Rockport Music Inc
- Assets
- $34.9m
- Revenue
- $3.1m
- Investments
- $0.0
- Employees
- 44
- Location
- Rockport, MA
- Founding
- 07/1984
- Data as of
- 08/2021
- EIN
- 22-2479696
Organization Overview
Rockport Music Inc is located in Rockport, MA. The organization was established in 1984. According to its NTEE Classification (A68) the organization is classified as: Music, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 03/2023, Rockport Music Inc employed 44 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rockport Music 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 08/2021, Rockport Music Inc generated $3.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (11.8%) each year. All expenses for the organization totaled $2.8m during the year ending 08/2021. As we would expect to see with falling revenues, expenses have declined by (12.8%) per year over the past 4 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO INSPIRE A LOVE AND UNDERSTANDING OF MUSIC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ROCKPORT MUSIC IS A PREMIER CONCERT DESTINATION WITH ITS SEASIDE SHALIN LIU PERFORMANCE CENTER. A WORLD-CLASS ARTS PRESENTER BRINGING A WIDE VARIETY OF MUSIC, INCLUDING CLASSICAL CHAMBER MUSIC, JAZZ, FOLK, POP AND GLOBAL MUSIC. ADDITIONALLY, ROCKPORT MUSIC PRESENTS THE HIGHEST QUALITY IN BROADCAST PRESENTATIONS BY THE METROPOLITAN OPERA, THE NATIONAL THEATRE OF ENGLAND, AND THE MANHATTAN SHORT FILM FESTIVAL. AS A YEAR-ROUND PRESENTER, ROCKPORT MUSIC HOSTS OVER 150 CONCERTS AND EVENTS ANNUALLY.
WE ARE DISTINGUISHED BY OUR EXPANSIVE EDUCATIONAL PROGRAMS, WHICH HOSTED 10 DISTINCT ARTISTS OVER 30 DAYS OF IN-SCHOOL WORKSHOPS, REACHING 1,500 STUDENTS. THROUGH THE COMMUNITY ENGAGEMENT CONCERT SERIES, ROCKPORT MUSIC DEEPENS AN APPRECIATION FOR GREAT MUSIC AND MAKES ENRICHING MUSICAL EXPERIENCES ACCESSIBLE TO ALL AGES, WITH APPROXIMATELY 2,200 INDIVIDUALS REACHED THROUGHOUT THE YEAR. WE NURTURE NEW AUDIENCES AND INSPIRE FUTURE ARTISTS AND PATRONS THROUGH INNOVATIVE AND INTERACTIVE PROGRAMS. ADDITIONALLY, THE ORGANIZATION CONTINUES TO REMAIN COMMITTED TO UNDERTAKING DEIAB INITIATIVES IN BOTH EDUCATION AND PROGRAMMING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Anthony Beadle Executive Director | Officer | 40 | $207,000 |
Lori Correale Director Of Development | 40 | $109,624 | |
Karen Herlitz Director Of Marketing | 40 | $109,154 | |
Jeannie Mcintyre Chair | OfficerTrustee | 4 | $0 |
Edward Becker Vice-Chair | OfficerTrustee | 4 | $0 |
Sandra Jesse Vice-Chair | OfficerTrustee | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,725,630 |
| Investment income | $139,793 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $93,818 |
| Net Gain/Loss on Asset Sales | -$213,011 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,077,762 |
| Statement of Expenses | |
|---|---|
| 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. | $182,990 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $693,891 |
| Pension plan accruals and contributions | $17,212 |
| Other employee benefits | $215,955 |
| Payroll taxes | $85,309 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $11,263 |
| Fees for services: Accounting | $21,375 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,085 |
| Advertising and promotion | $68,578 |
| Office expenses | $12,125 |
| Information technology | $87,102 |
| Royalties | $0 |
| Occupancy | $296,133 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $98,171 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $544,709 |
| Insurance | $90,808 |
| All other expenses | $0 |
| Total functional expenses | $2,846,514 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $65,802 |
| Savings and temporary cash investments | $2,580,794 |
| Pledges and grants receivable | $530,300 |
| Accounts receivable, net | $1,989 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,197 |
| Prepaid expenses and deferred charges | $194,471 |
| Investments—publicly traded securities | $14,075,655 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $717,618 |
| Total assets | $34,853,263 |
| Accounts payable and accrued expenses | $499,232 |
| Grants payable | $0 |
| Deferred revenue | $692,657 |
| 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 | $2,612,637 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $3,804,526 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $31,048,737 |