Overview
What is Friends Of The Record Company Inc?
Friends of The Record Company Inc, based in Boston, Massachusetts, is a nonprofit organization that primarily supports The Record Company, Inc. (TRC). After completing construction in January 2021, they opened a new space featuring 20 rooms, including four recording studios, a community gathering room, and 15 sound-isolated music rehearsal suites equipped with musical instruments and amplification. This expansion nearly triples TRC's capacity, allowing them to serve around 20,000 music creators annually. Friends of The Record Company Inc. provides funding and grants to TRC, aiding in their mission and exempt purpose.
Official website here: www.therecordco.org
Is Friends Of The Record Company Inc legitimate?
Friends Of The Record Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Friends Of The Record Company Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.therecordco.org
What is the mission statement of Friends Of The Record Company Inc?
Friends of the Record Company Inc's primary purpose is to support the Record Company Inc., ensuring its mission and exempt objectives are met. They accomplish this by providing funds in the form of grants and low or non-interest loans. The organization's financial aid is essential for the Record Company Inc., allowing it to expand its operations. In January 2021, Friends of the Record Company Inc. completed a new facility, featuring four recording studios, a community gathering room, and fifteen sound-isolated music rehearsal suites. The Record Company Inc. subleases this space, which significantly increases its bookable capacity and enables it to serve approximately 20,000 music creators annually.
Official website here: www.therecordco.org
What is the revenue of Friends Of The Record Company Inc?
Friends Of The Record Company Inc's revenue in 2024 was $665,411.
Official website here: www.therecordco.org
Who are the executives of Friends Of The Record Company Inc and what are their salaries?
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $97,828
- Other: $3,622
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $97,298
- Other: $3,622
Official website here: www.therecordco.org
Where can I find the form 990 for Friends Of The Record Company Inc?
Friends Of The Record Company Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.therecordco.org
Learn more at the official website: www.therecordco.org
Mission Statement of Friends Of The Record Company Inc
Friends of the Record Company Inc, as a nonprofit organization, is dedicated to supporting the Record Company Inc (TRC) in achieving its mission and exempt purpose. The primary objective of Friends of the Record Company Inc is to provide financing and funds in the form of grants and low or non-interest bearing loans to TRC. This support allows TRC to continue its operations and further its mission effectively.
By providing financial aid, Friends of the Record Company Inc plays a crucial role in enhancing TRC's capacity to serve a larger number of music makers. The organization's support has led to the construction of a new space, which features four recording studios, a community gathering room, and 15 sound-isolated music rehearsal suites. These facilities are equipped with musical instruments and amplification, enabling musicians to use the spaces flexibly. Friends of the Record Company Inc subleases this facility to TRC, nearly tripling TRC's bookable capacity. This expanded space allows TRC to serve up to 20,000 music makers annually, providing a significant boost to the music industry.
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Impact
October, 2024
Friends Of The Record Company Inc significantly enhances the capacity and resources available to music creators in Boston. By providing crucial financial support to The Record Company, Inc. (TRC), FOTRC has enabled the completion of a state-of-the-art facility that opened in January 2021. This new space includes four recording studios, a community gathering room, and 15 sound-isolated rehearsal suites, all equipped with high-quality musical instruments and amplification.
The expanded facility nearly triples TRC's bookable capacity, allowing the organization to serve up to 20,000 music makers annually. This increased accessibility fosters a vibrant music community, offering musicians of all levels the opportunity to hone their craft, collaborate, and produce their work in a professional environment. FOTRC's financial provisions, which include grants and low or non-interest bearing loans, are instrumental in sustaining and growing TRC's mission to support local artists and enrich the cultural landscape.
This information is meant to be a general summary of Friends Of The Record Company Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $440
- Program Service Revenue: $664,971
- Gross Receipts: $665,411
Assets and Liabilities:
- Total Assets: $4,714,914
- Total Liabilities: $4,213,440
- Net Assets: $501,474
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENT REVENUE
Revenue
$664,971
Organization Details
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