manoa heritage center · manoa heritage center (center) is a nonprofit corporation organized under...

MANOA HERITAGE CENTER

FINANCIAL STATEMENTS As of December 31, 2015 and 2014, and For the Year Ended December 31, 2015

And Independent Auditor’s Report

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INDEPENDENT AUDITOR’S REPORT

Manoa Heritage Center: Report on the Financial Statements We have audited the accompanying financial statements of Manoa Heritage Center (Center), a nonprofit Hawaii corporation, which comprise the statements of financial position as of December 31, 2015 and 2014, and the related statements of activities, functional expenses, and cash flows for the year ended December 31, 2015, and the related notes to the financial statements. Management’s Responsibility for the Financial Statement Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on the financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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Opinion on the Financial Statements In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Center as of December 31, 2015 and 2014, and the changes in its net assets and its cash flows for the year ended December 31, 2015, in accordance with accounting principles generally accepted in the United States of America. Honolulu, Hawaii January xx, 2017

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STATEMENTS OF FINANCIAL POSITION

As of December 31, 2015 and 2014

2015 2014ASSETS

CURRENT ASSETSCash (including interest-bearing accounts) 1,820,949$ 820,229$ Pledges receivable –net 887,500 840,250 Prepaid expenses 2,291 2,067 Total current assets 2,710,740 1,662,546

PROPERTY AND EQUIPMENT – Net 232,512 169,709

TOTAL ASSETS 2,943,252$ 1,832,255$

LIABILITIES AND NET ASSETS

CURRENT LIABILITIESAccounts payable -$ 509$ Accrued liabilities - 27 Total current liabilities - 536

NET ASSETSUnrestricted net assets 292,844 87,582Temporarily restricted net assets 2,650,408 1,744,137 Total net assets 2,943,252 1,831,719

TOTAL LIABILITIES AND NET ASSETS 2,943,252$ 1,832,255$

See accompanying notes to the financial statements.

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STATEMENT OF ACTIVITIES

For the Year Ended December 31, 2015

CHANGES IN UNRESTRICTED NET ASSETSRevenue and support

Unrestricted contributions 394,267$ Net assets released from temporary restrictions 63,687 Program service fees 741 Interest income 62 Total revenue and support 458,757

ExpensesProgram services 120,217 Fundraising 89,999 Management and general 43,279 Total expenses 253,495

Increase in unrestricted net assets 205,262

CHANGES IN TEMPORARILY RESTRICTED NET ASSETSTemporarily restricted contributions 969,958 Net assets released from temporary restrictions (63,687) Increase in temporarily restricted net assets 906,271

INCREASE IN NET ASSETS 1,111,533

NET ASSETS – Beginning of year 1,831,719

NET ASSETS – End of year 2,943,252$

See accompanying notes to the financial statements. Draft

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STATEMENT OF FUNCTIONAL EXPENSES


Program Fund- ManagementServices Raising and General Totals

Professional fees -$ 72,251$ 21,778$ 94,029$ Salaries and related costs 49,653 8,762 14,604 73,019 Office and administration 23,324 2,460 6,897 32,681 Occupancy 20,298 - - 20,298 Education and program 18,585 - - 18,585 Miscellaneous 2,508 6,526 - 9,034 Advertising and promotion 5,849 - - 5,849

Total expenses 120,217$ 89,999$ 43,279$ 253,495$

See accompanying notes to the financial statements.

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STATEMENT OF CASH FLOWS


CASH FLOWS FROM OPERATING ACTIVITIESIncrease in net assets 1,111,533$Adjustments to reconcile increase in net assets tonet cash provided by operating activities:

Depreciation 884(Increase) decrease in:

Pledges receivable – net (47,250) Prepaid expenses (224)

Increase (decrease) in:Accounts payable (509) Accrued liabilities (27)

Net cash provided by operating activities 1,064,407

CASH FLOWS FROM INVESTING ACTIVITIESPurchases of property and equipment (63,687) Net cash used by investing activities (63,687)

NET INCREASE IN CASH 1,000,720

CASH – Beginning of year 820,229

CASH – End of year 1,820,949$

See accompanying notes to the financial statements. Draft

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NOTES TO THE FINANCIAL STATEMENTS|

As of December 31, 2015 and 2014 And for the Year Ended December 31, 2015

NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Activity Manoa Heritage Center (Center) is a nonprofit corporation organized under the laws of the State of Hawaii on April 17, 1996, primarily to study and disseminate information about the cultural heritage of Hawaii in general, and Manoa Valley in particular; to operate a historic property museum; to preserve and interpret native Hawaii sites in the Manoa Valley; and to make them available to the public. Kualii Foundation (Foundation) is a nonprofit corporation organized under the laws of the State of Hawaii on April 17, 1996, primarily for the same purpose. The Center and Foundation are also related by common management and governance. Together, the Center and Foundation promote the natural and cultural heritage of Hawaii, the Heiau (Hawaiian temple) on its site in Manoa Valley, the natural gardens of Kualii (historic residence of Sam and Mary Cooke), Kualii itself, and Manoa Valley as a whole. The Center achieves its purpose by providing guided tours of the grounds, Kualii, and the Heiau, and educating visitors and school groups on the history of Hawaii and Manoa Valley. The Foundation achieves its purpose by providing monetary support to the Center and maintaining the museum land and buildings on which the Center is located. The Center and Foundation are exempt from income tax under Section 501(c)(3) of the U.S. Internal Revenue Code and are not private foundations. Accordingly, qualifying contributions to the Center or Foundation are tax deductible. Basis of Accounting The Center reports information regarding its financial position and activities according to three classes of net assets: unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets (none in 2015 and 2014). Contributions are recorded as unrestricted, temporarily restricted, or permanently restricted depending on the existence and/or nature of any donor restrictions. Support is reported when pledged and is considered to be available for unrestricted use unless restricted by the donor. Donor restricted support is reported when pledged as an increase in temporarily restricted or permanently restricted net assets, depending on the nature of the restriction. Pledges due in more than one year are reflected at the present value of estimated future cash flows using discount rates in effect at the date of the pledge. When a temporary restriction is satisfied or expires, temporarily restricted net assets are reclassified to unrestricted net assets. The Center allocates its expenses on a functional basis among its various programs and supporting services based on estimates by management. Expenses that can be identified with a specific program or supporting service are charged directly to the program or supporting service. Other expenses that are common to several functions are allocated by various bases. Expenses are recognized when the related liability is incurred. Revenue is recognized when earned. Donated services are recognized as contributions if the services create or enhance nonfinancial assets, or require specialized skills that are performed by people with those skills and would otherwise be purchased by the Center. The value of unpaid volunteers who have made significant contributions of their time to the Center is not reflected in the financial statements because it does not meet the criteria for recognition.

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NOTE A – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Use of Estimates The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of changes in net assets during the reporting period. Actual results could differ from those estimates, and it is at least reasonably possible that such estimates may change within the near term. Concentrations of Credit Risk Financial instruments that potentially subject the Center to credit risk include cash and pledges receivable. Cash on deposit with financial institutions were exceeded the related federal deposit insurance by approximately $971,000 and $186,000 at December 31, 2015 and 2014, respectively. Pledges receivable, which have been adjusted for all known doubtful accounts (none at December 31, 2015 and 2014) are determined to be collectible or uncollectible based on an assessment by management of the facts and circumstances related to the individual accounts. Property and Equipment Property and equipment consists of office furniture, fixtures, and equipment stated at cost or, if contributed, at estimated fair market value at the date of contribution. Depreciation is provided using the straight-line method over estimated useful lives of 5 years. Property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Repairs and maintenance are expensed as incurred. Major improvements are capitalized. Employee Benefit Plans The Center sponsors a defined contribution SIMPLE IRA plan covering substantially all of its employees to which it contributes up to 3% of their annual gross salaries in accordance with the Plan document and Internal Revenue Code Section 408(p). The Center’s contributions under this plan amounted to $2,015 for the year ended December 31, 2015. Hawaii General Excise Tax The State of Hawaii imposes a general excise tax of 4% on certain gross receipts within Hawaii, plus an additional 0.5% on such receipts within the City and County of Honolulu. The gross receipts of the Center for the year ended December 31, 2015 were exempt from the Hawaii general excise tax. Income Taxes Accounting principles generally accepted in the United States of America require 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 Center’s tax positions as of December 31, 2015 and 2014, and for the year ended December 31, 2015 by reviewing its income tax returns and conferring with its tax advisors, and determined that it had no uncertain tax positions required to be reported in accordance with such generally accepted accounting principles. The Center is subject to routine audits by taxing jurisdictions; however, there are currently no audits in progress for any open tax periods.

