Kamehameha Schools paid Chief Executive Officer Dee Jay Mailer $474,240 during its 2005 fiscal year but that was only enough to make her the trust's second highest paid executive.

In its annual tax filings with the Internal Revenue Service this week, Kamehameha Schools said its top paid executive was Endowment Vice President Kirk Belsby, who earned $722,413 for the year ended June 30, 2005.

The Kamehameha Schools — Hawai'i's largest private landowner — is a tax-exempt charity set up by the 1884 will of Princess Bernice Pauahi Bishop to educate children of native Hawaiian ancestry.

The trust operates schools for more than 6,000 preschool to high school students with the proceeds from its $6.1 billion endowment.

Belsby's 2005 compensation — which included $603,281 in base pay, $100,450 in expense and allowances and $18,682 in contributions to his employee benefit plan — was up 37.9 percent from the $523,856 he earned in fiscal year 2004.

Belsby's pay is less than half of the $1.7 million average compensation paid to the top executives at Hawai'i's largest publicly traded, for-profit corporations last year.

It also is comparable to the $500,000 to $700,000 range paid to the CEOs of Hawai'i's largest nonprofit healthcare companies such as The Queen's Health Systems, Hawaii Pacific Health and the Hawaii Medical Service Association.

Kekoa Paulson, Kamehameha Schools spokesman, said much of Belsby's compensation is incentive based and is determined by the performance of the trust's finances.

During its 2005 fiscal year, Kamehameha Schools generated $837.2 million in total revenue, or slightly less than the record $838.8 million in fiscal 2004.

According to Kamehameha's tax filings, Mailer's pay rose sharply from her 2004 compensation of $204,403. But the comparison is skewed by the fact that Mailer was named chief executive officer in the middle of the 2004 fiscal year.

Mailer's 2005 pay package is slightly less than the $493,586 in salary that the trust paid its former CEO Hamilton McCubbin in its 2003 fiscal year.

The estate's annual filing with the IRS also disclosed pay figures for other top executives and educators, including: