Latin Academy Of Recording Arts & Sciences Inc
- Assets
- $39.1m
- Revenue
- $23.7m
- Investments
- $0.0
- Employees
- 28
- Location
- Miami, FL
- Founding
- 03/1997
- Data as of
- 01/2022
- 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 01/2022, Latin Recording Academy employed 28 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 01/2022, Latin Recording Academy generated $23.7m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.0% each year. All expenses for the organization totaled $20.0m during the year ending 01/2022. While expenses have increased by 7.3% 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.
Since 2018, Latin Recording Academy has awarded 15 individual grants totaling $6,533,000. 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
2022
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 22ND ANNUAL LATIN GRAMMY AWARDS WAS HELD ON NOVEMBER 18, 2021 AT THE MGM IN LAS VEGAS. THIS WAS TELECAST BY UNIVISION. IT WAS AGAIN A LIVE EVENT SINCE PRIOR YEAR EVENT WAS A HYBRID ONE HELD AT THE AMERICAN AIRLINES ARENA IN MIAMI CAUSED BY COVID-19.
THE LATIN GRAMMY PREMIER EVENT: AN ANNUAL EVENT TO RECOGNIZE THE EXCELLENCE IN MUSIC AND ITS CREATORS. THE 22ND ANNUAL LATIN GRAMMY PREMIER EVENT WAS HELD ON NOVEMBER 18, 2021 BEFORE THE TELECAST OF THE LATIN GRAMMY AWARDS EVENT. IT WAS AGAIN A LIVE EVENT AFTER LAST YEAR'S DIGITAL EVENT DUE TO COVID-19.
THE PERSON OF THE YEAR EVENT: AN ANNUAL EVENT TO HONOR AN ARTIST CAREER FOR HIS/HER EXCELLENCE IN LATIN MUSIC. THE 2021 PERSON OF THE YEAR (POTY) EVENT WAS HELD ON NOVEMBER 17, 2021 AT THE MANDALAY BAY IN LAS VEGAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gabriel Abaroa President Emeritus | Officer | 40 | $1,436,737 |
Manuel Abud CEO | Officer | 40 | $493,264 |
Luis Dousdebes Campo | Officer | 40 | $485,314 |
Javier Aguirre CFO | Officer | 40 | $433,267 |
Aida Scorza VP Awards | Officer | 40 | $376,727 |
Davina Aryeh Cmo | Officer | 40 | $322,768 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gvf Productions Inc Event Production | 1/30/22 | $1,551,258 |
Univision Communications Inc Event Production | 1/30/22 | $1,540,114 |
Mgm Resorts International Hotel Rooms And Miscellaneous | 1/30/22 | $857,838 |
National Academy Of Recording Arts & Sci Administrative Services | 1/30/22 | $425,830 |
Hakkasan Lv Llc After Party Venue | 1/30/22 | $362,632 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $128,098 |
| 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 | $128,098 |
| Total Program Service Revenue | $22,656,774 |
| Investment income | $565,148 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $261,561 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $111,487 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,723,068 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,280,000 |
| 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. | $4,000,101 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,198,382 |
| Pension plan accruals and contributions | $106,325 |
| Other employee benefits | $476,366 |
| Payroll taxes | $241,369 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $139,323 |
| Fees for services: Accounting | $209,617 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $98,448 |
| Fees for services: Other | $1,275,100 |
| Advertising and promotion | $285,951 |
| Office expenses | $746,087 |
| Information technology | $612,867 |
| Royalties | $704,580 |
| Occupancy | $0 |
| Travel | $726,807 |
| 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 | $71,036 |
| Insurance | $217,214 |
| All other expenses | $64,308 |
| Total functional expenses | $19,953,250 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,360,290 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,383,632 |
| 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 | $1,838,388 |
| Net Land, buildings, and equipment | $170,454 |
| Investments—publicly traded securities | $32,293,980 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $68,334 |
| Total assets | $39,115,078 |
| Accounts payable and accrued expenses | $2,696,857 |
| Grants payable | $0 |
| Deferred revenue | $140,496 |
| 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 | $1,090,427 |
| Total liabilities | $3,927,780 |
| Net assets without donor restrictions | $35,187,298 |
| 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 | $39,115,078 |
Grants Awarded
Over the last fiscal year, Latin Academy Of Recording Arts & Sciences Inc has awarded $1,270,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Doral, FL PURPOSE: GENERAL SUPPORT FOR OPERATIVE EXPENSES | $1,000,000 |
Los Angeles, CA PURPOSE: GENERAL SUPPORT FOR THE MUSEUM FOUNDATION'S PROGRAMS | $200,000 |
Los Angeles, CA PURPOSE: GENERAL SUPPORT FOR RESEARCH | $45,000 |
New York, NY PURPOSE: GENERAL SUPPORT FOR AFRO LATIN JAZZ PROGRAMS | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Latin Academy Of Recording Arts & Sciences Inc Miami, FL | $39,115,078 | $23,723,068 |
Florida Internet And Television Association Inc Tallahassee, FL | $2,479,022 | $2,060,073 |
Capital Partners Certified Development Company Atlanta, GA | $1,705,565 | $2,198,742 |
Alabama Broadcasters Association Hoover, AL | $2,203,591 | $1,309,669 |
National Federation Of Music Clubs Gainesville, FL | $13,639,415 | $1,702,418 |
The Art League Of Manatee County Bradenton, FL | $7,443,553 | $2,263,652 |
Georgia Music Educators Association Inc Stockbridge, GA | $234,771 | $589,507 |
International Pediatric Simulation Society Pensacola, FL | $32,451 | $346,258 |
Florida Bandmasters Association Inc Pembroke Pines, FL | $437,979 | $398,193 |
1st Us Volunteer Cavalry Regiment Tampa, FL | $1,062,121 | $401,508 |
World Federation Of Ballroom Dancers Aventura, FL | $12,054 | $378,950 |
Aia Tampa Bay Inc Tampa, FL | $741,734 | $395,580 |