Hips Road Inc
- Assets
- $2.2m
- Revenue
- $755.8k
- Investments
- $0.0
- Employees
- 2
- Location
- New York, NY
- Founding
- 03/1993
- Data as of
- 12/2022
- EIN
- 13-3471757
Organization Overview
Hips Road Inc is located in New York, NY. The organization was established in 1993. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. As of 12/2022, Hips Road Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hips Road Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Hips Road Inc generated $755.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (3.3%) each year. All expenses for the organization totaled $606.1k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (5.4%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FUND RECORDING ARTISTS AND COMPOSERS TO PROMOTE ARTISTIC DEVELOPMENT AND CULTURAL EXCHANGES
Describe the Organization's Program Activity:
Part 3 - Line 4a
TZADIK LABEL GRANT: TO PROVIDE FUNDS TO COMPOSERS AND RECORDING ARTISTS TO COMPLETE THEIR ORIGINAL COMPOSITIONS ACTIVITIES INCLUDE COVER DESIGN, MASTERING AND PRESSING.
OTHER PROGRAMS/PERFORMANCES/RECORDING/MUSIC PUBLISHING/LIBRARY/FILM: TO SUPPORT RADICAL APPROACHES TO CREATIVITY AND UNFLAGGING DEVOTION TO THE CREATIVE ARTS. THE ORGANIZATION DECIDED TO CONTRUCT AN ARCHIVAL SPACE FACILITY DUE TO EXPANSION OF ITS NEVER ENDING MARK IN MUSIC CULTURE.
ARCANA/AVANT LABEL/CHASE EDITION/COMPOSER'S GRANT: TO PROVIDE FUNDING TO COMPOSERS AND RECORDING ARTISTS TO ENABLE THEM TO COMPLETE THEIR COMPOSITIONS
THE STONE WORKSHOP TO MAINTAIN AND SUPPORT THE PERFORMANCE OF EXPERIMENTAL AND AVANT-GARDE MUSIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Zorn Artistic Dr | OfficerTrustee | 45 | $40,000 |
Ikue Mori Director | OfficerTrustee | 40 | $18,689 |
Heung Heung Chin Secretary | OfficerTrustee | 2 | $11,050 |
Kazunori Sugiyama Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $56,420 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $56,420 |
| Total Program Service Revenue | $695,879 |
| Investment income | $3,502 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $755,801 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $10,000 |
| Compensation of current officers, directors, key employees. | $10,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,250 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $986 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,700 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $1,571 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,281 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,128 |
| Insurance | $0 |
| All other expenses | $555,799 |
| Total functional expenses | $606,095 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $217,739 |
| Savings and temporary cash investments | $1,190,051 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $50,800 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $693,506 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $6,300 |
| Total assets | $2,158,396 |
| Accounts payable and accrued expenses | $12,954 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $12,954 |
| Net assets without donor restrictions | $2,145,442 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,158,396 |