Hips Road INC

Tax-deductible

New York, NY501(c)(3)UnclassifiedEIN 13-3471757Revenue $1.0M in FY2024

On file with the IRS347 5th Ave, 10016-5010 · New York, NYTax-exempt since Mar 1993Publicly supported — 509(a)(2)

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To fund recording artists and composers to promote artistic development and cultural exchanges

501(c)(3) charity; gifts are tax-deductible.
92¢ of each $1 spent went to programs.
Run by 18 volunteers and 2 employees.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $116K a year · 14% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
92%
of spending
Looks good: 92% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$69K
to officers and key staff · 8% of spending
Looks good: pay to officers and key staff is 8% of spending; 15% or less.
Pt VII · Sec A
Cash reserves
28 mo
of spending, in cash
Looks good: 28.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $5K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$529
0.02% of total assets
Looks good: liabilities are 0% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$1.0M
-22% vs prior year
Spent
$817K
To programs
92%
Net assets
$2.6M
By yearFY2020–FY2024
Revenue
$1.0M
FY2024▼ -22%
Revenue by fiscal year
FY2020$334K
FY2021$628K
FY2022$756K
FY2023$1.3M
FY2024$1.0M
Expenses
$817K
FY2024▼ -18%
Expenses by fiscal year
FY2020$472K
FY2021$535K
FY2022$606K
FY2023$1.0M
FY2024$817K
Net assets
$2.6M
FY2024▲ +8%
Net assets by fiscal year
FY2020$1.9M
FY2021$2.0M
FY2022$2.1M
FY2023$2.4M
FY2024$2.6M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 1993.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

92 cents of each dollar spent went to programs.

Program services 92% · $752K Management & general 8% · $65K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

4 people listed on the 990; $69K paid to officers and key staff.

Part VII, Section A · reportable compensation
Artistic Dr
$40,000Pt VII · Sec A
Director
$14,813Pt VII · Sec A
$14,200Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 3 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
John Zorn$40,000$40,000$40,000$40,000$40,000
Ikue Mori$14,813$21,562$18,689$9,000$9,000
Heung Heung Chin$14,200$14,750$11,050$16,350—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Funds artists and composers to foster artistic growth and cultural sharing.

Provided by the organization

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3 programs · $532K · in their own filed words · FY2024
01

Tzadik Label Grant

To provide funds to composers and recording artists to complete their original compositions activities include cover design, mastering and pressing.

$498Kprogram expense
02

Arcana/Avant Label/Chase Edition/Composers Grant

To provide funding to composers and recording artists to enable them to complete their compositions

$25Kprogram expense
03

The stone workshop to maintain and support the performance of experimental and avant-garde music.

$9Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2025
Total grants receivedfrom 1 funder$5K

