Friends Of The Record Company Inc
- Assets
- $5.0m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Boston, MA
- Founding
- 02/2020
- Data as of
- 06/2021
- EIN
- 84-1799483
Organization Overview
Friends Of The Record Company Inc is located in Boston, MA. The organization was established in 2020. According to its NTEE Classification (A11) the organization is classified as: Single Organization Support, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Friends Of The 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, Friends Of The Record Company Inc generated $1.0m in total revenue. All expenses for the organization totaled $180.0k during the year ending 06/2021. While expenses have increased by 123.4% per year over the past 2 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
PROVIDE SUPPORT TO THE RECORD COMPANY, INC.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CONSTRUCTION WAS COMPLETED AND THE NEW SPACE OPENED IN JANUARY OF 2021, WHICH 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. FOTRC SUBLEASES THE FACILITY TO TRC, WHICH NEARLY TRIPLES TRC'S BOOKABLE CAPACITY AND WILL ALLOW TRC TO ERVE UP TO 20,000 MUSIC MAKERS PER YEAR.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andrew Schulert Treasurer | OfficerTrustee | 1 | $0 |
Matthew S Mcarthur President & Executive Dire | OfficerTrustee | 1 | $0 |
Leslie Miller Jewett Clerk | Officer | 1 | $0 |
John Escobar Director | Trustee | 1 | $0 |
James F Grace Director | Trustee | 1 | $0 |
Felice L Silverman Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $917,336 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $62,450 |
| Noncash contributions included in lines 1a–1f | $446,800 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $979,786 |
| Total Program Service Revenue | $25,372 |
| Investment income | $399 |
| 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 | $1,005,557 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $21,500 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,500 |
| 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 | $75 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $9,888 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $20,893 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $125,140 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $179,996 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,505 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $62,450 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,828,699 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $127,594 |
| Total assets | $5,042,248 |
| Accounts payable and accrued expenses | $18,972 |
| 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 | $4,189,429 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,208,401 |
| Net assets without donor restrictions | $833,847 |
| 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 | $5,042,248 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Friends Of The Record Company Inc has recieved totaling $3,000.
| Awarding Organization | Amount |
|---|---|
The Red Elm Tree Foundation Lincoln, MA PURPOSE: GENERAL PURPOSE GRANT | $1,000 |
The Red Elm Tree Foundation Lincoln, MA PURPOSE: GENERAL PURPOSE GRANT | $1,000 |
The Red Elm Tree Foundation Lincoln, MA PURPOSE: GENERAL PURPOSE GRANT | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Friends Of The Israel Museum New York, NY | $210,139,805 | $22,216,217 |
Friends Of Bezalel Academy Of Arts And Designs Inc New York, NY | $2,039,900 | $22,554,800 |
The Friends Of The Israel Antiquities Authority Inc New York, NY | $7,188,185 | $4,799,124 |
Tate Americas Foundation New York, NY | $101,513,410 | $8,735,378 |
Museo Reina Sofia Foundation Usa Inc New York, NY | $1,828,282 | $604,276 |
American Associates Of The National Theatre Inc New York, NY | $4,697,341 | $5,678,751 |
American Friends Of The Israel Philharmonic Orchestra Inc New York, NY | $30,416,918 | $8,529,001 |
American Friends Of The Louvre Inc New York, NY | $14,733,047 | $4,946,706 |
American Friends Of The National Portrait Gallery Foundation Inc New York, NY | $1,343,323 | $3,284,122 |
Coolidge Corner Theatre Foundation Inc Brookline, MA | $13,995,984 | $5,567,271 |
Boston Arts Academy Foundation Inc Boston, MA | $11,130,374 | $3,508,715 |
Friends Of The New York Transit Museum Brooklyn, NY | $12,792,750 | $2,066,293 |