2025-03-31T21:14:44-05:00 2024-09-30 261659234 CW ASSOCIATES CPAS 700 BISHOP STREET SUITE 1040 HONOLULU HI 96813 990 2023-10-01 990210565 HEDCO LOCAL DEVELOPMENT CORPORATION HEDC 8085216502 222 S VINEYARD STREET PH-1 HONOLULU HI 968132456 SHAWN HIGA PRESIDENT 8085216502 2025-03-31 1 0 VERA WRIGHT P00024010 8085311040 2025-03-24 2023 2025-03-06 01:10:19Z SHAWN HIGA 222 S VINEYARD STREET PH-1 HONOLULU HI 968132456 1213069 0 X WWW.HEDCOLDC.COM X 1981 HI PROMOTE AND ASSIST THE GROWTH AND DEVELOPMENT OF SMALL BUSINESS 8 8 5 9 2400 1341 0 0 1013160 929367 185137 281302 0 2400 1198297 1213069 0 0 0 0 722461 697667 0 0 0 251240 271229 973701 968896 224596 244173 5004279 5236633 112929 101110 4891350 5135523 PROMOTE AND ASSIST THE GROWTH AND DEVELOPMENT OF SMALL BUSINESS 0 0 883220 929367 HEDCO LOCAL DEVELOPMENT CORPORATION PROVIDES FINANCING AND GROWTH AND DEVELOPMENT ASSISTANCE TO SMALL BUSINESSES. DURING THE FISCAL YEAR ENDED SEPTEMBER 30, 2024, HEDCO LOCAL DEVELOPMENT PROVIDED FINANCING TO 11 SMALL BUSINESSES. 883220 0 0 0 0 0 0 0 0 0 1 0 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 1 0 0 1 6 0 1 5 1 1 1 0 0 0 0 0 0 0 0 0 X 8 8 1 0 0 0 1 1 1 1 1 0 0 0 1 1 1 1 1 1 1 0 X SHAWN HIGA 8085216502 222 S VINEYARD STREET PH-1 HONOLULU HI 968132456 GERALD K HARBOTTLE CHAIRMAN OF THE BOD 1.00 X 0 0 0 ROY AMEMIYA DIRECTOR 1.00 X 0 0 0 WALTER KANEAKUA DIRECTOR 1.00 X 0 0 0 TERENCE YEH DIRECTOR 1.00 X 0 0 0 MELVIN MOW DIRECTOR 1.00 X 0 0 0 DENNIS K TANIMOTO DIRECTOR 1.00 X 0 0 0 RANDI TSUSHIMA DIRECTOR 1.00 X 0 0 0 LINDA HO DIRECTOR 1.00 X 0 0 0 MARY SELLERS FORMER DIRECTOR 1.00 X 0 0 0 SHAWN HIGA PRESIDENT/TREASURER 40.00 X 189538 0 19823 NALIA FELIPE SECRETARY 40.00 X 95526 0 13150 ARLEEN A TARNAY VICE PRESIDENT 32.00 X 49562 0 7108 MYLES MIYACHI VICE PRESIDENT 40.00 X 144749 0 27918 479375 0 67999 2 0 1 0 0 LOAN SERVICING FEE 522100 805484 805484 LOAN PROCESSING FEE 522100 123883 123883 929367 281302 281302 PARKING INCOME 812930 2400 2400 2400 1213069 929367 2400 281302 529179 476261 52918 86348 77713 8635 6026 5423 603 29785 26807 2978 46329 41696 4633 34728 34728 2196 2196 7109 6398 711 74556 67099 7457 576 576 25779 25779 8483 7635 848 11279 10151 1128 BORROWER'S CLOSING COST 42577 42577 DUES & SUBSCRIPTIONS 37500 37500 REPAIRS AND MAINTENANCE 12155 10940 1215 MISCELLANEOUS 8104 4054 4050 6187 5687 500 968896 883220 85676 0 650364 479865 4170179 4558103 11879 27806 7417 7345 423530 260071 164385 163459 55 55 5004279 5236633 21348 30281 91581 70829 112929 101110 X 4891350 5135523 4891350 5135523 5004279 5236633 244173 0 X 0 1 X 1 0 34789 34789 301503 183272 118231 87238 76799 10439 163459 CUSTOMER DEPOSITS 70829 70829 X 1213069 0 1213069 0 1213069 968896 0 968896 0 968896 PART X, LINE 2: U.S. GAAP