News Room







FUND'S MAIN ANNUAL DISTRIBUTION FOR 2017 IS $3,196,000

07/31/2017, 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, 2017


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, 2017. You must cash or deposit this check by October 29, 2017, 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 2016.

The Fund's total distribution this year is $3,196,000i. This amount is almost the same amount as last year because the contributions received from the recording companies were also almost the same year-over-year.

We are pleased to note that, as a result of the Fund's continuing efforts to identify and locate musicians to whom a payment was due, there was a decrease in unclaimed distributions this year. Nonetheless, although the Fund was able to identify and locate musicians for over 97% of this year's distribution, there are still over 3,000 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. (As a reminder, unclaimed payments that cannot be paid within three years are forfeited and re-allocated to other musicians as part of the following year's distribution.)

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





i Below is a summary comparison of financial information related to the annual distributions for the fiscal years ended April 30, 2017 and 2016:


2017
2016
Contributions
$ 5,164,000
$ 5,179,000
Compliance audit collections
183,000
-
Interest income and other income
169,000
10,000
Unclaimed distributions
93,000
250,000
Total     
5,609,000
5,439,000
General and administrative expenses
1,948,000
1,789,000
Employer share of payroll taxes
377,000
413,000
Compliance audit expenses
32,000
32,000
Reserves and capital expenditures
56,000
5,000
Total     
2,413,000
2,239,000
Total distribution
$ 3,196,000
$ 3,200,000




Total participants

14,300

14,200