Philatelic News
FOR IMMEDIATE RELEASE
March 21, 2002
Stamp Release #02-013
U.S. Postal Service To Revalue Breast Cancer Research Semipostal
WASHINGTON DC - The United States Postal Service has announced that the Breast Cancer Research "semipostal" stamp, the nation's first fund-raising stamp when it was issued in 1998, will be revalued from 40 cents to 45 cents beginning March 23, 2002.
This price increase is prompted by recent legislation establishing a new pricing formula for semipostal stamps. The postal appropriations bill enacted by Congress in November 2001 extended the sales period of the Breast Cancer Research stamp until Dec. 31, 2003, and changed the pricing formula for semipostals. In the past, the differential, which consists of the difference between the First-Class Mail rate and the purchase price of the semipostal, could not exceed 25 percent of the underlying First-Class Mail rate. The new formula sets a minimum differential of 15 percent, with no cap on the price. The legislation also states that the total price must be divisible by 5.
A semipostal stamp is one that has its net proceeds above the cost of First-Class postage (less the Postal Service's reasonable costs) earmarked for specified purposes. Seventy percent of net proceeds above the cost of postage from the sales of the Breast Cancer Research semipostal is transferred to the National Institutes of Health (NIH), and 30 percent of net proceeds above the cost of postage is transferred to the Medical Research Program of the Department of Defense (DoD). The NIH and DoD were identified as recipients of the funds by legislation enacted in 1997.
Using the new formula, the current semipostal rate of 40 cents is still within the 15-percent differential, but it will not satisfy the new pricing requirements the next time First-Class Mail rates change.
To date, more than $23 million has been raised for research from sales of the Breast Cancer Research semipostal stamp.
For more information on stamps and stamp-related products, visit the Collector's Corner of the Postal Store at www.usps.com.
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Since 1775, the U.S. Postal Service has connected friends, families, neighbors and businesses by mail. It is an independent federal agency that visits 137 million homes and businesses every day and is the only service provider to deliver to every address in the nation. The Postal Service receives no taxpayer dollars for routine operations, but derives its operating revenues solely from the sale of postage, products and services. With annual revenues of more than $65 billion, it is the world's leading provider of postal services, offering some of the most affordable postage rates in the world. The Postal Service delivers more than 46 percent of the world's mail volume-some 207 billion letters, advertisements, periodicals and packages a year-and serves 7 million customers each day at its 40,000 retail locations nationwide.
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