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NOTE B – PROPERTY AND EQUIPMENT At December 31, 2015 and 2014, property and equipment consisted of the following:

2015 2014

Office furniture, fixtures, and equipment 25,064$ 25,064$ Construction in progress 230,050 166,363 Total 255,114 191,427 Accumulated depreciation (22,602) (21,718)

Property and equipment – net 232,512$ 169,709$

NOTE C – TEMPORARILY RESTRICTED NET ASSETS At December 31, 2015 and 2014, temporarily restricted net assets consisted of the following:

2015 2014Temporarily restricted for:

Manoa Heritage Center capital campaign 2,650,408$ 1,744,137$

Total temporarily restricted net assets 2,650,408$ 1,744,137$

NOTE D – CONTINGENCIES The Center may be subject to legal proceedings, claims, and litigation arising in the ordinary course of business for which it may seek the advice of legal counsel. Management estimates that the cost to resolve such matters, if any, would not be material to the financial statements. However, it is at least reasonably possible that such estimates may change within the near term. The Center operates in the State of Hawaii. National and international events can have severe, adverse effects on economic conditions in Hawaii. The effects on the financial statements of the Center from such changes in economic conditions, if any, are not presently determinable. NOTE E – SUBSEQUENT EVENTS Management has evaluated subsequent events through the date of the independent auditor’s report, which is the date the financial statements were available to be issued, and determined that the Center did not have any subsequent events requiring adjustment to the financial statements or disclosure in the notes to the financial statements.

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REPORT TO THE BOARD OF DIRECTORS


Manoa Heritage Center: We have audited the financial statements of the Manoa Heritage Center (Center) as of and for the year ended December 31, 2015, and have issued our report thereon dated January xx, 2017. Professional standards require that we advise you of the following matters related to our audit. Our Responsibility in Relation to the Audit of the Statement of Financial Position As communicated in our engagement letter dated August 19, 2016, our responsibility, as described by professional standards, is to form and express an opinion about whether the financial statements that have been prepared by management with your oversight are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America. Our audit of the financial statements does not relieve you or management of its respective responsibilities. Our responsibility, as prescribed by professional standards, is to plan and perform our audit to obtain reasonable, rather than absolute, assurance about whether the financial statements are free of material misstatement. An audit of financial statements includes consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control over financial reporting. Accordingly, as part of our audit, we considered the internal control of the Center solely for the purpose of determining our audit procedures and not to provide any assurance concerning such internal control. We are also responsible for communicating significant matters related to the audit that are, in our professional judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are not required to design procedures for the purpose of identifying other matters to communicate to you. We have provided our comments regarding internal control in a separate Report to Management dated January xx, 2017.

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Planned Scope and Timing of the Audit We conducted our audit consistent with the planned scope and timing we previously communicated to you in our engagement letter dated August 19, 2016. Compliance with All Ethics Requirements Regarding Independence The engagement team, others in our firm, our firm, and our affiliated firms, as appropriate, have complied with all relevant ethical requirements regarding independence. Qualitative Aspects of the Organization’s Significant Accounting Practices Significant Accounting Policies Management has the responsibility to select and use appropriate accounting policies. A summary of the significant accounting policies adopted by the Center is included in Note A to the financial statements. Because the Center has not been previously audited, the audit for the year ended December 31, 2015 involved the initial selection of accounting policies. No matters have come to our attention that would require us, under professional standards, to inform you about (1) the methods used to account for significant unusual transactions and (2) the effect of significant accounting policies in controversial or emerging areas for which there is a lack of authoritative guidance or consensus. Significant Accounting Estimates Accounting estimates are an integral part of the financial statements prepared by management and are based on management’s current judgments. Those judgments are normally based on knowledge and experience about past and current events and assumptions about future events. Certain accounting estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ markedly from management’s current judgments. The most sensitive estimates affecting the financial statements of the Center for the year ended December 31, 2015 were the collectability of pledges receivable, the classification of net assets, and the allocation of expenses in the statement of functional expenses. We evaluated the key factors and assumptions used to develop the above accounts estimate and determined that it is reasonable in relation to the financial statements taken as a whole. Financial Statement Disclosures Certain financial statement disclosures involve significant judgment and are particularly sensitive because of their significance to statement of financial position users. The most sensitive disclosures affecting the Center’s financial statements were pledges receivable, the classification of net assets, and the allocation of expenses in the statement of functional expenses. Significant Difficulties Encountered in Performing the Audit We encountered no significant difficulties in dealing with management relating to the performance of the audit.

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Uncorrected and Corrected Misstatements For purposes of this communication, professional standards require us to accumulate all known and likely misstatements identified during the audit, other than those that we believe are trivial, and communicate them to the appropriate level of management. Further, professional standards require us to communicate the effect of uncorrected misstatements, if any, related to prior periods on the relevant classes of transactions, account balances or disclosures, and the financial statements as a whole. Management has corrected all identified misstatements. In addition, professional standards require us to communicate to you all material, corrected misstatements that were brought to the attention of management as a result of our audit procedures. The attached schedule summarizes the misstatements that we identified as a result of our audit procedures that were brought to the attention of, and corrected by, management. Disagreements with Management For purposes of this letter, professional standards define a disagreement with management as a matter, whether or not resolved to our satisfaction, concerning a financial accounting, reporting, or auditing matter, which could be significant to the Center’s financial statements or the auditor’s report. No such disagreements arose during the course of the audit. Representations Requested from Management We have requested certain written representations from management, which are included in the attached management representation letter, dated January xx, 2017. Management Consultations with Other Accountants In some cases, management may decide to consult with other accountants about auditing and accounting matters. Management informed us that, and to our knowledge, there were no consultations with other accountants regarding auditing and accounting matters. Other Significant Matters, Findings, or Issues FASB Accounting Standards Update No. 2014-09 In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606). The core principal of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration which the entity expects to be entitled in exchange for those goods or services. The standard will eliminate the transaction-specific and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. This standard has the potential to affect every entity’s day-to-day accounting and, possibly, the way business is executed through contracts with customers. To achieve the core principle, an entity should apply the following steps: 1. Identify the contract(s) with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when (or as) the entity satisfies a performance obligation.

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Other Significant Matters, Findings, or Issues (continued) FASB Accounting Standards Update No. 2014-09 (continued) The amendments in ASU 2014-09 take effect for fiscal years beginning after December 15, 2018 (that is, for the year ending December 31, 2019 for the Center). Early adoption is permitted after December 31, 2016. FASB Accounting Standard Update No. 2015-03 In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30), Simplifying the Presentation of Debt Issuance Costs, as part of its Simplification Initiative to reduce complexity in accounting standards. To simplify the presentation of debt issuance costs, the amendments in ASU No. 2015-03 require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs were not affected by the amendments in this ASU. The amendments in ASU No. 2015-03 take effect for fiscal years beginning after December 15, 2015 (that is, for the year ending December 31, 2016 for the Center). Early adoption is permitted. FASB Accounting Standard Update No. 2016-02 In February 2016, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) – Leases: Amendments to the FASB Accounting Standards Codification. Under the ASU, lessees will be required to recognize assets and liabilities on their balance sheet for all leases with a term of more than 12 months. The asset and liability will recognize the rights and obligations created by each lease initially measured as the present value of lease payments. This recognition applies to all leases – capital and operating leases. Previously, only capital leases were recognized as an asset and liability on the balance sheet. The ASU also requires disclosures on the amount, timing and uncertainty of cash flows due to the leases, including qualitative and quantitative information. The amendments in ASU No. 2016-02 take effect for fiscal years beginning after December 15, 2019 (that is, for the year ending December 31, 2020 for the Center). Early adoption is permitted. FASB Accounting Standards Update No. 2016-14 In August 2016, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. Under the ASU, there will be two classes of net assets – net assets with donor restrictions and net assets without donor restrictions. The ASU also requires reporting of the underwater amounts for donor-restricted endowments with enhanced disclosures; allows for the presentation of cash flows using the indirect or direct method without a reconciliation of the direct method to the indirect method; requires qualitative information on how the organization manages its liquid assets and associated liquidity risks; requires information on the financial statement or in the notes to the financial statements on the availability of the organization’s assets to meet cash needs for general expenditures within one year; and requires reporting of expenses by function and nature along with an analysis of such expenses. The amendments in ASU No. 2016-14 takes effect for fiscal years beginning after December 15, 2017 (that is, for the year ending December 31, 2018 for the Center). Early adoption is permitted.

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Other Significant Matters, Findings, or Issues (continued) In the normal course of our professional association with the Center, we generally discuss a variety of matters, including the application of accounting principles and auditing standards, operating conditions affecting the entity, and operating plans and strategies that may affect the risks of material misstatement. None of the matters discussed resulted in a condition to our retention as the Center’s auditor.

