Latin Academy Of Recording Arts & Sciences Inc
- Assets
- $47.0m
- Revenue
- $41.3m
- Investments
- $0.0
- Employees
- 47
- Location
- Miami, FL
- Founding
- 03/1997
- Data as of
- 01/2024
- EIN
- 95-4501165
Organization Overview
Latin Academy Of Recording Arts & Sciences Inc, operating under the name The Latin Recording Academy, is located in Miami, FL. The organization was established in 1997. According to its NTEE Classification (A03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Arts, Culture & Humanities and related organizations. As of 01/2024, Latin Recording Academy employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Latin Recording Academy is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 01/2024, Latin Recording Academy generated $41.3m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 12.1% each year . All expenses for the organization totaled $37.4m during the year ending 01/2024. While expenses have increased by 13.3% per year over the past 9 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.
Since 2018, Latin Recording Academy has awarded 20 individual grants totaling $9,675,050. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION'S MISSION IS TO ADVANCE THE ARTS AND SCIENCES OF RECORDING LATIN MUSIC
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE LATIN GRAMMY AWARDS EVENT: AN ANNUAL EVENT TO RECOGNIZE THE EXCELLENCE IN MUSIC AND ITS CREATORS. THE 24TH ANNUAL LATIN GRAMMY AWARDS WAS HELD ON NOVEMBER 16, 2023 IN SEVILLE, SPAIN.
THE LATIN GRAMMY PREMIER EVENT: AN ANNUAL EVENT TO RECOGNIZE THE EXCELLENCE IN MUSIC AND ITS CREATORS. THE 24TH ANNUAL LATIN GRAMMY AWARDS WAS HELD ON NOVEMBER 16, 2023 IN SEVILLE, SPAIN BEFORE THE TELECAST OF THE LATIN GRAMMY AWARDS EVENT.
THE PERSON OF THE YEAR EVENT: AN ANNUAL EVENT TO HONOR AN ARTIST CAREER FOR HIS/HER EXCELLENCE IN LATIN MUSIC. THE 2023 PERSON OF THE YEAR (POTY) EVENT WAS HELD ON NOVEMBER 15, 2023 AT SEVILLE, SPAIN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Aloysio Reis Secretary | OfficerTrustee | 1 | $0 |
Eduardo Hutt Chairman Of The Board | OfficerTrustee | 1 | $0 |
Alexandra Lioutikoff Trustee | Trustee | 1 | $0 |
Carla Estrada Trustee (to 3/20/23) | Trustee | 1 | $0 |
Carlos Alvarez Trustee | Trustee | 1 | $0 |
Eduardo Bergallo Trustee | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
The Joe Lewis Company Inc Event Production | 1/30/24 | $473,663 |
Fine And Dandy Films S De Rl De Cv Event Production | 1/30/24 | $282,444 |
Gsd Tribe Llc Sales Representative | 1/30/24 | $299,838 |
Greenberg Traurig Llp Legal Services | 1/30/24 | $273,683 |
Bluemen Corp Event Production | 1/30/24 | $241,961 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $199,333 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,995,334 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,194,667 |
| Total Program Service Revenue | $36,399,872 |
| Investment income | $854,968 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $484,690 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$629,872 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $41,304,325 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,742,050 |
| 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. | $3,858,455 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,013,631 |
| Pension plan accruals and contributions | $195,066 |
| Other employee benefits | $643,415 |
| Payroll taxes | $361,986 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $389,544 |
| Fees for services: Accounting | $262,749 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $126,678 |
| Fees for services: Other | $2,352,348 |
| Advertising and promotion | $232,080 |
| Office expenses | $884,152 |
| Information technology | $1,244,050 |
| Royalties | $874,992 |
| Occupancy | $0 |
| Travel | $737,587 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $54,123 |
| Insurance | $302,796 |
| All other expenses | $252,816 |
| Total functional expenses | $37,445,344 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $948,633 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,069,858 |
| 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 | $1,940,981 |
| Net Land, buildings, and equipment | $93,987 |
| Investments—publicly traded securities | $36,279,376 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $669,151 |
| Total assets | $47,001,986 |
| Accounts payable and accrued expenses | $3,309,644 |
| Grants payable | $0 |
| Deferred revenue | $197,782 |
| 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 | $2,808,895 |
| Total liabilities | $6,316,321 |
| Net assets without donor restrictions | $40,685,665 |
| 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 | $47,001,986 |
Grants Awarded
Over the last fiscal year, Latin Academy Of Recording Arts & Sciences Inc has awarded $1,742,050 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
UNIVERSITY OF SOUTHERN CALIFORNIA PURPOSE: SUPPORT USC FELLOWSHIP FUND | $15,000 |
LATIN GRAMMY CULTURAL FOUNDATION PURPOSE: GENERAL SUPPORT FOR OPERATIVE EXPENSES | $1,527,050 |
GRAMMY MUSEUM FOUNDATION PURPOSE: GENERAL SUPPORT FOR THE MUSEUM FOUNDATION PROGRAMS | $200,000 |