Kamehameha Schools net assets grow by $304 million

Kamehameha Schools posted revenues of $544 million in fiscal 2003 and increased net assets by about $304 million, according to its annual financial report released Wednesday.

The school's financial activity added $100 million after spending to Kamehameha's market value, bringing overall market value to about $5.5 billion. By comparison, the school saw a reduction in its endowment market value of about $324 million in fiscal 2002, a negative return of 0.7 percent.

Before debt financing, Kamehameha spent $289 million for the year ending June 30,2003, up from $243 million during the same period a year earlier. Including debt financing, the school spent $219 million and $223 million, respectively.

The $304 million increase in net assets for fiscal 2003 compares with a decrease in net assets of $89 million the previous year. Approximately $218 million of the $304 million represents gains from certain assets identified for sale in asset-relocation efforts.

The sale of single assets such...