2024-04-25T10:56:50-05:00 2023-06-30 872525370 CITRIN COOPERMAN ADVISORS LLC 500 EXCHANGE STREET SUITE 9-100 PROVIDENCE RI 02903 990 2022-07-01 841799483 FRIENDS OF THE RECORD COMPANY INC FRIE 6177650155 960 MASSACHUSETTS AVENUE BOSTON MA 02118 ANDREW SCHULERT TREASURER 6177650155 2024-04-24 1 ANDREW SCHULERT 999009999 1 AMBER BICHUN P01718349 4014214800 2024-04-24 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z ANDREW SCHULERT 960 MASSACHUSETTS AVENUE BOSTON MA 02118 665279 0 X WWW.THERECORDCO.ORG X 2019 MA PROVIDE SUPPORT TO THE RECORD COMPANY, INC. ("TRC") 5 4 0 0 0 0 0 0 322154 664970 11 309 0 0 322165 665279 0 0 0 0 0 0 0 0 43782 654538 704505 654538 704505 -332373 -39226 4714914 8644299 4213440 8182051 501474 462248 X IT IS THE SOLE PURPOSE OF FRIENDS OF THE RECORD COMPANY, INC. ("FOTRC") TO PROVIDE FINANCING AND FUNDS FOR THE BENEFIT OF THE RECORD COMPANY, INC. ("TRC") IN SUPPORT OF ITS MISSION AND EXEMPT PURPOSE. THESE FUNDS ARE PROVIDED IN THE FORM OF GRANTS AND LOW OR NON-INTEREST BEARING LOANS. 0 0 574416 664970 THE CONSTRUCTION WAS COMPLETED AND THE NEW SPACE OPENED IN JANUARY OF 2021, WHICH FEATURES A TOTAL OF 20 ROOMS - FOUR RECORDING STUDIOS, A COMMUNITY GATHERING ROOM, AND 15 SOUND-ISOLATED MUSIC "REHEARSAL" SUITES WITH A COMPLEMENT OF MUSICAL INSTRUMENTS AND AMPLIFICATION, WHICH CAN BE USED FLEXIBLY. FOTRC SUBLEASES THE FACILITY TO TRC, WHICH NEARLY TRIPLES TRC'S BOOKABLE CAPACITY AND WILL ALLOW TRC TO SERVE UP TO 20,000 MUSIC MAKERS PER YEAR. 574416 1 0 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 4 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X INSOURCE SERVICES INC 7812351490 148 LINDEN ST WELLESLEY MA 02482 MATTHEW S MCARTHUR EXECUTIVE DIRECTOR 1.00 39.00 X X 0 90000 4576 ANDREW SCHULERT TREASURER 1.00 1.00 X X 0 0 0 LESLIE MILLER JEWETT CLERK 40.00 X X 0 0 0 JOHN ESCOBAR DIRECTOR 1.00 1.00 X 0 0 0 JAMES F GRACE TILL 01102023 DIRECTOR 1.00 X 0 0 0 FELICE L SILVERMAN DIRECTOR 1.00 X 0 0 0 0 90000 4576 0 0 0 0 0 RENT REVENUE 532000 664970 664970 664970 309 309 665279 664970 0 309 21500 21500 340882 286681 32350 21851 41786 35143 3964 2679 300337 252592 28493 19252 704505 574416 86307 43782 17996 14546 62450 62450 334152 4953838 725814 4528362 4228024 106106 4005127 4714914 8644299 2642 7120 4201714 4214000 9084 3960931 4213440 8182051 X 501474 462248 501474 462248 4714914 8644299 -39226 0 X X 0 1 X 1 0 X X X 1 THE RECORD COMPANY INC 271238513 7 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 4953838 725814 4228024 4228024 CHASE RESERVE ACCOUNT 84915 OPERATING LEASE 3911800 DUE FROM RELATED PARTY 8412 4005127 OPERATING LEASE LIABILITY 3960931 3960931 X PART X, LINE 2: FOTRC IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTIONS 501(C)(3) OF THE INTERNAL REVENUE CODE. FURTHER, FOTRC IS A TYPE 1 SUPPORTING ORGANIZATION OPERATED FOR THE BENEFIT OF TRC, WITHIN THE MEANING OF SECTION 509(A)(3) OF THE IRC. THE ORGANIZATION IS SUBJECT TO UNRELATED BUSINESS INCOME TAX ("UBIT"), IF APPLICABLE. IN ACCORDANCE WITH FASB ASC 740, INCOME TAXES, THE ORGANIZATION APPLIES THE "MORE LIKELY THAN NOT" THRESHOLD TO THE RECOGNITION AND DERECOGNITION OF TAX POSITIONS FOR ITS CONSOLIDATED FINANCIAL STATEMENTS. MANAGEMENT HAS EVALUATED THE ORGANIZATION'S TAX POSITIONS AND HAS CONCLUDED THAT THERE WERE NO UNCERTAIN TAX POSITIONS THAT QUALIFIED FOR EITHER RECOGNITION OR DISCLOSURE. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WILL BE MADE AVAILABLE TO THE MEMBERS OF THE GOVERNING BOARD TO REVIEW PRIOR TO ITS FILING. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS REVIEW AND SIGN CONFLICT OF INTEREST AGREEMENTS ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE DIRECTOR'S COMPENSATION IS PAID BY TRC. THE COMPENSATION IS REVIEWED BY TRC'S FINANCE COMMITTEE AND PRESENTED TO THE FULL TRC BOARD OF DIRECTORS FOR REVIEW AND APPROVAL, WHICH ARE DOCUMENTED IN MEETING MINUTES. TOTAL COMPENSATION IS COMPARED TO OTHER NONPROFITS ORGANIZATIONS OF SIMILAR SIZE, MISSION AND GEOGRAPHY. KEY EMPLOYEES' COMPENSATION IS REVIEWED ANNUALLY IN RELATION TO OTHER SIMILAR NONPROFIT POSITIONS BY THE EXECUTIVE DIRECTOR IN CONSULTATION WITH THE FINANCE COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 UPON REQUEST FORM 990, PART XII, LINE 2C THERE HAVE BEEN NO CHANGES FROM THE PRIOR YEAR IN THE METHODS USED BY THE COMMITTEE RESPONSIBLE FOR THE AUDIT OF THE FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THE RECORD COMPANY INC 960 MASSACHUSETTS AVENUE BOSTON MA 02118 271238513 ACCESS TO MUSIC STUDIO MA 501(C)(3) LINE 7 N/A 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 THE RECORD COMPANY INC K 664970 FMV