Financial woes mount at university cancer center - Hawaii News Now - KGMB and KHNL

Financial woes mount at university cancer center

University of Hawaii Cancer Center University of Hawaii Cancer Center

HONOLULU (AP) - The University of Hawaii Cancer Center is facing shrinking revenue streams and financial losses as it tries to stay afloat.

The Honolulu Star-Advertiser reports that without help the center will deplete its reserves within two years.

Officials at the university say the money troubles stem from an outdated business model. Planners thought the center's share of the state cigarette tax would bring in close to $20 million a year. But cigarette tax revenues have been declining. And the center's new state of the art facility came with an $8 million annual mortgage payment that it can't afford.

The center ended last year with a nearly $10 million deficit.

Its mission is to reduce the burden of cancer through research, education and outreach.

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