Civic Intelligence

Soundexchange Inc

990 • Fiscal year 2016 • EIN 76-0742496

Jan 01, 2016 to Dec 31, 2016 • Filed on Nov 14, 2017

Organization ProfileWWW.SOUNDEXCHANGE.COM

View Organization Page

733 10th Street NW Suite 10th FlWashington, DC 20001

(202) 640-5858

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

94th percentile

0.99x

Higher debt load relative to assets than 94% of similar nonprofits.

2016 filings • $250M-$1B nonprofits • Source year 2016

Liabilities / Revenue

86th percentile

9.27x

Higher debt load relative to revenue than 86% of similar nonprofits.

2016 filings • $250M-$1B nonprofits • Source year 2016

Net Margin

51st percentile

5.0%

Higher net margin than 51% of similar nonprofits.

2016 filings • $250M-$1B nonprofits • Source year 2016

Top Officer Pay

71st percentile

$1,101,692

Higher top officer pay than 71% of similar nonprofits.

Top officer pay equals 2.0% of source-year revenue.

2016 filings • $250M-$1B nonprofits • Source year 2016

Asset Growth

81st percentile

10%

Faster asset growth than 81% of similar nonprofits.

2016 filings • $250M-$1B nonprofits • Annualized from 2015 to 2016

Revenue Growth

87th percentile

18%

Faster revenue growth than 87% of similar nonprofits.

2016 filings • $250M-$1B nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets94th percentile

Assets

Up

$528,492,746

Up $48,545,444 (+10%) from 2015

Net Assets

Up

$5,484,529

Up $2,591,510 (+90%) from 2015

Liabilities

Up

$523,008,217

Up $45,953,934 (+9.6%) from 2015

Revenue And Expenses
Liabilities / Revenue86th percentileNet Margin51st percentile

Revenue

Up

$56,442,753

Up $8,566,696 (+18%) from 2015

Expenses

Up

$53,636,360

Up $7,510,799 (+16%) from 2015

Net Income

Up

$2,806,393

Up $1,055,897 (+60%) from 2015

Historical Trend

Balance Sheet Trend

Asset Growth81st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0B$500M$0Assets 2010: $305,842,704Liabilities 2010: $304,786,523Net Assets 2010: $1,056,1812010Assets 2011: $369,449,828Liabilities 2011: $368,393,647Net Assets 2011: $1,056,1812011Assets 2012: $394,954,142Liabilities 2012: $393,897,961Net Assets 2012: $1,056,1812012Assets 2013: $438,678,370Liabilities 2013: $437,622,189Net Assets 2013: $1,056,1812013Assets 2014: $431,620,766Liabilities 2014: $430,564,585Net Assets 2014: $1,056,1812014Assets 2015: $479,947,302Liabilities 2015: $477,054,283Net Assets 2015: $2,893,0192015Assets 2016: $528,492,746Liabilities 2016: $523,008,217Net Assets 2016: $5,484,5292016Assets 2017: $566,013,803Liabilities 2017: $554,878,163Net Assets 2017: $11,135,6402017Assets 2018: $679,657,161Liabilities 2018: $657,865,356Net Assets 2018: $21,791,8052018Assets 2019: $696,901,194Liabilities 2019: $664,476,913Net Assets 2019: $32,424,2812019Assets 2020: $722,546,752Liabilities 2020: $680,947,223Net Assets 2020: $41,599,5292020Assets 2021: $739,346,856Liabilities 2021: $692,762,472Net Assets 2021: $46,584,3842021Assets 2022: $762,717,143Liabilities 2022: $713,399,189Net Assets 2022: $49,317,9542022Assets 2023: $818,772,709Liabilities 2023: $745,527,864Net Assets 2023: $73,244,8452023Assets 2024: $778,089,857Liabilities 2024: $694,095,030Net Assets 2024: $83,994,8272024

