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Record Company Inc.

 960 Massachusetts Avenue
 Boston, MA 02118
[P] (617) 7650155
[F] --
therecordco.org
matt@therecordco.org
Matt McArthur
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INCORPORATED: 2010
 Printable Profile (Summary / Full)
EIN 27-1238513

LAST UPDATED: 08/13/2018
Organization DBA --
Former Names --
Organization received a competitive grant from the Boston Foundation in the past five years Yes

Summary

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Mission StatementMORE »

Our mission is to remove the technical and social barriers between music makers and their creative visions through affordable music workspace and professional development programs.

Mission Statement

Our mission is to remove the technical and social barriers between music makers and their creative visions through affordable music workspace and professional development programs.


FinancialsMORE »

Fiscal Year July 01, 2018 to June 30, 2019
Projected Income $533,100.00
Projected Expense $439,980.00

ProgramsMORE »

  • Affordable Recording
  • Boston Sessions Compilation
  • Youth Recording Grant Plot Program

Revenue vs. Expense ($000s)

Expense Breakdown 2017 (%)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

For more details regarding the organization's financial information, select the financial tab and review available comments.


Overview

Mission Statement

Our mission is to remove the technical and social barriers between music makers and their creative visions through affordable music workspace and professional development programs.


Background Statement

Founded in 2010 by Berklee College of Music graduate Matt McArthur, The Record Co. is a Boston-based nonprofit on a mission to make Greater Boston a sustainable, equitable place for music makers. At our core, we're a music incubator. TRC’s defining vision is that one day all artists will be able to realize their creative goals, regardless of gender, race, class, sexuality, or other identifiers. We summarize our mission with a simple tag line: Every music maker. No barriers.

Impact Statement

The environment for Greater Boston music makers has weakened over the past thirty years, due to trends in the music industry as well as Boston-specific issues. Boston’s music community is facing an increasingly alarming space crisis, with well-loved and highly trafficked rehearsal, recording, and performance spaces relocating and closing, as the result of real estate pressure.
 
By breaking down barriers between music makers and their full creative potential, TRC makes a vital contribution to a stronger Boston music scene, which includes venues, presenters, media, music industry professionals, funders, and audience.
We're currently operating at maximum capacity hosting 1,400 recording sessions for more than 3,500 Boston musicians annually and are proud to be pioneering new ground as the only all-freelance recording studio in Boston. Our facility is a setting where musicians can grow their own enterprises—hiring their own creative and technical staff, developing new material, and networking with other talented individuals in their fields.
 
In the year ahead, we’ll be working through multiple opportunities for change and growth, including our expansion into a new, larger space. To both satisfy a pressing demand among Boston’s artists and dramatically increase the number of music makers we serve, our new space will host 4 recording studios, 15 flexible rehearsal suites and a community event space. The growth of our client base will, in turn, be accompanied by a projected 10x increase in our earned revenue, proportionally shrinking our dependence on grants and individual donations. With our lesser reliance on charitable support, we will be able to take more artistic risks, exploring new ways our organization can empower music makers from all walks of life.

Needs Statement

  1. Unrestricted general operating support ($300k) to successfully navigate upcoming transitions, such as our impending move to a larger space at our current address.
  2. Capital funding ($3M over three years) to support the design and construction of our new space.
  3. Board and staff expansion, diversification, and training to ensure that our leadership team understands and can respond fully to the needs of the artists we serve.

CEO Statement

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Board Chair Statement

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Geographic Area Served

GREATER BOSTON REGION, MA

At our  present 5,000 square foot recording facility located at the intersection of Dorchester and Roxbury, in the Newmarket Industrial District of Boston, we primarily reach musicians from the surrounding neighborhoods, which are socioeconomically and racially diverse. With the growth of our facility in the year ahead, we anticipate a significant expansion of our geographic footprint. 
 
 

Organization Categories

  1. Arts,Culture & Humanities - Arts Services
  2. Arts,Culture & Humanities - Music
  3. Arts,Culture & Humanities - Media & Communications

Independent research has been conducted on this organization's theory of change or on the effectiveness of this organization's program(s)

