News Room







FUND'S MAIN ANNUAL DISTRIBUTION FOR 2018 IS $3,803,000

08/01/2018, 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, 2018


Dear Participating Musician:

We are pleased to enclose a check that represents your portion of the distribution from the Sound Recording Special Payments Fund ("Fund") for the fiscal year ended April 30, 2018. You must cash or deposit this check by October 29, 2018, 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 2017.

The Fund's total distribution this year is $3,803,000.i This amount is about 19% more than last year's distribution. The increase resulted from changes to the Sound Recording Labor Agreement ("SRLA") that became effective in 2017. Under the new SRLA, the record companies agreed to pay the Fund contributions on sales of streamed sound recordings that exceed a specified dollar amount, along with a special lump-sum contribution of $467,000 (this lump-sum contribution will be repeated in 2018 and 2019 under the SRLA). In addition, the Fund received contributions based on the record companies' licensing revenues for various "new uses" of sound recordings in other media. These contributions more than offset the continued decline in contributions on physical sales and digital downloads of sound recordings.

We are excited to announce that in the next year we will be launching a new website with many updated features, including state-of-the-art security, the ability to change your address, passwords and beneficiaries without requiring the Fund's help. In the meantime, please visit our existing site, www.sound-recording.org for important information about the Fund, and answers to frequently asked questions. Using the site also helps to reduce the Fund's administrative expenses.

While the Fund's continuing efforts to identify and locate musicians to whom a payment is due has kept unclaimed distributions at historical lows, there are still many 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 and alerting those you know on the list to contact us. The Money Owed Musicians link lists musicians owed money from any of the Fund's four distributions (i.e. Main-annual, Traditional Music video, Concert video and Sampling). 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.


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, 2018 and 2017:


2018
2017
Contributions
$ 5,621,000
$ 5,164,000
Compliance audit collections
54,000
183,000
Interest and investment income
178,000
169,000
Other Income
478,000
-
Unclaimed distributions
94,000
93,000
Total     
6,425,000
5,609,000
General and administrative expenses
1,968,000
1,948,000
Employer share of payroll taxes
424,000
377,000
Compliance audit expenses
12,000
32,000
Reserves for capital expenditures
218,000
56,000
Total     
2,622,000
2,413,000
Total distribution
$ 3,803,000
$ 3,196,000




Total participants

14,200

14,300