News Room







FUND'S MAIN ANNUAL DISTRIBUTION FOR 2014 IS $6,034,000

08/01/2014, V. Robert DiPaola - Fund Administrator,  



(Below is a copy of this year's main annual distribution letter, which contains details related to the distribution and other information about the Fund.)



August 1, 2014


Dear Participating Musician:

Enclosed is a check that represents your portion of the distribution from the Sound Recording Special Payments Fund (“Fund”) for the fiscal year ended April 30, 2014. You must cash or deposit this check by October 29, 2014, since the Fund’s bank will not honor checks submitted for payment after that date. In addition, enclosed for your reference is a statement of your reported scale wages, if any, for calendar year 2013.

The Fund’s total distribution this year is $6,034,000i , which is slightly less than last year. While contributions were up $901,000 this year, the increase was almost entirely offset by the $892,000 decrease in compliance audit collections.

As in past two years, the Fund was able to identify and locate musicians for over 98% of the distribution. Despite this there are still over 3,000 musicians that have not claimed money owed them for one or more of the past three distribution years. You can help us to find your fellow musicians by reviewing the “Money Owed Musicians” link on the Fund’s website, sound-recording.org, and alerting them to contact us.

Regarding the website, I encourage you to visit it, if you have not already done so, as it is the best source for getting useful information and facts about the Fund, as well as answers to frequently asked questions. The website allows you to view your prior years’ tax and scale-wage statements, update changes to your address and other personal information, sign up for direct deposit (available for U.S. banks only) and print a beneficiary designation form. Using the website also helps reduce the Fund’s administrative expenses. So please, take a few moments to explore the site.


Wishing you a prosperous year,

V. Robert DiPaola

V. Robert DiPaola
Fund Administrator




i Below is a summary comparison of financial information related to the annual distributions for the fiscal years ended April 30, 2014 and 2013:


2014
2013
Contributions
$ 7,913,000
$ 7,012,000
Compliance audit collections
813,000
1,705,000
Interest income and other income
92,000
95,000
Unclaimed distributions
124,000
143,000
Total     
8,942,000
8,955,000
General and administrative expenses
2,211,000
2,162,000
Employer share of payroll taxes
687,000
659,000
Compliance audit expenses
1,000
21,000
Reserves and capital expenditures
9,000
8,000
Total     
2,908,000
2,850,000
Total distribution
$ 6,034,000
$ 6,105,000




Total participants

15,500

16,100