Dear Musicians,
To keep the participants abreast of information that impact their annual distribution, the SRSPF periodically posts it's financial results to the website. Accordingly, below are the SRSPF's Statement of Activities and Schedule of General and Administrative Expenses for ten months ended February 28, 2007 and 2006. For the ten months ended February 28, 2007, Total Unrestricted Revenue decreased approximately $764,000 (5.7%) over the prior year. This was mainly attributed to the combination of Employer Contributions decreasing $1,250,000 (10%), which was offset in part by a $356,000 (140%) increase in interest income and a $90,000 (3.2%) savings in 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 scheduled for August 1, 2007.
Best regards,
V. Robert DiPaola
Fund Administrator
Statement of Activities
For the Ten Months Ended February 28, 2007 and 2006
(Unaudited) | | | | | | | UNRESTRICTED REVENUE: | | 2007 | | 2006 | | | | | | | | Contributions: | | | | | | Employers' contributions | | $10,949,927 | | $12,199,919 | | Compliance audit settlements | | 989,174
| | 847,283
| | Total contributions | | 11,939,101
| | 13,047,202
| | Investment income: | | | | | | Interest | | 608,373 | | 265,609 | Loss on investments | | -
| | (12,773)
| Investment income before expenses | | 608,373 | | 252,836 | | Less investment expenses | | 16,182
| | 28,007
| | Net investment income | | 592,191 | | 224,829 | | Other income | | 3,856
| | 26,822
| | Total unrestricted revenue | | 12,535,148
| | 13,298,853
| | | | | | | UNRESTRICTED EXPENSES: | | | | | | | | | | | Distribution to musicians
(Net of unclaimed distributions
returned from prior years)
| | 10,509,217 | | 12,258,169 | | Payroll taxes from distributions | | 1,227,137 | | 1,278,693 | | Distribution expenses | | 22,565 | | 15,883 | | General & administrative | | 2,754,362
| | 2,844,286
| | Total unrestricted expenses | | 14,513,281
| | 16,397,031
| | Decrease in unrestricted net assets | | (1,978,133) | | (3,098,178) | | Unrestricted net assets - beginning of year | | 12,570,064
| | 14,520,154
| | Unrestricted net assets - end of month | | $10,591,931  | | $11,421,976 |
Schedule of General and Administrative Expenses
For the Ten Months Ended February 28, 2007 and 2006
(Unaudited) | | | | | | | | | 2007 | | 2006 | | | | | | | | Salaries | | $857,322 | | $891,707 | | Employee benefits | | 248,802 | | 281,102 | | Payroll taxes | | 58,677 | | 65,029 | | Temporary help | | 23,741 | | - | | Office rent & storage | | 454,702 | | 396,950 | | Computer, equipment & website | | 120,445 | | 152,473 | Insurance | | 80,363 | | 82,167 | Accounting fees - audit & other | | 79,120 | | 75,163 | | Compliance audit fees, meetings & expenses | | 455,685 | | 411,897 | | Legal - general matters | | 38,081 | | 102,420 | | Legal - compliance audit meetings & matters | | 4,100 | | 8,018 | | Communications | | 24,764 | | 28,375 | | Bank charges | | 19,300 | | 12,885 | Office expense & supplies | | 23,713 | | 15,199 | Postage & delivery | | 18,575 | | 12,985 | | Processing fees for payroll & 401k | | 7,053 | | 9,166 | | Publications & subscriptions | | 1,562 | | 455 | | Building maintenance & repairs | | 14,782 | | 15,618 | | Travel and business expenses | | 9,063 | | 3,818 | | Seminars & training | | 538 | | 2,807 | | Depreciation & amortization | | 213,490 | | 259,597 | | Convention expenses | | - | | 4,095 | | Sales and use tax | | - | | 9,003 | | Interest expense | | - | | 3,150 | | Miscellaneous expense | | 484
| | 205
| | Total general and administrative expenses | | $2,754,362 | | $2,844,284 |
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