Sunday, May 22, 2005

$7.8 million from
Parker Ranch Trust
benefits Waimea

Trustees of the Parker Ranch Foundation Trust observed the anniversary of the late Richard Smart's birth yesterday with an announcement of grants to four beneficiaries totaling almost $7.8 million.

The grants include:

» $3,738,000 in land to North Hawaii Community Hospital, a 50-bed, full-service acute care hospital in Waimea.
» $1,557,000 in cash to the Hawaii Community Foundation's Richard Smart Fund, created to support health care, educational and charitable purposes and improve the general welfare and quality of life for Waimea residents.
» $1,246,000 in land and cash to Hawaii Preparatory Academy, an independent college-preparatory boarding and day school.
» $1,246,000 in land and cash to Parker School Trust Corp., established by Smart in 1978 to provide for private education in North Hawaii.

Warren Haruki, Parker Ranch trustee chairman, said the land awards will be transferred as soon as practical, with the cash distributed in equal amounts from 2005 through 2009.

"Richard Smart's legacy continues to benefit a large portion of the Waimea community through these charitable institutions," Haruki said.

"Our thanks go out to the entire Parker Ranch ohana, including our retirees, whose hard work and diligence have contributed to enabling the trust to make these land and cash distributions to the beneficiaries.

"More importantly," he added, "we express our heartfelt thanks to the beneficiaries for their strong cooperation and teamwork in making this distribution possible."

Including the new amounts, the Parker Ranch Foundation Trust has distributed a total of about $11.8 million in cash and land to its four beneficiaries.

Total amounts to date include $5,683,000 to North Hawaii Community Hospital, $2,370,000 to the Richard Smart Fund of the Hawaii Community Foundation, $1,880,000 to Hawaii Preparatory Academy and $1,880,000 to Parker School Trust Corp.

Smart was born in 1913 and died in 1992 after a colorful history as Waimea's biggest landlord at Parker Ranch and a career on stage, performing on Broadway and in top cabarets in the United States and abroad.

He left Parker Ranch and his art collection in a trust to benefit the Waimea community.

Parker Ranch Trust

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