News Room







FUND'S MAIN ANNUAL DISTRIBUTION FOR 2015 IS $4,624,000

08/03/2015, 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 3, 2015


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, 2015. You must cash or deposit this check by October 31, 2015, 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 2014.

As a result of the continuing decline in sales of CDs, along with lower collections from record company compliance audits1, the Fund’s total distribution is $4,624,000i, which is $1.4 million less than last year.

As in prior years, the Fund was able to identify and locate musicians for over 98% of the distribution. However this still leaves over 1,500 musicians who 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, www.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. It is the best source for getting useful information about the Fund, such as answers to frequently asked questions. There you can 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.


Best regards,

V. Robert DiPaola

V. Robert DiPaola
Fund Administrator





1 As we previously reported, the Fund made a special distribution of $7,010,000 on May 15, 2013, based on a settlement agreement with the major record companies in 2012 on all unpaid and projected audit claims through 2011. The amounts distributed to musicians as part of this special distribution took the place of amounts that would otherwise have been distributed as part of this and future annual distributions had compliance audits been performed for all of the years covered under the settlement agreement.





i Below is a summary comparison of financial information related to the annual distributions for the fiscal years ended April 30, 2015 and 2014:

2015
2014
Contributions
$ 7,180,000
$ 7,913,000
Compliance audit collections
54,000
813,000
Interest income and other income
17,000
92,000
Unclaimed distributions
131,000
124,000
Total     
7,382,000
8,942,000
General and administrative expenses
2,103,000
2,211,000
Employer share of payroll taxes
597,000
687,000
Compliance audit expenses
9,000
1,000
Reserves and capital expenditures
49,000
9,000
Total     
2,758,000
2,908,000
Total distribution
$ 4,624,000
$ 6,034,000




Total participants

14,700

15,500