Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported in accordance with the modifiedaccrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: OHA has elected to not use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of OHA under programs of the federal government for the year ended
June 30, 2024. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of
OHA, it is not intended to and does not present the financial position, changes in financial position, or cash flows of OHA.
Title: NATIVE HAWAIIAN REVOLVING LOAN PROGRAM
Accounting Policies: Expenditures reported on the Schedule are reported in accordance with the modifiedaccrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable
or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: OHA has elected to not use the 10% de minimus indirect cost rate as allowed under the Uniform Guidance.
The Native Hawaiian Revolving Loan Program is administered directly by OHA and balances and transactions related to this program are included in OHA’s basic financial statements. Loans issued during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2024 was $10,491,043.