2024-08-19T16:59:19-05:00 2023-12-31 990169131 N&K CPAS INC 999 BISHOP ST STE 2200 HONOLULU HI 96813 990 2023-01-01 990051650 THE PACIFIC CLUB PACI 8085360836 1451 QUEEN EMMA STREET HONOLULU HI 96813 MICHAEL AKO GENERAL MANAGER/COO 8085360836 2024-08-02 1 1 WON J LEE P01286148 8085242255 2023 2024-08-08 14:25:15Z MICHAEL AKO 1451 QUEEN EMMA STREET HONOLULU HI 96813 14020812 0 X WWW.THEPACIFICCLUB.ORG X 1851 HI TO PROVIDE A GATHERING PLACE FOR FRIENDSHIP, RECREATION AND ACTIVITIES OF MUTUAL INTERESTS FOR ITS MEMBERS, THEIR FAMILY AND GUESTS 14 14 184 154 668537 122072 0 0 7181720 7392060 19314 154655 4102806 4207144 11303840 11753859 0 0 0 0 7114250 8136801 0 0 0 3150941 3283037 10265191 11419838 1038649 334021 10637334 10955305 5063174 4985519 5574160 5969786 TO PROVIDE A GATHERING PLACE FOR FRIENDSHIP, RECREATION AND ACTIVITIES OF MUTUAL INTERESTS FOR ITS MEMBER, THEIR FAMILY AND GUESTS. 0 0 THE PACIFIC CLUB IS THE OLDEST PRIVATE CLUB OF ITS KIND WEST OF THE MISSISSIPPI. THE CLUB WAS FOUNDED IN 1851 FOR THE PURPOSE OF "PROMOTING FRIENDSHIP AND THE MUTUAL EXCHANGE OF OPINIONS AMONG ITS MEMBERS AND PROVIDING FOR A PLACE FOR THE RECEPTION OF STRANGERS, TRAVELERS AND RESIDENT IN OF THE KINGDOM". THE PACIFIC CLUB IS A BUSINESS CLUB, A FAMILY CLUB, A SOCIAL CLUB, AN ATHLETIC CLUB, AND A DINING CLUB. ITS MEMBERSHIP IS MORE DIVERSE TODAY THAN AT ANY TIME IN ITS HISTORY. THE CLUB'S MEMBERS ENJOY A COMMONALITY IN FRIENDSHIP AND BELONGING. 0 0 0 0 0 0 1 0 0 1 1 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 13 0 1 184 1 1 1 0 0 0 0 652000 744221 0 0 0 X 14 14 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X PETER BRESSLER 8085360836 1451 QUEEN EMMA STREET HONOLULU HI 96813 JAMES JENNINGS TREASURER 3.00 0.00 X X 0 0 0 CHRISTINE LANNING PRESIDENT 3.00 0.00 X X 0 0 0 CAROLINE G WITHERSPOON 1ST VICE PRESIDENT 3.00 0.00 X X 0 0 0 ROBIN STEUBER HOUSE CHAIR 3.00 0.00 X X 0 0 0 KRISTI YANAGIHARA SECRETARY 3.00 0.00 X X 0 0 0 DAVE MOSS GOVERNOR 2.00 0.00 X 0 0 0 TIMOTHY DEEGAN GOVERNOR 2.00 0.00 X 0 0 0 VALERIE SHINTAKU GOVERNOR 2.00 0.00 X 0 0 0 NATHAN KAM GOVERNOR 2.00 0.00 X 0 0 0 BONNIE LEE SL PANG GOVERNOR 2.00 0.00 X 0 0 0 RICHARD ROSENBLUM 2ND VICE PRESIDENT 2.00 0.00 X X 0 0 0 ANDREW ROSEN GOVERNOR 2.00 0.00 X 0 0 0 JOHN KNOREK GOVERNOR 2.00 0.00 X 0 0 0 ULALIA WOODSIDE GOVERNOR 2.00 0.00 X 0 0 0 MICHAEL AKO GENERAL MANAGER / COO 65.00 0.00 X 261279 0 28866 ERIC LETERC EXECUTIVE CHIEF 55.00 0.00 X 213074 0 17231 PETER BRESSLER CONTROLLER 55.00 0.00 X 134966 0 18246 AMY DEMPSEY ASSISTANT GM, FOOD & BEVERAGE 60.00 0.00 X 146530 0 14315 IE'U LILIO FACILITIES DIRECTOR 60.00 0.00 X 109491 0 8759 RUBY LEE-GUAY MASSAGE THERAPIST 40.00 0.00 X 111768 0 14526 977108 0 101943 6 0 1 0 0 MEMBERSHIP DUES 900099 6793050 6793050 LOCKERS AND OTHER RELATED INCOME 900099 574823 574823 ADVERTISING 900099 24187 24187 7392060 154655 154655 6474097 2266953 4207144 3693262 513882 11753859 11085322 668537 0 290145 6184736 