Hispanic Information & Telecommunications Network Inc.

“A draft copy of the form 990 is provided to each of hitn's board members at a board meeting. The form 990 is reviewed and the board is provided the opportunity to ask questions and discuss any suggested changes with management. The board will then be asked to approve the submission of the final version before it is electronically filed with the internal revenue service.”

“Hitn has a rigorous process in place for monitoring officer, director and key employee compliance with its conflict of interest policy. Each officer, director, and key employee (as well as senior staff) is required to annually complete a questionnaire disclosing transactions that could potentially impair independence. The organization's annual questionnaire has been conformed to comply with the requirements of the form 990 so as to ensure that all potentially reportable transactions are uncovered and disclosed. Upon disclosure of a conflict of interest or potential conflict of interest, the audit committee of the board will review the matter and determine whether to approve or ratify such matter depending on a number of factors, including, whether the terms of the transaction are fair, reasonable and in the best interest of hitn; whether there are alternative transactions that do not present a conflict; whether the transaction advances hitn's mission; and whether such transaction could result in an impermissible private benefit to the impacted individual.”

“The board of directors establishes the compensation for the ceo. The organization is considering commissioning a new compensation study in 2022 or 2023 to ensure that the compensation it pays continues to be within market. The current compensation of the organization's officers is based on a previously conducted independent compensation study. The results of this study were reviewed by the board of directors and were used to assist in establishing the compensation levels. All compensation decisions were memorialized in the organization's board of director's minutes.”

“Hitn makes its form 990 available to the public by retaining a copy at its place of business and on its website, www.hitn.org. The form 990 is likewise published on the internet at www.guidestar.org. The organization's financial statements are made available in its annual report and on its website. The organization's governing documents and conflict of interest policy are not ordinarily made available to the public, but, if requested, will be provided at management's discretion.”

“In march of 2020 the world health organization officially declared covid-19, a disease caused by the novel coronavirus, a pandemic. The outbreak has adversely impacted the level of economic activity around the world and disrupted normal business activity in every sector of the economy. The full impact of the covid-19 outbreak continues to evolve as of the date of this report. External factors, including the duration and intensity of the pandemic, the shape of the economic recovery across the globe, as well as timing and widespread adoption of vaccines, may have an impact on the company's operating results. Due to the many uncertainties associated with the pandemic, management is unable to determine the potential impact it may have on the company's financial condition, or liquidity and future operating results. In april 2020, the company was granted a loan totaling $1,245,270 pursuant to the small business administration paycheck protection program under division a, title 1 of the cares act (the "ppp loan"). The ppp loan, which was in the form of a note dated april 7, 2020, was scheduled to mature on april 7, 2022. Funds from the ppp loan may only be used for certain costs, such as payroll costs and occupancy expenses. The company used the entire ppp loan for qualifying expenses during fiscal 2020. On april 5, 2021, the company's ppp loan, in the amount of $1,245,270, was forgiven by the federal government. The organization is recording the forgiven ppp loan as government grant revenue in the current year 990.”