OHA audit reveals shocking absence of endowment fund

During a recent meeting of the Office of Hawaiian Affairs (OHA), trustees engaged in a heated discussion regarding the existence and status of the OHA Endowment Fund. The dialogue was sparked by trustee inquiries about the findings of an independent audit conducted by the PUN Group, which reportedly did not identify any separate endowment account.

Trustee Pras raised concerns about the absence of documentation related to the endowment fund, stating that while there were references to its existence and a director had been hired, no actual fund could be located. Independent auditor Sofia confirmed that the audit followed government standards and suggested that further details were needed to clarify the situation.

Trustee Souza emphasized that there is no established or funded endowment account by OHA, which was echoed by other trustees who referenced a memorandum confirming this lack of an endowment fund. Trustee Trask, however, expressed frustration over conflicting reports, noting that documentation had previously indicated the existence of an endowment fund and questioned the rationale behind hiring a director for a non-existent fund.

The meeting underscored the need for transparency and clarity regarding OHA's financial operations, particularly as the audit results are set to be reviewed by state and federal investigators. The trustees agreed to follow up on the discrepancies and ensure accurate reporting moving forward.