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 – and careful consideration by the Board – the Task Force’s proposal was adopted and is scheduled to go into effect on October 1, 2024.

The key objectives of the Task Force were to:

• Create a uniform, understandable, and fair dues structure that accurately reflects the value of MFM membership for all categories – Corporate, Individual, and Associate.
• Consolidate Corporate Membership dues into a single revenue-based 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 employees.
• Maintain 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 Membership.
• Create an Associate Member category exclusively for companies that provide products and services to the media and entertainment industry.

Under the new plan, Corporate Industry Member dues will range from $2,500 to $25,000, depending on each company’s 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 association’s digital publications.

Individual membership dues will increase from $450 per year to $495 per year – the first dues increase for individual members in several years.

The Board also created a new dues category for Associate Members, with Annual Dues set at $2,500 per company. Unlike many professional associations, MFM offers Associate members virtually identical benefits – including the ability to serve on the association’s Board of Directors – 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 webinars.

Later 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 phase-in plan that gradually increases dues levels over three years.

Over 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 1,000 individuals have attended an in-person MFM event, more than 1,100 individuals have attended an MFM webinar, and more than 450 have participated in a Member Network teleconference. Altogether, MFM has certified more than 7,000 hours of CPE for its members in that time – much of it provided at no charge.

But 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 opportunities?

The impact of these changes on MFM is revenue-neutral. The Board’s 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 industry

If you would like more information about the new dues structure or discuss how it may impact you and your company in more detail, please don’t hesitate to contact me at joe.annotti@mediafinance.org or 847.525.7792.

Posted at MediaVillage through the Thought Leadership self-publishing platform.

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