2004 revenue and
Kamehameha Schools' revenues increased nearly $295 million during its 2004 fiscal year as the charitable trust served a record number of native Hawaiian students.
The $6.2 billion charitable trust said its overall revenues for the 12 months ending June 30 rose to $838.8 million from $544.4 million in its fiscal year 2003.
The trust said it reached a record amount of native Hawaiians during the same period, as enrollment from preschool through the 12th grade rose 1,397 to 4,854 children.
The trust said spending on educational programs was up by $1 million, to $221 million in its 2004 fiscal year.
"We made substantial progress in fiscal year 2004 in fulfilling Pauahi's vision to create educational opportunities to improve the capability and well-being of Hawaiians," said Kamehameha Schools Chief Executive Officer Dee Jay Mailer.
The trust -- which is in the fifth year of a 15-year strategic plan to serve more Hawaiians -- said its 2004 expenditures included new funding for campus- and community-based outreach programs and expanded educational partnerships.
The largest increase in student enrollment came in the school's extension education programs, which grew by 1,500 students, to 27,345.
The estate also said that it provided funding and administrative support for the start-up and conversion of 12 public charter schools through its Ho'okako'o Corp. and Ho'olako Like program.
Founded by the 1884 will of Princess Bernice Pauahi Bishop, the estate is a tax-exempt charitable trust that educates native Hawaiians. It is also the state's largest private landowner, with more than 365,000 acres.
Kamehameha Schools said its 2004 financial performance benefited from an improved U.S. stock market, which began to rebound in the second half of 2003 after several lean years. The trust said its overall asset value dropped by $213 million between 2002 and 2003.
Kamehameha Schools said that its commercial real estate holdings generated nearly $109 million in revenues during the 2004 fiscal year.
"Extending our educational reach to Pauahi's children can only happen if these assets are managed wisely," said Michael Loo, Kamehameha Schools' vice president of finance and administration.
"We never want to be a victim of fickle markets or bad economic times, as our mission must go on."