News Room







FUND'S MAIN ANNUAL DISTRIBUTION FOR 2019 IS $5,448,000

08/01/2019, 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, 2019


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 fiscal year ended April 30, 2019. You must cash or deposit this check by October 29, 2019, 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 2018.

The Fund’s total distribution this year is $5,448,000.i This amount is 43% more than last year’s distribution of $3,803,000 – an increase of $1.6 million. This is the second year in a row in which contributions from the record companies have increased, more than making up for the continued decline in contributions on physical sales and digital downloads of sound recordings.

The increase is mainly due to increases in record companies’ revenues for streamed sound recordings and for licensing various sound recordings for “new uses” in other media. Contributions to the Fund on these revenues began in 2017 as the result of changes to the Sound Recording Labor Agreement. The Fund expects these contributions to continue to increase in the future.

While the Fund’s ongoing efforts to identify and locate musicians has kept unclaimed distributions at historical lows, there are still over 4,000 musicians who have money owed them for one or more of the past three distribution years. We encourage you to review the “Money Owed Musicians” page on the Fund’s website, www.sound-recording.org, to help us to find your fellow musicians and alert those you know on the list to contact us. The Money Owed Musicians page lists musicians owed money from any of the Fund’s four distributions (i.e. Main-annual, Traditional Music video, Concert video and Sampling).

We are excited to announce that the Fund’s new website is coming this fall! Besides its many updated features, enhanced security, fresh look and being user-friendly, you will have the ability to change your address, beneficiaries and to submit direct deposit account information, all without having to contact the Fund. It also is being designed to be viewable on all of your devices (e.g. tablet, cellphone, laptop). In the meantime, please continue to visit our existing site, for important information about the Fund and answers to your frequently asked questions. Using the site also helps to 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, 2019 and 2018:


2019
2018
Contributions
$ 6,567,000
$ 5,621,000
New-use and lump-sum income
1,133,000
478,000
Interest and investment income
193,000
178,000
Other Income
87,000
42,000
Unclaimed distributions
67,000
94,000
Total     
8,047,000
6,413,000
General and administrative expenses
1,920,000
1,968,000
Employer share of payroll taxes
631,000
424,000
Reserves for capital expenditures
48,000
218,000
Total     
2,599,000
2,610,000
Total distribution
$ 5,448,000
$ 3,803,000




Total participants

14,500

14,200