THE LATEST NEWS:
September 10, 2019
Update from Elizabeth, Anne, and Lynn.
Hi there. Today’s email is slightly earlier in the day because we appreciate that authors need a definitive answer about when and how they will be paid. We have researched several options of prioritizing, but we realize everyone has bills and commitments, so we are taking the clearest route. Until we are able to pay everyone the entire amount owed, as funds become available, we will send out payments in the exact percentages (to 4 decimal points) of the whole. People owed the most will receive the most, but everyone will receive a payment. Without sharing specific numbers which would compromise author earning confidentiality, here is an example:
Total royalties outstanding = $100,000
Author A due $15,000 (15.0000% of the total)
Author B due $4555 (4.5550% of the total)
Author C due $346 (0.3460% of the total)
When we receive a payment, it will be distributed to all authors based on individual percentages. Authors owed more will receive more. Using the above example:
Payment Received $40,000
Author A – 15% of $40,000 = payment $6000
Author B – 4.555% of $40,000 = payment $1822
Author C – 0.346% of $40,000 = payment $138.40
Transparency vs. Confidentiality
Transparency and equality is very hard to achieve when you have to balance confidentiality with honesty. Each author’s total amount due will be put in Tipalti. Each percentage of payment will show as a partial payment of that amount, so there is a running record of balance due that the author can access at any time.
We have shared that the two times a month we receive the most deposits are the 10th and between the 25-30th with the majority of that being the end of the month. If a payment comes in at an unexpected time, it will be treated the same way. The cumulative total being paid out to authors will be announced in that week’s update. Be aware that there are transfer times even for Paypal, but payments will be sent as quickly as possible after the deposit is made.
A Tipalti account is the fastest way to be paid because we are able upload payments all at once off a spreadsheet. Anyone who has requested separate arrangements will be processed after the Tipalti payments have been made. If you are having problems setting up a Tipalti account please contact Anne Regan.
The SBA loan is in process but not complete. We don’t have have a deposit date, but we can’t all hold our breath while we wait, so we move forward. If we give up or close, many of our authors would have lost a home, and there would be no on-going income to meet the current financial commitments.
All of the totals have been uploaded for 2Q. Payment will process tomorrow.
If you have questions about the payment process or company, email me at email@example.com.
We are here and willing to discuss the current situation as well as future plans with authors. Our email addresses are below. Until this situation has been completely resolved, we will issue an update every Tuesday.
We have started an archive of updates for authors having trouble receiving the emails. We will also share questions from authors and readers we feel would be helpful. You can even put your address in to receive emails when it updates.
Elizabeth, Anne, and Lynn
Elizabeth North, Chief Executive Officer
Anne Regan, Chief Operations Officer
Lynn West, Publisher and Chief Development Officer
Questions about rights releases: firstname.lastname@example.org
This statement is not confidential. PDF available upon request.