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This report is intended solely for the information and use of the Board of Directors and management of the Center and is not intended to be and should not be used by anyone other than these specified parties. Honolulu, Hawaii January xx, 2017

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Client: 1509.T - Manoa Heritage Center

Engagement: 490 - NPO - Manoa Heritage Center

Trial Balance: TB

Workpaper: 3100.30 - Adjusting Journal Entries

Account Description W/P Ref Debit Credit

Adjusting Journal Entries JE # 101 6100.20

1200-CW A/R Capital Campaign 840,250.001620-13 BUILDING - VEH & CARETAKER'S RESIDENCE:CIP VEH 27,263.94

3900 Retained Earnings 875,355.73CW009 Prepaid Insurance 2,067.33

3100-CW CW TR Net Assets 1,744,137.007220-02 Salaries & Wages:Education Director 800.00

Total 1,744,937.00 1,744,937.00


4000 Contributions - Unrestricted (BOH Operating) 1,500.004301 Grants - Capital Fund Drive:Donations - Capital Fund (no grant 75,000.004302 Grants - Capital Fund Drive:Grants - Capital Fund (with grant 376,250.00

1200-CW A/R Capital Campaign 452,750.00Total 452,750.00 452,750.00


1200-CW A/R Capital Campaign 500,000.004302 Grants - Capital Fund Drive:Grants - Capital Fund (with grant 500,000.00

Total 500,000.00 500,000.00


7800 OPERATING EXPENSES:Depreciation (deleted) 884.001655 Accumulated Depreciation 884.00

Total 884.00 884.00


CW009 Prepaid Insurance 172.005050 Insurance 172.00

Total 172.00 172.00

To adjust Begining balance to match the prior year's Adjustements for Restricted net Assets at year end

To adjust Temorarily Restricted Revnue to account for revenues received

To Adjust Grants in the current year to account for Weinberg Foundation Grant pledged in 2015 but received in 2016.

To adjust accumulated depreciation to its proper amounts at year end

To adjust prepaid expesnes to their proper amounts

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Trial Balance: TB

Workpaper: 3100.40 - Reclassifying Journal Entries


Reclassifying Journal Entries JE # 201 6000.40

4304-CW Release from Restrictions - Contra 63,686.824303-CW Release From Restrictions 63,686.82

Total 63,686.82 63,686.82


3900 Retained Earnings 906,271.263100-CW CW TR Net Assets 906,271.26

Total 906,271.26 906,271.26


CW010 Prepaid Other 51.982120 Pension Payable 51.98

Total 51.98 51.98

To reclassify amounts to its proper amounts at year end

To reclassify amounts for temproarily restricted to its proper amounts

To reclassify amounts noted as pension payable to prepaid other to account for overpayment of pension in the current fiscal year

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MANAGEMENT REPRESENTATION LETTER

As of December 31, 2015 and 2014 And for the Year Ended December 31, 2015

To CW Associates, CPAs: We are providing this letter in connection with your audits of the financial statements of Manoa Heritage Center (Center), which comprise the statements of financial position as of December 31, 2015 and 2014, and the related statements of activities, functional expenses, and cash flows for the year ended December 31, 2015, and the related notes to the financial statements, for the purpose of expressing an opinion as to whether the financial statements are presented fairly, in all material respects, in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). As part of your engagement, you assisted in the preparation of the financial statements and related notes to the financial statements. We have designated an individual with suitable skill, knowledge, or experience to oversee your services and have made all management decisions and performed all management functions. We have reviewed, approved, and accepted responsibility for those financial statements and notes to the financial statements. In addition, you have provided us with trial balances prepared from our general ledger for use during your audit and with proposed adjustments to our accounts. We are in agreement with those adjustments. Certain representations in this letter are described as being limited to matters that are material. Items are considered material, regardless of size, if they involve an omission or misstatement of accounting information that, in light of surrounding circumstances, make it probable that the judgment of a reasonable person relying on the information would be changed or influenced by the omission or misstatement. Except where otherwise stated below, immaterial matters less than $1,000 collectively are not considered to be exceptions that require disclosure for the purpose of the following representations. This amount is not necessarily indicative of amounts that would require adjustment to or disclosure in the financial statements. We confirm that to the best of our knowledge and belief, having made such inquiries as we considered necessary for the purpose of appropriately informing ourselves as of the date of the financial statements and through the date of this representation letter:

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Manoa Heritage Center Management Representation Letter As of December 31, 2015 and 2014, and For the Year Ended December 31, 2015

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Financial Statements We have fulfilled our responsibilities, as set out in the terms of the audit engagement letter dated

August 19, 2016, for the preparation and fair presentation of the financial statements in accordance with U.S. GAAP.

We acknowledge our responsibility for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

We acknowledge our responsibility for the design, implementation, and maintenance of internal control to prevent and detect fraud.

Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.

Related party relationships and transactions have been appropriately accounted for and disclosed in accordance with the requirements of U.S. GAAP.

All events subsequent to the date of the financial statements, for which U.S. GAAP requires adjustment or disclosure have been adjusted or disclosed.

There are no uncorrected misstatements whose effects in the current and prior periods, as determined by management, are material, both individually and in the aggregate, to the financial statements taken as a whole. We have corrected all identified material misstatements.

The effects of all known actual or possible litigation, claims, and assessments have been accounted for and disclosed in accordance with U.S. GAAP.

We have complied with all contractual agreements, grants, and donor restrictions. We have maintained an appropriate composition of assets in amounts needed to comply with all

donor restrictions. We have accurately presented the entity’s position regarding taxation and tax-exempt status. The bases used for allocation of functional expenses are reasonable and appropriate. We have included in the financial statements all assets and liabilities under the entity’s control. We have designed, implemented, and maintained adequate internal controls over the receipt and

recording of contributions. Reclassifications between net asset classes are proper. Methods and significant assumptions used by management to determine fair values, their consistency

in application, and the completeness and adequacy of fair value information for financial statement measurement and disclosure purposes, if any, are appropriate.

Information Provided We have provided you with:

o Access to all information, of which we are aware, that is relevant to the preparation and fair presentation of the financial statements, such as records, documentation, and other matters;

o Additional information that you have requested from us for the purpose of the audit; and o Unrestricted access to persons within the entity from whom you determined it necessary to obtain

audit evidence.

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Manoa Heritage Center Management Representation Letter As of December 31, 2015 and 2014, and For the Year Ended December 31, 2015

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Information Provided (continued) All transactions have been recorded in the accounting records and are reflected in the financial

statements. We have disclosed to you the results of our assessment of the risk that the financial statements may be

materially misstated as a result of fraud. We have no knowledge of any fraud or suspected fraud that involves:

o Management; o Employees who have significant roles in internal control; or o Others where the fraud could have a material effect on the financial statements.

We have no knowledge of any allegations of fraud or suspected fraud affecting the entity’s financial statements communicated by employees, former employees, grantors, regulators, or others.

We have no knowledge of any noncompliance or suspected noncompliance with laws, regulations, contracts, and grant agreements whose effects should be considered when preparing financial statements.

We are not aware of any pending or threatened litigation, claims, or assessments or unasserted claims or assessments that are required to be accrued or disclosed in the financial statements.

We have disclosed to you the identity related parties and all the related party relationships and transactions of which we are aware.

We are responsible for compliance with the laws, regulations, and provisions of contracts and grant agreements applicable to us; and we have identified and disclosed to you all laws, regulations and provisions of contracts and grant agreements that we believe have a direct and material effect on the determination of financial statement amounts or other financial data significant to the audit objectives.

We are an exempt organization under Section 501(c)(3) of the Internal Revenue Code. Any activities of which we are aware that would jeopardize our tax-exempt status, and all activities subject to tax on unrelated business income or excise or other tax, have been disclosed to you. All required filings with tax authorities are up-to-date.

We have complied with all restrictions on resources (including donor restrictions) and all aspects of contractual and grant agreements that would have a material effect on the financial statements in the event of noncompliance. This includes complying with donor requirements to maintain a specific asset composition necessary to satisfy their restrictions.

Signature Title Date Signature Title Date

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REPORT TO MANAGEMENT


Manoa Heritage Center: The management of Manoa Heritage Center (Center) is responsible for establishing and maintaining effective internal control over financial reporting (internal control). In planning and performing our audit of the financial statements of the Center as of for the year ended December 31, 2015, in accordance with auditing standards generally accepted in the United States of America, we considered the Center’s internal control as a basis for designing our audit procedures for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Center’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Center’s internal control. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency or combination of deficiencies in internal control, such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of the internal control was for the limited purpose described in the preceding paragraph and would not necessarily identify all deficiencies in the internal control that might be significant deficiencies or material weaknesses and, therefore, there can be no assurance that all such deficiencies have been identified. We did not identify any deficiencies in internal control that we consider to be material weaknesses. However, as discussed below, we identified certain deficiencies in the internal control that we consider to be significant deficiencies in internal control.

