Civic Intelligence

Sound Recording Special Payments Fund

EIN 13-6180704 • 501(c)6 • New York, NY

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Profile

Dedicated to collect and to distribute residual payments to musicians as a result of their craftmanship in creating sound recordings. We are committed to operate with integrity and proficiently, to provide exceptional service to musicians and to adapt to changes in the music industry as it evolves.

150 East 52nd Street Suite 24001New York, NY 10022

www.sound-recording.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

65th percentile

0.43x

Higher debt load relative to assets than 65% of similar nonprofits.

NTEE S • $10M-$25M nonprofits • Source year 2025

Liabilities / Revenue

58th percentile

0.62x

Higher debt load relative to revenue than 58% of similar nonprofits.

NTEE S • $10M-$25M nonprofits • Source year 2025

Net Margin

50th percentile

10.0%

Higher net margin than 50% of similar nonprofits.

NTEE S • $10M-$25M nonprofits • Source year 2025

Top Officer Pay

76th percentile

$394,587

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 2.5% of source-year revenue.

NTEE S • $10M-$25M nonprofits • Source year 2025

Asset Growth

45th percentile

1.3%

Faster asset growth than 45% of similar nonprofits.

NTEE S • $10M-$25M nonprofits • Annualized from 2024 to 2025

Revenue Growth

57th percentile

5.1%

Faster revenue growth than 57% of similar nonprofits.

NTEE S • $10M-$25M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets65th percentile

Assets

Up

$23,045,881

Up $297,198 (+1.3%) from 2024

Liabilities

Down

$9,826,764

Down $1,538,075 (-14%) from 2024

Net Assets

Up

$13,219,117

Up $1,835,273 (+16%) from 2024

Operations
Liabilities / Revenue58th percentileNet Margin50th percentile

Revenue

Up

$15,768,744

Up $765,453 (+5.1%) from 2024

Expenses

Up

$14,198,832

Up $331,460 (+2.4%) from 2024

Net Income

Up

$1,569,912

Up $433,993 (+38%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth45th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$30M$20M$10M$0Assets 2020: $13,446,296Liabilities 2020: $6,143,467Net Assets 2020: $7,302,8292020Assets 2021: $15,013,240Liabilities 2021: $6,784,375Net Assets 2021: $8,228,8652021Assets 2022: $20,084,543Liabilities 2022: $10,742,475Net Assets 2022: $9,342,0682022Assets 2023: $21,669,111Liabilities 2023: $11,426,948Net Assets 2023: $10,242,1632023Assets 2024: $22,748,683Liabilities 2024: $11,364,839Net Assets 2024: $11,383,8442024Assets 2025: $23,045,881Liabilities 2025: $9,826,764Net Assets 2025: $13,219,1172025

Highlighted filing

2025

Assets$23,045,881
Liabilities$9,826,764
Net Assets$13,219,117
Open 2025 Filing

Operations Trend

Revenue Growth57th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$20M$15M$10M$5.0M$0-$5.0MRevenue 2020: $289,607Expenses 2020: $373,300Net Income 2020: -$83,6932020Revenue 2021: $10,901,643Expenses 2021: $10,024,289Net Income 2021: $877,3542021Revenue 2022: $13,023,174Expenses 2022: $11,677,493Net Income 2022: $1,345,6812022Revenue 2023: $14,238,259Expenses 2023: $13,313,129Net Income 2023: $925,1302023Revenue 2024: $15,003,291Expenses 2024: $13,867,372Net Income 2024: $1,135,9192024Revenue 2025: $15,768,744Expenses 2025: $14,198,832Net Income 2025: $1,569,9122025

Highlighted filing

2025

Revenue$15,768,744
Expenses$14,198,832
Net Income$1,569,912
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$23,045,881
Liabilities
$9,826,764
Net assets
$13,219,117
Revenue
$15,768,744
Expenses
$14,198,832
Net income
$1,569,912
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$23.0$9.83$13.2$15.8$14.2$1.57
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$22.7$11.4$11.4$15.0$13.9$1.14
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$21.7$11.4$10.2$14.2$13.3$0.93
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.1$10.7$9.34$13.0$11.7$1.35
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.0$6.78$8.23$10.9$10.0$0.88
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.4$6.14$7.30$0.29$0.37$0.08
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
May 1, 2024 to Apr 30, 2025
Signed
Jan 26, 2026
Return Version
2024v5.1
Gross Receipts
$22,797,679
Mission and Program Overview

Mission

Dedicated to collect and to distribute residual payments to musicians as a result of their craftsmanship in creating sound recordings. We are committed to operate with integrity and proficiently, to provide exceptional service to musicians and to adapt to changes in the music industry as it evolves.

