WAIMEA, Hawaii, June 19, 2020 /PRNewswire/ -- The Trustees of Parker Ranch Foundation Trust are pleased to announce that the Trust will be increasing its annual distribution by nearly 50% in 2020, as compared to 2019, to $3.6 million. This decision was based on a multi-year effort by the Trustees, with assistance from the management team and input from the Beneficiaries, in reformulating the methodology for determining the distribution formula and the annual payout to the four charitable organizations which receive these funds.
According to the Chair of the Trustees, Tim Johns, "This has been a coordinated project across the entire organization and incorporating strategic thinking from our leadership and external advisers, including Northern Trust and Callan. This distribution is meaningful for two other important reasons. First, the significant increase comes at a time that our local economy needs support. Our Beneficiaries are charitable organizations focused on health care and education, parts of our economy under severe strain given the broad impact of COVID-19. Second, this distribution brings the cumulative total distributions to slightly more than $40 million since the creation of the Trust in the early 1990s. Hopefully, Richard Smart would be pleased with our efforts to support our Beneficiaries, if he were alive today to see its positive contribution to our community."
The Beneficiaries shared the following statement: "We are collectively very grateful for the gracious gift by Richard Smart which provides ongoing support to the four Beneficiaries of the Trust. This support is especially important in the challenging times we all face today. The effort to modify the distribution policy was thorough and substantive. We greatly appreciate the contributions of the Trustees and the management team in adopting this new approach to setting distributions."
Dutch Kuyper, President and CEO of Parker Ranch, Inc., also commented on the decision to increase the distribution. "Our management team has been working hard supporting the Trust in developing an integrated view of our investment portfolio, real assets and various operating business, including the ranching operation. We worked in close collaboration with our investment advisers to evaluate various distribution policies studying a variety of approaches including the models adopted by Yale and Princeton. We believe our new approach can withstand the test of time in a variety of market conditions while ensuring the purchasing power of the distribution is maintained."
About Parker Ranch
Parker Ranch is one of the largest and oldest cattle ranches in the United States. Parker Ranch Inc. is owned by Parker Ranch Foundation Trust whose beneficiaries are four non-profits: Queen's North Hawai'i Community Hospital, Hawai'i Preparatory Academy, Parker School and Hawai'i Community Foundation. To learn more, please visit www.parkerranch.com or www.prft.org
SOURCE Parker Ranch