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SUPPORTING DOCUMENTATION Comment Per our examination of expenses and other sections, we had noted management was unable to locate relevant supporting documentation as it applies to tested general ledger expenses and disbursements. Lack of documentation creates a risk of improper expenditures, and increases the risk of misappropriation of assets. We consider the matter to be a significant deficiency in internal control. Recommendation The Foundation should follow its record retention policy which stipulates that records, invoices, and files should be kept at a minimum of seven years. In addition we recommend that all files be kept on site in a central location in order to allow management to properly examine and review files. REIMBURSEMENT OF EXPENSES Comment During our examination of expenses, we had noted that there were reimbursements signed and approved by the individual receiving the reimbursement payments. Self-approval of reimbursements creates an override of internal controls and creates a risk of misappropriation of assets. We consider the matter to be a significant deficiency in internal control. Recommendation We recommend that reimbursements should not be signed by the individual receiving payment. In addition reimbursements should be reviewed and signed by management at least a level above the individual receiving payment, in the case of the Executive director or similar, we believe a board member should be reviewing or signing the reimbursement check and the approval of reimbursement. EMPLOYEE PERSONNEL FILES Comment During our examination of employee payroll during the audit, we noted that of the two employees employed during 2015, neither employee had documentation noting approved pay wages and rates. We also noted that the employee files were missing the required I-9 Employee verification form, and one of the two employees did not have an HW-4 or W-4 noted in their file as well. I-9 employee verification forms are required by law and could be required to be shown by relevant federal authorities and creates a risk that the Center will not be in compliance with federal regulations. In addition, lack of management approved pay rates creates a risk that employee will not be properly compensated and creates a risk of under or overpayments of employee or a bypass of proper pay rate procedures. We consider the matter to be a significant deficiency in internal control.

Draft

3

EMPLOYEE PERSONNEL FILES (continued) Recommendation We recommend the Center keep on hand all required and new hire documentation, such as the HW-4, W-4s and I-9 in employee folders. In addition we recommend the Center have pay rates and wage increases signed by appropriate management personnel.

* * * * * This report is intended solely for the information and use of the Board of Directors, management, and others within the Center and is not intended to be and should not be used by anyone other than these specified parties. Honolulu, Hawaii January xx, 2017

Draft

Client: 1509.T - Manoa Heritage CenterEngagement: 490 - NPO - Manoa Heritage CenterPeriod Ending: 12/31/2015Trial Balance: TBWorkpaper: 3100.10 - Trial Balance by Report Group

Account Description UNADJ JE Ref # AJE ADJ JE Ref # RJE FINAL 1st PP-FINAL

12/31/2015 12/31/2015 12/31/2015 12/31/2014

Group : [4000] Cash and Cash EquivalentsSubgroup : [4000.10]Cash (including interest-bearing accounts)1001 BOH MHC Operating Acct 356,568.62 0.00 356,568.62 0.00 356,568.62 141,597.551002 FHB Capital Fund 316,190.73 0.00 316,190.73 0.00 316,190.73 435,119.401003 CPB Capital Fund 1,147,533.08 0.00 1,147,533.08 0.00 1,147,533.08 243,250.001040 Petty Cash 292.18 0.00 292.18 0.00 292.18 262.121041 BOH ACH Donations 364.25 0.00 364.25 0.00 364.25 0.00Subtotal [4000.10] Cash (including interest-bearing accounts) 1,820,948.86 0.00 1,820,948.86 0.00 1,820,948.86 820,229.07

Total [4000] Cash and Cash Equivalents 1,820,948.86 0.00 1,820,948.86 0.00 1,820,948.86 820,229.07

Group : [4200] Accounts ReceivableSubgroup : [4200]Accounts Receivable - Capital Campaign1200-CW A/R Capital Campaign 0.00 887,500.00 887,500.00 0.00 887,500.00 840,250.00

AJE - 101 840,250.00 AJE - 102 (452,750.00)AJE - 103 500,000.00

Subtotal [4200] Accounts Receivable - Capital Campaign 0.00 887,500.00 887,500.00 0.00 887,500.00 840,250.00

Total [4200] Accounts Receivable 0.00 887,500.00 887,500.00 0.00 887,500.00 840,250.00

Group : [4400.00] Prepaid InsuranceSubgroup : [4400.10]Prepaid InsuranceCW009 Prepaid Insurance 0.00 2,239.33 2,239.33 0.00 2,239.33 2,067.33

AJE - 101 2,067.33 AJE - 105 172.00

CW010 Prepaid Other 0.00 0.00 0.00 51.98 51.98 0.00RJE - 203 51.98

Subtotal [4400.10] Prepaid Insurance 0.00 2,239.33 2,239.33 51.98 2,291.31 2,067.33

Total [4400.00] Prepaid Insurance 0.00 2,239.33 2,239.33 51.98 2,291.31 2,067.33

Current Assets 1,820,948.86 889,739.33 2,710,688.19 51.98 2,710,740.17 1,662,546.40

Group : [4100] Buildings and EquipmentSubgroup : [4100.10]Buildings and Equipment1645 Furniture, Fixtures & Equipment 22,404.60 0.00 22,404.60 0.00 22,404.60 22,404.601648 Computer Software 1,659.80 0.00 1,659.80 0.00 1,659.80 1,659.801652 Garden Equipment 1,000.00 0.00 1,000.00 0.00 1,000.00 1,000.00Subtotal [4100.10] Buildings and Equipment 25,064.40 0.00 25,064.40 0.00 25,064.40 25,064.40

Subgroup : [4100.20]Accumulated Depreciation1655 Accumulated Depreciation (21,718.00) (884.00) (22,602.00) 0.00 (22,602.00) (21,718.00)

AJE - 104 (884.00)Subtotal [4100.20] Accumulated Depreciation (21,718.00) (884.00) (22,602.00) 0.00 (22,602.00) (21,718.00)

Subgroup : [4100.30]Construction in Progress1620-13 BUILDING - VEH & CARETAKER'S RESIDENCE:CIP VEH Construction Expenses61,328.55 27,263.94 88,592.49 0.00 88,592.49 5,000.00

AJE - 101 27,263.94

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12/31/2015 12/31/2015 12/31/2015 12/31/20141620-17 BUILDING - VEH & CARETAKER'S RESIDENCE:Architecture, Planning and Design141,457.33 0.00 141,457.33 0.00 141,457.33 134,099.061620-CW Prior Period Adjustment(s) 0.00 0.00 0.00 0.00 0.00 27,263.94Subtotal [4100.30] Construction in Progress 202,785.88 27,263.94 230,049.82 0.00 230,049.82 166,363.00

Total [4100] Buildings and Equipment 206,132.28 26,379.94 232,512.22 0.00 232,512.22 169,709.40

Non-Current Assets 206,132.28 26,379.94 232,512.22 0.00 232,512.22 169,709.40

TOTAL ASSET 2,027,081.14 916,119.27 2,943,200.41 51.98 2,943,252.39 1,832,255.80

Group : [5000] Accounts PayableSubgroup : [5000.00]AP2012 Payable to KF 0.00 0.00 0.00 0.00 0.00 (509.31)Subtotal [5000.00] AP 0.00 0.00 0.00 0.00 0.00 (509.31)

Total [5000] Accounts Payable 0.00 0.00 0.00 0.00 0.00 (509.31)

Group : [5100] Accrued LiabilitiesSubgroup : [5100.00]Accrued Liabilities2120 Pension Payable 51.98 0.00 51.98 (51.98) 0.00 (27.00)

RJE - 203 (51.98)2225 Payroll Clearing 0.00 0.00 0.00 0.00 0.00 800.00CW011 Prior period Liability Adj 0.00 0.00 0.00 0.00 0.00 (800.00)Subtotal [5100.00] Accrued Liabilities 51.98 0.00 51.98 (51.98) 0.00 (27.00)

Total [5100] Accrued Liabilities 51.98 0.00 51.98 (51.98) 0.00 (27.00)

Current Liabilities 51.98 0.00 51.98 (51.98) 0.00 (536.31)

TOTAL LIABILITY 51.98 0.00 51.98 (51.98) 0.00 (536.31)

Group : [6100] Net AssetsSubgroup : [6100.10]Unrestricted Net Assets3000 Unrestricted net assets (214,993.86) 0.00 (214,993.86) 0.00 (214,993.86) (214,993.86)3000-CW CW Unrestricted Prior Period Adjustment 0.00 0.00 0.00 0.00 0.00 1,740,394.003900 Retained Earnings (747,944.36) 875,355.73 127,411.37 906,271.26 1,033,682.63 (273,700.71)

AJE - 101 875,355.73 RJE - 202 906,271.26 Subtotal [6100.10] Unrestricted Net Assets (962,938.22) 875,355.73 (87,582.49) 906,271.26 818,688.77 1,251,699.43

Subgroup : [6100.20]Restricted Net assets3100-CW CW TR Net Assets 0.00 (1,744,137.00) (1,744,137.00) (906,271.26) (2,650,408.26) (1,744,137.00)

AJE - 101 (1,744,137.00) RJE - 202 (906,271.26)Subtotal [6100.20] Restricted Net assets 0.00 (1,744,137.00) (1,744,137.00) (906,271.26) (2,650,408.26) (1,744,137.00)

Total [6100] Net Assets (962,938.22) (868,781.27) (1,831,719.49) 0.00 (1,831,719.49) (492,437.57)

