Sound Recording Special Payments Fund
- Assets
- $21.7m
- Revenue
- $14.2m
- Investments
- $0.0
- Employees
- 10,616
- Location
- New York, NY
- Founding
- Data as of
- 04/2023
- EIN
- 13-6180704
Organization Overview
Sound Recording Special Payments Fund is located in New York, NY. According to its NTEE Classification (S46) the organization is classified as: Boards of Trade, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 04/2023, Sound Recording Special Payments Fund employed 10,616 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Sound Recording Special Payments Fund 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 04/2023, Sound Recording Special Payments Fund generated $14.2m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $13.3m during the year ending 04/2023. While expenses have increased by 9.9% per year over the past 3 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
DEDICATED TO COLLECT AND TO DISTRIBUTE RESIDUAL PAYMENTS TO MUSICIANS AS A RESULT OF THEIR CRAFTSMANSHIP IN CREATING SOUND RECORDINGS. (SEE SCHEDULE O FOR CONTINUATION)
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO COLLECT AND TO DISTRIBUTE RESIDUAL PAYMENTS TO MUSICIANS AS A RESULT OF THEIR CRAFTSMANSHIP IN CREATING SOUND RECORDINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Dipaola Fund Administrator | Officer | 40 | $333,624 |
Syed Ali Director Of It/systems | 40 | $202,695 | |
Vincent Visconti Database Architect | 40 | $172,015 | |
Nancy Narvarro Senior Accountant | 40 | $108,560 | |
Paris Gardner Manager | 40 | $109,360 | |
Susan Wyllie Musicians' Info Svcs Manager | 40 | $105,856 |
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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $13,959,891 |
| Investment income | $278,368 |
| 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 | $14,238,259 |
| 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 | $11,590,967 |
| Compensation of current officers, directors, key employees. | $386,443 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $829,176 |
| Pension plan accruals and contributions | $109,531 |
| Other employee benefits | $221,528 |
| Payroll taxes | $68,272 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $17,691 |
| Fees for services: Accounting | $121,747 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20,101 |
| Advertising and promotion | $0 |
| Office expenses | $104,436 |
| Information technology | $48,480 |
| Royalties | $0 |
| Occupancy | $185,061 |
| Travel | $6,027 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $485 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $108,075 |
| Insurance | $93,302 |
| All other expenses | $0 |
| Total functional expenses | $13,313,129 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $851,138 |
| Savings and temporary cash investments | $10,199,408 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $77,268 |
| 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 | $247,596 |
| Investments—publicly traded securities | $7,750,717 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,542,984 |
| Total assets | $21,669,111 |
| Accounts payable and accrued expenses | $0 |
| 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 | $11,426,948 |
| Total liabilities | $11,426,948 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $10,242,163 |
| 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 | $21,669,111 |