It was in February 1961 that the first steps were taken to establish a nationwide association for financial executives of the broadcasting industry. Following a series of organizational meetings, IBFM (Institute of Broadcasting Financial Management) was formally incorporated on May 26, 1961, as a 501(c)(6) nonprofit organization under the laws of the District of Columbia.
At the time of the Association’s first General Meeting, November 16-17, 1961, in Chicago, membership totaled 97. The number doubled within two years and by the middle of 1967 had topped the 300 mark. In September 1977 IBFM became BFM or Broadcast Financial Management Association and to incorporate the changing industry in April 1990 changed its name to Broadcast Cable Financial Management Association or BCFM.
From the beginning, the activities of Association have been guided by a set of objectives and purposes that effectively reflect the goals to be achieved:
- To develop and maintain progressive concepts of financial management for radio, television and cable;
- To further the recognition of elements essential to the proper business management of broadcast and cable properties;
- To provide financial executives with a medium through which they can increase their effectiveness by the exchange of information and ideas;
- To formulate a body of broadcast and cable source material relating to the positions of controller, treasurer and other functions;
- To provide educational conferences and seminars that allow for personal and professional growth;
- To pursue the betterment of the entire media industry through the sound application of and adherence to the above purposes.
On May 15, 2008, the BCFM Membership voted to change the name of the organization to Media Financial Management Association (MFM). In July 2008 the District of Columbia and State of Illinois granted permission for the organization's request. Transition of the organization to use of the new name was completed in August 2008.
In August 2009, an agreement was reached between INFE (Interactive and Newsmedia Financial Executives) and MFM (Media Financial Management Association) that will combine the organizations into one under MFM's leadership. With the ongoing convergence of media, we believe this will provide a very powerful, collaborative, and educational base to our members.
Membership presently approximates 1,100 - 10% of which are Associate members. MFM provides year-round education and networking opportunities to television, radio, cable, newspaper, print, digital, and out-of -home individuals and businesses from the 50 states, the District of Columbia, as well as Canada, Europe, Asia and Puerto Rico.