Equity (962,938.22) (868,781.27) (1,831,719.49) 0.00 (1,831,719.49) (492,437.57)NET (INCOME) LOSS (1,064,194.90) (47,338.00) (1,111,532.90) 0.00 (1,111,532.90) (1,339,281.92)

TOTAL EQUITY (2,027,133.12) (916,119.27) (2,943,252.39) 0.00 (2,943,252.39) (1,831,719.49)

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12/31/2015 12/31/2015 12/31/2015 12/31/2014

TOTAL LIABILITY AND EQUITY (2,027,081.14) (916,119.27) (2,943,200.41) (51.98) (2,943,252.39) (1,832,255.80)

Group : [7100] Revenue and SupportSubgroup : [7100]Contributions and other4000 Contributions - Unrestricted (BOH Operating) (395,767.47) 1,500.00 (394,267.47) 0.00 (394,267.47) (222,750.75)

AJE - 102 1,500.00 Subtotal [7100] Contributions and other (395,767.47) 1,500.00 (394,267.47) 0.00 (394,267.47) (222,750.75)

Subgroup : [7110]Released from Restrictions4303-CW Release From Restrictions 0.00 0.00 0.00 (63,686.82) (63,686.82) 0.00

RJE - 201 (63,686.82)Subtotal [7110] Released from Restrictions 0.00 0.00 0.00 (63,686.82) (63,686.82) 0.00

Subgroup : [7200]Program Service Revenues4200 Tour Ticket Fees (741.00) 0.00 (741.00) 0.00 (741.00) (426.00)Subtotal [7200] Program Service Revenues (741.00) 0.00 (741.00) 0.00 (741.00) (426.00)

Subgroup : [7300] Interest Income4020 Interest/Dividend Income (62.13) 0.00 (62.13) 0.00 (62.13) (69.71)Subtotal [7300] Interest Income (62.13) 0.00 (62.13) 0.00 (62.13) (69.71)

Total [7100] Revenue and Support (396,570.60) 1,500.00 (395,070.60) (63,686.82) (458,757.42) (223,246.46)

Revenues (396,570.60) 1,500.00 (395,070.60) (63,686.82) (458,757.42) (223,246.46)

TOTAL REVENUE (396,570.60) 1,500.00 (395,070.60) (63,686.82) (458,757.42) (223,246.46)

Group : [7500] Professional Fees and OtherSubgroup : [7500.20]Outside Services - Fundraising8001 CAPITAL IMPROVEMENT PROJECT EXPENSES:CIP Fundraising 72,251.28 0.00 72,251.28 0.00 72,251.28 81,675.36Subtotal [7500.20] Outside Services - Fundraising 72,251.28 0.00 72,251.28 0.00 72,251.28 81,675.36

Subgroup : [7500.10]Outside Services - MGMT5005 Accounting Fees 3,036.00 0.00 3,036.00 0.00 3,036.00 3,729.515016 Bookkeeping Services 2,565.43 0.00 2,565.43 0.00 2,565.43 2,801.035058 Legal Fees 510.47 0.00 510.47 0.00 510.47 0.005082 Outside Services 15,665.91 0.00 15,665.91 0.00 15,665.91 12,052.55Subtotal [7500.10] Outside Services - MGMT 21,777.81 0.00 21,777.81 0.00 21,777.81 18,583.09

Total [7500] Professional Fees and Other 94,029.09 0.00 94,029.09 0.00 94,029.09 100,258.45

Group : [7400] Salaries and related expensesSubgroup : [7400.10]Program - Salaries7200-CW CW Prior Period Bonus 0.00 0.00 0.00 0.00 0.00 800.007220-02 Salaries & Wages:Education Director 52,432.56 (800.00) 51,632.56 0.00 51,632.56 52,132.56

AJE - 101 (800.00)7220-03 Salaries & Wages:Gardener 12,962.27 0.00 12,962.27 0.00 12,962.27 12,096.007252 Payroll taxes:941 Tax 5,002.83 0.00 5,002.83 0.00 5,002.83 4,913.617254 Payroll taxes:SUTA 430.62 0.00 430.62 0.00 430.62 635.24

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12/31/2015 12/31/2015 12/31/2015 12/31/20147700 Pension-Simple IRA 1,962.87 0.00 1,962.87 0.00 1,962.87 1,899.847710 Reliable Payroll Service Exp 1,028.16 0.00 1,028.16 0.00 1,028.16 1,005.67Subtotal [7400.10] Program - Salaries 73,819.31 (800.00) 73,019.31 0.00 73,019.31 73,482.92

Total [7400] Salaries and related expenses 73,819.31 (800.00) 73,019.31 0.00 73,019.31 73,482.92

Group : [7800] Office and AdministrativeSubgroup : [7800.10]Office Expenses - Program5014 Books/Magazines 50.00 0.00 50.00 0.00 50.00 22.745015 Bank/Paypal Fees 529.41 0.00 529.41 0.00 529.41 650.785021 Dues & Membership Fees 636.00 0.00 636.00 0.00 636.00 466.005073 Meeting Expenses 940.95 0.00 940.95 0.00 940.95 317.675080 Office Expenses 3,655.05 0.00 3,655.05 0.00 3,655.05 2,223.175087 Postage 1,088.50 0.00 1,088.50 0.00 1,088.50 1,278.835105 Xerox/Printing 232.90 0.00 232.90 0.00 232.90 682.446032 PROGRAM EXPENSES:Garden Supplies 7,382.81 0.00 7,382.81 0.00 7,382.81 5,328.296077 PROGRAM EXPENSES:Conferences/Meetings/Online Training 50.00 0.00 50.00 0.00 50.00 485.276082 PROGRAM EXPENSES:Printing - Program 0.00 0.00 0.00 0.00 0.00 14.45Subtotal [7800.10] Office Expenses - Program 14,565.62 0.00 14,565.62 0.00 14,565.62 11,469.64

Subgroup : [7800.20]Office Expenses - Fundraising5035 FUNDRAISING EXPENSES:Fundraising Expense 0.00 0.00 0.00 0.00 0.00 392.005038 FUNDRAISING EXPENSES:Printing-Fundraising 107.38 0.00 107.38 0.00 107.38 0.005070 FUNDRAISING EXPENSES:Meals/Entertainment-Fundraising 0.00 0.00 0.00 0.00 0.00 344.135086 FUNDRAISING EXPENSES:Postage-Fundraising 807.48 0.00 807.48 0.00 807.48 0.00Subtotal [7800.20] Office Expenses - Fundraising 914.86 0.00 914.86 0.00 914.86 736.13

Subgroup : [7800.30]Office Expenses Admin5050 Insurance 3,609.00 (172.00) 3,437.00 0.00 3,437.00 3,492.00

AJE - 105 (172.00)5050-cw Insurance-Prior Adjustment 0.00 0.00 0.00 0.00 0.00 (2,067.33)7800 OPERATING EXPENSES:Depreciation (deleted) 0.00 884.00 884.00 0.00 884.00 1,428.00

AJE - 104 884.00 7800-CW Prior Period - Depreciation Adjustment 0.00 0.00 0.00 0.00 0.00 3,743.00Subtotal [7800.30] Office Expenses Admin 3,609.00 712.00 4,321.00 0.00 4,321.00 6,595.67

Subgroup : [7800.40]Allocatable Admin7260 Insurance Expense:Medical Premium Expense 11,262.34 0.00 11,262.34 0.00 11,262.34 11,844.637603 Insurance Expense:Temporary Disability Insurance 395.15 0.00 395.15 0.00 395.15 0.007604 Insurance Expense:WorkComp Insurance 1,222.00 0.00 1,222.00 0.00 1,222.00 1,519.00Subtotal [7800.40] Allocatable Admin 12,879.49 0.00 12,879.49 0.00 12,879.49 13,363.63

Total [7800] Office and Administrative 31,968.97 712.00 32,680.97 0.00 32,680.97 32,165.07

Group : [7610] OccupancySubgroup : [7610.10]Occupancy - Programs5006 Alarm Expense 902.48 0.00 902.48 0.00 902.48 961.605089 Repairs/Maintenance 2,702.50 0.00 2,702.50 0.00 2,702.50 3,407.885090 Repairs/Maintenance:Major Repairs 10,462.75 0.00 10,462.75 0.00 10,462.75 763.315091 Rent Expense 1,200.00 0.00 1,200.00 0.00 1,200.00 1,200.00

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12/31/2015 12/31/2015 12/31/2015 12/31/20145092 Property Tax 300.00 0.00 300.00 0.00 300.00 0.005097 Telephone 1,253.70 0.00 1,253.70 0.00 1,253.70 1,175.245100 Utilities 3,476.65 0.00 3,476.65 0.00 3,476.65 3,365.52Subtotal [7610.10] Occupancy - Programs 20,298.08 0.00 20,298.08 0.00 20,298.08 10,873.55

