News Room







REPORT ON GENERAL AND ADMINISTRATIVE EXPENSES - FOR THE NINE MONTHS ENDED JANUARY

04/17/2006, Fund Administrator,  



Dear Musicians,

The Fund's General and Administrative expenses for the nine month period ended January 31, 2006 totaled $2,385,969, which I am pleased to report is 9.4% below the budget amount for the period. On a projected basis, I expect total General and Administrative expenses will be 6.0% below budget for the fiscal year ending April 30, 2006, representing about a $210,000 savings. The projected expenses for the fiscal year are also expected to be 11% lower, or about a $400,000 savings, when compared to last year's total actual General and Administrative expenses.

The next report of the Fund's financial information will be posted to the website during the summer in conjunction with the report on the Fund's annual distribution for 2006. That report will include the audited financial statements for the Fund's fiscal year ended April 30, 2006 and the budget for the 2007 fiscal year.

Sincerely,

V. Robert DiPaola
Fund Administrator


Schedule of General and Administrative Expenses
For the Nine Months Ended January 31, 2006

Salaries
$812,515
Compliance audit expenses
408,795
Rent
353,459
Employee fringe benefits
252,681
Computer, software maintenance and supplies
135,989
Professional fees
175,869
Travel
3,807
Payroll taxes
58,816
Insurance
82,167
Office supplies and expense
12,149
Publications, subscriptions and research
446
Postage and delivery
7,280
Employee training and seminar
2,807
Communications
25,844
AFM convention
4,095
Printing
2,465
Building maintenance
14,402
Interest expense
3,150
Payroll and 401(K) processing fees
8,601
Bank charges
11,629
NYS sales and use tax
9,003

$2,385,969