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Record Company Inc.

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

LAST UPDATED: 08/04/2017
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 build a sustainable, equitable music scene in Boston.

Mission Statement

Our mission is to build a sustainable, equitable music scene in Boston.

FinancialsMORE »

Fiscal Year July 01, 2017 to June 30, 2018
Projected Income $576,000.00
Projected Expense $548,140.00

ProgramsMORE »

  • Affordable Recording
  • All-ages Music Venues
  • Boston Sessions Compilation

Revenue vs. Expense ($000s)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

Expense Breakdown 2014 (%)

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


Overview

Mission Statement

Our mission is to build a sustainable, equitable music scene in Boston.

Background Statement

The Record Co. (TRC) was founded in 2009 by Matt McArthur and legacy record producer Susan Rogers to provide much-needed services for Boston musicians of all ages.  In 3 short years TRC's first program, an affordable recording studio, grew into one of the largest and highest volume recording facilities in New England providing more than 700 affordable recording sessions each year for thousands of independent local musicians.  In 2015 TRC, along with its staff, Board, and stakeholders began to evaluate the needs of Boston's music scene beyond the organization's original affordable recording program.  This process resulted in a refinement of the mission and the conception of TRC's next generation of programs - specifically programs to better meet the needs of music fans of all ages.  The first of these new programs, a compilation album of emerging local artists, is currently underway and slated for a December 2016 release.  The second of these programs, the operation of all-ages music performance venues, is in early planning stages with feasibility work slated for the second half of FY17.

Impact Statement

FY2016 Accomplishments
 
1) Hosted 700+ affordable recording sessions for 3,000+ local musicians.
2) Created 700+ freelance gigs for local producers and engineers. 
3) Secured individual gift to fund a new full-time studio manager for two years.
4) Achieved 20% year-over-year revenue growth.
 
FY 2017 Goals
 
1)  Better track and diversify affordable recording program participants.
2) Grow affordable recording revenue by 30%.
2) Launch first annual Boston Sessions compilation: an album featuring emerging Boston artists
3) Complete a feasibility study for our future all-ages music venue program.
4) Diversify and grow our Board of Directors. 
 

Needs Statement

1) Unrestricted general operating support to stabilize operations in FY17 and prepare for expansion in FY18. $135k philanthropic growth projected in FY17 according to the following proportion:
      47% Individual
      31% Corporate 
      19% Foundation 
2) Studio revenue growth to support additional part-time program staff in FY18.
3) A "governing" Board of Directors.  (currently in transition from working board to governing board)
4)  Strategic planning consultancy - approximately $15k
5) All-ages music venue feasibility planning - approximately $15k 
 

CEO Statement

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Board Chair Statement

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Geographic Area Served

GREATER BOSTON REGION, MA
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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

Since 2011 TRC has supported 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 700 recording sessions each year serving more than 3,000 emerging professionals. Our 5,000 square foot studio has become a space for musicians 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. 

All-ages Music Venues

In 2015 alone our city lost 5 independently owned grassroots music venues. These shuttered clubs were where artists played their first shows; where fans heard a band for the first time. Small grassroots music venues act as music “incubators,” allowing artists to experiment and develop their artistry while helping fans build new relationships with artists and with one another.
In addition to losing venues, live music in Boston is too often a 21+ sport. Live music business models typically focus on deriving profit from the sale of alcohol. As a result, younger audiences, our sector's future consumers, are generally excluded.
We need spaces where Bostonians of all ages can experience live local music.  In 2017 we'll announce plans for our first all-ages music venue.
Budget  $15,000.00
Category  Arts, Culture & Humanities, General/Other Music Performances Presenting
Population Served Adults College Aged (18-26 years) Adolescents Only (13-19 years)
Program Short-Term Success  TBD - In feasibility planning stage
Program Long-Term Success  TBD - In feasibility planning stage
Program Success Monitored By  --
Examples of Program Success  TBD - In feasibility planning stage

Boston Sessions Compilation

Boston Sessions is a compilation album of some of Boston's brightest emerging bands/artists.  It's an annual artifact of Boston's incredible music scene; a mission-driven work of art designed to elevate diverse local talent and develop new audiences.
 
The work is curated with the help of an outside committee and artists are invited to produce a new work for inclusion on the compilation album.  Their production costs are covered and they are paid a licensing fee for their participation.  The first edition of this annual work will be available in December 2016.
 
