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Parker Ranch Foundation Trust announces distributions

MEDIA RELEASE

Parker Ranch Foundation Trust (PRFT) has announced distributions for 2011 to its four beneficiaries totaling $2 million. This is the second consecutive annual distribution of $2 million.

Bob Momsen, chairman of the board of North Hawaii Community Hospital, Inc. (NHCH) said, “As proud as NHCH is of its recent progress in meeting the needs of the community, we could never have done it without the extraordinary financial support provided by Parker Ranch Foundation Trust and its Trustees. The ongoing support of the hospital by the Trust is a key to our long term success.”

While also expressing his appreciation, Richard Cornuelle, Board member of Parker School Trust Corporation said, “Consistent with our mission, the funds will be used to aid Parker School and the Waimea Community Education program. The support from PRFT continues to help provide the Kamuela area with outstanding educational opportunities.”

The 2011 distributions were allocated among the four beneficiary organizations as specified by Richard Smart in his trust agreement – 48 percent to North Hawaii Community Hospital, Inc.; 20 percent to the Richard Smart Fund of the Hawaii Community Foundation; 16 percent to Hawaii Preparatory Academy and 16 percent to Parker School Trust Corporation:

* $960,000 to North Hawaii Community Hospital, Inc.
* $400,000 to the Richard Smart Fund of the Hawaii Community Foundation
* $320,000 to Hawaii Preparatory Academy
* $320,000 to Parker School Trust Corporation

This latest distribution brings cumulative distributions from the trust to $18,889,418 in cash and land since 1996.

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, established the trust before his death in 1992 to provide perpetual support to named beneficiaries who provide for health care, education and charitable purposes in Waimea.

For more information, call Nahua Guilloz at 885-2323 or visit www.prft.org

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