1110259 551661 268638 797186 91235 710175 112283 REPAIRS AND MAINTENANCE 524550 SUPPLIES 334974 SECURITY 112662 ATHLETIC PROGRAM 109905 221429 11419838 1546923 1887293 843672 843693 416694 456880 104830 89992 17571226 12626136 4734531 4945090 2990642 2717217 42 15140 10637334 10955305 323040 263651 691924 847473 3387168 3246989 661042 627406 5063174 4985519 X 5467083 5864692 107077 105094 5574160 5969786 10637334 10955305 334021 61605 0 X X 0 1 X 1 0 X 0 595082 595082 11125747 9396814 1728933 2967811 2390741 577070 2882586 838581 2044005 4945090 US TREASURY OBLIGATIONS 2717217 F 2717217 ACCRUED SALARIES AND WAGES 557468 ACCRUED LIABILITIES 69938 627406 X 14082417 61605 61605 14020812 -2266953 -2266953 11753859 13686791 2266953 2266953 11419838 0 11419838 PART X, LINE 2: THE CLUB IS RECOGNIZED AS A TAX-EXEMPT ORGANIZATION PURSUANT TO INTERNAL REVENUE CODE SECTION 501(C)(7). THE CLUB IS ALSO EXEMPT FROM STATE INCOME TAXES. HOWEVER, AS AN EXEMPT ORGANIZATION, THE CLUB IS SUBJECT TO A TAX ON UNRELATED BUSINESS INCOME. UNRELATED BUSINESS INCOME INCLUDES INCOME FROM INVESTMENTS AND INCOME GENERATED FROM NON-MEMBERS OR THE GENERAL PUBLIC LESS ALLOWABLE EXPENSES DIRECTLY RELATED TO THE PRODUCTION OF SUCH INCOME. THE CLUB RECOGNIZES THE FINANCIAL STATEMENT EFFECTS FROM A TAX POSITION ONLY AFTER DETERMINING THAT THE RELEVANT TAX AUTHORITY WOULD MORE LIKELY THAN NOT SUSTAIN THE POSITION AFTER AN AUDIT BASED ON THE TECHINICAL MERITS OF THE POSITION. TAX REGULATIONS WITHIN EACH JURISDICTION ARE SUBJECT TO INTERPRETATION OF THE RELATED TAX LAWS AND REGULATIONS AND REQUIRE SIGNIFICANT JUDGEMENT TO APPLY. THE CLUB HAS NOT IDENTIFIED ANY UNCERTAIN TAX POSITIONS IN THE FILED RETURNS THAT REQUIRE DISCLOSURE IN THE ACCOMPANYING FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: COST OF GOODS SOLD -2,266,953. PART XII, LINE 2D - OTHER ADJUSTMENTS: COST OF GOODS SOLD 2,266,953. PART III, LINE 1A: FINE ART ITEMS CONSISTS OF ART OBJECTS THAT ARE HELD FOR EDUCATIONAL, HISTORICAL AND CURATORIAL PURPOSES. EACH OF THE ITEMS IS CATALOGED, PRESERVED AND CARED FOR, AND ACTIVITIES VERIFYING THEIR EXISTENCE AND ASSESSING THEIR CONDITION ARE PERFORMED CONTINUOUSLY. FINE ART ITEMS ARE PROTECTED, CARED FOR AND PRESERVED AND THEREFORE NOT DEPRECIATED. PURCHASED FINE ART ITEMS ARE RECORDED AT COST. DONATIONS OF FINE ART ARE RECORDED AT APPRAISED OR FAIR VALUE. GAIN AND LOSSES FROM DEACESSIONS ARE REPORTED AS CHANGES IN NET ASSETS BASED ON THE ABSENCE OR EXISTENCE AND NATURE OF MEMBER-IMPOSED RESTRICTIONS. IT IS THE INTENT OF THE CLUB THAT PROCEEDS FROM THE SALE OF ANY FINE ART ITEMS ARE TO BE USED TO PURCHASE ADDITIONAL COLLECTION ITEMS. THE CARRYING AMOUNT OF FINE ART AT DECEMBER 31, 2023 AND 2022 WAS $1,049,974 AND $1,036,632, RESPECTIVELY. PART III, LINE 4: THE CLUB HOLDS VARIOUS PAINTINGS AND SCULPTURES THAT ARE PUBLICLY EXHIBITED TO PROMOTE THE FRIENDSHIP AND THE MUTUAL EXCHANGE OF OPINIONS AMONG ITS MEMBERS. X 1 1 X X X X 0 0 0 