Highlighted filing

2016

Assets$528,492,746
Liabilities$523,008,217
Net Assets$5,484,529
Open 2016 Filing

Operations Trend

Revenue Growth87th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$100M$50M$0Expenses 2010: $20,921,0162010Expenses 2011: $21,035,2022011Expenses 2012: $25,669,4012012Revenue 2013: $34,799,129Expenses 2013: $34,451,660Net Income 2013: $347,4692013Revenue 2014: $42,457,320Expenses 2014: $42,210,138Net Income 2014: $247,1822014Revenue 2015: $47,876,057Expenses 2015: $46,125,561Net Income 2015: $1,750,4962015Revenue 2016: $56,442,753Expenses 2016: $53,636,360Net Income 2016: $2,806,3932016Revenue 2017: $63,607,709Expenses 2017: $57,738,723Net Income 2017: $5,868,9862017Revenue 2018: $68,273,280Expenses 2018: $57,785,089Net Income 2018: $10,488,1912018Revenue 2019: $66,777,189Expenses 2019: $62,378,660Net Income 2019: $4,398,5292019Revenue 2020: $62,047,984Expenses 2020: $61,935,976Net Income 2020: $112,0082020Revenue 2021: $68,696,516Expenses 2021: $67,251,701Net Income 2021: $1,444,8152021Revenue 2022: $80,022,837Expenses 2022: $76,735,490Net Income 2022: $3,287,3472022Revenue 2023: $99,235,665Expenses 2023: $81,387,347Net Income 2023: $17,848,3182023Revenue 2024: $95,229,752Expenses 2024: $87,410,926Net Income 2024: $7,818,8262024

Highlighted filing

2016

Revenue$56,442,753
Expenses$53,636,360
Net Income$2,806,393
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
Nov 14, 2017
Return Version
2016v3.1
Gross Receipts
$56,442,753
Mission and Program Overview

Mission

Soundexchange is the nonprofit organization at the center of digital music, developing business solutions to benefit the entire music industry. The organization collects and distributes digital performance royalties on behalf of approximately 130,000 recording artists, master rights holders accounts, and administers direct agreements on behalf of rights owners and licensees. To date, soundexchange has paid out more than $4.4 billion in royalties. Established in the digital age, soundexchange develops innovative, efficient and trusted business solutions for the global music marketplace so we can pay creators transparently and accurately. Soundexchange fights for royalty structures that recognize the vital role that the creators of music play for digital services. The library of congress has designated soundexchange to administer the statutory licenses that allow digital music services including pandora, siriusxm and music choice and 2,900 other digital music services to play your music.

SoundExchange's primary exempt purpose is to collect and distribute to collect and distribute royalties for sound recording copyright owners, featured artists, and non-featured artists.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$288,439,011$362,827,798▲ $74,388,787
Accounts Receivable$147,578,853$115,362,494▼ $32,216,359
Land, Buildings, and Equipment, Net$17,219,145$15,790,144▼ $1,429,001
Savings and Temporary Cash Investments$0$3,198,941▲ $3,198,941
Prepaid Expenses and Deferred Charges$1,321,689$2,231,442▲ $909,753
Cash and Non-Interest-Bearing Accounts$1,925,888$1,293,669▼ $632,219
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$479,947,302$528,492,746▲ $48,545,444
Other Assets Total$23,462,716$27,788,258▲ $4,325,542
Liabilities
Other Liabilities$469,227,069$513,843,659▲ $44,616,590
Accounts Payable and Accrued Expenses$4,582,699$6,216,148▲ $1,633,449
Deferred Revenue$3,244,515$2,948,410▼ $296,105
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$477,054,283$523,008,217▲ $45,953,934
Net Assets / Fund Balance
Unrestricted Net Assets$2,893,019$5,484,529▲ $2,591,510
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$2,893,019$5,484,529▲ $2,591,510
Total Liabilities and Net Assets / Fund Balance$479,947,302$528,492,746▲ $48,545,444

