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Independent auditors give OHA clean opinion; trustees approve FY25 financial statements
Summary
NNK CPAs reported an unmodified (clean) opinion on the Office of Hawaiian Affairs' FY25 financial statements and single audit, noting no reportable internal‑control deficiencies; the Budget & Finance Committee approved the auditor report on a roll‑call vote (8–0).
The Budget and Finance Committee of the Office of Hawaiian Affairs voted 8–0 on March 18 to accept the independent auditors' report on the agency’s financial statements for the fiscal year ended June 30, 2025.
Charles Gooden, a principal with the engagement team, and Taylor, the senior manager, told trustees the audit resulted in an unmodified opinion on the financial statements and on compliance for each major federal program. Taylor said the auditors “did not identify any deficiencies in internal controls or any material weaknesses,” and added there were “no instances of non‑compliance or other matters that required reporting.”
Auditors highlighted year‑over‑year movements: investment‑driven unrealized gains lifted other assets, total liabilities decreased—largely due to principal debt payments and declines in net OPEB liability—and the net position for FY25 rose compared with the prior year. They also said adoption of GASB Statement No. 101 (compensated absences) required a retroactive recording of a liability for sick leave, which reduced beginning net position by about $1.56 million.
Trustees thanked the audit team and the administration for what Trustee Aina described as a report that “passed with flying colors.” Chair placed the motion to approve the report; a roll call recorded eight yes votes and the motion carried.
Next steps: staff said management will sign the required representation letter and the administration will distribute and file the finalized reports as authorized by the motion passed by the committee.
