News Releases

Tuesday, April 08, 2008

PARKER RANCH FOUNDATION TRUST ANNOUNCES DISTRIBUTION TO BENEFICIARIES

CUMULATIVE DISTRIBUTIONS APPROACH $15 MILLION

Parker Ranch Foundation Trust (PRFT) recently announced distributions to its four beneficiaries totaling $1,770,833.

With this latest distribution, the Trust has cumulatively distributed a total of $14,898,585, in cash and land, since 1996 to its Beneficiaries. The distributions reflect Richard Smart’s commitment to the Waimea community and his legacy of philanthropic giving. Smart, a sixth generation descendent of Ranch founder John Palmer Parker, formulated an estate plan before his death in 1992 to contribute to named beneficiaries for health care, education, and charitable purposes in Waimea.

“Last fall, the Hawaii Probate Court approved a change in governance structure for the Parker Ranch Foundation Trust to a Type I supporting organization,” stated Parker Ranch Trustee Warren Haruki. “This distribution is indicative of the flexibility afforded the Trust under this new structure to optimize ongoing support to beneficiaries over the long term. Parker Ranch appreciates the collaborative efforts of our beneficiaries and the hard work of our employees in making this distribution possible,” Haruki added.

Distributions were allocated among the four beneficiary organizations as specified by Richard Smart in his Trust Agreement—48% to North Hawai’i Community Hospital; 20% to the Richard Smart Fund of the Hawai’i Community Foundation; 16% to Hawai’i Preparatory Academy and 16% to Parker School Trust Corporation, in the following amounts:

 $850,000 to North Hawai`i Community Hospital

 $354,167 to the Richard Smart Fund of the Hawai`i Community Foundation

 $283,333 to Hawai`i Preparatory Academy

 $283,333 to Parker School Trust Corporation

“Each of the beneficiary organizations is very appreciative of the Parker Ranch Foundation Trust for its continued support,” said Pat Bergin, Distribution Committee Chairperson.

Cumulative distributions now total $7,160,110 to North Hawai`i Community Hospital, $2,985,093 to the Richard Smart Fund of the Hawai`i Community Foundation, $2,373,540 to Hawai`i Preparatory Academy, and $2,370,675 to Parker School Trust Corporation.

For more information on these four charitable institutions that benefit a large portion of the Waimea community, click on their links at http://www.prft.org.

# # #