Dedicated to collect and to distribute residual payments to musicians as a result of their craftsmanship in creating sound recordings. (see schedule o for continuation)

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$11,176,916$16,312,645▲ $5,135,729
Investments in Publicly Traded Securities$8,113,165$3,008,415▼ $5,104,750
Cash and Non-Interest-Bearing Accounts$846,930$1,462,552▲ $615,622
Land, Buildings, and Equipment, Net$173,085$133,076▼ $40,009
Accounts Receivable$116,755$36,123▼ $80,632
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Investments Program Related$0--
Loans From Officers Directors$0$0→ $0
Total Assets$22,748,683$23,045,881▲ $297,198
Other Assets Total$2,321,832$2,093,070▼ $228,762
Liabilities
Other Liabilities$11,359,345$9,826,764▼ $1,532,581
Accounts Payable and Accrued Expenses$5,494$0▼ $5,494
Total Liabilities$11,364,839$9,826,764▼ $1,538,075
Net Assets / Fund Balance
Net Assets With Donor Restrictions$11,383,844$13,219,117▲ $1,835,273
Total Net Assets Fund Balance$11,383,844$13,219,117▲ $1,835,273
Total Liabilities and Net Assets / Fund Balance$22,748,683$23,045,881▲ $297,198

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$37,904$614,405$652,309
Other Land Buildings$48,989$136,237$185,226
Leasehold Improvements$46,183$19,380$65,563
Other Assets Org$169,867--
Compensation and Service Providers
Top Officer Pay76th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Robert DipaolaFund AdministratorFT$301,846$92,741$394,587
Syed AliDirector of It/systemsFT$196,778$83,349$280,127
Vincent ViscontiDatabase ArchitectFT$165,939$72,874$238,813
Nancy NarvarroSenior AccountantFT$100,526$55,972$156,498
Susan WyllieMUSICIANS' INFORMATION SERVICES MANAGERFT$113,385$28,361$141,746
Paris GardnerOffice ManagerFT$112,306$29,165$141,471

Board Members and Trustees

NameTitle
James HarringtonChair - Oversight
Augustino GagliardiAfm - Liaison (see Sch. O)
Dave PomeroyAfm - Liaison (see Sch. O)
David FinckAfm - Liaison (see Sch. O)
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$15,265,254
Investment Income
$503,490
Other Revenue
$0
Change in Net Assets
$1,569,912

Audited Revenue Reconciliation

Revenue per Audited Statements
$15,768,744
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$265,361
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$16,034,105
Total Revenue per Form 990
$15,768,744
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,720,356
Other Expenses$274,309
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Benefits to Members---$12,204,167
Other Salaries and Wages---$913,386
Current Officers, Directors, Trustees, and Key Employees---$402,533
Occupancy---$400,354
Other Employee Benefits---$189,866
Pension Plan Contributions---$123,773
Fees for Services Accounting---$98,375
Office Expenses---$95,680
Information Technology---$95,247
Insurance---$92,350
Payroll Taxes---$90,798
Depreciation Depletion---$71,056
Fees for Services Other---$44,025
Fees for Services Legal---$7,981
Interest---$6,793
Travel---$3,942
Other Expenses---$-676,262
Total Functional Expenses$0$0$0$14,198,832

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$14,198,832
Total Expenses per Audited Statements$14,198,832
Total Expenses per Form 990$14,198,832
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Other Expense Adjustments$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Federal Income Taxes$4,226,149
Music Video and Concert Dvd Distributions$2,754,674
Unclaimed Distributions$2,139,556
Operating Lease Liability$498,798
Sampling Distributions$124,568
Due to Sound Recording Trust Fund (mptf)$83,019
De Minimis Distributions-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B Review of form 990 by governing body

“Form 990 was prepared by a nationally recognized accounting firm in collaboration with the organization's finance department. The draft Form 990 was reviewed by the organization's Fund Administrator for accuracy and completeness prior to filing with the Internal Revenue Service.”

