Kamehameha revenue tops $800M again
By Rick Daysog
Advertiser Staff Writer
By Rick Daysog
The Kamehameha Schools said revenues for its 2005 fiscal year topped $800 million for the second year in a row.
The state's largest charitable organization and Hawai'i's biggest private landowner said yesterday that it generated $837.2 million in total revenue for the year ending June 30, 2005, slightly less than the record $838.8 million in fiscal 2004.
The near-record revenue helped the trust's endowment fund grow by about $600 million to $6.8 billion.
"Kamehameha made extraordinary progress toward fulfilling our princess's wishes — to reach more Hawaiians through education," said Dee Jay Mailer, Kamehameha Schools' chief executive.
"Extending our educational reach is made possible by a strong and secure endowment."
Kamehameha Schools, which was established by the 1884 will of Princess Bernice Pauahi Bishop to educate children of Hawaiian ancestry, said it spent a total $175.6 million on its educational programs during its 2005 fiscal year, up from $175.1 million the year before.
The trust spent another $46.7 million on capital improvements, repairs and other building related expenses, raising its overall school-related costs to $222.5 million for the 2005 fiscal year. That compares with an overall school-related cost of $220.6 million for the 2004 fiscal year.
Kamehameha Schools said it earned a 13.2 percent rate of return during its 2005 fiscal year, outpacing the 10.8 percent median rate for the nation's 300 largest endowments and surpassing its internal goal of earning 5 percent more than the inflation rate.
The 2005 results included $130 million in lease-rent revenue from the trust's commercial lands and $87 million from the sale of the fee interest to more than 800 leasehold residential properties. The estate also earned $80.7 in income from its stock market investments.
During the past fiscal year, Kamehameha Schools said, it educated 5,100 students at its Kapalama Heights, Big Island and Maui campuses. The trust also served 1,800 preschool students and 2,000 children at its charter schools.
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