No

Programs

Affordable Recording

Through our flagship program, TRC supports Boston's music scene by providing a high-quality recording facility at an affordable price. Studio time is provided in the traditional format, a la carte, without a recording engineer. This requires artists to hire and vet their own technical and creative professionals, an important component of their development as artists and entrepreneurs.
Today we subsidize and host more than 1,400 recording sessions each year serving more than 3,500 emerging professionals. Our 5,000-square-foot studio has become a space for music makers to experiment and develop their artistry and a hub for freelance producers and engineers to start and build their careers.
Budget  $184,000.00
Category  Arts, Culture & Humanities, General/Other Music
Population Served Adults College Aged (18-26 years) Adolescents Only (13-19 years)
Program Short-Term Success  Artists develop themselves by making more recordings.  More freelance producers and engineers get paid for their work.
Program Long-Term Success  The strength of local artistry increases.  More artists choose to remain in Boston.  More fans benefit from the work of local artists.
Program Success Monitored By 
Examples of Program Success 
1) More local artists are choosing to make recordings in Boston
     PILE, a local rock band, is making their next record with us instead of traveling to Kansas City where they made their previous album. 
2) Artists choose to stay in Boston
   Bent Knee, a local art rock band, cites affordable studio time at The Record Co. as key driver in their decision to remain in Boston after graduating from Berklee College of Music. 

Boston Sessions Compilation

We are continually experimenting with frameworks for enriching artists’ professional development and cultivating new music. In 2016, with generous financial support from the Boston Cultural Council and other partners, TRC curated and produced an album of new songs by 13 Boston-based artists. Our compilation, titled Boston Sessions, Volume 1: Beast, was well received by Boston audiences, and we are excited to replicate elements of this project in future TRC offerings.
 
Budget  $64,000.00
Category  Arts, Culture & Humanities, General/Other Music
Population Served Adults College Aged (18-26 years) Adolescents Only (13-19 years)
Program Short-Term Success   Bostonians will discover new local talent that they enjoy.  Artists will get paid for their work.  The compilation will achieve its earned revenue goals.
Program Long-Term Success  Boston's world-class music scene will receive national recognition for its originality and its artistic excellence.  
Program Success Monitored By  --
Examples of Program Success 
1) Impact data currently being collected.
2) Preliminary - Ruby Rose Fox, a local pop artist, has suggested that her contribution to the compilation is her best recorded work, primarily because TRC handled production costs and eliminated the economic pressure of the production of new material.

Youth Recording Grant Plot Program

Through this program, we are extending recording studio time to youth-focused nonprofits. Our goal is to simultaneously strengthen and advance the missions of our partnering nonprofits while giving young musicians the high-quality tools and intensive support they need to bring their artistic dreams to fruition.
 
This program represents a real milestone for The Record Co. In various projects since our founding, we have experimented with avenues for maximizing our impact on youth while retaining our identity as a non-profit that serves musicians of all ages. Equipped with experience from these exploratory years, we are confident that our Youth Recording Grant Pilot Program has the best possible structure for benefiting youth while strengthening our own mission. 
 
At the start of the year, we received a grant from the Boston-based Paul and Edith Babson Foundation to extend studio time to young people served by local youth-development nonprofits (e.g., ZUMIX and Boston Centers for Youth and Families). The Timothy Smith Network, an institution that provides technology education to Greater Roxbury residents, recently agreed to match the Babson Foundation’s support and to join us in project implementation. We intend to replicate this outreach in future years, as funding permits. 
Budget  15,000
Category  Arts, Culture & Humanities, General/Other Artists' Services
Population Served Adults Adolescents Only (13-19 years) Children and Youth (0 - 19 years)
Program Short-Term Success  TBD
Program Long-Term Success  TBD 
Program Success Monitored By  --
Examples of Program Success  TBD

CEO/Executive Director/Board Comments

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Management


CEO/Executive Director Mr. Matt McArthur
CEO Term Start Nov 2010
CEO Email matt@therecorco.org
CEO Experience --
Co-CEO --
Co-CEO Term Start --
Co-CEO Email --
Co-CEO Experience --

Former CEOs and Terms

Name Start End
-- -- --

Senior Staff

Name Title Experience/Biography
-- -- --

Awards

Award Awarding Organization Year
-- -- --

Affiliations

Affiliation Year
-- --
Member of state association of nonprofits? No
Name of state association --

External Assessments and Accreditations

External Assessment or Accreditation Year
-- --

Collaborations

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CEO/Executive Director/Board Comments

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Foundation Comments

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Staff Information

Number of Full Time Staff 3
Number of Part Time Staff 9
Number of Volunteers 4
Number of Contract Staff 2
Staff Retention Rate % --

Staff Demographics

Ethnicity African American/Black: 2
Asian American/Pacific Islander: 0
Caucasian: 12
Hispanic/Latino: 1
Native American/American Indian: 0
Other: 1
Other (if specified): Vietnamese/Polish dual citizenship (US work visa)
Gender Female: 2
Male: 14
Not Specified 0

