SHEFA said it operates the post-secondary assistance program in a fiscally responsible manner as shown by its “not incurring cost overruns on both the student assistance and program operation sides of the budget equation.”
It said approximately 97 percent of its fiscal and program resources is “parlayed on and accrue to the benefit” of scholars, and these include financial assistance, academic and career guidance, counseling activities and employment assistance referral services.
SHEFA earlier criticized OPA for failing to establish contact, interviews, and meetings with the board members and program officials before completing its review.
OPA raised issues with SHEFA’s employment contracts, the frequency and amount of the board’s remuneration, and other policies and practices.
But according to SHEFA, it “neither incurred operational cost overruns nor deficits in postsecondary assistance since its inception in fall 2004.”
It said its board is “touted a model in fiscal restraint, operating in a fiscally conservative manner.”
The board said it did not purchase or lease expensive and luxurious vehicles with public funds, did not provide members with state-of-the-art cellular gadgets, and does business in the same old and small place at MIHA Housing with limited supplies and equipment.
According to SHEFA, its board reviewed and processed over 2,400 applications and support materials and awarded slightly over $5 million in grants.
It said on average, only $50 per month was received by each board member — not even enough to compensate all the extra time and efforts they provided for the programs.
“The same work schedule applies to the contractors, who are often on 24/7 work status, especially during the formative stages of SHEFA,” it stated.
OPA noted that SHEFA “outsourced” its need for personnel, instead of using civil servants.
But SHEFA said its policy “comports with SHEFA’s enabling statute and provisions of pertinent law governing civil service.”
