Difference between revisions of "Template:Nhsc-v1-378"
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| − | Despite | + | Despite this stepped-up effort, we |
estimate it will take over 50 years | estimate it will take over 50 years | ||
| − | and over $600 million to | + | and over $600 million to satisfy the |
| − | applicants on the present | + | applicants on the present eligibility |
| − | + | lists. | |
| − | a. The | + | |
| − | 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 | + | |
| − | + | : 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. | |
| − | + | ||
| − | under a subdivision concept | ||
| − | with DHHL providing | ||
| − | improvements, such as | ||
| − | roads, | ||
| − | |||
| − | the homesteader. In | ||
| − | addition, DHHL provides | ||
| − | financing at favorable | ||
| − | |||
| − | 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 | ||
| − | |||
| − | percent that are not under | ||
| − | any | ||
| − | |||
| − | 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 | 3. Complete financial statements | ||
| − | for | + | for all of DHHL's funds are not being prepared. As a result, the financial |
| − | prepared. As a | ||
data reported to the Commission and | data reported to the Commission and | ||
included in the annual report does not | included in the annual report does not | ||
provide information necessary to | provide information necessary to | ||
assess management's performance of its | assess management's performance of its | ||
| − | + | trustee responsibility. A complete | |
financial audit of all funds which | financial audit of all funds which | ||
include over $32 million in loan and | include over $32 million in loan and | ||
| Line 70: | Line 22: | ||
been performed for periods subsequent | been performed for periods subsequent | ||
to 1972. Also, cash management has | to 1972. Also, cash management has | ||
| − | not been | + | not been effective. DHHL maintained |
large cash reserves in noninterest | large cash reserves in noninterest | ||
bearing accounts during a 9-month | bearing accounts during a 9-month | ||
| Line 77: | Line 29: | ||
cash balance of $1,250,000 per month | cash balance of $1,250,000 per month | ||
for the Hawaiian Development fund was | for the Hawaiian Development fund was | ||
| − | not in | + | not in interest bearing investments |
and, based on the average rate of | and, based on the average rate of | ||
return, we estimate that over $100,000 | return, we estimate that over $100,000 | ||
| − | in | + | in interest was not earned that would |
have provided additional funds for the | have provided additional funds for the | ||
purposes of the Act. We noted cash | purposes of the Act. We noted cash | ||
| Line 86: | Line 38: | ||
three other funds averaged about $2 | three other funds averaged about $2 | ||
million for the 9-month period, and | million for the 9-month period, and | ||
| − | conclude that | + | conclude that substantial amounts of |
| − | additional | + | additional interest could have been |
earned on these and other funds that | earned on these and other funds that | ||
were excess to needs. | were excess to needs. | ||
| − | 378 | + | {{p|378}} |
Latest revision as of 10:53, 4 June 2006
Despite this stepped-up effort, we estimate it will take over 50 years and over $600 million to satisfy the applicants on the present eligibility lists.
- 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.
- 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.
3. Complete financial statements 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 trustee responsibility. 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 effective. 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 interest bearing investments and, based on the average rate of return, we estimate that over $100,000 in interest 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 substantial amounts of additional interest could have been earned on these and other funds that were excess to needs.
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