MONEY MANAGEMENT - Aloha Trust

许多基金会从捐助者的大规模往来倾向于捐赠;随着时间的推移，他们必须明智地找到富有民族的方法，使他们的持有量多样化，以确保他们的任务达到未来几年。但很少有人有这样一个奇异的开始 - 或者是争议的管理历史 - 作为夏威夷的Kamehameha学校。

据称伯纳哈哈学校以前被称为Bernice Pauahi Bishop Estate，是伯纳·博士·波什（Bernice Pauahi Bishop）成立的慈善信托，于1810年统一岛屿的最后后裔。在1884年在她的死亡中，她留下了她的财产夏威夷本土教育及其文化的保存。亚慱体育app怎么下载三年后，男孩的学校与39名学生开幕;1894年由一个女孩的学校遵循了35名学生。

今天的信任,控制近十分之一the state's land, is an investment giant. With $7.7 billion in assets as of June 2006, Kamehameha would have placed seventh if it were ranked with university endowments, exceeded in size only by those of Harvard University, Yale University, Stanford University, the University of Texas, Princeton University and the Massachusetts Institute of Technology. Its portfolio returned about 20 percent in the fiscal year ended June 30, boosting its value to some $9 billion after expenditures, says chief investment officer Kirk Belsby.

Kamehameha在其最新的财政年度花费了2.5亿美元，在三个幼儿园到12年级校园教育了5,400名学生 - 奥阿胡岛，毛伊岛和夏威夷的岛屿上，以及基于提供产前护理的社区外展计划，补贴学前班和大学奖学金。去年，20,000多名原住民夏威夷人获得了支持，到2015年的信任希望提升到50,000。没有缺乏工作缺乏工作：本土夏威夷人在国家大多数社会经济规模的底部排名;六个生活中的一个人在贫困中。

"If we go out into the community, we can do a whole lot more," says Kamehameha Schools CEO Dee Jay Mailer. "So that's where we choose to devote a lot of our resources."

But teaching children and preserving their cultural heritage has proven much easier than taking care of the trust's assets. Secretive and immensely powerful -- as the state's biggest landowner, the trust has long commanded wide influence in local politics -- Kamehameha a decade ago became a school for scandal.

During the 1990s the five trustees, appointed and overseen by the local judiciary and legally the owners of the estate, turned truant. Operating with little or no accountability, the five, who included a sitting speaker of the state House of Representatives and a former president of the state Senate, paid themselves each $900,000 a year and ran what the Internal Revenue Service dubbed "a personal investment club." The trustees gave lucrative and often bogus contracts to friends and funneled hundreds of thousands of dollars to politicians, according to court documents. "They had a unit whose sole purpose was to control the politics of the state," says Robert Watada, the recently retired executive director of the state Campaign Spending Commission. "They worked to get people elected and once they were in office, told them what to do."

忽视剑桥员工顾问的建议，以使投资组合多样化，受托人在私人交易中投入大量投资。一，在20世纪90年代初，高盛＆Co.的高度购买10％的股权购买了10％的股份，产生了数十亿美元。更多的是，如KDP技术的投资，其中伪装为普通符合互联网约会服务的软CorePornographic网站是FIASCOS。投资组合危险地不平衡：只有两项资产 - 房地产和高盛股权 - 在20世纪90年代大部分地区占其价值的约70％。

最终，为了涵盖投资损失并提升他们的赔偿，这些赔偿与退货有关，受托人削减了教育计划，引发了反叛。1997年5月，愤怒的学生，父母和校友抛弃了他们的夏威夷克制，并送到了主教庄园的檀香山办事处。随后，国家律师据称违反信任并要求撤销受托人;1999年美国国税局威胁要剥夺信托的免税地位，并除非受托人被撤离，否则将获得9亿美元的罚款。

法院于1999年5月任命了一名临时受托人委员会，达成了关于一揽子治理改革的国税局，将主教恏更接近非营利性公司的最佳做法。旧的受托人被迫出去，新董事会限制了对广泛的政策考虑，包括资产分配的责任。日常管理层被委托给首席执行官，该职位也成立于1999年，并以自2004年以来填写邮寄。2000年，信托姓名从主教庄园改为Kamehameha学校。

"Before, the trustees would dictate and everyone would do," says Mailer, a Kamehameha Schools alumna and former COO of the Global Fund to Fight AIDS, Tuberculosis and Malaria, a private Swiss foundation. "Today they do not muck around in operational issues."

