Hogar Hispano Inc.

“Hogar does not have any standing committees outside of the full board.”

“The board completed a thorough review of the audit and devolved the oversight responsibility for the organization's 990 filing to the board chairman. The board is provided, via email, with a copy of the final 990 for review before the 990 is filed with the irs.”

“Monitoring will occur implementing two practices: - annually board members will have to review and sign the conflict of interest policy. If a conflict surfaces the board chair or secretary treasurer will take appropriate action. - all contractors are disclosed to board members and it is its custom to look for potential conflicts of interest situations. If the board or committee members determine that a conflict of interest exists, the interested person may make a presentation at the board or committee meeting, but after such presentation, he or she leaves the meeting during the discussion of, and the vote on, the transaction or arrangement or position statement that results in the conflict of interest. The chair of the board or committee, if appropriate, appoints a disinterested person or committee to investigate alternatives to the proposed transaction or arrangement.”

“The board reviewed the executive director's compensation. It used salary information from the executive director's previous position. The last review took place in october 2017.”

“The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request.”

“Contract cleaning: program service expenses 67,928. Management and general expenses 7,309. Fundraising expenses 0. Total expenses 75,237. Consulting: program service expenses 26,400. Management and general expenses 0. Fundraising expenses 0. Total expenses 26,400. Servicing fees: program service expenses 19,828. Management and general expenses 0. Fundraising expenses 0. Total expenses 19,828. Other prof. Fees: program service expenses 55. Management and general expenses 6,000. Fundraising expenses 0. Total expenses 6,055.”

“On may 7, 2020, hogar hispano, inc. Received loan proceeds in the amount of $66,601 under the paycheck protection program. The promissory note calls for monthly principal and interest payments amortized over the term of the promissory note with a deferral of payments for the first six months. Under the coronavirus aid, relief, and economic security act (cares act), the promissory note may be forgiven by the small business administration in whole or in part. Hogar hispano, inc. Used the proceeds for purposes consistent with the paycheck protection program and met the conditions for forgiveness of the loan. The loan was fully forgiven during january 2021. The organization recorded revenue from debt extinguishment during the period that forgiveness was approved.”