Soundcorps Inc
- Assets
- $60.3k
- Revenue
- $225.9k
- Investments
- $0.0
- Employees
- 3
- Location
- Chattanooga, TN
- Founding
- 05/2015
- Data as of
- 12/2021
- EIN
- 46-4519201
Organization Overview
Soundcorps Inc is located in Chattanooga, TN. The organization was established in 2015. 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 12/2021, Soundcorps Inc employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Soundcorps 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 12/2021, Soundcorps Inc generated $225.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.4% each year. All expenses for the organization totaled $253.5k during the year ending 12/2021. While expenses have increased by 11.6% per year over the past 7 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
WE DEVOTE OUR ENERGIES TO BUILDING LOCAL MUSIC INFRASTRUCTURE AND PROFESSIONAL EXPERTISE THROUGH ONGOING PROGRAMS, EVENTS AND INITIATIVES. THESE EFFORTS WILL TRANSLATE INTO INCREASED OPPORTUNITIES TO EXPERIENCE CHATTANOOGA MUSIC.
Describe the Organization's Program Activity:
SOUNDCORPS PROGRAMS ARE DESIGNED TO HELP LOCAL MUSIC INDUSTRY PROFESSIONALS BUILD THEIR CAREERS THROUGH TRAINING, RESOURCE DEVELOPMENT, AND NETWORKING. INDIVIDUALS IMPACTED DURING 2021 NUMBER AT 78,750. THESE PROGRAMS INCLUDE ONLINE ACTIVITIES, INCLUDING BANDWIDTH, AND EVENTS LIKE RAIL & HOPS BREWERS FESTIVAL, ST PADDY'S PARTY ON THE PARKWAY, MAIN X 24 ADULT BIG WHEEL RACE AND THE ROAD TO NIGHTFALL CONCERT SERIES.
SIDEWALK STAGES, OUR PUBLIC STREET PERFORMANCE INITIATIVE, IS DESIGNED TO ACTIVATE PUBLIC SPACES THROUGHOUT CHATTANOOGA WITH LIVE LOCAL MUSIC. INDIVIDUALS IMPACTED DURING 2021 NUMBER 221,000.
SOUNDBITES IS THE NATION'S FIRST LOCAL MUSIC SUBSCRIPTION SERVICE, WHICH CONNECTS UP-AND-COMING RECORDING ARTISTS WITH AN AUDIENCE OF SUBSCRIBERS WHO WANT TO LEARN ABOUT NEW LOCAL MUSIC. THIS PROGRAM IMPACTED 250 MUSICIANS AND SUBSCRIBERS.
CRAFT MASTERS IS AN EIGHT-WEEK MUSIC INDUSTRY INTENSIVE COURSE DEDICATED TO HELPING CHATTANOOGA MUSIC INDUSTRY PROFESSIONALS TAKE THEIR MUSIC BUSINESS IDEA FROM DREAM TO REALITY THROUGH BUSINESS ACCELERATION. INDIVIDUALS IMPACTED DURING 2021 NUMBER 24.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stratton Tingle Executive Director | OfficerTrustee | 40 | $68,269 |
Steve O'neil Board Secretary | OfficerTrustee | 2.12 | $0 |
Reed Bobo Board Treasurer | OfficerTrustee | 1.39 | $0 |
Monica Kinsey Board Chair | OfficerTrustee | 3.75 | $0 |
Kinnawa Kaitibi Board Member | Trustee | 1.39 | $0 |
Donna Harrison Board Member | Trustee | 1.39 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $5,000 |
| Related organizations | $0 |
| Government grants | $28,632 |
| All other contributions, gifts, grants, and similar amounts not included above | $217,822 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $251,454 |
| Total Program Service Revenue | $5,150 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$30,719 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $225,885 |
| 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. | $68,269 |
| Compensation of current officers, directors, key employees. | $10,769 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $34,482 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $6,057 |
| Payroll taxes | $7,661 |
| Fees for services: Management | $3,606 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,436 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $53,207 |
| Advertising and promotion | $4,119 |
| Office expenses | $316 |
| Information technology | $1,368 |
| Royalties | $0 |
| Occupancy | $3,001 |
| Travel | $401 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $617 |
| Interest | $26 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,438 |
| Insurance | $1,240 |
| All other expenses | $188 |
| Total functional expenses | $253,482 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $42,935 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15 |
| 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 | $17,344 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $60,294 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $60,294 |
| 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 | $60,294 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Soundcorps Inc has recieved totaling $101,005.
| Awarding Organization | Amount |
|---|---|
Chattanooga Area Convention And Visitors Bureau Inc Chattanooga, TN PURPOSE: PROVIDE SUPPORT FOR EVENTS/CONVENTIONS THAT PROMOTE TOURISM IN THE LOCAL CHATTANOOGA AREA IN ACCORDANCE WITH RESOLUTION 207-27. | $71,000 |
Robert F Stone Foundation Wilmington, DE PURPOSE: GENERAL & UNRESTRICTED | $30,000 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Country Music Association Inc Nashville, TN | $102,178,283 | $43,001,334 |
Jazz St Louis St Louis, MO | $11,818,193 | $2,884,733 |
Birthplace Of Country Music Alliance Bristol, TN | $15,699,295 | $2,559,665 |
Musicians On Call Inc Nashville, TN | $3,633,934 | $3,486,106 |
Ragtag Film Society Columbia, MO | $1,382,564 | $1,866,748 |
Radio Arts Foundation Clayton, MO | $3,517,540 | $1,458,263 |
Garth Newel Music Center Foundation Corp Warm Springs, VA | $11,030,155 | $3,286,449 |
Blues Foundation Inc Memphis, TN | $4,533,935 | $1,249,645 |
Songbirds Foundation Inc Chattanooga, TN | $16,669,845 | $490,877 |
Community Arts Association In Newton County Inc Covington, GA | $760,838 | $850,953 |
Virginia Musical Theatre Inc Virginia Beach, VA | $428,462 | $648,568 |
Musicians Hall Of Fame And Museum Nashville, TN | $2,497,299 | $1,370,985 |