Plans & Policies

Organization has Fundraising Plan? Under Development
Organization has Strategic Plan? Under Development
Years Strategic Plan Considers --
Management Succession Plan --
Business Continuity of Operations Plan --
Organization Policies And Procedures No
Nondiscrimination Policy Under Development
Whistle Blower Policy No
Document Destruction Policy No
Directors and Officers Insurance Policy --
State Charitable Solicitations Permit --
State Registration --

Risk Management Provisions

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Reporting and Evaluations

Management Reports to Board? Yes
CEO Formal Evaluation and Frequency No N/A
Senior Management Formal Evaluation and Frequency No N/A
Non Management Formal Evaluation and Frequency No N/A

Governance


Board Chair Mr. Mark Ethier
Board Chair Company Affiliation Izotope
Board Chair Term May 2014 -
Board Co-Chair --
Board Co-Chair Company Affiliation --
Board Co-Chair Term -

Board Members

Name Company Affiliations Status
Mr. Doug Arsham National Development Voting
Mr. John Escobar Berklee College of Music Voting
Mr. Mark Ethier Izotope Voting
Mr. Matt McArthur The Record Co. Exofficio
Mr. Andrew Schulert Sonos Voting

Constituent Board Members

Name Company Affiliations Status
-- -- --

Youth Board Members

Name Company Affiliations Status
-- -- --

Advisory Board Members

Name Company Affiliations Status
-- -- --

Board Demographics

Ethnicity African American/Black: 0
Asian American/Pacific Islander: 0
Caucasian: 4
Hispanic/Latino: 1
Native American/American Indian: 0
Other: 0
Other (if specified): --
Gender Female: 0
Male: 5
Not Specified 0

Board Information

Board Term Lengths 1
Board Term Limits --
Board Meeting Attendance % 80%
Written Board Selection Criteria No
Written Conflict Of Interest Policy Under Development
Percentage of Monetary Contributions 100%
Percentage of In-Kind Contributions 100%
Constituency Includes Client Representation Yes

Standing Committees

  • Development / Fund Development / Fund Raising / Grant Writing / Major Gifts
  • Finance
  • Program / Program Planning
  • Strategic Planning / Strategic Direction

CEO/Executive Director/Board Comments

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Foundation Comments

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Financials


Revenue vs. Expense ($000s)

Expense Breakdown 2017 (%)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

Fiscal Year July 01, 2018 to June 30, 2019
Projected Income $533,100.00
Projected Expense $439,980.00
Form 990s

2017 Form 990

2016 Form 990

2015 Form 990

2014 Form 990

2013 Form 990

Audit Documents

2017 Reviewed Financials

2016 Reviewed Financials

2015 Reviewed Financials

IRS Letter of Exemption

IRS Letter of Determination

Prior Three Years Total Revenue and Expense Totals

Fiscal Year 2017 2016 2015
Total Revenue $322,765 $256,011 $283,943
Total Expenses $449,517 $308,089 $272,737

Prior Three Years Revenue Sources

Fiscal Year 2017 2016 2015
Foundation and
Corporation Contributions
-- -- --
Government Contributions $0 $0 $0
    Federal -- -- --
    State -- -- --
    Local -- -- --
    Unspecified $0 -- --
Individual Contributions $222,328 $104,934 $116,969
Indirect Public Support $0 -- --
Earned Revenue $100,437 $107,038 $141,024
Investment Income, Net of Losses $0 -- --
Membership Dues $0 -- --
Special Events $0 -- --
Revenue In-Kind -- -- --
Other $0 $44,039 $25,950

Prior Three Years Expense Allocations

Fiscal Year 2017 2016 2015
Program Expense $355,458 $105,445 $109,431
Administration Expense $79,152 $202,644 $163,306
Fundraising Expense $14,907 -- --
Payments to Affiliates -- -- --
Total Revenue/Total Expenses 0.72 0.83 1.04
Program Expense/Total Expenses 79% 34% 40%
Fundraising Expense/Contributed Revenue 7% 0% 0%

Prior Three Years Assets and Liabilities

Fiscal Year 2017 2016 2015
Total Assets $84,774 $237,320 $311,833
Current Assets $5,329 $31,737 $29,251
Long-Term Liabilities $55,306 $80,340 $103,866
Current Liabilities $14,887 $15,647 $14,556
Total Net Assets $14,581 $141,333 $193,411

Prior Three Years Top Three Funding Sources

Fiscal Year 2017 2016 2015
1st (Source and Amount) -- --
-- --
-- --
2nd (Source and Amount) -- --
-- --
-- --
3rd (Source and Amount) -- --
-- --
-- --