Form 990, Part VI, Line 12C Conflict of interest policy

“The conflict of interest policy requires board members and key staff to complete an annual disclosure agreement. If any conflicts are found, the related individual is excluded from the discussion and the voting process.”

Form 990, Part VI, Line 19 Required documents available to the public

“The organization makes its governing documents and financial statements available to the public upon request.”

Form 990, Part VII, Section A FORM 990, PART VII, LINES 2 THROUGH 4:

“During the reporting period sound recording special payments fund (the ganization "fund") had 3 liaisons that represented the fund's oversight committee ("committee"). According to agreement, the committee can consist of up to one representative from each of the four major record companies, that is signatory to the sound recording labor agreement and up to four representatives of the american federation of musicians of the u.s. And canada, which can serve as its liaisons.”

Filing and Contact Details

Filer

Filer Name
Sound Recording Special Payments Fund
EIN
13-6180704
Phone
2125161400
Address
150 EAST 52ND STREET SUITE 24001, NEW YORK, NY 10022

Signing Officer

Name
Robert Dipaola
Title
Fund Administrator
Phone
2125161400
Signed
2026-01-26
Discuss with paid preparer
Yes

Organization Details

Formed
1964
Legal Domicile
Ny
Voting Board Members
1
Independent Board Members
1
Employees
11,783
Volunteers
1

Preparer

Firm
Bdo USA
Address
200 PARK AVE 38TH FLOOR, NEW YORK, NY 10166
Preparer
Paul Hammerschmidt
Phone
2128858000
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1

“We are committed to operate with integrity and proficiently, to provide exceptional service to musicians and to adapt to changes in the music industry as it evolves.”

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

“Sound recording special payments fund must recognize the tax benefit associated with tax positions taken for tax-return purposes when it is more likely than not that the position will not be sustained upon examination by a taxing authority. The fund does not believe it has taken any material uncertain tax positions and, accordingly, it has not recorded any liability for unrecognized tax benefits. The fund is subject to routine audits by a taxing authority. As of april 30, 2025, the fund was not subject to any examination by a taxing authority.”

Raw XML AppendixShowing 400 of 492 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MissionDesc0DEDICATED TO COLLECT AND TO DISTRIBUTE RESIDUAL PAYMENTS TO MUSICIANS AS A RESULT OF THEIR CRAFTSMANSHIP IN CREATING SOUND RECORDINGS. WE ARE COMMITTED TO OPERATE WITH INTEGRITY AND PROFICIENTLY, TO PROVIDE EXCEPTIONAL SERVICE TO MUSICIANS AND TO ADAPT TO CHANGES IN THE MUSIC INDUSTRY AS IT EVOLVES.
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1MUSIC VIDEO AND CONCERT DVD DISTRIBUTIONS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2UNCLAIMED DISTRIBUTIONS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3OPERATING LEASE LIABILITY
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4SAMPLING DISTRIBUTIONS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc5DUE TO SOUND RECORDING TRUST FUND (MPTF)
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc6DE MINIMIS DISTRIBUTIONS
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0SOUND RECORDING SPECIAL PAYMENTS FUND MUST RECOGNIZE THE TAX BENEFIT ASSOCIATED WITH TAX POSITIONS TAKEN FOR TAX-RETURN PURPOSES WHEN IT IS MORE LIKELY THAN NOT THAT THE POSITION WILL NOT BE SUSTAINED UPON EXAMINATION BY A TAXING AUTHORITY. THE FUND DOES NOT BELIEVE IT HAS TAKEN ANY MATERIAL UNCERTAIN TAX POSITIONS AND, ACCORDINGLY, IT HAS NOT RECORDED ANY LIABILITY FOR UNRECOGNIZED TAX BENEFITS. THE FUND IS SUBJECT TO ROUTINE AUDITS BY A TAXING AUTHORITY. AS OF APRIL 30, 2025, THE FUND WAS NOT SUBJECT TO ANY EXAMINATION BY A TAXING AUTHORITY.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt2SENIOR ACCOUNTANT
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0WE ARE COMMITTED TO OPERATE WITH INTEGRITY AND PROFICIENTLY, TO PROVIDE EXCEPTIONAL SERVICE TO MUSICIANS AND TO ADAPT TO CHANGES IN THE MUSIC INDUSTRY AS IT EVOLVES.

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