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 REPORT ON GENERAL AND ADMINISTRATIVE EXPENSES - FOR THE NINE MONTHS ENDED JANUARY
04/17/2006, Fund Administrator,
Dear Musicians,
The Fund's General and Administrative expenses for the nine month period ended January 31, 2006 totaled $2,385,969, which I am pleased to report is 9.4% below the budget amount for the period. On a projected basis, I expect total General and Administrative expenses will be 6.0% below budget for the fiscal year ending April 30, 2006, representing about a $210,000 savings. The projected expenses for the fiscal year are also expected to be 11% lower, or about a $400,000 savings, when compared to last year's total actual General and Administrative expenses.
The next report of the Fund's financial information will be posted to the website during the summer in conjunction with the report on the Fund's annual distribution for 2006. That report will include the audited financial statements for the Fund's fiscal year ended April 30, 2006 and the budget for the 2007 fiscal year.
Sincerely,
V. Robert DiPaola
Fund Administrator
Schedule of General and Administrative Expenses
For the Nine Months Ended January 31, 2006
| | Salaries | $812,515 | | Compliance audit expenses | 408,795 | | Rent | 353,459 | | Employee fringe benefits | 252,681 | | Computer, software maintenance and supplies | 135,989 | | Professional fees | 175,869 | | Travel | 3,807 | | Payroll taxes | 58,816 | | Insurance | 82,167 | | Office supplies and expense | 12,149 | | Publications, subscriptions and research | 446 | | Postage and delivery | 7,280 | | Employee training and seminar | 2,807 | | Communications | 25,844 | | AFM convention | 4,095 | | Printing | 2,465 | | Building maintenance | 14,402 | | Interest expense | 3,150 | | Payroll and 401(K) processing fees | 8,601 | | Bank charges | 11,629 | | NYS sales and use tax | 9,003 | |
| | | $2,385,969 | | | | | |
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