Record Company Inc
- Assets
- $3.8m
- Revenue
- $2.7m
- Investments
- $0.0
- Employees
- 9
- Location
- Boston, MA
- Founding
- 03/2010
- Data as of
- 06/2021
- EIN
- 27-1238513
Organization Overview
Record Company Inc is located in Boston, MA. The organization was established in 2010. 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 06/2021, Record Company Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Record Company 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 06/2021, Record Company Inc generated $2.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 46.2% each year . All expenses for the organization totaled $1.8m during the year ending 06/2021. While expenses have increased by 38.0% per year over the past 6 years. They've been increasing with an increasing level of total revenue. 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 REMOVE THE TECHNICAL AND SOCIAL BARRIERS BETWEEN BOSTON'S MUSIC MAKERS AND THEIR CREATIVE VISIONS THROUGH TRULY AFFORDABLE MUSIC WORKSPACE AND PROFESSIONAL DEVELOPMENT PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SINCE ITS INCEPTION, TRC HAS GROWN TO SERVE 3,750 COMMUNITY MUSIC MAKERS ANNUALLY THROUGH MORE THAN 1,400 LOW-COST RECORDING SESSIONS. ADDITIONALLY, TRC HAS HELPED ARTISTS GROW AND DEVELOP THEIR ARTISTRY THROUGH PROFESSIONAL COMMUNITY DEVELOPMENT PROJECTS.STRATEGIC FACILITY PLAN:TRC BROKE GROUND ON ITS NEW EXPANDED FACILITY IN JANUARY 2020. COMPLETED AND OPENED IN JANUARY OF 2021, THE NEW SPACE FEATURES A TOTAL OF 20 ROOMS - FOUR RECORDING STUDIOS, A COMMUNITY GATHERING ROOM, AND 15 SOUND-ISOLATED MUSIC "REHEARSAL" SUITES WITH A COMPLEMENT OF MUSICAL INSTRUMENTS AND AMPLIFICATION, WHICH CAN BE USED FLEXIBLY. THE NEW SPACE NEARLY TRIPLES TRC'S BOOKABLE CAPACITY AND WILL ALLOW THE ORGANIZATION TO SERVE UP TO 20,000 MUSIC MAKERS PER YEAR.DESPITE LIMITATIONS COVID-19 HAS PLACED ON OUR SHORT TERM OPERATIONAL GROWTH, IN 6 MONTHS OF OPERATION TRC IS ALREADY SERVING TWICE AS MANY MUSIC MAKERS AS IT DID IN ITS PREVIOUS FACILITY. GOING FORWARD, TRC ANTICIPATES CONTINUED SIGNIFICANT GROWTH IN THE BREADTH AND DEPTH OF PROGRAM SERVICES AS A RESULT OF THIS SIGNIFICANT EXPANSION.AS TRC'S IMPACT GROWS, SO WILL ITS SUSTAINABILITY, WITH THE NEW FACILITY PROJECTED TO TRIPLE THE OPERATING BUDGET AND GROW EARNED PROGRAM SERVICE REVENUE TO 75% OF THE TOTAL OPERATING BUDGET IN ITS FIRST THREE YEARSOF OPERATION.
SINCE ITS INCEPTION, TRC HAS GROWN TO SERVE 3,750 COMMUNITY MUSIC MAKERS ANNUALLY THROUGH MORE THAN 1,400 LOW-COST RECORDING SESSIONS. ADDITIONALLY, TRC HAS HELPED ARTISTS GROW AND DEVELOP THEIR ARTISTRY THROUGH PROFESSIONAL COMMUNITY DEVELOPMENT PROJECTS.STRATEGIC FACILITY PLAN:TRC BROKE GROUND ON ITS NEW EXPANDED FACILITY IN JANUARY 2020. COMPLETED AND OPENED IN JANUARY OF 2021, THE NEW SPACE FEATURES A TOTAL OF 20 ROOMS - FOUR RECORDING STUDIOS, A COMMUNITY GATHERING ROOM, AND 15 SOUND-ISOLATED MUSIC "REHEARSAL" SUITES WITH A COMPLEMENT OF MUSICAL INSTRUMENTS AND AMPLIFICATION, WHICH CAN BE USED FLEXIBLY. THE NEW SPACE NEARLY TRIPLES TRC'S BOOKABLE CAPACITY AND WILL ALLOW THE ORGANIZATION TO SERVE UP TO 20,000 MUSIC MAKERS PER YEAR.DESPITE LIMITATIONS COVID-19 HAS PLACED ON OUR SHORT TERM OPERATIONAL GROWTH, IN 6 MONTHS OF OPERATION TRC IS ALREADY SERVING TWICE AS MANY MUSIC MAKERS AS IT DID IN ITS PREVIOUS FACILITY. GOING FORWARD, TRC ANTICIPATES CONTINUED SIGNIFICANT GROWTH IN THE BREADTH AND DEPTH OF PROGRAM SERVICES AS A RESULT OF THIS SIGNIFICANT EXPANSION.AS TRC'S IMPACT GROWS, SO WILL ITS SUSTAINABILITY, WITH THE NEW FACILITY PROJECTED TO TRIPLE THE OPERATING BUDGET AND GROW EARNED PROGRAM SERVICE REVENUE TO 75% OF THE TOTAL OPERATING BUDGET IN ITS FIRST THREE YEARSOF OPERATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matthew S Mcarthur President & Executive Dire | OfficerTrustee | 40 | $60,598 |
Leslie Miller Jewett Clerk & Development Assist | Officer | 40 | $39,594 |
Ty-Juana Flores Director | Trustee | 1 | $2,500 |
Andrew Schulert Treasurer | OfficerTrustee | 1 | $0 |
Doug Arsham Director | Trustee | 1 | $0 |
