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SRSPF REPORT OF GENERAL AND ADMINISTRATIVE EXPENSES - FOR THE YEAR ENDED APRIL 30, 2005 AND FOR THE FOUR MONTHS ENDED AUGUST 31, 2005

10/19/2005, by Fund Administrator,  


Dear Musicians,

As noted in my message to you last March 21, 2005, to keep the participants abreast of information that impacts on their annual distributions, the SRSPF will periodically post its financial results to the website. Accordingly, below is the schedule of General and Administrative expenses, as reported in the SRSPF's audited financial statements for the year ended April 30, 2005. General and Administrative expenses for the year totaled $3,524,580, which was 3.3% below the amount budgeted for the year, excluding depreciation and amortization which is a non-cash item that does not effect the annual distribution.

Also reported below are the unaudited General and Administrative expenses for the four months ended August 31, 2005. During this period expenses totaled $990,996, excluding depreciation, as compared to the $1,185,800 that was budgeted. While this is a 16.4% savings compared to the budget, ten percent of this savings is attributed to the timing of certain vendor payments, which if paid during the period would effectively reduce the savings to 6.4%.

The next report of General and Administrative expenses is expected to be posted to the website in early spring 2006 and will cover the eight months ended December 31, 2005.

Sincerely,

V. Robert DiPaola
Fund Administrator

(Audited)
Schedule of General and Administrative Expenses
For the Year Ended April 30, 2005

Salaries
$1,079,666
Compliance audit expenses
693,854
Rent
470,420
Employee fringe benefits
343,888
Consulting
2,755
Computer software, supplies and maintenance
213,487
Professional fees
391,113
Travel
11,804
Temporary help
8,428
Payroll taxes
90,589
Insurance
85,366
Office supplies and expenses
26,990
Publications, subscriptions and research
1,276
Postage and delivery
25,202
Communications
24,840
AFM convention
1,350
Employee seminars and training
1,073
Printing
5,183
Building maintenance
15,029
Interest expense
1,019
Loss on disposal of assets
4,126
Payroll and 401(k) processing fees
9,041
Depreciation and amortization
404,145
Bank charges
18,081

$3,928,725





(Unaudited)
Schedule of General and Administrative Expenses
For the Four Months Ended August 31, 2005

Salaries
$377,573
Compliance audit expenses
118,290
Rent
158,414
Employee fringe benefits
99,003
Computer software maintenance and supplies
37,137
Professional fees
105,986
Travel
1,100
Payroll taxes
29,704
Insurance
7,789
Office supplies and expense
3,776
Publications, subscriptions and research
217
Postage and delivery
7,621
Communications
10,915
AFM convention
3,317
Printing
5,270
Building maintenance
6,564
Interest expense
3,150
Payroll and 401(K) processing fees
3,380
Bank charges
2,787
NYS sales and use tax
9,003

$990,996