What is MFM (Media Financial Management Association)?
The Media Financial Management Association (MFM), formerly Broadcast Cable Financial Management Association (BCFM), is a not-for profit professional association dedicated to the unique interests and needs of business and finance executives in the media industry. Founded in 1961, MFM (formerly BCFM) membership is open to all industry business professionals. In addition, MFM welcomes associate members from allied fields including: accounting; auditing; brokerage; law; tax; and other related disciplines. The Association’s approximately 1,200 active members represent the top financial, general management, IT, internal audit, human resources, and other media management personnel from major television networks, network affiliates, radio stations, cable programming networks, cable MVPD, digital, out-of- home and newspaper/print outlets throughout the U.S. and Canada.
The Association is governed by its Board of Directors, 23 in number, including an Executive Committee of five. Six Directors are elected annually by the voting membership to serve a three-year term. The Board, in turn, elects its Executive Committee, consisting of the Chairman, President, Vice-Chairman, Secretary and Treasurer.
Standing committees and ad hoc committees function in specialized areas in which the Association has interest and involvement. Overall administration is under the supervision of the President & CEO, reporting directly to the Executive Committee and Board of Directors. MFM's staff, which consists of a Director of Operations, Administrative Coordinator, Membership Coordinator and the President & CEO, operate the office located in Northfield, Illinois.
MFM & INFE...Better Together
An agreement reached between INFE (Interactive and Newsmedia Financial Executives) and MFM (Media Financial Management Association) that combined the organizations into one under MFM's leadership happened in 2009. With the ongoing convergence of media, we believe this will provide a very powerful, collaborative, and educational base to our members. Both organizations have well respected brands in the industry, as INFE and MFM have been successfully serving their members in the newspaper, broadcast and cable industries for over 61 and 49 years, respectively.
The integration of INFE membership into MFM allowed INFE and MFM's members to continue receiving the services that they had previously enjoyed in addition to opening up the opportunity to receive the benefits that are available to the other organization's members. INFE members are able to access the benefits of MFM's BCCA subsidiary, which provides credit and collections reports and related services customized for media companies.
Collaboration between the two organizations now provides all members with the opportunity to participate in its Annual Conference, Localism events and Distance Learning Seminars. Members receive a version of INFE's highly valued weekly e-letter, which contains the latest news of interest to all MFM members and receive a copy of "The Financial Manager," MFM's bi-monthly member magazine.
Like INFE, MFM relies heavily upon its standing committees for guidance in setting the agenda for its Annual Conference, other educational programs and membership services. The roster includes a committee devoted to new media as well as committees focused on accounting, tax and other finance issues. We encourage INFE members to learn more about these committees and to get involved in them as a way to assist MFM in ensuring that its programs continue to meet all media professional's needs.
As finance professionals, INFE and MFM members share an appreciation for strategies that enhance the scope and quality of service that we provide to our customers while contributing to the financial vitality and growth of our companies. The same objectives have driven the decision to merge INFE and MFM's memberships under one leadership and staff devoted to serving your needs and interests. Not only does it enhance the scope and quality of services that all members receive, it helps to ensure that we continue to deliver on our common mission in support of the media industry's finance professionals for decades to come.
The Role MFM Members Play in Media, Finance, Credit and Human Resource Matters
These professional people are involved on a day-to-day basis in such activities as general management, money management, policy level finance, management information systems, credit supervision, accounting procedures, human resource administration, and the myriad details of business operations which increase in complexity as media interests continue to expand.
Additionally, as the managerial aspects of media become more complex, the function of these financial executives is changing perceptibly. Today, their professional activities include not only business management per se, but also liaison with government agencies and political bodies, other broadcasters and operators, clients and advertising agencies, sales representatives, and media-buying groups. MFM members and Executive Staff work very closely with other industry groups, such as AAAA, ANA, VAB, TvB, RAB, SRA, NAB, NAA, IAB, NCTA, CTAM, BEA, AICPA and FASB.
And by necessity, the majority of members are involved in such decision and judgment areas as:
On-going relationships with the Federal Communications Commission
Latest developments in IS, Cable TV, digital and other technologies
Independent Contractor litigation
Insurance and pension plans
Tax regulations - Local, State and Federal
Costing and amortization practices
Realistic operating procedures for increasing efficiency and improved profits
Human resource matters
Contributions or gifts to MFM are not deductible as charitable contributions for federal income tax purposes. However, dues payments are deductible by members a an ordinary and necessary business expense. Zero percent of MFM dues are used for lobbying.