Financial Planning

Endowment Value --
Spending Policy --
Percentage(If selected) --
Credit Line Yes
Reserve Fund Yes
How many months does reserve cover? 3.00

Capital Campaign

Are you currently in a Capital Campaign? Yes
Capital Campaign Purpose Relocate and expand facility.
Campaign Goal --
Capital Campaign Dates July 2018 - July 2019
Capital Campaign Raised-to-Date Amount $567,000.00
Capital Campaign Anticipated in Next 5 Years? --

Short Term Solvency

Fiscal Year 2017 2016 2015
Current Ratio: Current Assets/Current Liabilities 0.36 2.03 2.01

Long Term Solvency

Fiscal Year 2017 2016 2015
Long-term Liabilities/Total Assets 65% 34% 33%

CEO/Executive Director/Board Comments

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Foundation Comments

Financial summary data in the charts and graphs above is per the organization's IRS Form 990 for FY17 and per the audited financials for FY16 and FY15.  Contributions from foundations and corporations are listed under individuals when the breakout was not available.

Documents


Other Documents

No Other Documents currently available.

Impact

The Impact tab is a section on the Giving Common added in October 2013; as such the majority of nonprofits have not yet had the chance to complete this voluntary section. The purpose of the Impact section is to ask five deceptively simple questions that require reflection and promote communication about what really matters – results. The goal is to encourage strategic thinking about how a nonprofit will achieve its goals. The following Impact questions are being completed by nonprofits slowly, thoughtfully and at the right time for their respective organizations to ensure the most accurate information possible.


1. What is your organization aiming to accomplish?

Over the next five years, TRC will build a full suite of music maker support programs by expanding current offerings and creating new ones, along three tracks.
 
Low-cost Music Workspace
TRC will offer low-cost recording studios, rehearsal space, and community event space. TRC will expand our recording studio program and add rehearsal space to the mix. Subsidized rates will allow music makers of all kinds to access professional grade recording and rehearsal space. TRC will work with local partners and curators to produce concerts in the community event space, and will also make it available to music makers at an affordable rate for their own community and entrepreneurial pursuits.
 
Professional development
TRC will formalize and build on our current professional development work to offer in-depth engagement options.
 
  • Technical assistance. TRC will continue to offer orientations for audio engineers. We will also open our event space to community partners who wish to host technical assistance workshops.
  • Residency. TRC will formalize and build on the cohort-based professional development model we piloted with the Boston Sessions compilation album group. In the new model, TRC will focus our efforts on women and people of color. TRC will work with a select group of music makers each year, providing stipends, access to space, and tailored connections to performance opportunities and other resources.
  • Pathways. TRC will continue to offer an internship program for college students and recent grads interested in the music industry. TRC is exploring how we could be a helpful player in creating pathways for young adults from youth development programs into the wider music community and potentially to and from higher education and workforce development.
 
Advocacy and Networking
TRC aims to connect music makers to one another as well as to resources in the community that they wouldn’t have otherwise.
 
  • Partnerships for access. TRC will cultivate and maintain robust relationships with the music industry in Boston and eventually nationally to better serve as connectors and advocates for our constituents. This effort will include relationships with venue owners to create opportunities for local performers as well as audience members of all ages, particularly youth who lack access to performance space as both performer and audience. We will also build relationships with the arts and civic communities who share our interest in supporting Boston music makers and the local music industry.
  • Community events. TRC will present regular social and networking events to build community among local music makers, music professionals, and audience members. TRC will also develop our space to serve as an informal community hub for music makers.
We envision welcoming more “nontraditional” clients, such as podcasters developing new shows and music teachers using our rehearsal suites to run their own small businesses.
 

2. What are your strategies for making this happen?

TRC’s programmatic strategy has significant financial implications. It will require major upfront investment in facilities development. It will also require growth to the annual operating budget. To support both of these areas, TRC will be required to raise funds at a new level.
 
TRC has initiated a comprehensive capital campaign to secure the $3.9M funds necessary to fulfill the facilities development costs and cover general operating costs for the next 3 years.
 

3. What are your organization’s capabilities for doing this?

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4. How will your organization know if you are making progress?

TRC views evaluation not as an isolated activity, but as an ongoing component of our work. We routinely collect and analyze the following metrics, in order to gauge our success:
 
1) Engagement: the number of people engaged in creation, consumption, and appreciation of local music as a result of our programs.
2) Economic Impact: the number of recording sessions delivered, amount of new artistic content incubated, and number of gigs created for artists and freelancers.
3) Collaboration and Community: the number of individuals and groups working together through our programs.

5. What have and haven’t you accomplished so far?

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