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 february of 2022.”

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

“The organization is no longer carrying out its affordable office space program.”

“Contract: program service expenses 85,007. Management and general expenses 107,770. Fundraising expenses 0. Total expenses 192,777. Consulting: program service expenses 25,120. Management and general expenses 0. Fundraising expenses 0. Total expenses 25,120. Servicing fees: program service expenses 9,825. Management and general expenses 0. Fundraising expenses 0. Total expenses 9,825. Other prof. Fees: program service expenses 0. Management and general expenses 39,000. Fundraising expenses 0. Total expenses 39,000.”

“On may 7,2020,hogar hispano, inc. Received loan proceeds in the amount of $66,601 under the paycheck protection program. The promissory note called for monthly principal and interest payments amortized over the term of the promissory note, with a deferral of payments for the first six months. On march 11, 2021, hogar hispano, inc. Entered into a five-year promissory note agreement in the amount of $66,602 with a 1% fixed interest rate, under the second round of funding of the paycheck protection program. The promissory note called for monthly principal and interest payments amortized over the term of the promissory note, unless otherwise forgiven. Under the coronavirus aid, relief, and economic security act (cares act), the promissory notes may be forgiven by the small business administration in whole or in part. During the year ended december 31, 2021, hogar hispano, inc. Used the proceeds of both loans for purposes consistent with the paycheck protection program, and the loans were fully forgiven during march and september 2021,respectively. The organization recorded revenue from debt extinguishment during the periods that forgiveness was approved.”