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$1.0M
Ln 12
Fees for servicesLn 2g$918K
Gifts and grantsLn 1h$74K
Investment incomeLn 3$12K
Money outPt IX
$817K
Ln 25
Programscol B$752K
Managementcol C$65K
Owns and owesPt X
$2.6M
net assets · Ln 32
Cash and savingsLn 1–2$1.9M
Total assetsLn 16$2.6M
LiabilitiesLn 26$529
PeoplePt VI, VII
4
listed · VII A
PaidVII A3
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$74K
Fees for servicesLn 2g$918K
Investment incomeLn 3$12K
Total revenueLn 12$1.0M
Assets in detailPt X, end of year
CashLn 1$187K
SavingsLn 2$1.7M
Cash and savings togetherLn 1–2$1.9M
Land, buildings, equipmentLn 10c$659K
Other assetsLn 15$6K
Total assetsLn 16$2.6M
LiabilitiesLn 26$529
Net assetsLn 32$2.6M
OperationsPt I, VI
EmployeesI 52
VolunteersI 618
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$1.7M$1.9M
Land, buildings, equipmentLn 10c$676K$659K
Total assetsLn 16$2.5M$2.6M
LiabilitiesLn 26$20K$529
Net assetsLn 32$2.4M$2.6M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$10K$0$10K$0
Other salaries and wagesLn 7$2K$0$2K$0
Payroll taxesLn 10$986$0$986$0
Accounting feesLn 11c$7K$0$7K$0
Office expensesLn 13$1K$0$1K$0
Conferences, conventions and meetingsLn 19$16K$0$16K$0
Depreciation, depletion and amortizationLn 22$17K$0$17K$0
Other expenses (24a–d)Ln 24$8K$0$8K$0
All other expensesLn 24e$755K$752K$3K$0
Total functional expensesLn 25$817K$752K$65K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $1.0M$817K$188K$2.6M 990 PDF
FY2023 $1.3M$1.0M$286K$2.4M 990 PDF
FY2022 $756K$606K$150K$2.1M 990 PDF
FY2021 $628K$535K$93K$2.0M 990 PDF
FY2020 $334K$472K−$139K$1.9M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $1,004,573 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $54,686$74,106
I-9 Program service revenuePrior year $1,219,199$918,342
I-10 Investment incomePrior year $14,351$12,125
I-11 Other revenue$0
I-12 Total revenuePrior year $1,288,236$1,004,573
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $13,236$13,236
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $988,632$803,536
I-18 Total expensesPrior year $1,001,868$816,772
I-19 Revenue less expensesPrior year $286,368$187,801
Part VI · Governance 4 of 4 board members independent, 4 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $1,004,573 across 5 lines filed
Lines not itemized here account for $34,205 of total revenue; see the IRS return.
VIII-1f All other contributions, gifts and grants$74,106
VIII-1h Total contributions, gifts and grants$74,106
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Unrelated business $0 · Excluded from tax $0$884,137
VIII-3 Investment incomeUnrelated business $0 · Excluded from tax $0$12,125
VIII-12 Total revenueRelated to mission $930,467 · Unrelated business $0 · Excluded from tax $0$1,004,573
Part IX · Statement of functional expenses $816,772 across 9 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $0 · Management $10,000 · Fundraising $0$10,000
IX-7 Other salaries and wagesPrograms $0 · Management $2,250 · Fundraising $0$2,250
IX-10 Payroll taxesPrograms $0 · Management $986 · Fundraising $0$986
IX-11c Accounting feesPrograms $0 · Management $6,700 · Fundraising $0$6,700
IX-13 Office expensesPrograms $0 · Management $1,234 · Fundraising $0$1,234
IX-19 Conferences, conventions and meetingsPrograms $0 · Management $16,201 · Fundraising $0$16,201
IX-22 Depreciation, depletion and amortizationPrograms $0 · Management $17,128 · Fundraising $0$17,128
IX-24 Other expenses (24a–d)Programs $0 · Management $7,590 · Fundraising $0$7,590
IX-24e All other expensesPrograms $751,571 · Management $3,112 · Fundraising $0$754,683
IX-25 Total functional expensesPrograms $751,571 · Management $65,201 · Fundraising $0$816,772
Part X · Balance sheet $2,620,140 assets, 10 lines filed
Asset lines not itemized here account for $50,800; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $414,385$187,266
X-2 Savings and temporary cash investmentsStart of year $1,304,401$1,716,524
X-10c Land, buildings and equipment, netStart of year $676,378$659,250
X-15 Other assetsStart of year $6,300$6,300
X-16 Total assetsStart of year $2,452,264$2,620,140
X-17 Accounts payable and accrued expensesStart of year $20,454$529
X-26 Total liabilitiesStart of year $20,454$529
X-27 Net assets without donor restrictionsStart of year $2,431,810$2,619,611
X-32 Total net assets or fund balancesStart of year $2,431,810$2,619,611
X-33 Total liabilities and net assetsStart of year $2,452,264$2,620,140
Part XI · Reconciliation of net assets $2,619,611 net assets at year end
XI-1 Total revenue$1,004,573
XI-2 Total expenses$816,772
XI-3 Revenue less expenses$187,801
XI-4 Net assets at start of year$2,431,810
XI-10 Net assets at end of year$2,619,611

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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