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Friday, January 16, 2015

University of Hawaii's Cancer Center Will Run Out of Funding in Two Years

The Cancer Center, a research unit of the University of Hawaii at Manoa, will run out of funding in just two years, leaving lawmakers furious at the lack of oversight by the University.  Last year, the Cancer Center ended the year with nearly a $10 million budget deficit and was required to tap into its financial reserves in order to stay afloat.  David Lassner, the university president, admitted to the state House Finance and Senate Ways and Means committees that the university isn't sure what will happen if the reserves are depleted.  Lassner stated, "It is not clear — without support from some source, that Hawaii can maintain a (National Cancer Institute-designated) cancer center."

With declining cigarette tax revenues that pay for cancer research, and the fact that the center's Kakaako facility costs $8 million a year in mortgage payments, has left the Cancer Center in huge financial problems.  Senator Jill Tokuda, the Ways and Means chairwoman, commented, "I think we're in a very serious situation, probably more serious than you realize. Yes, we have a very significant obligation to the health and wellness of the people of the state. But we have a fiduciary responsibility to the state as well. The Legislature is going to want to make sure that we see some sort of very solid and detailed business plan."

Source: Honolulu Star Advertiser, 1-16-2015,
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC