Channel One Inc.

“Chad decook, the board chair starting in 2020, and matt decook, the interim finance director hired in february of 2020, are brothers.”

“The final form 990 was reviewed by the board and finance committee prior to its filing with the irs.”

“The existence of any of the natures of conflicting interests shall be disclosed before any transaction is consummated. It is the continuing responsibility of the board, officers, and management employees to scrutinize their transactions and outside business interests and relationships for potential conflicts and to immediately make such disclosures. Disclosures in the organization are made to the executive director who shall bring the matter to the board. If the executive director has the conflict, disclosure is made to the board chair, which will then bring the matter to the board. Disclosure involving board members are made to the board chair, or if he/she has the conflict, then to the board vice-chair, who will bring the matter to the board. The policy covers all directors and officers, and all employees who can influence the actions of channel one (i.e., making purchasing decisions, management personnel, and anyone who has proprietary information concerning channel one). Determinations of whether a conflict exists are made at the board level. If a conflict exists, the board will determine whether the contemplated transaction may be authorized. Actual conflicts are reviewed at the board level. Persons with a conflict are excluded from the discussion and approval of such transaction.”

“The organization's process to determine the compensation of top management officials and officers includes a review of comparability data and substantiation of the deliberation and decision. The process was used to determine the compensation of the executive director in 2018 and 2019.”

“The organization's governing documents, conflict of interest policy, and financial statements are available upon request. The annual financial statement is included in an annual report, which is mailed to donors and funding entities.”

“On april 17, 2020, the organization qualified and received a loan pursuant to the paycheck protection program("ppp"), a program implemented by the u.s. Small business administration under the coronavirus aid, relief, and economic security act commonly referred to as the cares act, for an aggregate principal amount of approximately $265,500. The ppp provides funds to cover up to 24 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. The loan has a maturity date of april 17, 2022. The loan bears an annual interest rate of 1%. The loan shall be payable monthly with the first six monthly payments deferred. It is the organization's intent to apply for loan forgiveness under the provisions of section 1106 of the cares act. Loan forgiveness is subject to the sole approval of the sba. The organization is eligible for loan forgiveness in an amount equal to payments made during the 24-week period beginning on the loan date, with the exception that no more than 40% of the amount of loan forgiveness may be for expenses other than payroll expenses. The organization plans to use all loan proceeds to partially subsidize direct payroll expenses. The organization elected to account for the ppp loan under the conditional contribution guidance to record forgiveness. The full 24 week had not been completed and therefore not all of the conditions were met as of june 30, 2020. The organization anticipates meeting all of the conditions and applying for forgiveness of the loan in the fiscal year ending june 30, 2021.”