICTED NET ASSETS IN THE YEAR ACQUIRED OR AS TEMPORARILY OR PERMANENTLY RESTRICTED NET ASSETS IF PURCHASED WITH DONOR-RESTRICTED FUNDS. CONTRIBUTED COLLECTION ITEMS ARE NOT REFLECTED IN THE FINANCIAL STATEMENTS. PROCEEDS FROM THE DISPOSITION OF COLLECTION ITEMS, IF ANY, ARE REFLECTED AS INCREASES IN THE APPROPRIATE NET ASSET CLASSES. PART III, LINE 4: THERE ARE OVER 6,000 OBJECTS IN THE 'IOLANI PALACE COLLECTION. THEY INCLUDE FURNITURE, DECORATIVE OBJECTS, HOUSEHOLD ITEMS AND PERSONAL FURNISHINGS OF THE HAWAIIAN ROYAL FAMILY. THE SCOPE OF COLLECTION INCLUDES OBJECTS THAT WERE PRESENT IN THE PALACE FROM THE TIME IT WAS BUILT IN 1882 TO WHEN THE MONARCHY WAS OVERTHROWN IN 1893. PERIOD SUBSTITUTES ARE USED TO COMPLETE THE FURNISHINGS OF PERIOD ROOMS, WHEN THE ORIGINAL ARTIFACTS ARE NOT AVAILABLE. OBJECTS RECEIVED AS STATE PRESENTATION GIFTS FROM OTHER MONARCHS AND GOVERNMENTS SIGNIFY INTERNATIONAL RECOGNITION OF HAWAII'S INDEPENDENCE AND THE BONDS OF FRIENDSHIP THAT EXISTED BETWEEN HAWAII AND OTHER NATIONS AROUND THE WORLD. OTHER ITEMS OF IMPORTANCE INCLUDE ANCIENT CHIEFLY TREASURES AND ROYAL REGALIA THAT SHOWCASE THE SKILLS OF NATIVE HAWAIIAN CULTURAL PRACTITIONERS AND ARTISANS. THE PALACE MAINTAINS ONE OF THE FINEST COLLECTIONS OF AMERICAN GOTHIC REVIVAL FURNITURE MANUFACTURED BY THE A.H. DAVENPORT COMPANY OF BOSTON. THE ORIGINAL ORDER TO FURNISH THE NEW PALACE IN 1882 CONSISTED OF OVER 200 PIECES. TODAY THERE ARE 200 PIECES OF A.H. DAVENPORT FURNITURE AT THE PALACE FROM THAT ORDER WHICH ARE ON LOAN FROM THE STATE OF HAWAII, BISHOP MUSEUM, OR HAVE BEEN DONATED TO IOLANI PALACE OR PURCHASED FOR THE COLLECTION. BI-CULTURAL OBJECTS CRAFTED OUT OF NATIVE HARDWOODS ACCORDING TO WESTERN DESIGNS AND CHINA TRADE ITEMS IN THE COLLECTIONS ARE NOTEWORTHY IN ILLUSTRATING THE CULTURAL DIVERSITY AND TRADE THAT EXISTED IN NINETEENTH CENTURY HAWAII. OVER 1,000 PIECES OF ORIGINAL CHINA AND GLASSWARE HAVE RETURNED TO THE PALACE. THERE ARE OVER 1,000 PIECES OF ORIGINAL PALACE STATIONERY, PHOTOGRAPHS, INVITATIONS AND MENUS. OVER 100 ORIGINAL TEXTILES ARE IN THE COLLECTION. PAINTINGS INCLUDE WORKS BY PROMINENT ARTISTS WORKING IN HAWAII IN THE LATE NINETEENTH CENTURY, SUCH AS WILLIAM COGSWELL, JULES TAVERNIER, PAUL PETROVITS, CHARLES FURNEAUX, AND ROBERT BARNFIELD. THE PALACE COLLECTIONS OF FURNITURE AND FURNISHINGS ARE USED THROUGHOUT THE BUILDING TO RECREATE PERIOD ROOM INTERIORS OF THE HAWAIIAN MONARCHY ERA. COLLECTION PIECES ARE ALSO EXHIBITED WITH INTERPRETIVE TEXT IN MODERN GALLERY SPACES IN THE PALACE BASEMENT. THE COLLECTION IS INVALUABLE FOR EDUCATING VISITORS FROM HAWAII AND AROUND THE WORLD. PART X, LINE 2: U.S. GAAP REQUIRES UNCERTAIN TAX POSITIONS TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THEY ARE MORE LIKELY THAN NOT TO FAIL UPON REGULATORY EXAMINATION. MANAGEMENT HAS EVALUATED THE FRIENDS' TAX POSITIONS AS OF JUNE 30, 2025 AND 2024 AND FOR THE YEARS THEN ENDED AND DETERMINED THAT THE FRIENDS