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$13,139,344$9,377,634$22,516,978
Equipment$882,707$2,885,330$3,768,037
Leasehold Improvements$1,768,093$1,218,952$2,987,045
Other Assets Org$4,746--
Compensation and Service Providers
Top Officer Pay71st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael J HuppePresident & CEOFT$845,169$256,523$1,101,692
Jonathan BenderChief Operating OfficerFT$412,604$114,830$527,434
Charles Colin RushingSenior VP & General CounselFT$377,103$115,543$492,646
Scott DayChief Technology OfficerFT$370,173$101,998$472,171
Jacqueline PetersonSVP CommunicationsFT$193,519$256,266$449,785
Mark EisenbergSVP Strategic InitiativesFT$355,063$68,583$423,646
Anjula SinghChief Financial OfficerFT$318,430$89,523$407,953
Julia MassiminoVice Pres Global Public PolicyFT$269,904$77,531$347,435
Barry LevineVice Pres Industry RelationsFT$262,489$48,954$311,443
Reid BadgettSenior Director ItFT$219,094$62,155$281,249

Board Members and Trustees

NameTitle
Andrea FinkelsteinDirector
Cary ShermanDirector
Darius Van ArmanDirector
David ByrneDirector
Duncan Crabtree-irelandDirector
Jay L CooperDirector
Jeff HarlestonDirector
Jeff WalkerDirector
Kendall MinterDirector
Martha ReevesDirector
Michael HausmanDirector
Pat RainsDirector
Paul RobinsonDirector
Perry ResnickDirector
Ray HairDirector
Richard BurgessDirector
Steven MarksDirector
Victor ZarayaDirector

Highest Paid Contractors

ContractorServicesLocationCompensation
Jenner and BlockLegal353 N Clark Street, Chicago, IL 60654$6,339,587
Tiger Team Consulting LLCIT consulting11781 Lee Jackson Memorial Hwy Ste, Fairfax, VA 22033$2,056,430
Compass Lexecon LLCLegalPO Box 418005, Boston, MA 02241$1,853,032
Acumen Solutions LLCIT consulting1660 International Drive 5th Floor, Mclean, VA 22102$1,637,177
LMG Inc CO HASS COMPANY LLCGeneral ConsultingSANDY SPRING ROAD, Olney, MD 20832$1,576,822
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$54,429,915
Investment Income
$2,012,838
Other Revenue
$0
Change in Net Assets
$2,806,393

Audited Revenue Reconciliation

Revenue per Audited Statements
$56,442,753
Revenue Not Reported on Form 990
$-214,883
Total Revenue per Audited Statements
$56,227,870
Total Revenue per Form 990
$56,442,753
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$33,169,935
Salaries, Compensation, and Employee Benefits$20,466,425
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages---$14,643,620
Depreciation Depletion---$10,773,011
Information Technology---$7,756,309
Fees for Services Legal---$3,141,226
Current Officers, Directors, Trustees, and Key Employees---$3,001,896
Occupancy---$2,418,873
Fees for Services Other---$2,346,303
Other Expenses---$1,412,949
Other Employee Benefits---$1,153,447
Travel---$1,087,862
Payroll Taxes---$1,079,079
Fees for Service Investment Mgmnt Fees---$591,144
Pension Plan Contributions---$588,383
Office Expenses---$521,297
Conferences and Meetings---$503,993
Insurance---$285,873
Fees for Services Lobbying---$276,461
Advertising---$198,640
Fees for Services Accounting---$106,031
Total Functional Expenses$0$0$0$53,636,360

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$53,636,360
Total Expenses per Audited Statements$53,636,360
Total Expenses per Form 990$53,636,360
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign 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$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Funds Held in Agency(part Xii)$513,621,369
Capital Leases Payable$222,290
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 family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
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, Section A, line 8B:

“SoundExchange does not keep written minutes of all of its committee meetings. In particular, we do not keep minutes of our Licensing Committee or Finance Committee meetings due to the sensitivity of matters discussed in those meetings. Our governing documents make clear that minutes are not mandatory. We do keep written minutes of all Board meetings.”

Form 990, Part VI, Section B, line 11B:

“Management will review the 990 prior to filing, and a draft is provided to the finance committee prior to filing. A copy of the Filed 990 will be provided to the full Board of Directors.”

Form 990, Part VI, Section B, Line 12C:

“The SoundExchange Governance Manual requires the disclosure of any potential conflicts of interest. In addition, the members of the Board of Directors and officers of the Company complete an annual questionaire that asks if there have been any conflicts of interest in the reporting year.”

