Punahou’s endowment is a sustainable funding source that provides current and future revenue streams to support the School’s educational mission and vision. The endowment consists of over 750 separate restricted and unrestricted funds established over many years for a wide variety of purposes, with a total market value of $295.9 million as of June 30, 2019. This includes $272.9 million in Punahou funds and $23 million in externally managed trusts.

10-Year Fund Performance and Growth

How Endowed Funds Work

A percentage of the entire endowment is used each year to support the designated purpose of each individual fund. There are three types of endowed funds that make up the endowment:

  • financial aid fund may be established with a minimum outright or pledged gift of $25,000, and the pledge period can be spread over five years
  • A general program or unrestricted fund may be established with a minimum outright or pledged gift of $25,000, and the pledge period can be spread over five years
  • A restricted endowed program fund may be established with a minimum outright gift or pledged gift of $100,000, and the pledge period can be spread over five years

Financial Aid Funds provide financial aid resources, enabling Punahou to build a diverse student body that reflects Hawai'i's socioeconomic and ethnic demographics. The income distribution from these funds typically provides over half of the financial aid awarded to Punahou students. Student financial aid recipients are advised of the endowed fund that supports their education, and receive a short history of the fund and the people it honors.

Program Funds contribute to a variety of programs and activities at Punahou. Their income is restricted to specific uses as defined by agreement between Punahou and the donor. Program funds support faculty and staff, curriculum development, and specific areas of study and activity across the campus, such as Athletics, Art, Ethics, Global Education, Hawaiiana, Music, Public Service, Sustainability and Technology. Legacy Funds are named endowed funds, which generate income for the school's unrestricted operational use.

Unrestricted funds within the endowment generate income to fund the operations of the school and specific needs that the school identifies. Restricted funds direct income to financial aid or provide support for faculty, programs and facilities. Punahou’s Advancement staff work with donors to determine the best direction for the use of their funds, within the scope of the needs of the School and in accordance with the donor’s wishes.

Gifts contributed to the endowment are considered principal and remain invested in a pooled fund. Each named endowed fund is held in perpetuity, where it is unitized and tracked on an individual account basis. Endowed funds can be established with a minimum outright or pledged gift of $25,000, and subsequent contributions may be added at any time, in any amount, by anyone. Many people establish funds and give to them annually.


List of Funds


Fund Management

All endowed funds are held in perpetuity and invested as part of Punahou’s overall endowment. Payout from the endowment is 4.5% over 20 rolling quarters.

The book and market values of endowed funds are reported to donors annually, along with a brief description of the use of the funds. In the case of endowed financial aid funds, donors receive thank you correspondence from student beneficiaries. In addition, all named endowed funds are listed in the annual report.

Punahou’s endowment is managed by the Investment Committee of the Board of Trustees, and Cambridge Associates, LLC has been our portfolio advisor since 1997.

PunsUnited Fund

Holly Paulson ’87 Sereni
Senior Director of Development

Kikilia Fordham ’82
Director of Donor Engagement