Sound Recording Special Payments Fund
- Assets
- $20.1m
- Revenue
- $13.0m
- Investments
- $0.0
- Employees
- 10,230
- Location
- New York, NY
- Founding
- Data as of
- 04/2022
- 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 04/2022, Sound Recording Special Payments Fund employed 10,230 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 04/2022, Sound Recording Special Payments Fund generated $13.0m in total revenue. This represents relatively stable growth, over the past 2 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $11.7m during the year ending 04/2022. While expenses have increased by 7.9% 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
2022
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 | $324,266 |
Syed Ali Director Of It/systems | 40 | $195,040 | |
Vincent Visconti Database Architect | 40 | $163,669 | |
Susan Wyllie Musicians' Info Svcs Manager | 40 | $106,033 | |
Paris Gardner Manager | 40 | $105,777 | |
Nancy Narvarro Senior Accountant | 40 | $103,727 |
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 | $12,851,008 |
| Investment income | $72,453 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $4,567 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,023,174 |
| 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 | $9,522,900 |
| Compensation of current officers, directors, key employees. | $368,941 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $793,855 |
| Pension plan accruals and contributions | $114,431 |
| Other employee benefits | $211,724 |
| Payroll taxes | $69,179 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $31,433 |
| Fees for services: Accounting | $147,566 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $34,933 |
| Advertising and promotion | $0 |
| Office expenses | $83,787 |
| Information technology | $98,763 |
| Royalties | $0 |
| Occupancy | $429,120 |
| Travel | $1,499 |
| 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 | $160,379 |
| Insurance | $71,784 |
| All other expenses | $0 |
| Total functional expenses | $11,677,493 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $9,317,594 |
| Savings and temporary cash investments | $174 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $33,546 |
| 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 | $21,233 |
| Net Land, buildings, and equipment | $220,272 |
| Investments—publicly traded securities | $7,598,114 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,893,610 |
| Total assets | $20,084,543 |
| 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 | $10,742,475 |
| Total liabilities | $10,742,475 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $9,342,068 |
| 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 | $20,084,543 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sound Recording Special Payments Fund New York, NY | $20,084,543 | $13,023,174 |
Meet Ac Atlantic City, NJ | $1,297,633 | $9,877,625 |
Southern Tier Rural Integrated Performing Provider System Inc Binghamton, NY | $93,646,541 | $188,761 |
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International Association Of Credit Portfolio Managers Inc New York, NY | $3,469,133 | $2,422,450 |
Call Before You Dig Inc Hamden, CT | $1,482,458 | $2,467,576 |
New England Trade Adjustment Assistance Center Inc North Billerica, MA | $129,956 | $1,964,794 |
Ascend Inc New York, NY | $5,589,868 | $3,173,147 |
Rhode Island Lumber & Building Material Dealers Association Rensselaer, NY | $6,807,037 | $1,588,921 |