Form 990, Part VI, Section B, Line 15:

“The Compensation Committee, comprising of members of the Board of Directors, considers external salary data, scope and complexity of the responsibilities of the position, in determining, and recommending to the full board for approval, the President and CEO's executive compensation. The President and CEO assesses compensation for the officers and other Executive team members by utilizing relevant external comparable salary data for like responsibilities at not-for-profit organizations, experience and annual review process.”

Form 990, Part VI, Section C, Line 19:

“The governing documents are not made available to the public. The conflict of interest documents are not made available to the public. A non-GAAP version of the Financial statements is made available on SoundExchange's website.”

Filing and Contact Details

Filer

Filer Name
Soundexchange Inc
EIN
76-0742496
In Care Of
% ANJULA SINGH
Phone
2026405858
Address
733 10th Street NW Suite 10th Fl, WASHINGTON, DC 20001

Signing Officer

Name
Anjula K Singh
Title
CFO
Phone
2026405870
Signed
2017-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael J Huppe
Formed
2003
Legal Domicile
De
Voting Board Members
18
Independent Board Members
18
Employees
195
Volunteers
18

Preparer

Firm
Bdo USA Llp
Address
8401 GREENSBORO DRIVE 800, MCLEAN, VA 22102
Preparer
Joyce Underwood
Phone
7038930600
Supplemental Narrative

Additional Explanations

Form 990, Part I, line 5:

“As of December 31, 2016 SoundExchange had 164 employees.”

Form 990, Part XII, Line 2C:

“Oversight of audit: There have been no changes during the year in the process for oversight of the audit of the financial statements.”

Financial Statement Notes

Part X, Line 2:

“Under ASC 740-10, Accounting for Uncertainty in Income Taxes, an organization must recognize income tax benefits for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. The Organization analyzed tax positions taken for filing with the Internal Revenue Service and all state jurisdictions where it operates. The Organization believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect on the Organization's financial condition, results of operations or cash flows. Accordingly, the Organization has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at December 31, 2016 and 2015. The Organization is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any open tax periods.The Organization believes it is no longer subject to income tax examinations for years prior to 2013.”

Part X - Funds held in agency

“Royalties payments are due 45 days after the end of the month. A receivable and corresponding liability are recorded for royalties relating to 2016, but collected after December 31, 2016. The Funds Held In Agency balance of $513,621,369 at December 31, 2016 included a $111 million accrual for such royalties.”

