The Waikiki Improvement Association

Nonprofit profile at a glance

EIN
990118423
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Honolulu, HI, USA
Phone
8089231094
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$810,848
Expenses
$810,034
Assets
$400,705
Liabilities
$73,383

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

46 people listed

Executive titles in this filing

  • RICHARD H EGGED (PRESIDENT)
  • JOANN MORIMOTO (VICE PRESIDENT)

Highest reported compensation

  • RICHARD H EGGED (PRESIDENT): $247,017 total reported compensation
  • JOANN MORIMOTO (VICE PRESIDENT): $118,741 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

See schedule o

What it reported doing in 2024

The association implements and manages programs for the enjoyment of visitors and residents by working in partnership with members and government to identify needs, develop strategies, shape public policy and implement programs to strengthen the physical and economic vitality of waikiki. The association manages the sunset on the beach program in partnership with the city & county of honolulu. The association also sponsors the waikiki new year's fireworks display. The association produces events such as waikiki hula (fka international waikiki hula conference) and is a co-sponsor of the pan-pacific festival. The association is leading a project to update and rewrite the waikiki special district design guidelines. The goal of the revisions is to provide clear guidance to developers, architects and provide the city & county of honolulu department of planning and permitting with objective criteria with which to evaluate projects in waikiki. In may 2018, the association approved establishing the waikiki transportation management association. The waikiki transportation management association and the city & county of honolulu's department of transportation services entered into a memorandum of agreement to establish an effective, equitable, sustainable and safe mechanism to manage the city & county of honolulu's public right of way, parking facilities and related infrastructure within waikiki.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 70
  • Accountability: 90
  • Sustainability: 28
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 79%; rating input score 79
  • Program expense ratio: 78.9%; rating input score 79
  • Fundraising efficiency: $5.66 raised per $1 spent on fundraising; rating input score 21; 21st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: 6 of 8 controls in place; rating input score 75
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0.1%; rating input score 36; 36th percentile among comparable filings
  • Total-asset coverage ratio: 0.49; rating input score 23; 23rd percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 33; 33rd percentile among comparable filings
  • Officer compensation ratio: 45.2%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: -1.6% per year; rating input score 0; 13th percentile among comparable filings
  • Revenue growth: -1.9% per year; rating input score 0; 9th percentile among comparable filings
  • Asset growth: 2% per year; rating input score 100; 25th percentile among comparable filings

Details

  • Where the money goes: 79% of revenue deployed · 78.9% of spending went to programs
  • Governance: 43 of 43 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $639K in reported program spending
  • Leadership: top reported pay $247K · 46 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Fundraising efficiency scored 21/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 36/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Total-asset coverage ratio scored 23/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 33/100.