 
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  We will reach thousands of humans in the project's first year.  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.  Our annual compilation will be the proof.
Program Success Monitored By  --
Examples of Program Success 
1) Program is in its first year.  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.

CEO/Executive Director/Board Comments

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Management


CEO/Executive Director Mr. Matt McArthur
CEO Term Start Nov 2009
CEO Email [email protected]
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 4
Number of Volunteers 12
Number of Contract Staff 0
Staff Retention Rate % --

Staff Demographics

Ethnicity African American/Black: 1
Asian American/Pacific Islander: 1
Caucasian: 5
Hispanic/Latino: 0
Native American/American Indian: 0
Other: 0
Other (if specified): --
Gender Female: 2
Male: 5
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 --
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 Aug 2015 -
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
Mrs. Joy Lucas Community Volunteer Voting
Mr. Matt McArthur The Record Co. Exofficio
Ms. Chelsea Rathbun Boston University 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: 1
Asian American/Pacific Islander: 0
Caucasian: 5
Hispanic/Latino: 1
Native American/American Indian: 0
Other: 0
Other (if specified): --
Gender Female: 3
Male: 4
Not Specified 0

Board Information

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

Standing Committees

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CEO/Executive Director/Board Comments

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Foundation Comments

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Financials


Revenue vs. Expense ($000s)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

Expense Breakdown 2014 (%)

Fiscal Year July 01, 2017 to June 30, 2018
Projected Income $576,000.00
Projected Expense $548,140.00
Form 990s

2016 Form 990

2015 Form 990

2014 Form 990

2013 Form 990

Audit Documents

2016 Reviewed Financials

2015 Reviewed Financials

IRS Letter of Exemption

IRS Letter of Determination

Prior Three Years Total Revenue and Expense Totals

Fiscal Year 2016 2015 2014
Total Revenue $256,011 $283,943 $231,511
Total Expenses $308,089 $272,737 $195,936

Prior Three Years Revenue Sources

Fiscal Year 2016 2015 2014
Foundation and
Corporation Contributions
-- -- --
Government Contributions $0 $0 $0
    Federal -- -- --
    State -- -- --
    Local -- -- --
    Unspecified -- -- --
Individual Contributions $104,934 $116,969 $75,406
Indirect Public Support -- -- --
Earned Revenue $107,038 $141,024 $151,833
Investment Income, Net of Losses -- -- --
Membership Dues -- -- --
Special Events -- -- --
Revenue In-Kind -- -- --
Other $44,039 $25,950 $4,272

Prior Three Years Expense Allocations

Fiscal Year 2016 2015 2014
Program Expense $105,445 $109,431 $63,871
Administration Expense $202,644 $163,306 $131,183
Fundraising Expense -- -- $882
Payments to Affiliates -- -- --
Total Revenue/Total Expenses 0.83 1.04 1.18
Program Expense/Total Expenses 34% 40% 33%
Fundraising Expense/Contributed Revenue 0% 0% 1%

Prior Three Years Assets and Liabilities

Fiscal Year 2016 2015 2014
Total Assets $237,320 $311,833 $315,615
Current Assets $31,737 $29,251 $18,042
Long-Term Liabilities $80,340 $103,866 $130,000
Current Liabilities $15,647 $14,556 $3,410
Total Net Assets $141,333 $193,411 $182,205

Prior Three Years Top Three Funding Sources

Fiscal Year 2016 2015 2014
1st (Source and Amount) -- --
-- --
-- --
2nd (Source and Amount) -- --
-- --
-- --
3rd (Source and Amount) -- --
-- --
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Financial Planning

Endowment Value --
Spending Policy --
Percentage(If selected) --
Credit Line Yes
Reserve Fund No
How many months does reserve cover? --

Capital Campaign

Are you currently in a Capital Campaign? Anticipated In 3 Years
Capital Campaign Purpose --
Campaign Goal --
Capital Campaign Dates -
Capital Campaign Raised-to-Date Amount --
Capital Campaign Anticipated in Next 5 Years? --

Short Term Solvency

Fiscal Year 2016 2015 2014
Current Ratio: Current Assets/Current Liabilities 2.03 2.01 5.29

Long Term Solvency

Fiscal Year 2016 2015 2014
Long-term Liabilities/Total Assets 34% 33% 41%

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 audited financials for FY16 and FY15 and per the IRS Form 990 for FY14.  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?



2. What are your strategies for making this happen?

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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?

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

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