2024-2025 Annual Report

Fueling our mission: your generosity is felt far and wide across two campuses

Every school year asks something new of a community. In FY25, Hawai‘i Preparatory Academy was carried forward by people who showed up with care, curiosity, and a shared belief in what this place makes possible. From classrooms and studios to fields and gathering spaces, HPA remains a school shaped not by any one effort, but by many hands working with intention.

The FY25 Annual Report offers a glimpse into that shared work. It reflects the steady commitment of families, alumni, faculty, staff, and supporters who invest in the life of the school not only through generosity, but through trust and presence. Because of you, HPA continues to be a place where young people are known, challenged, and prepared to meet a changing world.

We are deeply grateful to all who supported Hawai‘i Preparatory Academy during the 2024-2025 school year. Your belief in this community sustains the work today and strengthens what lies ahead.

Mahalo!

We are deeply grateful to all of our supporters for the 2024-2025 school year.

Great care has been taken to ensure the accuracy of this report. If we have omitted or misspelled your name, or if you have any name, address or family information changes, please reach out to our advancement team: advancement@hpa.edu.

2024-2025 HPA Senior Administrators

Fred Wawner P’22, ’23, ’25, ’27
Head of School

Hannah Hind-Candelario ’01
Assistant Head of School for Advancement

Brian Pearson
Assistant Head of School for Business Operations

Mark Noetzel P’18
Assistant Head of School — Upper School

Dora Kwong P ’35
Lower School Principal

Michael Cservenak P ’29, ’31
Middle School Principal
2024-25 HPA Board of Trustees

Robert Budway ’76, chair

Samuel Pratt ’84, vice-chair

Laurie Ainslie P’12, ’15, treasurer

Michael Chun

Warren Doi P’22

Michael Hoover P ’27, ’30

Hans L’Orange ’73

Rob O’Donohue ’95

William Pratt ’86

Michael Spalding ’66

Max Unger ’04

Bonnie Bogue Wedemeyer ’86

Taffi Wise P ’12, ’15, ’17

FISCAL YEAR PERFORMANCE

During the twelve-month period from July 1, 2024, to June 30, 2025, the Hawai‘i Preparatory Academy community again demonstrated its incredible generosity and commitment. Thanks to the generosity of parents, alumni, faculty, and friends, we raised more than $3.8 million in new gifts. Each contribution, at every level, plays a meaningful role in advancing our mission and supporting the next generation of creators and leaders.

Total operating revenue for the year was $26 million, generated through tuition and fees, philanthropic support, auxiliary programs, and income from the endowment. These resources were directed toward the core work of the school, including academic programs, faculty and staff compensation, financial aid, campus care, technology, and fundraising. Operating expenses totaled $25 million, reflecting our continued investment in educational excellence.

As a result, the year closed with a modest surplus of $1 million. Surpluses are used to build reserves, offset shortfalls, fund additional capital expenditures, and accelerate debt payments. This outcome underscores the importance of sustained community engagement and thoughtful stewardship, ensuring Hawai‘i Preparatory Academy’s long-term strength and its ability to provide transformative educational experiences for years to come.

THE HPA ENDOWMENT

The endowment at Hawai‘i Preparatory Academy reflects the school’s commitment to long-term sustainability and support for its mission. It comprises both donor-restricted funds and board-designated funds that provide financial resources for scholarships, faculty benefits, and other institutional priorities.

Total Endowment Assets:

As of June 30, 2025, the Academy’s endowment assets included approximately $21 million in donor-restricted funds, alongside board-designated endowment funds totaling roughly $9.6 million. Together, these funds are vital for ensuring the institution’s long-term financial health.

The HPA endowment is composed of approximately 90 individual funds, each established to support specific purposes such as scholarships, building maintenance, and program enhancements. This diversity reflects the generosity and vision of HPA’s donors.

Beneficial Trusts:

The Academy also benefits from its interests in several trusts, including a 16% beneficial interest in the Parker Ranch Foundation Trust. As of June 30, 2025, the fair value of these beneficial interests totaled $62.8 million, with $36.7 million from Parker Ranch and $26.1 million from other trusts.

The Parker Ranch Foundation Trust, based on recommendations from a Distribution Committee, determines the timing and amount of distributions from the Trust. Distributions from the Trust to the Academy amounted to $612,805 for the year ended June 30, 2025. Distributions from all other beneficial trusts totaled $1.1 million, for a total of $1.7 million in investment income during the period, supporting operations, scholarships, and faculty benefits.

Investment Strategy and Performance:

The endowment and trust assets are invested to maintain their purchasing power and generate a stable funding stream for current and future needs. The HPA endowment targets a real return of 6% annually over inflation. During the twelve-month period, net investment returns for donor-restricted funds were approximately $1.7 million, including realized and unrealized gains.

Spending Policy:

The Academy applies a prudent spending policy, targeting an annual distribution of 4.5% based on a 12-quarter trailing average of the endowment’s market value. This ensures a balance between current financial needs and the preservation of the endowment’s value over time.

The Heart of Philanthropy: The HPA Fund

Each year, HPA Fund gifts provide the critical, flexible funding that keeps our school strong. Unlike restricted donations, these unrestricted dollars allow us to address immediate priorities, enhance programs, and respond to new opportunities. Your support to the Fund makes an impact every day in ways both big and small.

Here’s how your generosity helps:

Faculty and Staff Support: Attracting and retaining top educators, expanding professional development, and equipping teachers with the resources they need to inspire students.
Financial Aid and Scholarships: Expanding access to an HPA education for deserving students, ensuring a diverse and vibrant learning community.
Campus Maintenance and Enhancements: Upgrading classrooms, labs, and gathering spaces while maintaining a safe, beautiful, and sustainable campus.
Student Experience: Strengthening arts, athletics, clubs, and wellness programs that shape well-rounded students and lifelong memories.

Your generosity truly fuels the heart of our school — thank you for making a difference!