Saturday, October 20, 2012

Hawaii's `Non-Profit' Punahou School Assets Increased By $28 Million After Obama's Inauguration

In 2009 funding for the public school system in Hawaii was decreased by around $468 million. Yet between July 1, 2010 and June 30, 2011 the total net assets of the “non-profit” and tax-exempt elite, private prep school in Hawaii from which Democratic President Obama graduated in 1979--the Punahou School--increased from over $288 million to over $316 million, according to its Form 990 financial filing for 2011.

The Punahou School claims to be a private educational institution that is run on a “non-profit” basis. Yet between July 1, 2010 and June 30, 2011, the total revenues earned by the Punahou School exceeded its total expenses by over $16 million. In addition to collecting over $73 million in tuition and fees from the parents of its preppie students, the Punahou School also collected over $9.5 million in investment income from its endowment funds’ and Ltd. Partnership stock portfolio between 2010 and 2011, as well as over $17 million from the tax-deductible contributions and gifts which it received.
And, coincidentally, the annual salaries received by officials in the “non-profit” Punahou School private prep school administration since Obama’s inauguration were significantly higher than the annual salaries received by most U.S. public school teachers between 2009 and 2012. Punahou School President James Scott was paid an annual salary of $433,00, the Punahou vice-president and treasurer was paid an annual salary of $276,00 and the principal of the Punahou School’s Academy division was paid an annual salary of $298,000 between July 2010 and June 30, 2011.

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