至关重要的是，信托采用教育和支出政策，其中包括更多多元化的资产配置，以及投资组合价值的4％的年均支付。提出了强大的财务管理标准，包括彻底的记录保存，并使用普遍接受的会计原则。随着新会计的令人讨厌的惊喜：信托人的价值不是约100亿美元，因为受托人告诉媒体，但更接近60亿美元。

作为改革的一部分，该信托也创建了首席投资官的新职位。在进行临时任命后，董事会招募了亚瑟安德森前房地产顾问的Belsby，于2003年填写了帖子。

One of only two nonnative Hawaiians among Kamehameha School's senior leadership, Belsby has won praise for making tough decisions and achieving strong returns. In a series of controversial moves, he slashed and then rebuilt the investment staff and embarked on a radical diversification of the trust's portfolio to reduce its dependence on real estate and ramp up exposure to international equities and alternative investments.

这些行动将夏威夷房地产的信托加权降至3月31日的投资组合的24％，从2002年底占30％，并将其内地房地产控股削减到7％的2％。五年前，信托没有投资对冲基金;他们现在占投资组合的11％。国际股票从9％的9％的资产增长到了24％的资产（其中7％），美国股票从25％达到16％。Belsby还将信托的固定收入分配减半为11％。

“过去五年的过渡是监督机构资产的监督中最令人瞩目的一个，”剑桥伙伴顾问表示，顾问自1983年以来为该庄园建议。

Belsby的多样化已经放弃了。截至2006年6月30日截至2006年6月30日止2006年，投资组合可获得17.0％ - 仅剑桥的夏威夷房地产上涨了29.5％ - 剑桥（Cambridge）。超过三年，它产生了15.1％的平均年度返回，而同行组的中位数返回为14.7％。

但CIO仍然面临重大挑战。信托在房地产中仍然超重，这种情况很快就会随时改变。“夏威夷人不会看着陆地之外的土地，”董事会主席和Kamehameha学校毕业的董事律师J. Douglas Ing。“这很难分开。”

风险加剧是因为percen超过95t of the land's value derives from less than 2 percent of the trust's holdings. (More than 98 percent of the trust's acreage is agricultural or conservation land and not valued on its books.) And the trust's 1.1 million square feet of commercial property is exposed to potential hazards, from tsunamis to terrorism to the long-term threat of rising sea levels caused by global warming. "Quite frankly, we probably have more risk than I'd like to assume," Belsby allows.

Diversification isn't risk-free, either, as Kamehameha discovered with its Goldman stake. When the investment bank went public in 1999, the trust's investment was worth $1.5 billion. Kamehameha sold its shares in five tranches over the next three years, reaping some $2.5 billion in total. But because the trust had made the investment through a for-profit subsidiary, it had to pay out some 40 percent in federal and state capital gains taxes. Kamehameha also missed out on the subsequent surge in Goldman's shares; that 10 percent stake would be worth some $7.5 billion today.

与此同时，Belsby推入替代方案速度慢。11％的对冲基金分配缺少了2006年10月通过的信托的15％目标.Belsby在私募股权和风险投资中进一步落后于私募股权和风险投资，其仅占投资组合的4％，而目标为11％。为了帮助提高投资步伐，2005年的信任聘请了伊丽莎白霍达，处理了密歇根大学捐赠的股票，债券和对冲基金投资，监督所有非房地产投资。

Last year the trustees and Mailer told Belsby to proceed with a long-standing plan to form an investment advisory committee whose members could help Kamehameha gain entrée to top-tier venture capital and hedge funds. By late June, Hokada had filled three of five slots, and she has scheduled a first meeting for October. Joining the committee: renowned investment banker Sandy Robertson, who had served in a similar position at his alma mater, the University of Michigan; Constance Lau, a former Kamehameha trustee and president and CEO of Hawaiian Electric Industries, the state's largest company by sales; and Laurance Hoagland, vice president and CIO of the William and Flora Hewlett Foundation.

"I think Kamehameha Schools is a great cause," says Hoagland, explaining his decision to join the committee. "Having been in the amount of trouble they were before and turned it around so well, they deserve some encouragement."

