Friends of Iolani Palace

Analysis

Friends of Iolani Palace is a registered charity in United States, based in Honolulu, HI. It received its IRS tax-exemption ruling in March 1967, 59 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending June 2024, Friends of Iolani Palace reported income of $6.3m and spending of $3.9m, leaving 38% of income unspent that year. Across the 6 years on record, from June 2019 to June 2024, income grew from $3.4m to $6.3m (+85%), an average of +13% a year. The sharpest change came in the year to June 2023, when income rose by 106%. Over the whole period it spent 66% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Friends of Iolani Palace sits at the 93rd percentile: it is larger than about 93% of them. Against every charity in United States with reported income it ranks in the 93rd percentile, and in the 94th percentile within HI. Charities of a similar size with the same main cause include Public Policy and Education Fund of New York Inc ($6.3m), Communities in Schools of Eastern Pennsylvania Inc ($6.3m) and The North Carolina Community Action Association ($6.3m).

On its Form 990 for the period ending June 2024, revenue came from contributions and grants 56% and program service revenue 38% of the total. Compensation of current officers, directors and key employees was $337k (8.6% of expenses). Other salaries and wages came to $1.4m. At year end it held assets of $10.9m against liabilities of $1.0m, net assets of $9.9m. It reported 49 employees.