HAWAII ACADEMY OF RECORDING ARTS

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1981

Legal Domicile

Principal Officer

KALENA PARISH

Phone

8085939424

Tax Period

2023-11-01 to 2024-10-31

HAWAII ACADEMY OF RECORDING ARTS, founded in 1981, is a small nonprofit in the Arts, Culture & Humanities sector that reported $365K in total revenue in fiscal year 2023. Revenue surged 64% from the prior year, signaling strong growth momentum.

Mission

TO PRESERVE, PROMOTE AND PERPETUATE HAWAIIAN MUSIC

Program Service Accomplishments

Program 1

Expenses: $316,051 Revenue: $192,127

THE PRESENTATION OF THE NA HOKU HANOHANO AWARDS AND MUSIC FESTIVAL, WHICH IS IN RECOGNITION OF OUTSTANDING ACHEIVEMENTS IN HAWAIIAN MUSIC OVER THE PAST YEAR. THE MUSIC FESTIVAL INCLUDES PERFORMANCES BY LOCAL ARTISTS AND WORKSHOPS THAT COVER MUSIC AS A BUSINESS, HAWAIIAN LANGUAGE/COMPOSITION, HULA PERFORMANCE AND INSTRUMENTATION.THE LIFETIME ACHEIVEMENT AWARDS ARE A PART OF THE ANNUAL NA HOKU HANOHANO AWARDS AND MUSIC FESTIVAL, WHICH IS TO HONOR HAWAII RECORDING INDUSTRY PIONEERS AND VETERANS.EMAIL BLASTS, MAILOUTS AND PROMOTION FEES FOR ADVERTISING AND PROMOTING LOCAL MUSICIANS

Program 2

Expenses: $1,732

HOKU NIGHTS-TELEVISED TALK STORY AND CONCERT SERIES WHICH FEATURES NEW MUSIC AND INTERVIEWS WITH HAWAII'S MUSIC LEGENDS AND EMERGING NEW ARTISTS.

Program 3

Expenses: $26,973

SPONSORHIP OF THE 98 DEGREES CONCERT TO SUPPORT THE MAUI FIRE SURVIVORS

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $172,467

Program Service Revenue $192,127

Investment Income $10

Other Revenue $0

TOTAL REVENUE $364,604

Expense Breakdown

Grants Paid $0

Salaries & Benefits $29,860

Fundraising Expenses $0

Program Expenses $348,130

Other Expenses $368,695

TOTAL EXPENSES $398,555

Year-over-Year Comparison

	2023	2022	Change
Revenue	$364,604	$222,584	+0.6%
Expenses	$398,555	$195,410	+1.0%
Net Income	$-33,951	$27,174	-2.2%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KALENA PARISH	PRESDENT	2.00	Officer Director	$0	$0	$0
TASHA TAVARES	VICE PRESIDENT	2.00	Officer Director	$0	$0	$0
CHERYL ANN VIERRA	SECRETARY	2.00	Officer Director	$0	$0	$0
KAIMI HANANOEAU	TREASURER	2.00	Officer Director	$0	$0	$0
DESIREE KOANUI-SOUZA	DIRECTOR	1.00	Director	$0	$0	$0
BRIAN WITKIN	DIRECTOR	1.00	Director	$0	$0	$0
BRICKWOOD GALUTERIA	DIRECTOR	1.00	Director	$0	$0	$0
GERARD GONSALVES	DIRECTOR	1.00	Director	$0	$0	$0
KEONI SOUZA	DIRECTOR	1.00	Director	$0	$0	$0
BRANDON APELES	DIRECTOR	1.00	Director	$0	$0	$0
WAILAU RYDER	DIRECTOR	1.00	Director	$0	$0	$0
BOB BOJORQUEZ	DIRECTOR	1.00	Director	$0	$0	$0
HAILAMA FARDEN	DIRECTOR	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$364,604	$398,555	$33,463	$-33,951
2023	$222,584	$195,410	$67,414	$27,174
2022	$265,594	$227,122	$40,240	$38,472
2021	$114,766	$145,475	$1,768	$-30,709
2020	$179,597	$176,795	$32,477	$2,802