In 1795, when Kamehameha the Great sailed to Oahu to unify the kingdom of Hawaii, his convoy of canoes landed first on the quiet shores of Waikiki. Today this two-mile stretch of crowded beaches and high-rise hotels is the center of Hawaii's tourist industry and among the most-valuable real estate in the world. It's also the financial epicenter of the Kamehameha Schools, whose main 600-acre campus sits on a hillside northwest of Waikiki, offering sweeping views of downtown Honolulu and its harbor.

Kamehameha Empire的皇冠珠宝是夏威夷皇家购物中心，一个六英亩的网站，威基基的主要拖拉延伸三个街区。该信托还拥有毗邻夏威夷皇家皇家酒店和豪华的Kahala Hotel＆Resort的土地，俯瞰着附近的钻石头。这些和其他物业的价值超过10亿美元。所有人都告诉，信托的控股，包括超过550平方英里的土地在整个岛屿上传播，价值约25亿美元。

当Belsby抵达2003年时，他发现，对于所有酒店，购物中心，高尔夫球场和其他商业地产，信托尚未成为特别殷勤的房东或开发商。其大部分蔓延的投资组合是租借的，这些组合没有让信托在物业商业企业的收入份额份额。“我发现了大量资产和一些建立的原则，”Belsby说，“但我们并没有真正为人员，业务流程，金融和技术使用的完整战略计划。”

The new CIO set out to change that. In 2004 he made one of his toughest decisions: firing 150 property managers from a for-profit subsidiary, Pauahi Management Corp., and handing over the work to a California real estate developer, Festival Companies. Mass firings are rare in Hawaii, a small state, and were inconceivable at the island's wealthiest and most powerful private institution, one that is dedicated to a native culture that values group harmony.

“这是一个令人难以置信的勇敢，”剑桥伙伴的林肯召回。“夏威夷没有深度的就业市场，所以当人们失去工作时，它并不容易被录用。”

"It was very difficult, but I had to put our mission first," acknowledges Belsby. He says employees were offered generous severance packages, and many found jobs with the new developer. In addition to lowering management costs by more than $1 million a year, the switch led to higher rents, occupancy and tenant quality and has boosted top-line revenues by 10 percent annually over the past three years, Belsby says.

该举措设定了一个更积极的地产开发方法的阶段，特别是1.15亿美元，为皇家夏威夷购物中心的两年翻新，信托的单一最有价值的财产。当日本旅游陷入僵局时，20世纪90年代的复杂性差异恶化;在装修之前，它几乎没有空缺。三大建筑商城与节日配合重新开发，在今年晚些时候举办盛大开业后，这是一个商业和文化枢纽。它的110家商店将包括Salvatore Ferragamo，Hermès和Apple，以及十家餐馆的旗舰店，它将在54棵椰子树丛中提供日常课程。在顶楼的海湾娱乐上，建造了1500万美元的剧院，夜间的可伸缩椅子和时装表演，将在拉斯维加斯的拉斯维加斯队转变为一家嘻哈俱乐部。

当Belsby说，当重新加工时，购物中心的价值价值1.5亿美元至2亿美元。完成后，应达到6亿美元，每年收入超过3000万美元。

Kamehameha Schools' other major real estate developments are less glitzy, in keeping with a land management policy adopted in 2003 that seeks to balance educational, cultural, economic and environmental concerns. On the island of Hawaii, Kamehameha is planning to develop a new resort at Keauhou that will allow visitors to experience traditional Hawaiian culture and hike in the trust's conservation lands.

Redeveloping the 600-acre Kaka'ako District along the waterfront west of Waikiki has for years been a major goal of the Hawaii Community Development Authority. The Asia Pacific Research Center will be built on land owned by Kamehameha Schools near the John A. Burns School of Medicine, which opened a new, $150 million campus at the University of Hawaii at Manoa in 2005. The goal is to nurture high-tech industries and diversify an economy increasingly dominated by tourism and low-paid jobs.

CIO还希望从信托的农业和保护土地中提取更多的现金，这构成了超过98％的种植面积但收入很少。正在考虑的想法包括建立风电场和种植甘蔗以生产乙醇。

Belsby在促进商业地产的收入的成功仅适用于增强信托夏威夷物业投资组合的地理风险，占其总资产的24％。根据华盛顿的大学和大学商业人员协会，与大型教育捐赠的平均房地产分配比较。

The valuable assets are highly concentrated, mostly in the Waikiki area. And the risk is almost certain to rise in tandem with local land values: The value of the trust's Hawaiian property jumped 29.5 percent in the 12 months through June 2006, to $2.03 billion, and is up an annualized 12.7 percent over the past five years.

