Reid Ginoza at 18:53, 4 June 2006

2006-06-04T18:53:42Z

Reid Ginoza at 22:50, 10 March 2006

2006-03-10T22:50:00Z

New page

Despite t h i s stepped-up effort, we
estimate it will take over 50 years
and over $600 million to s a t i s f y the
applicants on the present e l i g i b i l i ty
l i s t s .
a. The r e s i d e n t i a l homestead
program accomplishments
were r e s t r i c t e d by
a v a i l a b i l i t y of funds. The
r e s i d e n t i a l program is
under a subdivision concept
with DHHL providing s i te
improvements, such as
roads, u t i l i t i e s , and other
f a c i l i t i e s at no cost to
the homesteader. In
addition, DHHL provides
financing at favorable
i n t e r e s t rates for home
construction and repairs
because homesteaders are
not normally able to obtain
conventional financing.
b. The farm and ranch
homesteading program to
encourage native Hawaiians
to take up farming as a
means to achieve social and
economic well-being has not
been a success. While
there are some successful
ranchers and farmers, over
60 percent of the awarded
farm t r a c t s are not in full
c u l t i v a t i o n , including 42
percent that are not under
any c u l t i v a t i o n at a l l . It
i s estimated that at least
34 percent of the homestead
ranch lots are subleased by
the homesteaders to others
for grazing. According to
some native Hawaiians the
sublessees include
individuals who are not
native Hawaiians. By 1951,
5,800 acres of the 7,619 farm
acres awarded to homesteaders
were subleased to pineapple
companies under contracts
negotiated prior to Statehood.
The homesteaders, thus, were
not farmers but landlords. The
pineapple companies involved
discontinued operation on these
lands in 1975-1978 and much of
the land is unused.
3. Complete financial statements
for a l l cf DHHL's funds are not being
prepared. As a r e s u l t , the financial
data reported to the Commission and
included in the annual report does not
provide information necessary to
assess management's performance of its
t r u s t e e r e s p o n s i b i l i t y . A complete
financial audit of all funds which
include over $32 million in loan and
accounts receivable and $10 million in
cash as of February 28, 1982, has not
been performed for periods subsequent
to 1972. Also, cash management has
not been e f f e c t i v e . DHHL maintained
large cash reserves in noninterest
bearing accounts during a 9-month
period ending February 28, 1982. For
example, we estimate that an average
cash balance of $1,250,000 per month
for the Hawaiian Development fund was
not in i n t e r e s t bearing investments
and, based on the average rate of
return, we estimate that over $100,000
in i n t e r e s t was not earned that would
have provided additional funds for the
purposes of the Act. We noted cash
balances at the end of each month for
three other funds averaged about $2
million for the 9-month period, and
conclude that s u b s t a n t i a l amounts of
additional i n t e r e s t could have been
earned on these and other funds that
were excess to needs.
378

@@ Line 1: / Line 1: @@
-Despite t h i s stepped-up effort, we
+Despite this stepped-up effort, we
 estimate it will take over 50 years
-and over $600 million to s a t i s f y the
+and over $600 million to satisfy the
-applicants on the present e l i g i b i l i ty
+applicants on the present eligibility
-l i s t s .
+lists.
-a. The r e s i d e n t i a l homestead
-program accomplishments
+: a. The residential homestead program accomplishments were restricted by  availability of funds. The residential program is under a subdivision concept with DHHL providing site improvements, such as roads, utilities, and other facilities at no cost to the homesteader. In addition, DHHL provides financing at favorable interest rates for home construction and repairs because homesteaders are not normally able to obtain conventional financing.
-were r e s t r i c t e d by
-a v a i l a b i l i t y of funds. The
+: b. The farm and ranch homesteading program to encourage native Hawaiians to take up farming as a means to achieve social and economic well-being has not been a success. While there are some successful ranchers and farmers, over 60 percent of the awarded farm tracts are not in full cultivation, including 42 percent that are not under any cultivation at all. It is estimated that at least 34 percent of the homestead ranch lots are subleased by the homesteaders to others for grazing. According to some native Hawaiians the sublessees include individuals who are not native Hawaiians. By 1951, 5,800 acres of the 7,619 farm acres awarded to homesteaders were subleased to pineapple companies under contracts negotiated prior to Statehood. The homesteaders, thus, were not farmers but landlords. The pineapple companies involved discontinued operation on these lands in 1975-1978 and much of the land is unused.
-r e s i d e n t i a l program is
 . Complete financial statements
-for a l l cf DHHL's funds are not being
+for all of DHHL's funds are not being prepared. As a result, the financial
 data reported to the Commission and
 included in the annual report does not
 provide information necessary to
 assess management's performance of its
-t r u s t e e r e s p o n s i b i l i t y . A complete
+trustee responsibility. A complete
 financial audit of all funds which
 include over $32 million in loan and
@@ Line 70: / Line 22: @@
 been performed for periods subsequent
 to 1972. Also, cash management has
-not been e f f e c t i v e . DHHL maintained
+not been effective. DHHL maintained
 large cash reserves in noninterest
 bearing accounts during a 9-month
@@ Line 77: / Line 29: @@
 cash balance of $1,250,000 per month
 for the Hawaiian Development fund was
-not in i n t e r e s t bearing investments
+not in interest bearing investments
 and, based on the average rate of
 return, we estimate that over $100,000
-in i n t e r e s t was not earned that would
+in interest was not earned that would
 have provided additional funds for the
 purposes of the Act. We noted cash
@@ Line 86: / Line 38: @@
 three other funds averaged about $2
 million for the 9-month period, and
-conclude that s u b s t a n t i a l amounts of
+conclude that substantial amounts of
-additional i n t e r e s t could have been
+additional interest could have been
 earned on these and other funds that
 were excess to needs.
+{{p|378}}

Template:Nhsc-v1-378 - Revision history

Reid Ginoza at 18:53, 4 June 2006

Reid Ginoza at 22:50, 10 March 2006