MICHAEL AKO GENERAL MANAGER / COO 236279 0 25000 0 0 0 0 0 28866 0 290145 0 0 0 ERIC LETERC EXECUTIVE CHIEF 176862 0 15217 0 20995 0 0 0 17231 0 230305 0 0 0 AMY DEMPSEY ASSISTANT GM, FOOD & BEVERAGE 130478 0 11207 0 4845 0 0 0 14315 0 160845 0 0 0 PETER BRESSLER CONTROLLER 124274 0 10692 0 0 0 0 0 18246 0 153212 0 0 0 PART I, LINE 1A THE PACIFIC CLUB PROVIDES ITS GENERAL MANAGER AND EXECUTIVE CHEF WITH A DINING ALLOWANCE OF $1,200 AND $3,000, RESPECTIVELY TO EXPERIENCCE AND REVIEW OTHER FINE DINING ESTABLISHMENTS FOR PRACTICAL APPLICATION OF NEW IDEAS AND CONCEPTS AT THE CLUB. FORM 990, PART VI, SECTION A, LINE 6 ALL REGULAR MEMBERS, LIFE MEMBERS, FULLY RETIRED, SENIOR MEMBERS AND CORPORATE MEMBERS WHO ARE IN GOOD STANDING MAY VOTE AT AN ANNUAL OR SPECIAL MEETING TO ELECT THE BOARD OF GOVERNORS AND THE SECOND VICE PRESIDENT. FORM 990, PART VI, SECTION A, LINE 7A ALL REGULAR MEMBERS, LIFE MEMBERS, FULLY RETIRED, SENIOR MEMBERS AND CORPORATE MEMBERS IN GOOD STANDING HAVE THE RIGHT TO ELECT THE BOARD OF GOVERNORS AND SECOND VICE PRESIDENT AND APPROVE CERTAIN SIGNIFICANT DECISIONS OF THE BOARD OF GOVERNORS. FORM 990, PART VI, SECTION A, LINE 7B ALL CORPORATE POWERS OF THE CLUB ARE VESTED IN THE BOARD OF GOVERNORS. HOWEVER, ANY SALE OR LEASE OF ANY REAL PROPERTY REQUIRES THE PRIOR AUTHORIZATION BY THE MAJORITY OF THE VOTING MEMBERS AT A MEETING OF THE MEMBERS. MEMBERS WITH VOTING RIGHTS INCLUDE REGULAR MEMBERS, LIFE MEMBERS, FULLY RETIRED, SENIOR MEMBERS AND CORPORATE MEMBERS WHO ARE IN GOOD STANDING. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE FORM 990 IS REVIEWED INITIALLY BY THE CONTROLLER, THEN THE BUDGET AND FINANCE COMMITTEE AND THE EXECUTIVE COMMITTEE. THE BUDGET AND FINANCE COMMITTEE RECOMMENDS APPROVAL TO THE BOARD OF GOVERNORS, WHO EACH RECEIVE A COPY OF THE RETURN PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C THE CONFLICT OF INTEREST POLICY COVERS ALL MEMBERS OF THE BOARD OF GOVERNORS AND ITS OFFICERS. THE FIRST DUTY OF ALL COVERED PERSONS IS TO DISCLOSE POTENTIAL CONFLICTS IN WRITING TO THE EXECUTIVE COMMITTEE. THE EXECUTIVE COMMITTEE WILL REVIEW ALL POTENTIAL CONFLICTS AND TAKE APPROPRIATE ACTION WHICH WILL VARY FROM SITUATION TO SITUATION DEPENDING UPON THE NATURE AND EXTENT OF THE CONFLICT. FAILURE BY ANY GOVERNOR OF OFFICER TO COMPLY WITH SUCH POLICIES MAY RESULT IN REMOVAL FROM THE BOARD. FORM 990, PART VI, SECTION B, LINE 15 THE BASE SALARY FOR THE CHEIF OPERATING OFFICER/GENERAL MANAGER POSITION IS DETERMINED ON AN ANNUAL BASIS IN CONNECTION WITH THE REVIEW OF HIS PERFORMANCE AND MARKET WAGES FOR SIMILAR POSITIONS. THE BASE SALARY FOR THIS POSITION WAS LAST REVIEWED IN 2022. ANY INCREASES/DECREASES TO THE BASE SALARY FOR THE ABOVE POSITION IS AT THE DISCRETION OF THE EXECUTIVE COMMITTEE WITH THE APPROVAL OF THE BOARD OF GOVERNORS. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST FORM 990, PART XII, LINE 2C THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.