Canadian Heritage committee  [Inaudible—Editor] that comes from a sound recording, it's almost all of it, so that answers that question. If it comes out of collective initiatives, it's almost all of it. I heard that testimony, 19,000 musicians in Canada who are underserved. If you take $4.5 million and you

Canadian Heritage committee  What are the advantages of having us administer the fund, rather than say having the Government of Canada administer it directly? Is that the question? It's a sort of a compare and contrast question. Is that what you mean?

Canadian Heritage committee  The real advantage, I think, is initially we have a private-public partnership, so we don't just have public money being administered directly by a third party. Had there not been that, perhaps the department could administer it directly. It would only be government money. But in

Canadian Heritage committee  Jake Gold is not on my board. That's a little inside joke. We have a jury system, as I said, and a jury will consider each submission. It's a responsibility to give feedback on a number of dimensions. They score people on a number of dimensions and give them that straight score

Canadian Heritage committee  I think it depends on how you define well established.

Canadian Heritage committee  That's a very interesting point. Who's well established? We know people who have won Juno Awards who still have part-time jobs, and they're in the FACTOR system. We know people like Jennifer Gasoi, who we mentioned, who won a Grammy award for a children's album. She still works p

Canadian Heritage committee  Yes. Let me explain to you briefly how a person might work with a major label if they have access to our programs initially. Is that consistent with your question?

Canadian Heritage committee  Anyone can access our programs, as I said. It's possible that an artist will create a sound recording and, having done so, instead of offering it to the market in general, might actually offer it to an international company. In our system at that point, if the international compa

Canadian Heritage committee  Was that the question?

Canadian Heritage committee  It will remain more or less stable for the next year or so, because we're still under the regime of those original tangible benefits. On the 0.5% side, that may actually go down, because radio revenues are not trending upwards by any means. So yes, the current state of affairs i

Canadian Heritage committee  In the current schedule, that's exactly what's going to happen unless something should change in the business environment to make it different.

Canadian Heritage committee  Well, I know what I'm going to do. I'm going to take the reserve we have, live partly on the interest, and invest some of the capital. I think if we continue to do that, and the government continues to throw in at the level that they are, we'll be able to remain at some $16 milli

Canadian Heritage committee  Pardon me?

Canadian Heritage committee  Well, it's not up to me. I'm the administrator. People give us the money. We do the best we can to make sure—

Canadian Heritage committee  Not on financing.