MFM Board Approves Dues Formula Revisions

The Board appointed a Dues Methodology Task Force in 2022 to consider alternative dues formulas After two years of intensive effort amp8211 and careful consideration by the Board amp8211 the Task Forceamp8217s proposal was adopted and is scheduled to go into effect on October 1 2024The key objectives of the Task Force were toCreate a uniform understandable and fair dues structure that accurately reflects the value of MFM membership for all categories amp8211 Corporate Individual and AssociateConsolidate Corporate Membership dues into a single revenuebased formula that increases the number of revenue tiers upon which dues are based expands membership benefits to all employees of the company and provides exceptional value to both the corporation and individual employeesMaintain the Individual Membership portion that provides an affordable way for individuals to become MFM members and creates an opportunity for them to transition their employers to Corporate MembershipCreate an Associate Member category exclusively for companies that provide products and services to the media and entertainment industryUnder the new plan Corporate Industry Member dues will range from 2500 to 25000 depending on each companyamp8217s revenue Several new revenue tiers will be added to make Corporate Membership more attractive for companies of all sizes Most importantly for Corporate Industry Members there will be no limit on the number of employees who can access MFM benefits Any employee including HR and IT professionals in addition to finance and accounting staff can participate in MFM webinars Member Networks conferences and subscribe to the associationamp8217s digital publicationsIndividual membership dues will increase from 450 per year to 495 per year amp8211 the first dues increase for individual members in several yearsThe Board also created a new dues category for Associate Members with Annual Dues set at 2500 per company Unlike many professional associations MFM offers Associate members virtually identical benefits amp8211 including the ability to serve on the associationamp8217s Board of Directors amp8211 as Industry Members Under the new dues formula Associate Members will be able to register more individuals from their firms to participate in MFM programs including meetings and webinarsLater this month each MFM member will receive an email with details on how the new dues formula will affect them Most current Corporate Members will experience only minor increases or decreases to their dues A few members may actually see significant dues decreases A small percentage of members may see a more substantial dues increase For those members the MFM Board approved a phasein plan that gradually increases dues levels over three yearsOver the past two years the MFM Board has worked diligently to enhance the value of MFM membership In just the past 12 months more than 1000 individuals have attended an inperson MFM event more than 1100 individuals have attended an MFM webinar and more than 450 have participated in a Member Network teleconference Altogether MFM has certified more than 7000 hours of CPE for its members in that time amp8211 much of it provided at no chargeBut the real value of MFM membership may be in the unmeasurable statistics How many connections were made how many relationships were built how many careers were advanced how many problems were solved and how many deals were born because of MFM educational programs and networking opportunitiesThe impact of these changes on MFM is revenueneutral The Boardamp8217s objective is to make the dues methodology understandable fair and reflective of the value of membership to media and entertainment companies individual financial professionals working for those companies and the firms that provide invaluable support services to the industryIf you would like more information about the new dues structure or discuss how it may impact you and your company in more detail please donamp8217t hesitate to contact me at joeannottimediafinanceorg or 8475257792Posted at MediaVillage through the Thought Leadership selfpublishing platformClick the social buttons to share this story with colleagues and friendsThe opinions expressed here are the author39s views and do not necessarily represent the views of MediaVillageorgMyersBizNet

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MFM Board Approves Dues Formula Revisions

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Joe Annotti

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MFM Board Approves Dues Formula Revisions

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