Kamehameha Schools reaps revenue gains
| • | Trust sells Goldman stock |
By Mike Gordon
Advertiser Staff Writer
It was a very good year for Kamehameha Schools.
Revenues for the charitable trust grew to $1.01 billion for the last fiscal year, according to an annual report released yesterday.
During the previous fiscal year, revenues reached $936 million.
The 68-page annual report covers July 1, 2000, to June 30, 2001.
Trust spending increased by $73 million during that time to $206 million. By comparison, the trust spent $133 million during the previous fiscal year.
Most of the spending — $78.2 million — was for campus-based programs on O'ahu, Maui and the Big Island. But $53.9 million was spent on capital and major repair projects.
During the year, net assets increased by about 21 percent to more than $4 billion. The report said that most of this was due to gains from the sale of nearly 16.5 million shares of Kamehameha Schools' investment in Goldman Sachs.
The net assets increase was about $690 million.
"By any measure, Kamehameha Schools financial position has been greatly enhanced," the report stated. "This strong financial position will allow Kamehameha Schools to continue its desire to expand the reach of Ke Ali'i Bernice Pauahi Bishop's legacy."
Hamilton I. McCubbin, chief executive officer of the estate, said a new foundation had been set in place to improve education for students of Hawaiian ancestry. By the end of the fiscal year, the estate had "completed a top to bottom transformation of our institutional focus, management structure and ways of doing business," he said.
"Today, our strategic focus has shifted, bearing witness to the extent of Kamehameha's push to serve more and more students of Hawaiian ancestry," he said.
McCubbin said new partnerships will allow the trust to "leverage our resources and extend our reach."
The new development of educational programs using legacy lands will impact thousands of students each year, he said.
The total full-time enrollment was the largest ever for the schools. System-wide enrollment for grades K-12 reached 3,534 students during the fiscal year and the schools' early childhood education program rose to an all-time high of 1,057.
McCubbin said the trust hopes to double its early education enrollment and reach a total full-time enrollment of more than 5,000 students by 2005.