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IRS990/Desc0SOUNDEXCHANGE IS THE NONPROFIT ORGANIZATION AT THE CENTER OF DIGITAL MUSIC, DEVELOPING BUSINESS SOLUTIONS TO BENEFIT THE ENTIRE MUSIC INDUSTRY. THE ORGANIZATION COLLECTS AND DISTRIBUTES DIGITAL PERFORMANCE ROYALTIES ON BEHALF OF APPROXIMATELY 130,000 RECORDING ARTISTS AND MASTER RIGHTS OWNERS ACCOUNTS, AND ADMINISTERS DIRECT AGREEMENTS ON BEHALF OF RIGHTS OWNERS AND LICENSEES. TO DATE, SOUNDEXCHANGE HAS PAID OUT MORE THAN $4.4 BILLION IN ROYALTIES. ESTABLISHED IN THE DIGITAL AGE, SOUNDEXCHANGE DEVELOPS INNOVATIVE, EFFICIENT AND TRUSTED BUSINESS SOLUTIONS FOR THE GLOBAL MUSIC MARKETPLACE SO WE CAN PAY CREATORS TRANSPARENTLY AND ACCURATELY. SOUNDEXCHANGE FIGHTS FOR ROYALTY STRUCTURES THAT RECOGNIZE THE VITAL ROLE THAT THE CREATORS OF MUSIC PLAY FOR DIGITAL SERVICES. THE LIBRARY OF CONGRESS HAS DESIGNATED SOUNDEXCHANGE TO ADMINISTER THE STATUTORY LICENSES THAT ALLOW DIGITAL MUSIC SERVICES INCLUDING PANDORA, SIRIUSXM AND MUSIC CHOICE AND 2,900 OTHER DIGITAL MUSIC SERVICES TO PLAY YOUR MUSIC. SOUNDEXCHANGE ALSO DEVELOPS TECHNOLOGY AND DATA PROCESSING SOLUTIONS TO IMPROVE ALL ASPECTS OF ROYALTY ADMINISTRATION TO ENSURE FAST AND ACCURATE PAYMENTS. THE ORGANIZATION REPRESENTS RECORDING ARTISTS AND MASTER RIGHTS OWNERS INCLUDING MAJOR AND INDEPENDENT RECORD LABELS. IT'S SOUNDEXCHANGE'S JOB TO ENSURE THAT ALL RECORDING ARTISTS AND RIGHTS OWNERS ARE FAIRLY COMPENSATED WHEN THEIR WORK IS BROADCAST BY NON-INTERACTIVE DIGITAL RADIO. WE ARE COMMITTED TO ADVANCING CREATIVE GROWTH AND HAVE DELIVERED MORE THAN $4.4 BILLION IN DIGITAL ROYALTIES TO RECORDING ARTISTS AND RIGHTS OWNERS. SOUNDEXCHANGE ALSO ADMINISTERS NON-STATUTORY LICENSING ARRANGEMENTS BETWEEN SOUND RECORDING COPYRIGHT OWNERS AND SERVICES PERFORMING THE WORKS OF THOSE SOUND RECORDING COPYRIGHT OWNERS AND COLLECTS AND DISTRIBUTES ROYALTIES RECEIVED FROM FOREIGN COLLECTIVE MANAGEMENT ORGANIZATIONS ON BEHALF OF ITS MEMBERS. BEING A TRUSTED RESOURCE, SOUNDEXCHANGE IS AT THE CENTER OF DIGITAL MUSIC AND IS COMMITTED TO DELIVERING EXCEPTIONAL SERVICE. SOUNDEXCHANGE'S ADVOCACY EFFORTS ARE FOCUSED ON PROTECTING THE LONG-TERM VALUE OF MUSIC AND THE RIGHTS OF THE CREATORS OF SOUND RECORDINGS, THE RECORDING ARTISTS WHO PERFORM THEM AND THE RECORD LABELS WHO INVEST IN THEM. WE BELIEVE EVERYONE INVOLVED IN THE CREATIVE PROCESS THAT BRINGS MUSIC TO LIFE DESERVES TO BE FAIRLY COMPENSATED. SOUNDEXCHANGES GUIDING PRINCIPLE IS SIMPLE: ALL CREATORS SHOULD RECEIVE FAIR PAY, ON ALL PLATFORMS, WHENEVER THEIR MUSIC IS USED.
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Document Assets

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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$528,492,746
Liabilities
$523,008,217
Net assets
$5,484,529
Revenue
$56,442,753
Expenses
$53,636,360
Net income
$2,806,393
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$778$694$84.0$95.2$87.4$7.82
2023Detailed filing. Detailed filing data is available for this year.$819$746$73.2$99.2$81.4$17.8
2022Detailed filing. Detailed filing data is available for this year.$763$713$49.3$80.0$76.7$3.29
2021Detailed filing. Detailed filing data is available for this year.$739$693$46.6$68.7$67.3$1.44
2020Detailed filing. Detailed filing data is available for this year.$723$681$41.6$62.0$61.9$0.11
2019Detailed filing. Detailed filing data is available for this year.$697$664$32.4$66.8$62.4$4.40
2018Detailed filing. Detailed filing data is available for this year.$680$658$21.8$68.3$57.8$10.5
2017Detailed filing. Detailed filing data is available for this year.$566$555$11.1$63.6$57.7$5.87
2016Detailed filing. Detailed filing data is available for this year.$528$523$5.48$56.4$53.6$2.81
2015Detailed filing. Detailed filing data is available for this year.$480$477$2.89$47.9$46.1$1.75
2014Detailed filing. Detailed filing data is available for this year.$432$431$1.06$42.5$42.2$0.25
2013Detailed filing. Detailed filing data is available for this year.$439$438$1.06$34.8$34.5$0.35
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$395$394$1.06$25.7
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$369$368$1.06$21.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$306$305$1.06$20.9