Friends of the Waikīkī Aquarium

What it reported doing in 2024

A) purpose. The corporation is organized for the following purposes: (1) to establish, supervise, operate, maintain and manage an aquarium, center for oceanography and marine biological laboratory for education purposes; (2) to help people of all ages understand, love, care for, and work to protect the life of the ocean through a commitment to excellence in educational experiences, research and conservation; (3) to design, construct, and maintain: exhibits of living aquatic organisms; exhibits relating to the influence of the ocean on any and all aspects of human culture (particularly hawaiian); and generally, to provide educational and entertaining experiences involving the oceans and their living systems, particularly as exemplified in Hawaii and the tropical pacific region; (4) to engage in and support research in areas relating to the ocean, aquatic life, matters relating to the geology beneath the oceans, matters relating to the use of ocean resources as energy resources, ocean pollution, and other aquatic-related matters determined by the board of directors. (5) to provide educational programs to the general public on aquatic-related sciences and activities; to prepare, publish, and distribute educational material pertaining to the operation of aquaria, various aquatic sciences and related fields, and bulletins relating to the work of the corporation, and to utilize all modes of publication, including books, pamphlets, magazines, radio and television production, for the provision of information of aquatic interest to various publics; (6) to conduct seminars, special programs, and classes on aquatic-related matters; (7) to establish, maintain, and award scholarships and research grants to students or other persons for achievement in aquatic-related matters or continuing education or research in aquatic-related matters; (8) to sponsor meetings and conferences of those interested in aquaria and in the study of the various aquatic sciences and related fields, and to facilitate cooperation among organizations operating aquaria and museums, people interested in the aquatic sciences and related fields, scientists in these fields, and the general public; (9) to provide regular, organized programs on aquatic and related sciences to public and private school systems. (10) to lease, contract, and operate facilities owned by the state of Hawaii for the purpose of aquatic education, research, and public service as described in separate memoranda of agreement; (11) to cooperate and coordinate with various departments of the state of Hawaii in matters relating to aquatic education, aquatic research, and aquatic programs, including (but not limited to) the following: (a) to provide apprenticeship opportunities in aquarium technology and management to university of Hawaii students; (b) to provide research and teaching space on a cooperative basis to interested faculty members, undergraduate and graduate students of the university of Hawaii; (c) to maintain and operate facilities for the collection, maintenance, and shipment of aquatic organisms for their provision to various departments of the university of Hawaii and to aquariums throughout the world on a cooperative basis; (d) to include the exposition of past and current achievements of the university of Hawaii faculty and students and other state departments in the areas of aquatic science as a major part of the exhibit philosophy; (e) to act as an informational resource for the general public, state agencies, and the university students and faculty by maintaining a library and reference service in matters related to aquarium technology and the maintenance of aquatic animals in captivity. (12) to solicit and receive gifts and donations from individuals and organizations, to accumulate funds for the capital programs of the corporation, and to expend principal or income or both in carrying out the purposes of the corporation. (13) to acquire by gift, purchase, lease, exchange, or other

Financial Efficiency

• Mission deployment rate: 58.7%; rating input score 59
• Program expense ratio: 53.5%; rating input score 54
• Fundraising efficiency: $10.88 raised per $1 spent on fundraising; rating input score 42; 42nd percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • Other executive compensation review process: NotApplicable
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 40.8%; rating input score 88; 88th percentile among comparable filings
• Total-asset coverage ratio: 17.13; rating input score 94; 94th percentile among comparable filings
• Liabilities to assets ratio: 0.02; rating input score 41; 41st percentile among comparable filings
• Officer compensation ratio: 22.1%; rating input score 17; 17th percentile among comparable filings

Growth

• Program expense growth: -14.2% per year; rating input score 0; 8th percentile among comparable filings
• Revenue growth: -4.8% per year; rating input score 0; 11th percentile among comparable filings
• Asset growth: 3.1% per year; rating input score 100; 38th percentile among comparable filings