Total [7610] Occupancy 20,298.08 0.00 20,298.08 0.00 20,298.08 10,873.55

Group : [7600] Education and program ExpensesSubgroup : [7600.00]Education Expense5022 OPERATING EXPENSES:Century Circle 3,693.03 0.00 3,693.03 0.00 3,693.03 2,748.285094 OPERATING EXPENSES:Service Projects 127.17 0.00 127.17 0.00 127.17 84.126015 PROGRAM EXPENSES:Docent & Teacher Workshop Expenses 437.80 0.00 437.80 0.00 437.80 699.676028 PROGRAM EXPENSES:Education Program - Docent & Teacher Expenses (Non-Food & Bev)1,349.83 0.00 1,349.83 0.00 1,349.83 677.796029 PROGRAM EXPENSES:Education Program - Schools 507.89 0.00 507.89 0.00 507.89 939.606030 PROGRAM EXPENSES:Education Program - Adult Tours 273.83 0.00 273.83 0.00 273.83 631.156031 PROGRAM EXPENSES:Education Program - Supplies 543.48 0.00 543.48 0.00 543.48 614.356033 PROGRAM EXPENSES:Garden Maintenance 0.00 0.00 0.00 0.00 0.00 1,455.856034 PROGRAM EXPENSES:Garden Help Part-Time 7,842.25 0.00 7,842.25 0.00 7,842.25 8,643.006035 PROGRAM EXPENSES:Honorarium 1,360.00 0.00 1,360.00 0.00 1,360.00 800.006098 PROGRAM EXPENSES:Tour Guides 2,450.00 0.00 2,450.00 0.00 2,450.00 3,075.00Subtotal [7600.00] Education Expense 18,585.28 0.00 18,585.28 0.00 18,585.28 20,368.81

Total [7600] Education and program Expenses 18,585.28 0.00 18,585.28 0.00 18,585.28 20,368.81

Group : [7810] Miscellaneous ExpensesSubgroup : [7810.10]MIscellaneous - Program expenses6010 PROGRAM EXPENSES:Bus Subsidy 2,508.00 0.00 2,508.00 0.00 2,508.00 3,187.50Subtotal [7810.10] MIscellaneous - Program expenses 2,508.00 0.00 2,508.00 0.00 2,508.00 3,187.50

Subgroup : [7810.20]Miscellaneous - Fundraising5018 Annual Donor Party / Spring @ Kualii 6,526.45 0.00 6,526.45 0.00 6,526.45 5,918.97Subtotal [7810.20] Miscellaneous - Fundraising 6,526.45 0.00 6,526.45 0.00 6,526.45 5,918.97

Total [7810] Miscellaneous Expenses 9,034.45 0.00 9,034.45 0.00 9,034.45 9,106.47

Group : [7700] Advertising ExpensesSubgroup : [7700.10]Advertising Expense - Programs5001 MARKETING/COMMUNITY OUTREACH:Postage-Marketing 425.20 0.00 425.20 0.00 425.20 812.255002 MARKETING/COMMUNITY OUTREACH:Printing-Marketing 5,298.57 0.00 5,298.57 0.00 5,298.57 2,348.335004 MARKETING/COMMUNITY OUTREACH:Outreach-Marketing 124.83 0.00 124.83 0.00 124.83 12.63Subtotal [7700.10] Advertising Expense - Programs 5,848.60 0.00 5,848.60 0.00 5,848.60 3,173.21

Total [7700] Advertising Expenses 5,848.60 0.00 5,848.60 0.00 5,848.60 3,173.21

Group : [7900] Capital Campaign ExpensesSubgroup : [7900.00]Capital Campaign8005 CAPITAL IMPROVEMENT PROJECT EXPENSES:CIP Consultants and Engineers0.00 0.00 0.00 0.00 0.00 5,300.008005-CW CW-CIP Consulting Prior Period Adjustment 0.00 0.00 0.00 0.00 0.00 (27,263.94)Subtotal [7900.00] Capital Campaign 0.00 0.00 0.00 0.00 0.00 (21,963.94)

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12/31/2015 12/31/2015 12/31/2015 12/31/2014Total [7900] Capital Campaign Expenses 0.00 0.00 0.00 0.00 0.00 (21,963.94)

Operating Expenses 253,583.78 (88.00) 253,495.78 0.00 253,495.78 227,464.54

Group : [8100] Restricted ContributionsSubgroup : [8100.10]Restricted Grant & Pledge Revenue4301 Grants - Capital Fund Drive:Donations - Capital Fund (no grant application)(138,250.00) 75,000.00 (63,250.00) 0.00 (63,250.00) (403,250.00)

AJE - 102 75,000.00 4301-CW CW Grants - Prior Period adjustment 0.00 0.00 0.00 0.00 0.00 (840,250.00)4302 Grants - Capital Fund Drive:Grants - Capital Fund (with grant application)(782,958.08) (123,750.00) (906,708.08) 0.00 (906,708.08) (100,000.00)

AJE - 102 376,250.00 AJE - 103 (500,000.00)

Subtotal [8100.10] Restricted Grant & Pledge Revenue (921,208.08) (48,750.00) (969,958.08) 0.00 (969,958.08) (1,343,500.00)

Subgroup : [8100.20]Release from Restriction4304-CW Release from Restrictions - Contra 0.00 0.00 0.00 63,686.82 63,686.82 0.00

RJE - 201 63,686.82 Subtotal [8100.20] Release from Restriction 0.00 0.00 0.00 63,686.82 63,686.82 0.00

Total [8100] Restricted Contributions (921,208.08) (48,750.00) (969,958.08) 63,686.82 (906,271.26) (1,343,500.00)

Other Expenses (921,208.08) (48,750.00) (969,958.08) 63,686.82 (906,271.26) (1,343,500.00)

TOTAL EXPENSE (667,624.30) (48,838.00) (716,462.30) 63,686.82 (652,775.48) (1,116,035.46)

NET (INCOME) LOSS (1,064,194.90) (47,338.00) (1,111,532.90) 0.00 (1,111,532.90) (1,339,281.92)

Sum of Account Groups 0.00 0.00 0.00 0.00 0.00 0.00

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Period Ending: 12/31/2015

Trial Balance: TB

Workpaper: 3100.20 - Trial Balance by Account

Account Description UNADJ JE Ref # AJE ADJ JE Ref # RJE FINAL

12/31/2015 12/31/2015 12/31/2015

Group : [9000] Trial Balance by Account

Subgroup : [9000.90]Trial Balance by Account

1001 BOH MHC Operating Acct 356,568.62 0.00 356,568.62 0.00 356,568.621002 FHB Capital Fund 316,190.73 0.00 316,190.73 0.00 316,190.731003 CPB Capital Fund 1,147,533.08 0.00 1,147,533.08 0.00 1,147,533.081040 Petty Cash 292.18 0.00 292.18 0.00 292.181041 BOH ACH Donations 364.25 0.00 364.25 0.00 364.251200-CW A/R Capital Campaign 0.00 887,500.00 887,500.00 0.00 887,500.00

AJE - 101 840,250.00 AJE - 102 (452,750.00)AJE - 103 500,000.00

1620-13 BUILDING - VEH & CARETAKER'S RESIDENCE:CIP VEH Construction Expenses61,328.55 27,263.94 88,592.49 0.00 88,592.49AJE - 101 27,263.94

1620-17 BUILDING - VEH & CARETAKER'S RESIDENCE:Architecture, Planning and Design141,457.33 0.00 141,457.33 0.00 141,457.331645 Furniture, Fixtures & Equipment 22,404.60 0.00 22,404.60 0.00 22,404.601648 Computer Software 1,659.80 0.00 1,659.80 0.00 1,659.801652 Garden Equipment 1,000.00 0.00 1,000.00 0.00 1,000.001655 Accumulated Depreciation (21,718.00) (884.00) (22,602.00) 0.00 (22,602.00)

AJE - 104 (884.00)2120 Pension Payable 51.98 0.00 51.98 (51.98) 0.00

RJE - 203 (51.98)3000 Unrestricted net assets (214,993.86) 0.00 (214,993.86) 0.00 (214,993.86)3100-CW CW TR Net Assets 0.00 (1,744,137.00) (1,744,137.00) (906,271.26) (2,650,408.26)

AJE - 101 (1,744,137.00) RJE - 202 (906,271.26)3900 Retained Earnings (747,944.36) 875,355.73 127,411.37 906,271.26 1,033,682.63

AJE - 101 875,355.73 RJE - 202 906,271.26 4000 Contributions - Unrestricted (BOH Operating) (395,767.47) 1,500.00 (394,267.47) 0.00 (394,267.47)

AJE - 102 1,500.00 4020 Interest/Dividend Income (62.13) 0.00 (62.13) 0.00 (62.13)4200 Tour Ticket Fees (741.00) 0.00 (741.00) 0.00 (741.00)4301 Grants - Capital Fund Drive:Donations - Capital Fund (no grant application)(138,250.00) 75,000.00 (63,250.00) 0.00 (63,250.00)

AJE - 102 75,000.00 4302 Grants - Capital Fund Drive:Grants - Capital Fund (with grant application)(782,958.08) (123,750.00) (906,708.08) 0.00 (906,708.08)