HAD NO UNCERTAIN TAX POSITIONS REQUIRED TO BE REPORTED IN ACCORDANCE WITH U.S. GAAP. THE FRIENDS IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS IN PROGRESS FOR ANY OPEN TAX PERIODS. PART XI, LINE 2D - OTHER ADJUSTMENTS: PALACE SHOP COST OF GOODS SOLD 618,852. INCREASE (DECREASE) IN NET ASSETS WITH DONOR RESTRICTIONS 332,673. PART XII, LINE 2D - OTHER ADJUSTMENTS: PALACE SHOP COST OF GOODS SOLD 618,852. KING'S BIRTHDAY 413424 310500 102924 44535 9809 44911 413424 310500 102924 44535 9809 44911 99255 3669 1 STATE OF HAWAII DEPARTMENT OF LAND AND NATURAL RESOURCES 1151 PUNCHBOWL STREET ROOM 110 HONOLULU HI 96813 990266119 STATE OF HAWAII 324523 0 FLOW THROUGH FUNDS FOR THE REPAIR OF THE ROOF ON THE 'IOLANI PALACE 1 0 PART I, LINE 2: GRANTEE SUBMITS INVOICES AND RECEIPTS AND/OR OTHER RECORDS OF EXPENSES TO FOIP AND SUCH RECORDS ARE KEPT ON FILE OR SUBMITTED TO FOIP'S GRANTOR IF FOIP IS ACTING AS A PASS THROUGH ENTITY. X X X X 0 0 0 0 0 0 0 0 0 PAULA GUANZON PRESIDENT & CEO 186387 0 10000 0 0 0 5654 0 12237 0 214278 0 0 0 X 1 141 FAIR VALUE X RETAIL INVENTORY 24 12449 FAIR VALUE 0 0 0 0 PART I, COLUMN (B): THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS. FORM 990, PART VI, SECTION B, LINE 11B FOIP PROVIDES INFORMATION NECESSARY TO COMPILE DATA TO COMPLETE FORM 990 TO CW ASSOCIATES, AUDITOR AND PREPARER FOR FORM 990. CW ASSOCIATES PROVIDES FOIP WITH A DRAFT OF FORM 990. FOIP CFO REVIEWS ALL ITEMS FOR ACCURACY. CEO PERFORMS OVERALL REVIEW TO ALL DESCRIPTIONS AND ANSWERS. THE BOARD TREASURER CONDUCTS A FINAL REVIEW BEFORE THE FILING. FORM 990, PART VI, SECTION B, LINE 12C BOARD AND STAFF MEMBERS ARE COVERED BY THE CONFLICT OF INTEREST POLICY. BOARD MEMBERS MUST ANNUALLY DISCLOSE, BUSINESS AND ORGANIZATIONAL INTEREST AND AFFILIATIONS THAT MAY BE CONSTRUED AS RELATED TO THE FRIENDS. WHENEVER THERE IS A POTENTIAL OR ACTUAL CONFLICT, IT MUST BE MADE A MATTER OF RECORD AND THE DIRECTOR MUST ABSTAIN FROM A VOTE. SOMETIMES THE CONFLICT MAY REQUIRE THE DIRECTOR'S RESIGNATION. THE BOARD WOULD RESOLVE CONFLICTS OF INTEREST, INCLUDING APPROVAL OF ANY LOAN OF OBJECTS TO EXHIBIT. IF A STAFF MEMBER IS UNABLE TO RESOLVE A POTENTIAL CONFLICT OF INTEREST, IT MUST BE BROUGHT TO THE ATTENTION OF THE SUPERVISOR OR PRESIDENT & CEO FOR RESOLUTION. FORM 990, PART VI, SECTION B, LINE 15A THE PRESIDENT & CEO'S COMPENSATION WAS INITIALLY DETERMINED BY THE BOARD OF DIRECTORS USING COMPARATIVE DATA INCLUDING BUT NOT LIMITED TO THE PUBLISHED COMPENSATION OF OTHER MUSEUM EXECUTIVE DIRECTORS IN HAWAII. SUBSEQUENT ADJUSTMENTS ARE MADE WITH CONSIDERATIONS TO ECONOMIC FACTORS, FINANCIAL HEALTH OF THE ORGANIZATION, AND PERFORMANCE EVALUATIONS. ANY INCREASE IN COMPENSATION OF THE PRESIDENT & CEO IS DOCUMENTED IN THE BOARD MEETING MINUTES AND PERSONNEL FILE. THE MOST RECENT ADJUSTMENT TOOK PLACE IN AUGUST 2024. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C: THE PROCESS HAS NOT CHANGED FROM THE PREVIOUS YEAR.