John Escobar Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $200,240 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,346,381 |
| Noncash contributions included in lines 1a–1f | $95,883 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,546,621 |
| Total Program Service Revenue | $71,583 |
| Investment income | $29,417 |
| 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 | $2,710,315 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $917,336 |
| Grants and other assistance to domestic individuals. | $4,775 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $138,893 |
| Compensation of current officers, directors, key employees. | $46,299 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $280,304 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,170 |
| Payroll taxes | $39,839 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $37,184 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $78,728 |
| Advertising and promotion | $0 |
| Office expenses | $11,479 |
| Information technology | $58,851 |
| Royalties | $0 |
| Occupancy | $110,766 |
| Travel | $2,108 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $121,287 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,500 |
| Insurance | $16,410 |
| All other expenses | $0 |
| Total functional expenses | $1,839,960 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $580,348 |
| Savings and temporary cash investments | $5,559 |
| Pledges and grants receivable | $96,417 |
| Accounts receivable, net | $81,743 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,941,630 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,500 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $79,103 |
| Total assets | $3,786,300 |
| Accounts payable and accrued expenses | $128,241 |
| Grants payable | $0 |
| Deferred revenue | $12,916 |
| 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 | $700,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $206,630 |
| Total liabilities | $1,047,787 |
| Net assets without donor restrictions | $2,362,965 |
| Net assets with donor restrictions | $375,548 |
| 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 | $3,786,300 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Record Company Inc has recieved totaling $326,250.
| Awarding Organization | Amount |
|---|---|
Barr Foundation Boston, MA PURPOSE: ARTS & CREATIVITY: TO SUPPORT CONSTRUCTION COSTS AND START-UP OF A NEW FACILITY | $200,000 |
Klarman Family Foundation Boston, MA PURPOSE: FUNDER COLLABORATIONS AND BOLD BETS: UNRESTRICTED OPERATING SUPPORT FOR FISCAL YEARS 2022, 2023, AND 2024, AS A PART OF THE BARR-KLARMAN MASSACHUSETTS ARTS INITIATIVE (RAPID RESPONSE) | $46,250 |
Barr Foundation Boston, MA PURPOSE: ARTS & CREATIVITY: TO SUPPORT PARTICIPATION IN YEARS 4-6 OF THE BARR KLARMAN MASSACHUSETTS ARTS INITIATIVE | $27,500 |
Klarman Family Foundation Boston, MA PURPOSE: FUNDER COLLABORATIONS AND BOLD BETS: UNRESTRICTED OPERATING SUPPORT FOR FISCAL YEARS 2022, 2023, AND 2024, AS A PART OF THE BARR-KLARMAN MASSACHUSETTS ARTS INITIATIVE (RAPID RESPONSE) | $27,500 |
Schwab Charitable Fund San Francisco, CA PURPOSE: ARTS, CULTURE & HUMANITIES | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Handel And Haydn Society Boston, MA | $29,038,335 | $22,868,295 |
Groton Hill Music Inc Groton, MA | $210,830,113 | $41,196,688 |
Newport Festivals Foundation Inc Essex, MA | $20,080,911 | $11,132,304 |
Whyhunger Inc New York, NY | $5,607,325 | $7,869,621 |
Caramoor Center For Music & The Arts Inc Katonah, NY | $49,439,168 | $6,140,543 |
Save The Music Foundation New York, NY | $5,156,662 | $8,206,045 |
Rockport Music Inc Rockport, MA | $31,791,427 | $3,720,672 |
American Friends Of Les Arts Florissants Inc New York, NY | $1,107,997 | $2,546,808 |
Chicken & Egg Pictures Inc Brooklyn, NY | $9,525,742 | $4,390,371 |
Young Concert Artists Inc New York, NY | $10,777,916 | $2,607,839 |
New Music Usa Inc New York, NY | $21,074,524 | $3,287,635 |
Original Music Workshop Inc Brooklyn, NY | $4,224,196 | $2,706,667 |