AJE - 102 376,250.00 AJE - 103 (500,000.00)

4303-CW Release From Restrictions 0.00 0.00 0.00 (63,686.82) (63,686.82)RJE - 201 (63,686.82)

4304-CW Release from Restrictions - Contra 0.00 0.00 0.00 63,686.82 63,686.82RJE - 201 63,686.82

5001 MARKETING/COMMUNITY OUTREACH:Postage-Marketing 425.20 0.00 425.20 0.00 425.205002 MARKETING/COMMUNITY OUTREACH:Printing-Marketing 5,298.57 0.00 5,298.57 0.00 5,298.575004 MARKETING/COMMUNITY OUTREACH:Outreach-Marketing 124.83 0.00 124.83 0.00 124.835005 Accounting Fees 3,036.00 0.00 3,036.00 0.00 3,036.005006 Alarm Expense 902.48 0.00 902.48 0.00 902.485014 Books/Magazines 50.00 0.00 50.00 0.00 50.005015 Bank/Paypal Fees 529.41 0.00 529.41 0.00 529.415016 Bookkeeping Services 2,565.43 0.00 2,565.43 0.00 2,565.435018 Annual Donor Party / Spring @ Kualii 6,526.45 0.00 6,526.45 0.00 6,526.455021 Dues & Membership Fees 636.00 0.00 636.00 0.00 636.005022 OPERATING EXPENSES:Century Circle 3,693.03 0.00 3,693.03 0.00 3,693.035038 FUNDRAISING EXPENSES:Printing-Fundraising 107.38 0.00 107.38 0.00 107.385050 Insurance 3,609.00 (172.00) 3,437.00 0.00 3,437.00

AJE - 105 (172.00)5058 Legal Fees 510.47 0.00 510.47 0.00 510.475073 Meeting Expenses 940.95 0.00 940.95 0.00 940.955080 Office Expenses 3,655.05 0.00 3,655.05 0.00 3,655.055082 Outside Services 15,665.91 0.00 15,665.91 0.00 15,665.915086 FUNDRAISING EXPENSES:Postage-Fundraising 807.48 0.00 807.48 0.00 807.485087 Postage 1,088.50 0.00 1,088.50 0.00 1,088.505089 Repairs/Maintenance 2,702.50 0.00 2,702.50 0.00 2,702.505090 Repairs/Maintenance:Major Repairs 10,462.75 0.00 10,462.75 0.00 10,462.755091 Rent Expense 1,200.00 0.00 1,200.00 0.00 1,200.005092 Property Tax 300.00 0.00 300.00 0.00 300.005094 OPERATING EXPENSES:Service Projects 127.17 0.00 127.17 0.00 127.175097 Telephone 1,253.70 0.00 1,253.70 0.00 1,253.705100 Utilities 3,476.65 0.00 3,476.65 0.00 3,476.655105 Xerox/Printing 232.90 0.00 232.90 0.00 232.906010 PROGRAM EXPENSES:Bus Subsidy 2,508.00 0.00 2,508.00 0.00 2,508.006015 PROGRAM EXPENSES:Docent & Teacher Workshop Expenses 437.80 0.00 437.80 0.00 437.806028 PROGRAM EXPENSES:Education Program - Docent & Teacher Expenses (Non-Food & Bev)1,349.83 0.00 1,349.83 0.00 1,349.836029 PROGRAM EXPENSES:Education Program - Schools 507.89 0.00 507.89 0.00 507.896030 PROGRAM EXPENSES:Education Program - Adult Tours 273.83 0.00 273.83 0.00 273.836031 PROGRAM EXPENSES:Education Program - Supplies 543.48 0.00 543.48 0.00 543.486032 PROGRAM EXPENSES:Garden Supplies 7,382.81 0.00 7,382.81 0.00 7,382.816034 PROGRAM EXPENSES:Garden Help Part-Time 7,842.25 0.00 7,842.25 0.00 7,842.256035 PROGRAM EXPENSES:Honorarium 1,360.00 0.00 1,360.00 0.00 1,360.006077 PROGRAM EXPENSES:Conferences/Meetings/Online Training 50.00 0.00 50.00 0.00 50.006098 PROGRAM EXPENSES:Tour Guides 2,450.00 0.00 2,450.00 0.00 2,450.00

1 of 2



Period Ending: 12/31/2015

Trial Balance: TB

Workpaper: 3100.20 - Trial Balance by Account

Account Description UNADJ JE Ref # AJE ADJ JE Ref # RJE FINAL

12/31/2015 12/31/2015 12/31/2015

7220-02 Salaries & Wages:Education Director 52,432.56 (800.00) 51,632.56 0.00 51,632.56AJE - 101 (800.00)

7220-03 Salaries & Wages:Gardener 12,962.27 0.00 12,962.27 0.00 12,962.277252 Payroll taxes:941 Tax 5,002.83 0.00 5,002.83 0.00 5,002.837254 Payroll taxes:SUTA 430.62 0.00 430.62 0.00 430.627260 Insurance Expense:Medical Premium Expense 11,262.34 0.00 11,262.34 0.00 11,262.347603 Insurance Expense:Temporary Disability Insurance 395.15 0.00 395.15 0.00 395.157604 Insurance Expense:WorkComp Insurance 1,222.00 0.00 1,222.00 0.00 1,222.007700 Pension-Simple IRA 1,962.87 0.00 1,962.87 0.00 1,962.877710 Reliable Payroll Service Exp 1,028.16 0.00 1,028.16 0.00 1,028.167800 OPERATING EXPENSES:Depreciation (deleted) 0.00 884.00 884.00 0.00 884.00

AJE - 104 884.00 8001 CAPITAL IMPROVEMENT PROJECT EXPENSES:CIP Fundraising72,251.28 0.00 72,251.28 0.00 72,251.28CW009 Prepaid Insurance 0.00 2,239.33 2,239.33 0.00 2,239.33

AJE - 101 2,067.33 AJE - 105 172.00

CW010 Prepaid Other 0.00 0.00 0.00 51.98 51.98RJE - 203 51.98

Subtotal [9000.90] Trial Balance by Account 0.00 (0.00) 0.00 0.00 0.00Total [9000] Trial Balance by Account 0.00 (0.00) 0.00 0.00 0.00

2 of 2



Trial Balance: TB

Workpaper: 3100.30 - Adjusting Journal Entries



1200-CW A/R Capital Campaign 840,250.001620-13 BUILDING - VEH & CARETAKER'S RESIDENCE:CIP VEH 27,263.94

3900 Retained Earnings 875,355.73CW009 Prepaid Insurance 2,067.33

3100-CW CW TR Net Assets 1,744,137.007220-02 Salaries & Wages:Education Director 800.00

Total 1,744,937.00 1,744,937.00


4000 Contributions - Unrestricted (BOH Operating) 1,500.004301 Grants - Capital Fund Drive:Donations - Capital Fund (no grant 75,000.004302 Grants - Capital Fund Drive:Grants - Capital Fund (with grant 376,250.00

1200-CW A/R Capital Campaign 452,750.00Total 452,750.00 452,750.00


1200-CW A/R Capital Campaign 500,000.004302 Grants - Capital Fund Drive:Grants - Capital Fund (with grant 500,000.00

Total 500,000.00 500,000.00


7800 OPERATING EXPENSES:Depreciation (deleted) 884.001655 Accumulated Depreciation 884.00

Total 884.00 884.00


CW009 Prepaid Insurance 172.005050 Insurance 172.00

Total 172.00 172.00

To adjust Begining balance to match the prior year's Adjustements for Restricted net Assets at year end

To adjust Temorarily Restricted Revnue to account for revenues received

To Adjust Grants in the current year to account for Weinberg Foundation Grant pledged in 2015 but received in 2016.

To adjust accumulated depreciation to its proper amounts at year end

To adjust prepaid expesnes to their proper amounts

1 of 1



Trial Balance: TB

Workpaper: 3100.40 - Reclassifying Journal Entries



4304-CW Release from Restrictions - Contra 63,686.824303-CW Release From Restrictions 63,686.82

Total 63,686.82 63,686.82


3900 Retained Earnings 906,271.263100-CW CW TR Net Assets 906,271.26

Total 906,271.26 906,271.26


CW010 Prepaid Other 51.982120 Pension Payable 51.98

Total 51.98 51.98

To reclassify amounts to its proper amounts at year end

To reclassify amounts for temproarily restricted to its proper amounts

To reclassify amounts noted as pension payable to prepaid other to account for overpayment of pension in the current fiscal year

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Manoa Heritage Center

Release from Restriction

For the Year ended 6/30/15

2014 2015

Beginning Balance: - 1,744,137.00 6000.10

Temporarily Restricted Contributions: 1,910,500.00 969,958.08 6000.30

CIP Added / Amounts released from Restriction: (166,363.00) (63,686.82)

Ending Temporarily Restricted: 1,744,137.00 2,650,408.26

6000.10 6000.10

Tickmark Legend:

- Amounts taken from 6000.30 2014 Adjustments

- Releases tested during the testing of Asset additions for Fixed Asset CIP as amounts release directly correlate to

construction of the Center.

