Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Haa Yakaawu Financial Corporation under programs of the federal government for the year ended December 31, 2025. The information in this 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 Haa Yakaawu Financial Corporation, it is not intended to and does not present the basic financial statements of Haa Yakaawu Financial Corporation.
Expenditures reported on the Schedule are reported on the economic resources measurement focus 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
Haa Yakaawu Financial Corporation has elected not to use the 15 percent de minimis indirect cost rate allowed under the Uniform Guidance.