News Releases

Wednesday, November 28, 2007

BENEFICIARIES APPOINT FIVE TRUSTEES FOR PARKER RANCH FOUNDATION TRUST

On December 31, 2007, five beneficiary-appointed trustees will take over management of the Parker Ranch Foundation Trust, completing a change in the governance structure of the Trust that was approved by the Hawai’i Probate Court in August. The appointment of the five trustees by the Trust’s four charitable Beneficiaries – North Hawai‘i Community Hospital, Parker School Trust Corporation, Hawai‘i Preparatory Academy and the Richard Smart Fund of the Hawai‘i Community Foundation – allows the Trust to qualify as a Type I supporting organization under the Federal tax code. In June of this year, the Trustees and the Beneficiaries of the Trust had asked the court to change the Trust governance structure in order to best continue Richard Smart’s charitable support for the Kamuela community.

The Beneficiaries have appointed Michael W. Gibson, Warren H. Haruki, Timothy E. Johns, David H. McCoy and Brendan G. (“Pete”) Moynahan as trustees, increasing the total number of trustees to five, from the current three. Patricia Bergin, Chair of the Trust Beneficiaries’ Committee explained that the Beneficiaries felt that the increase in the number of trustees at this time would allow the Trust to benefit from the diverse perspectives, experiences and talents of the five individual trustees. Johns and Haruki are currently trustees of the Trust.

“This is a historic moment for Parker Ranch and for the Kamuela community. This is the first time the four non-profit entities who are the Beneficiaries have directly selected the Trustees who will manage the Trust and the Ranch. We were impressed that the pool of applicants was so deep and well-qualified. This shows there is a tremendous amount of aloha in our community and in the State for the Parker Ranch Foundation Trust and its mission. We are excited to have chosen five committed and talented individuals to steward Richard Smart’s and indeed the whole Parker Ranch ‘ohana’s incredible contributions to our community,” said Bergin. “We have confidence that these Trustees will chart a future for the Ranch and for our community that will provide support for the work of the Beneficiaries in ways which respect and preserve the rich culture, long history and unique character of the Kamuela area and its people.”

Michael Gibson is a partner with the law firm Ashford & Wriston, where his practice focuses on real property and commercial litigation. Mr. Gibson has represented numerous ranches over the course of his legal career and he serves as a director for both Palani Ranch and Ponoholo Ranch. He is a graduate of I’olani School and holds a bachelors degree from the University of Wisconsin and a law degree from the University of California Hastings College of Law.

Warren Haruki currently serves as President and CEO of Grove Farm, a firm with significant land holdings on Kauai, and as a director of First Hawaiian Bank. Mr. Haruki was formerly President and Chief Executive Officer of Verizon Hawaii. He holds a bachelors degree from Purdue University and a Masters of Business Administration degree from the University of Hawai’i.

Timothy Johns was recently appointed President and Chief Executive Officer of the Bishop Museum. He formerly served as the Chair of the Hawai’i State Department of Land and Natural Resources and as Chief Operating Officer of the Estate of Samuel Mills Damon. Mr. Johns received a bachelors degree from the University of California, Santa Barbara, and he holds both a masters degree in economics and a law degree from the University of Southern California.

David McCoy served as the Chief Executive Officer of the Estate of James Campbell and as President of Waiawa Development Corporation, a division of the Gentry Companies. Mr. McCoy holds a bachelors degree from the University of the Pacific and an Executive Masters of Business Administration degree from the University of Hawai’i; he is also a graduate of Stanford University’s Business Executive Program. Mr. McCoy is a resident of Waiki’i.

Pete Moynahan has been a full-time resident of Kamuela for over 13 years. He has served in a variety of executive positions for operating companies of C. Brewer & Co. Ltd. and he currently serves both as Trustee of the A.L. Shelly Hawaii Trust and as an officer of its related operating companies. Mr. Moynahan is a graduate of Hawaii Preparatory Academy and holds a bachelors degree from Stanford University and an Executive Masters of Business Administration from the University of Hawai’i.

The Trustees and the Beneficiaries requested the conversion to Type I supporting organization tax status – from the Trust’s former Type III status – in response to federal legislation enacted last year which imposed additional operating restrictions and requirements on Type III supporting organizations (but not on Type I’s). The new structure allows for more input by the Beneficiaries and it provides more flexibility for the Trust in both asset management and annual distributions. In order to effect the conversion to Type I status, the current Trustees will resign so that the five successor trustees, appointed by the Beneficiaries, can take office on December 31, 2007.

The Parker Ranch Foundation Trust was created in 1992 by Richard Smart, a sixth generation descendant of John Palmer Parker, founder of Parker Ranch. The Trust was formed exclusively for health care, education, and charitable purposes within the Kamuela community.

The Trust is the sole shareholder of Parker Ranch Inc., one of the largest and most historic ranches in the United States, spanning approximately 150,000 acres across Hawai‘i’s Big Island. Founded in 1847, Parker Ranch surrounds the town of Kamuela and spreads between the Kohala and Mauna Kea mountains. Chris J. Kanazawa serves as Parker Ranch Inc. President & CEO.

North Hawai‘i Community Hospital (NHCH) is a full service acute care hospital centrally located in Kamuela. Governed by a local board of directors, this community owned non-profit hospital opened in May 1996 and primarily serves the 30,000 residents and visitors of the northern region of the Big Island. NHCH offers a full spectrum of acute care hospital services with a commitment to patient-centered care that treats the patient as a whole person – mind, body and spirit – in the context of family, culture and community. Designed as a “healing instrument,” NHCH is fast becoming a prototype for the careful integration of select complementary healing practices with high quality medical care.

Parker School Trust Corporation (PSTC) provides funding and support to Parker School, a small, independent, co-educational day school for students in grades K-12. For over 30 years, Parker School has provided students with a college-preparatory program with emphasis on personal and educational excellence. PSTC also operates Waimea Community Education, established in 1984 to provide educational programs that enhance the living experience of people of all ages in the Kamuela Community. Courses offered by Waimea Community Education are as diverse and interesting as the Kamuela community, ranging from professional development courses to classes for sheer fun and personal enrichment, including courses that celebrate the Hawaiian culture through language, arts and hula.

Hawai‘i Preparatory Academy (HPA) is one of the Pacific region’s leading boarding and day college-preparatory schools, featuring a remarkably low 10:1 student-to-teacher ratio and courses and activities that make use of Hawai‘i’s unique geographical and social setting. Founded in 1949, HPA is an independent coeducational school providing a full range of opportunities for students from kindergarten through grade 12. The school has two campuses in the town of Kamuela: the Lower and Middle Schools are located on six acres in the heart of Hawai‘i’s ranching country, while the Upper School is located just two miles away at the foot of the Kohala Mountains.

The Hawai‘i Community Foundation (HCF) helps people make a difference by inspiring the spirit of giving and by investing in people and solutions to benefit every island community. HCF provides support and services to donors, volunteers, other nonprofit agencies, grantseekers and the community. The Richard Smart Fund was established by Richard Smart at HCF to support health care, educational and charitable purposes that improve the general welfare and quality of life for the people of Kamuela. The fund is currently being used to provide grants to Kamuela organizations for increasing community and organizational capacity, including a special initiative supporting Waimea Elementary School’s restructuring and change in leadership efforts.

# # #