Journal entries:

RJE 201:

4304-CW Release from Restrictions 63,686.82

4303-CW Release from Restrictions - Contra 63,686.82

RJE 202:

3900 Retained Earnings 906,271.26

3100-CW CW TR Net Assets 906,271.26

Conclusion:

After adjustments amounts appear reasonable, PFC.

Released from Restrictions


Beginning Balance Adjustment


12/31/2014 12/31/2014

Account # Description Adjusted Quickbook Difference

1001 BOH MHC Operating Acct 141,597.55 141,597.55 0.00

1002 FHB Capital Fund 435,119.40 435,119.40 0.00

1003 CPB Capital Fund 243,250.00 243,250.00 0.00

1040 Petty Cash 262.12 262.12 0.00

cw009 Prepaid Insurance 2,067.33 0.00 2,067.33

1200-CW A/R Capital Campaign 840,250.00 0.00 840,250.00

1620-13 BUILDING - VEH & CARETAKER'S RESIDENCE:CIP VEH Construction Expenses 5,000.00 5,000.00 0.00

1620-17 BUILDING - VEH & CARETAKER'S RESIDENCE:Architecture, Planning and Design 134,099.06 134,099.06 0.00

1620-CW Prior Period Adjustment(s) 27,263.94 0.00 27,263.94

1645 Furniture, Fixtures & Equipment 22,404.60 22,404.60 0.00

1648 Computer Software 1,659.80 1,659.80 0.00

1652 Garden Equipment 1,000.00 1,000.00 0.00

1655 Accumulated Depreciation (21,718.00) (21,718.00) 0.00

2012 Payable to KF (509.31) (509.31) 0.00

2120 Pension Payable (27.00) (27.00) 0.00

2225 Payroll Clearing 800.00 800.00 0.00

CW011 Prior period Liability Adj (800.00) 0.00 (800.00)

3000 Unrestricted net assets (214,993.86) (214,993.86) 0.00

3000-CW CW Unrestricted Prior Period Adjustment 1,740,394.00 0.00 1,740,394.00

3100-CW CW TR Net Assets (1,744,137.00) 0.00 (1,744,137.00)

3900 Retained Earnings (1,612,982.63) (747,944.36) (865,038.27)

Check: 0.00 0.00 0.00

Tickmark Legend:

- Amounts Booked to a prior period account in 2014, amounts passed to proper account 1620-13 in the current fiscal year.

- Amounts Booked to a prior period account in 2014, Net amounts booked to Retained Earnings 3900 in the current fiscal year.

- Amounts belong to salary expense moved to the prior year, amount corrected in 2015.

AJE 101

CW009 Prepaid Insurance 2,067.33

1200-CW A/R Capital Campaign 840,250.00

1620-13 BUILDING - VEH & CARETAKER'S RESIDENCE:CIP VEH Construction Expenses 27,263.94

3900 Retained Earnings 875,355.73

7220-02 Salaries & Wages:Education Director 800.00

3100-CW CW TR Prior Period Adjustment 1,744,137.00

Change In perior year's Accounts:

Assets: Incease 869,581.27

Liabilities: Decrease (800.00)

Equity Incease 868,781.27

Conclusion:

After adjustments, amounts appear reasonable, PFC.

Beginning Balance Adjustment

Debit Credit

Cash Drawer 300.00

Checking - BOH 119,076.63

Clearing 0.00

CPB-Checking (deleted) 15,774.92

CPB-Maximizer (deleted) 279,899.85

Paypal 0.00

Petty Cash 100.00

Petty Cash 2(walmart) 229.21

1200 Accounts Receivable 1,010.99

1499 Undeposited Funds 69.00

Accounts Receivable - Other 0.00

Accounts Receivable-Deferred 0.00

Accounts Receivable-Retd Checks 0.00

Deferred Expense 0.00

Prepaid Insurance 0.00

Suspense 0.00

A/D - Leasehold Improvements -156,339.99

A/D - Leasehold Improvements-77 -175,614.36

A/D - Nutcracker Stage Set -107,836.43

A/D - Office Furniture & Equip -73,806.38

Leasehold Improvements-777 578,287.01

Leasehold Improvements-Dole 0.00

Nutcracker Stage Set 125,322.32

Office Furniture & Equipment 70,929.04

Building Fund-Charles Schwab 0.00

Deposits 8,000.00

Deposits-Rent 16,735.49

Investment Fund-Charles Schwab 0.00

Morgan Stanley 129 052XXX 165 158,595.38

Morgan Stanley 129 062XXX 165 41,422.09

2000 Accounts Payable -18,505.46

BOA -9,912.51

2100 Payroll Liabilities 0.00

Payroll Liabilities:401(k) Payable 0.00

Payroll Liabilities:SWH 0.00

2110 Direct Deposit Liabilities 0.00

2200 Accrued GET 0.00

Accrued Expenses 0.00

Deferred Revenue 0.00

Temporily Restricted Funds -100,000.00

NP-BOH 0.00

Ballet HawaiiTrial BalanceAs of July 1, 2015

3000 Opening Bal Equity 0.00

Retained Earnings -688,615.45

Donations (non annual or event):Individual Donations -2,000.00

GE tax Income -40.99

Novelty Sales -18.00

Sponsorship -8,000.00

Studio Rental:Studio Rental - taxable -870.00

Tuition -84,625.00

Tuition:Tuition - Non Ballet -180.00

Marketing:Advertising Exp 63.75

6120 Overhead:Bank Service Charges 566.66

Overhead:Insurance:Gen. Liability 1,101.33

6230 Overhead:Licenses and Permits 60.00

Overhead:Professional Fees:Accounting 2,090.00

Overhead:Alarm 112.12

Overhead:Supplies 153.69

Production:Air Fares 4,398.09

Production:Crew Other 2,067.00

TOTAL $ 0.00 $ 0.00

Monday, Oct 03, 2016 02:41:09 PM PDT GMT-10 - Accrual Basis


Functional Expenses

Year Ended December 31, 2015

B B B

Percentage Allocations A A A 68.00% 12.00% 20.00% 100%

Direct Direct Direct

2015 Total Program Fundraising Admin Allocation Program Fundraising Mgmt Check 2014

Professional fees 94,029.00 - 72,251.00 21,778.00 - - - - -$ -

Salaries and related fees 73,019.00 - - - 73,019.00 49,653 8,762 14,604 -$ -

Office and Administration 32,681.00 14,566.00 915.00 4,321.00 12,879.00 8,758 1,545 2,576 -$ -

Occupancy: 20,298.00 - - - 20,298.00 20,298 - - -$ -

Education and Program 18,585.00 18,585 - - -$ Misc Expenses 9,034.00 2,508.00 6,526.00 - - - - - -$ -

Advertising and promotion 5,849.00 5,849.00 - - - - - - -$ -

Total 253,495$ 41,508$ 79,692$ 26,099$ 106,196$ 78,709$ 10,307$ 17,180$ -$ -$

2015 Total Program Fundraising Mgmt Check 2014

Professional fees 94,029 - 72,251 21,778 -$ 100,258

Salaries and related fees 73,019 49,653 8,762 14,604 -$ 73,483

Office and Administration 32,681 23,324 2,460 6,897 -$ 32,165

Occupancy: 20,298 20,298 - - -$ 10,874

Eduction & Program 18,585 18,585 - - -$ 20,369

Misc Expenses 9,034 2,508 6,526 - -$ 9,106

Advertising and promotion 5,849 5,849 - - -$ 3,173

Captial Campaign - - - - -$ (21,964)

Total 253,495$ 120,217$ 89,999$ 43,279$ -$ 227,464$

Percent 100.00% 47.42% 35.50% 17.07% 0.01% 89.73%

Comparative totals

PS Fund M&G

2015 Expenses 253,495 120,217 89,999 43,279

Percent 100.00% 47.42% 35.50% 17.07%

Increase / (Decrease) N/A N/A N/A N/A

A - Per examination of prior 990s, tax department used classes to directly allocate some of the expenses for Fundrasing, Membership, and Program.

The expenses not directly expensed should be allocated based on theallocation percentage. Appears reasonable, populated statement of functional

expenses based on client generated allocations.

B - Per discussion with Jessica Welch, allocation percentages on salaries noted below:

Program Management Fundraising Total:

Excie %: 100% - - 100%

Excie $ per unadjusted G/L 12,962.27 - - 12,962.27

Margo %: 60% 25% 15% 100%

Margo $ per unadj G/L: 31,459.54 13,108.14 7,864.88 52,432.56

Total $ per schedule: 44,421.81 13,108.14 7,864.88 65,394.83

Total % Allocation: 68% 20% 12% 100%

- Manual input from Trial balance by Group

Funcational Expense Allocation

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