News Room







REPORT ON STATEMENT OF ACTIVITIES AND GENERAL AND ADMINISTRATIVE EXPENSES FOR THE TEN MONTHS ENDED FEBRUARY 28, 2007 AND 2006

04/27/2007, Fund Administrator,  


Dear Musicians,

To keep the participants abreast of information that impact their annual distribution, the SRSPF periodically posts it's financial results to the website. Accordingly, below are the SRSPF's Statement of Activities and Schedule of General and Administrative Expenses for ten months ended February 28, 2007 and 2006. For the ten months ended February 28, 2007, Total Unrestricted Revenue decreased approximately $764,000 (5.7%) over the prior year. This was mainly attributed to the combination of Employer Contributions decreasing $1,250,000 (10%), which was offset in part by a $356,000 (140%) increase in interest income and a $90,000 (3.2%) savings in 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 scheduled for August 1, 2007.
Best regards,

V. Robert DiPaola

Fund Administrator




Statement of Activities
For the Ten Months Ended February 28, 2007 and 2006
(Unaudited)

   
UNRESTRICTED REVENUE:
 
2007
2006
   
Contributions:      
Employers' contributions  
$10,949,927 
$12,199,919 
Compliance audit settlements  
989,174 
847,283 
      Total contributions  
11,939,101 
13,047,202 
Investment income:  
Interest  
608,373 
265,609 
Loss on investments
 

(12,773)
Investment income before expenses
 
608,373 
252,836 
Less investment expenses  
16,182 
28,007 
      Net investment income  
592,191 
224,829 
Other income  
3,856 
26,822 
      Total unrestricted revenue  
12,535,148 
13,298,853 
   
UNRESTRICTED EXPENSES:
 
   
Distribution to musicians
(Net of unclaimed distributions
 returned from prior years)
 
10,509,217 
12,258,169 
Payroll taxes from distributions  
1,227,137 
1,278,693 
Distribution expenses  
22,565 
15,883 
General & administrative  
2,754,362 
2,844,286 
      Total unrestricted expenses  
14,513,281 
16,397,031 
Decrease in unrestricted net assets  
(1,978,133)
(3,098,178)
Unrestricted net assets - beginning of year  
12,570,064 
14,520,154 
Unrestricted net assets - end of month  
$10,591,931 
$11,421,976 


 

Schedule of General and Administrative Expenses
For the Ten Months Ended February 28, 2007 and 2006
(Unaudited)

   
 
 
2007
2006
   
Salaries  
$857,322 
$891,707 
Employee benefits  
248,802 
281,102 
Payroll taxes  
58,677 
65,029 
Temporary help  
23,741 
Office rent & storage  
454,702 
396,950 
Computer, equipment & website  
120,445 
152,473 
Insurance
 
80,363 
82,167 
Accounting fees - audit & other
 
79,120 
75,163 
Compliance audit fees, meetings & expenses  
455,685 
411,897 
Legal - general matters  
38,081 
102,420 
Legal - compliance audit meetings & matters  
4,100 
8,018 
Communications  
24,764 
28,375 
Bank charges  
19,300 
12,885 
Office expense & supplies
 
23,713 
15,199 
Postage & delivery
 
18,575 
12,985 
Processing fees for payroll & 401k  
7,053 
9,166 
Publications & subscriptions  
1,562 
455 
Building maintenance & repairs  
14,782 
15,618 
Travel and business expenses  
9,063 
3,818 
Seminars & training  
538 
2,807 
Depreciation & amortization  
213,490 
259,597 
Convention expenses  
4,095 
Sales and use tax  
9,003 
Interest expense  
3,150 
Miscellaneous expense  
484 

205 

Total general and administrative expenses  
$2,754,362 
$2,844,284