2023-2024 Annual Report

Fueling our mission: the impact of your giving is felt far and wide across two campuses serving more than 600 students

A thriving community is built on shared purpose and heartfelt connections, and Hawai‘i Preparatory Academy embodies this spirit year after year. Rooted in the values of ‘ohana, our school has flourished through the collective dedication, trust, and generosity of those who believe in our mission to serve and inspire. The bonds we share and the work we do together are truly extraordinary and worthy of both celebration and gratitude.

Mahalo!

HPA’s Annual Report, is our way of honoring the vibrant community that sustains us. It is a tribute to you — our partners, supporters, and friends — whose contributions make our journey possible. Together, we are shaping a legacy of learning, growth, and aloha. Thank you for being an essential part of this story! We extend our deepest thanks to all who supported us in the 2023-2024 school year.

We invite you to view a secure list of our contributors for the 2023-2024 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.

  • 2023-2024 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

  • 2023-24 HPA Board of Trustees

    Robert R. Budway ’76, chair
    Laurie T. Ainslie P’12, ’15
    Michael J. Chun
    Warren Doi P’22
    Hans L’Orange ’73
    Rob O’Donohue ’95
    Samuel Pratt ’84
    William D. Pratt ’86
    Michael S. Spalding ’66
    Max Unger ’04
    Bonnie Bogue Wedemeyer ’86

FISCAL YEAR PERFORMANCE

During the thirteen-month period* from June 1, 2023, to June 30, 2024, the Hawai‘i Preparatory Academy community once again demonstrated its incredible generosity and commitment. Thanks to the generosity of donor support past and present, through endowed funds and new gifts, we raised an unprecedented $5,698,663. Every gift — big or small — helps to sustain our mission and nurture the next generation of learners, leaders, and changemakers.

Our total operating revenue for the year reached $28,794,673, drawn from tuition and fees, the generosity of our supporters, auxiliary income, and income from the Endowment. These funds were invested directly into the foundations that support our mission: educational programs, faculty and staff compensation, financial aid, campus maintenance, technology, and fundraising. Operating expenses totaled $28,885,462, reflecting our ongoing commitment to providing an exceptional educational experience.

While this year’s financials resulted in a modest deficit of $90,789, this gap highlights the importance of our community’s continued engagement and support. Our collective contributions ensure the long-term vitality of Hawai‘i Preparatory Academy and its ability to offer transformative experiences for generations to come.

* In FY24, Hawai‘i Preparatory Academy altered its fiscal year by one month, moving the end date from May 31 to June 30. FY25 will return to the standard twelve-month period, running from July 1, 2024 – June 30, 2025.

FISCAL YEAR PERFORMANCE

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, 2024, the Academy’s endowment assets included approximately $19.2 million in donor-restricted funds, alongside board-designated endowment funds totaling around $10.2 million. Together, these funds are vital for ensuring the institution’s long-term financial health.

The HPA endowment is composed of roughly 80 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 trusts, including the Parker Ranch Foundation Trust and several others. As of June 30, 2024, the fair value of these beneficial interests totaled $60.7 million. Distributions from these trusts contributed $1.7 million in investment income during the period, supporting operations, scholarships, and faculty benefits. This diversified revenue stream underscores the importance of these partnerships in sustaining HPA’s mission.

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, while trust income is distributed according to trustee guidelines and donor stipulations. During the thirteen-month period, net investment returns for donor-restricted funds were approximately $2.2 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!

The Power of Financial Aid

Hear from those in the Ka Makani ʻohana who have had their life impacted by receiving financial aid