受托人于2006年2月委托的印度洋海啸和飓风卡特里娜飓风爆炸了9/11，这是关于各种灾难的潜在后果的报告。“他们是远程风险，但我们仍然必须考虑他们，”董事长说。周围环绕着太平洋的火，海洋沟渠，火山山脉和冲突构造板材，夏威夷容易受到海啸的影响。1946年，一个海啸，起源于阿列丁群岛，波浪高达55英尺造成超过170人，主要是在夏威夷岛上。

海啸是不可预测的，但科学家们越来越深信，全球变暖和海平面的崛起正在举行大规模的夏威夷海滩的破坏。已经，威基基海岸线的三分之一是硬化的海堤，在高潮中，大部分海滩都是狭窄或无法使用的。夏威夷大学地质和地球物理学系董事长Chip Fletcher表示，海平面上升可能会在本世纪末毁灭。“容易50％到70％的威基基被岛上的主体被完全淹没和隔离。它开始看起来像一个障碍岛。

为了减轻信托集中的商业地产投资组合的风险，Belsby已经取出了灾难性和事件风险保险。他对销售未来现金溪流的战略持乐观态度，从房产出租到投资者。他说：“这将承担在桌子上收到现金流量的风险，”他说。Kamehameha学校仍在研究这些合同的法律和税务后果，而Belsby Reckons将是“迁徙战略”。与此同时，该信托将其10％的资本分配给行动作为对冲旅游业低迷的资产，包括能源，林地，采矿，国库通胀保护的证券和商品。

Although native opposition has prevented Belsby from selling Hawaiian property, the executive decided when he came on board that it made no sense to keep the portfolio's mainland real estate, which included nearly 300,000 acres of timberland in Michigan's Upper Peninsula and a stake in the Robert Trent Jones Golf Club outside Washington, a haunt of presidents and political power brokers. In 2003 and 2004, Belsby slashed the allocation to mainland real estate to 3 percent and shifted assets into absolute-return strategies. He also began the process of cutting the trust's fixed-income allocation and boosting its holdings of international stocks.

朝着私募股权和风险投资接触的缓慢进展是最重要的是信任的最大弱点。北宋采取了耐心的方法，在这里和那里进入门口。她最大的优势之一是信托代表团的吸引力。“每个人都认为教育很重要，所以它有助于打一个和弦，”她说。“直到她奠定了夏威夷人的目标并描述了夏威夷人的困境，我对其的目标并不了解它。他表示，在2005年提出的14亿美元的基金中，该信托将500万美元达到1000万美元。

为了让任何人忘记kamehameha的使命，来自北欧和其他信托员工的电子邮件定期使用夏威夷致敬（如“Aloha E，”或“致辞，收件人”和“Me Ka Mahalo Nui，”或“非常感谢”）。他们的名片的背面有一个夏威夷价值观列表，包括阿罗哈（爱和尊重主，我们的自然世界，彼此是我们的基础）和“Ike Pono（敦促我们整合我们的智力和我们的直觉）。“这可能是一点玉米玉米，但这对我们来说意味着很多，”霍克说。

Not that all is harmonious among the Hawaiians. A small but influential group of critics charge that Kamehameha could further its mission and boost its endowment by becoming a not-for-profit corporation managed by a board of directors.

“没有其他教育机构，这一规模由一群五名司法委任的受托人经营，”罗伯特·米德克·罗伯尔顿家族基金会主席，基于檀香山的慈善信托的倡导者。

Midkiff认为，一个更大更广泛的顶级商人和金融家，也可以征求大捐款。贡献对大学捐赠的增长至关重要，但Kamehameha的受托人不寻求捐款。这是信托公司的联盟，Ke Ali'i Pauahi基金会的工作，但去年少于100万美元。

Chairman Ing and CEO Mailer oppose converting Kamehameha Schools to a not-for-profit, warning that a board of directors would have the power to ignore Princess Bernice's will, potentially putting Kamehameha Schools' educational and cultural mission at risk. "Many view the trust as among the last remnants of the kingdom, so to tamper with the will is bound to create controversy," says Ing.

Absent greater inflows of contributions, however, it will be difficult to reduce the trust's exposure to Hawaiian real estate and expand Kamehameha Schools' efforts to fulfill its founder's mission.