REQUIRES UNCERTAIN TAX POSITIONS TO BE RECOGNIZED IN THE FINANCIAL STATEMENTS IF THEY ARE MORE LIKELY THAN NOT TO FAIL UPON REGULATORY EXAMINATION. MANAGEMENT EVALUATED HEDCO LDC'S TAX POSITIONS AS OF SEPTEMBER 30, 2024 AND 2023 AND FOR THE YEARS THEN ENDED AND DETERMINED THAT HEDCO LDC HAD NO UNCERTAIN TAX POSITIONS REQUIRED TO BE REPORTED IN ACCORDANCE WITH U.S. GAAP. HEDCO LDC IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS IN PROGRESS FOR ANY OPEN TAX PERIODS. X 0 0 0 SHAWN HIGA PRESIDENT/TREASURER 189538 0 0 0 0 0 12457 0 7366 0 209361 0 0 0 MYLES MIYACHI VICE PRESIDENT 144749 0 0 0 0 0 10435 0 17483 0 172667 0 0 0 FORM 990, PART VI, SECTION A, LINE 2 NALIA FELIPE, SECRETARY, AND ARLEEN TARNAY, VICE PRESIDENT, HAVE A FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION IS ORGANIZED AS A NON-STOCK NON-PROFIT CORPORATION WITH MEMBERS. FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS ELECT THE GOVERNING BODY ANNUALLY. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS ARE SUBJECT TO APPROVAL BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT VERSION OF THE FORM 990 IS PROVIDED TO THE EXECUTIVE DIRECTOR FOR HIS REVIEW AND SUGGESTED CHANGES. UPON ACCEPTANCE AND APPROVAL OF THE FORM 990, THE EXECUTIVE DIRECTOR NOTIFIES THE CPA TO FINALIZE THE FORM 990 FOR SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL BOARD MEMBERS, STAFF, AND VOLUNTEERS ARE REQUIRED TO UNDERSTAND AND COMPLY WITH THE ORGANIZATION'S CONFLICT OF INTEREST POLICY. THE BOARD IS AUTHORIZED TO OVERSEE THE CONFLICT PROCEDURES TO INSURE THAT ANY CONFLICT OR POTENTIAL CONFLICT IS ADDRESSED IN A FAIR AND EQUITABLE MANNER. FORM 990, PART VI, SECTION B, LINE 15 THERE IS NO SEPARATE COMPENSATION POLICY FOR THE CDC EXECUTIVE. THE BOARD OF DIRECTORS REVIEW AND MAKE ALL SALARY DECISIONS FOR EACH EMPLOYEE BASED ON THEIR INDIVIDUAL PERFORMANCE AND THE PERFORMANCE OF THE CDC. SALARIES ARE COMPARED ANNUALLY WITH SIMILAR POSITIONS AT OTHER LOCAL LENDING INSTITUTIONS AS A BENCHMARK. SALARY AND INCENTIVE PAYOUTS ARE DISCUSSED AND DECIDED BY THE BOARD OF DIRECTORS IN ITS YEAR END EXECUTIVE MEETING ATTENDED BY BOARD MEMBERS ONLY. THE BOARD'S DECISION ON COMPENSATION IS EMAILED TO THE CDC EXECUTIVE FOR IMPLEMENTATION. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE MADE AVAILABLE FOR PUBLIC INSPECTION UPON REQUEST. THE PUBLIC IS ALLOWED TO INSPECT THE DOCUMENTS AT THE ORGANIZATION'S OFFICE BY APPOINTMENT. HAWAII ECONOMIC DEVELOPMENT CORPORATION 222 S VINEYARD STPH - 1 HONOLULU HI 968132456 990143650 PROVIDE ASSISTANCE TO SMALL BUSINESSES HI 501(C)(4) 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 HAWAII ECONOMIC DEVELOPMENT CORPORATION K 74556 CASH PAID HAWAII ECONOMIC DEVELOPMENT CORPORATION P 650780 CASH PAID